How Netflix makes money

Sources

• Netflix, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Netflix, Inc. (filed with the U.S. SEC), 2025
• Netflix letter to shareholders, fourth quarter 2025 (Exhibit 99.1 to Form 8-K, January 20, 2026) · Netflix, Inc. (filed with the U.S. SEC), 2025

Every number

• $45.2Bsec.gov ·2025 · Revenues, 2025.
• $23.3Bsec.gov ·2025 · Cost of revenues, 2025.
• $16.4Bsec.gov ·2025 · Amortization of content assets (licensed and produced), 2025, part of cost of revenues.
• $6.9Bsec.gov ·2025 · Worked out: cost of revenues minus content amortization, 2025. Streaming delivery, payment fees, production staff and other costs.
• $3.3Bsec.gov ·2025 · Sales and marketing, 2025.
• $3.4Bsec.gov ·2025 · Technology and development, 2025.
• $1.9Bsec.gov ·2025 · General and administrative, 2025.
• $13.3Bsec.gov ·2025 · Operating income, 2025.
• $776.5Msec.gov ·2025 · Interest expense, 2025.
• $172.5Msec.gov ·2025 · Interest and other income (expense), 2025.
• $1.7Bsec.gov ·2025 · Provision for income taxes, 2025.
• $11Bsec.gov ·2025 · Net income, 2025.
• 36.3%sec.gov ·2025 · Worked out: content amortization ÷ revenues, 2025.
• 29.5%sec.gov ·2025 · Operating margin for 2025, as given in the fourth-quarter 2025 letter to shareholders.
• 24.3%sec.gov ·2025 · Worked out: net income ÷ revenues, 2025.
• $17.7Bsec.gov ·2025 · Worked out: what Netflix paid for content in 2025, from the cash flow statement: additions to content assets plus the drop in content liabilities (the report counts both as payments for content).
• $1.3Bsec.gov ·2025 · Worked out: cash paid for content minus content amortization, 2025.
• 1.29 billion dollarssec.gov ·2025 · Worked out: cash paid for content minus content amortization, 2025, in billions of dollars.
• $1–$37sec.gov ·2025 · Range of Netflix's paid plan prices at the end of 2025, in US dollar equivalents.
• $2–$9sec.gov ·2025 · Range of prices for extra member sub-accounts at the end of 2025, in US dollar equivalents.
• 26.7%sec.gov ·2025 · Operating margin for 2024, as given in the fourth-quarter 2025 letter to shareholders.
• 325 millionsec.gov ·2025 · Netflix passed this many paid memberships during the fourth quarter of 2025 (the letter says over this many).
• $1.5Bsec.gov ·2025 · Ad revenue in 2025 (the letter says over this much).
• 2.5 timessec.gov ·2025 · Ad revenue in 2025 was more than this many times 2024's.
• $8.7Bsec.gov ·2025 · Amortization of licensed content, 2025.
• $7.7Bsec.gov ·2025 · Amortization of produced content, 2025.
• $32.8Bsec.gov ·2025 · Content assets, net, on the balance sheet at the end of 2025.
• $9.2Bsec.gov ·2025 · Produced content still in production at the end of 2025.
• $24Bsec.gov ·2025 · Content obligations at the end of 2025: shows and films Netflix has agreed to pay for.
• $11.5Bsec.gov ·2025 · Content obligations due within the next year, end of 2025.
• 90%sec.gov ·2025 · On average, the share of a licensed or produced title's cost Netflix expects to have amortized within four years of its first month on the service (the report says over this much).
• 10 yearssec.gov ·2025 · The longest Netflix spreads a title's cost over.
• $20Bsec.gov ·2025 · Streaming revenues, United States and Canada, 2025.
• $14.5Bsec.gov ·2025 · Streaming revenues, Europe, Middle East and Africa, 2025.
• $5.4Bsec.gov ·2025 · Streaming revenues, Latin America, 2025.
• $5.4Bsec.gov ·2025 · Streaming revenues, Asia-Pacific, 2025.
• 15%sec.gov ·2025 · Growth in United States and Canada streaming revenues, 2025 vs 2024.
• 21%sec.gov ·2025 · Growth in Asia-Pacific streaming revenues, 2025 vs 2024.
• 16%sec.gov ·2025 · Growth in revenues, 2025 vs 2024.
• $1.8Bsec.gov ·2025 · Deferred revenue at the end of 2025, mostly membership fees billed and counted within the next month.
• 16,000 peoplesec.gov ·2025 · Netflix's full-time employees at the end of 2025 (the report says approximately this many).