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Earnings transcript
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NFLX
Netflix, Inc.
$63.41
-2.15
(-3.28%)
| Exchange: | NASDAQ |
| Market Cap: | 264.035B |
| Shares Outstanding: | 4.229B |
Delayed data
About The Company
| Sector: | Communication ServicesView sector performance | |||||
| Industry: | EntertainmentView industry performance | |||||
| CEO: | Theodore A. Sarandos | |||||
| Full Time Employees: | 16000 | |||||
| Address: |
| |||||
| Website: | https://www.netflix.com |
Netflix, Inc. serves as a worldwide entertainment provider. Its comprehensive library features television series, motion pictures, documentaries, and mobile games, spanning numerous genres and languages. Members can effortlessly stream this content through a variety of internet-connected devices, including smart TVs, digital media players, cable boxes, and mobile phones. Furthermore, the company continues to offer a DVD-by-mail subscription service to its customers in the United States. With roughly 222 million paying subscribers distributed across 190 countries, Netflix was founded in 1997 and is headquartered in Los Gatos, California.
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Revenue Segmentation
Revenue by type
Revenue by region
NFLX full analysis
Welcome back to MarketSnap. Netflix just reported a quarter that beat on the bottom line, guided to double-digit revenue growth, and widened its margins again. The shares went the other way. Netflix beat on the bottom line, guided to double-digit revenue growth, and widened its margins again. It's down more than 40% over the past year, while the entertainment industry as a whole is up sharply over that same stretch. Back in July, we looked at a very similar pullback…
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 33,723,297 | 39,000,966 | 45,183,036 |
| Gross Profit | 14,007,929 | 17,962,502 | 21,907,707 |
| EBITDA | 21,508,387 | 26,314,821 | 30,254,617 |
| Operating Income | 6,954,003 | 10,417,614 | 13,326,603 |
| Net Income | 5,407,990 | 8,711,631 | 10,981,201 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 48,731,992 | 53,630,374 | 55,596,993 |
| Total Liabilities | 28,143,679 | 28,886,807 | 28,981,505 |
| Total Stockholders Equity | 20,588,313 | 24,743,567 | 26,615,488 |
| Total Debt | 16,973,374 | 17,994,974 | 14,462,836 |
| Cash and Cash Equivalents | 7,116,913 | 7,804,733 | 9,033,681 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 7,274,301 | 7,361,364 | 10,149,273 |
| Capital Expenditure | -348,552 | -439,538 | -688,220 |
| Free Cash Flow | 6,925,749 | 6,921,826 | 9,461,053 |
| Net Income | 5,407,990 | 8,711,631 | 10,981,201 |
| Net Change in Cash | 1,947,933 | 688,822 | 1,231,857 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 71,775,337.860 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 73,703,991.052 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 72,756,255.960 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 37,675,036.789 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 38,757,262.894 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 38,225,454.497 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 26,769,142.121 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 27,708,120.941 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 27,246,704.590 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 8,959,547.681 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 9,200,296.951 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 9,081,993.395 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 6.310 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 6.420 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 6.200 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 17 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 14 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Expanding profitability despite share-price weakness: Q3 2026 operating margin reached 34.6%, with FY2025 operating income of $13.33B on $45.18B revenue (up from $10.42B on $39.00B in FY2024); net margin TTM stands at 29.7% and gross margin at 50.7%.
- Strong cash generation and balance sheet: FY2025 free cash flow of $9.46B (up from $6.92B in FY2024), FCF yield TTM of 4.15%, ROE TTM of 50.4%, ROIC TTM of 26.6%, and debt-to-equity of 0.52 with robust debt coverage per source commentary.
- Valuation compression relative to history and peers: P/E TTM of 18.7 versus industry average of 58.4; stock trades at roughly a 50% discount to historical forward earnings multiples despite stable fundamentals and double-digit revenue growth.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates NFLX intrinsic value between $73.48 – $83.54 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about NFLX valuation
Is Netflix, Inc. (NFLX) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Netflix, Inc. (NFLX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NFLX a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NFLX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NFLX’s P/E ratio?
You can see NFLX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NFLX?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NFLX a good long-term investment?
Whether NFLX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NFLX
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Daily snapshot
-3.28
Trading Metrics:
| Open: | 63.82 | Previous Close: | 65.56 | |
| Day Low: | 63.31 | Day High: | 64.35 | |
| Year Low: | 61.39 | Year High: | 116.73 | |
| Price Avg 50: | 71.36 | Price Avg 200: | 81.14 | |
| Volume: | 35.402M | Average Volume: | 39.45M |
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