NetflixNarrow moat

NFLX — overall economic moat

Investment snapshot
Narrow moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageScale in content: a $16.4bn amortization bill spread over 325M+ memberships, taking operating margin from 18% (2022) to 29.5% (2025)
Greatest threatAttention and growth: view hours +2%, YouTube ahead in US TV time, and revenue growth guided down to 11.7% while prices rise
Key metricRevenue growth (13.4% in Q2 2026; 11.7% guided for Q3) against the price rises
Verdict: Netflix has turned its scale into a rising margin and nearly $10 billion a year of free cash flow, most of it returned in buybacks. That is a real, narrow moat: a larger audience makes every show cheaper. It does not make people watch more, and viewing is growing about 2% while YouTube leads the American living room and revenue growth slows. At about 22 times trailing earnings, after a 41% fall, the shares price the slowdown fairly; the verdict turns on whether revenue growth holds above 10% as the price rises land.
📈 NFLX valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Netflix sells one thing: a monthly subscription to a library of films, series and, lately, live events, watched mostly on a television. It began streaming in 20071, went almost everywhere in January 20162, and crossed 325 million paid memberships in the fourth quarter of 20253. It employs about 16,000 people4 and reports a single operating segment5.

Revenue ($bn)6.8201511.7201720.2201929.7202131.6202233.7202345.22025EDGAR XBRL company facts; Netflix Form 10-K FY2025
Growth stalled in 2022-23, then resumed.

Revenue was $45,183 million in 20256. By region, the United States and Canada produced $19,957 million, Europe, the Middle East and Africa $14,514.6 million, Latin America $5,357.5 million and Asia-Pacific $5,354 million7. Almost all of it is membership fees; advertising, over $1.5 billion in 20258, is growing but small.

How it makes money is a matter of spreading a fixed cost. Content amortization was $16,422 million in 20259, 36.3% of revenue, down from 44.4% in 202210. As the audience grows faster than the content bill, the operating margin rises: 18% in 2022, 29.5% in 20251112, and 31.5% guided for 202613. Net income was $10,981 million and diluted earnings $2.53 a share, adjusted for the 10-for-1 split of November 20251415.

The cash follows. Free cash flow was $9,461 million in 202516, and Netflix spent $9,127 million buying back its own shares17. It pays no dividend18.

Two events shaped the past year. In December 2025 Netflix agreed to buy Warner Bros. for an equity value of $72.0 billion19, then declined to raise its offer when outbid, and received a $2.8 billion termination fee when WBD signed with Paramount Skydance20. And it stopped reporting membership numbers21.

The shares were $71.15 on 25 September 2026, a market value of $296.24 billion22, down about 41% in a year23 and about 22 times trailing earnings24.

The company is run by two chief executives. Ted Sarandos and Greg Peters are each co-Chief Executive Officer and President25, and the co-founder, Reed Hastings, stepped back to non-executive chairman in April 2025 after more than 25 years as chief executive26. He did not stand for re-election to the board at the June 2026 annual meeting27. No shareholder controls Netflix: the largest holders are Vanguard with 8.65%, BlackRock with 7.34% and FMR with 5.29%28, all index and fund managers rather than founders.

The moat is narrow: scale lowers the cost of every show, but it does not buy attention, and viewing is growing about 2% a year29. The number that would falsify the verdict is revenue growth, guided at 11.7% for the third quarter30; a fall below 10% would mean Netflix's price rises have started to cost it members.

The number that tests this moat
Reported
Revenue, and where it comes from
$45.2bn in 2025: UCAN $20.0bn (44%), EMEA $14.5bn, LATAM $5.4bn, APAC $5.4bn

Almost all membership fees; watch UCAN growth, 10% in Q2 2026, as the price test.

Source: Netflix Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs4/10
Network effects3/10
Pricing power7/10
Hard to replicate7/10
Disruption resistance5/10
Overall durability7/10

Switching costs are low: a member can cancel in a click and rejoin for a single show. Network effects are weak, limited to data and shared cultural moments. Pricing power is proven by paid sharing and repeated price rises, though growth is now slowing. Hard to replicate because a rival would need a comparable content budget spread over a comparable audience. Disruption resistance is middling: YouTube competes for the same hours at no content cost. Durability sits at the top of the narrow band on scale and cash generation.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Netflix sells one service priced four ways, and the region that pays most is now the one growing slowest.
DIG DEEPER 02
The Moat
Netflix's moat is arithmetic: a $16 billion content bill divided by more than 325 million memberships, though scale buys cost, not attention.
DIG DEEPER 03
Competitors
Netflix's real competitor is anything else a person could do with the evening, and on the television that increasingly means YouTube.
DIG DEEPER 04
Major Clients
Netflix has more than 325 million paying memberships and no customer that matters alone; its concentration is in what it owes, not what it earns.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Netflix's bets extend its scale rather than change it: more reasons to subscribe, spread over the same fixed costs.
⚠ Threats to the moat
⚠ THREAT 01
Growth Is Slowing Into the Price Rises
Netflix's revenue growth has fallen from 17.6% to a guided 11.7% in four quarters, while it raises prices and no longer reports members.
⚠ THREAT 02
Twenty-Five Billion Dollars Committed Before a Single Viewer
Netflix commits billions to content years before anyone watches it, which lifts margins in growth and squeezes them in a slowdown.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Netflix's shares fell 41% in a year its profits rose a quarter, because the market is pricing flat viewing hours rather than rising cash.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
In the second quarter of 2026 Netflix kept a 33% margin and bought back a record $4.7 billion of stock while revenue growth slowed to 13%.
References
  1. ReportedIt began streaming in 2007, went almost everywhere in January 2016, and crossed 325 million paid memberships in the fourth quarter of 2025.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - programming, engagement, live events and product. — Q2 2026 · publ. 16 July 2026 · source ↗
  2. ReportedIt began streaming in 2007, went almost everywhere in January 2016, and crossed 325 million paid memberships in the fourth quarter of 2025.
    Netflix first-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - the raised free cash flow forecast, TV view share, the InterPositive acquisition and Reed Hastings leaving the board. — Q1 2026 · publ. 16 April 2026 · source ↗
  3. ReportedIt began streaming in 2007, went almost everywhere in January 2016, and crossed 325 million paid memberships in the fourth quarter of 2025.
    Netflix fourth-quarter 2025 shareholder letter, Form 8-K exhibit 99.1 - 325 million paid memberships, 2026 guidance, advertising revenue, named competitors, content licensing and the pause in buybacks. — Q4 2025 · publ. 20 January 2026 · source ↗
  4. ReportedIt employs about 16,000 people and reports a single operating segment.
    Netflix Form 10-K for fiscal 2025 - Item 1 business and Item 7 overview: the single segment, pricing plans, Open Connect, employees and the end of membership reporting. — FY2025 · publ. 23 January 2026 · source ↗
  5. ReportedIt employs about 16,000 people and reports a single operating segment.
    Netflix Form 10-K for fiscal 2025 - Item 1 business and Item 7 overview: the single segment, pricing plans, Open Connect, employees and the end of membership reporting. — FY2025 · publ. 23 January 2026 · source ↗
  6. ReportedRevenue was $45,183 million in 2025.
    Netflix Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 23 January 2026 · source ↗
  7. ReportedBy region, the United States and Canada produced $19,957 million, Europe, the Middle East and Africa $14,514.6 million, Latin America $5,357.5 million and Asia-Pacific $5,354 million.
    Netflix Form 10-K for fiscal 2025 - Item 7 MD&A: streaming revenue by region. — FY2025 · publ. 23 January 2026 · source ↗
  8. ReportedAlmost all of it is membership fees; advertising, over $1.5 billion in 2025, is growing but small.
    Netflix fourth-quarter 2025 shareholder letter, Form 8-K exhibit 99.1 - 325 million paid memberships, 2026 guidance, advertising revenue, named competitors, content licensing and the pause in buybacks. — Q4 2025 · publ. 20 January 2026 · source ↗
  9. ReportedContent amortization was $16,422 million in 2025, 36.3% of revenue, down from 44.4% in 2022.
    Netflix Form 10-K for fiscal 2025 - content assets, amortization and content obligations notes. — FY2025 · publ. 23 January 2026 · source ↗
  10. Moat Explorer calcContent amortization was $16,422 million in 2025, 36.3% of revenue, down from 44.4% in 2022.
    Moat Explorer calculation from Netflix's reported financial statements, shareholder letters and market data ($ millions unless stated). Content amortization / revenue: 14,026.1 / 31,615.6 = 44.4% (2022); 14,197.4 / 33,723.3 = 42.1% (2023); 15,301.5 / 39,001.0 = 39.2% (2024); 16,422.2 / 45,183.0 = 36.3% (2025); Q2 2026 4,311.3 / 12,559.9 = 34.3%. Revenue growth 2022-2025: 45,183.0 / 31,615.6 - 1 = 43%; 2025 45,183.0 / 39,001.0 - 1 = 15.9%. Operating income 13,326.6 / 5,632.8 = 2.4 times. Gross margin (45,183.0 - 23,275.3) / 45,183.0 = 48.5% (2025); (33,723.3 - 19,715.4) / 33,723.3 = 41.5% (2023). Q3 2025 operating margin excluding the Brazil charge (3,248 + 619) / 11,510 = 33.6%. Additions to content assets Q2 2026 4,927.5 / 3,835.8 - 1 = 28%. Cash content spend = additions less change in content liabilities: 16,839.0 - 179.3 = 16,659.7 (2022), 12,554.7 + 585.6 = 13,140.3 (2023), 16,223.6 + 779.1 = 17,002.8 (2024), 17,096.6 + 610.8 = 17,707.5 (2025); ratio to amortization 16,659.7 / 14,026.1 = 1.19, 13,140.3 / 14,197.4 = 0.93, 17,002.8 / 15,301.5 = 1.11, 17,707.5 / 16,422.2 = 1.08. Licensed share of amortization 8,713.6 / 16,422.2 = 53%; licensed growth 8,713.6 / 7,689.0 - 1 = 13.3%; produced growth 7,708.6 / 7,612.5 - 1 = 1.3%. Produced share of content assets 20,639.8 / 32,778.4 = 63%; content assets / amortization 32,778.4 / 16,422.2 = 2.0 years. Tax incentives / produced amortization 1,000 / 7,708.6 = 13%; tax incentives / operating income 1,000 / 13,326.6 = 7.5%. Employees outside UCAN 16,000 - 10,900 = 5,100. Capex / revenue 688.2 / 45,183.0 = 1.5%; capex growth 688.2 / 439.5 - 1 = 57%. Free cash flow = operating cash flow less capex: 10,149.3 - 688.2 = 9,461.1 (2025); 7,361.4 - 439.5 = 6,921.8 (2024); 7,274.3 - 348.6 = 6,925.7 (2023); FCF / revenue 9,461.1 / 45,183.0 = 20.9%; FCF / net income 9,461.1 / 10,981.2 = 86%; capex / FCF 348.6 / 6,925.7 = 5.0%, 439.5 / 6,921.8 = 6.4%, 688.2 / 9,461.1 = 7.3%. Buybacks / FCF 9,127.2 / 9,461.1 = 96%; buybacks 2024 + 2025 6,263.7 + 9,127.2 = 15,390.9; diluted shares 4,261 / 4,349 - 1 = -2.0%; remaining authorization 27.1 / 296.24 = 9%. Year-end P/E = market value / net income: 213.10 / 5.408 = 39.4 (2023), 381.00 / 8.712 = 43.7 (2024), 397.29 / 10.981 = 36.2 (2025), trailing 296.24 / 13.650 = 21.7. Net debt / equity end 2025 (14,462.8 - 9,033.7 - 28.7) / 26,615.5 = 0.20; interest / operating income 776.5 / 13,326.6 = 5.8%; termination fee / 2025 net income 2,800 / 10,981.2 = 25%; ROE 10,981.2 / ((26,615.5 + 24,743.6) / 2) = 43%; net income growth 10,981.2 / 8,711.6 - 1 = 26%. Pre-tax income 2025 10,981.2 + 1,741.4 = 12,722.6, one point of tax rate = 127; six points = 763. UCAN ARM 17.20 / 15.86 - 1 = 8.4%; UCAN net additions 80,128 - 74,296 = 5,832 (2023), 89,625 - 80,128 = 9,497 (2024); paid memberships growth 301,626 / 260,276 - 1 = 16%; top plan price 37 / 32 - 1 = 15.6%. Obligations: due in 12 months / revenue 11,528.0 / 45,183.0 = 25.5%; obligations / debt 25.1 / 14.3 = 1.75; off balance sheet 18.4 / 24.0 = 76% (end 2025), 19.6 / 25.1 = 78% (June 2026). Advertising: 1.5 / 45.2 = 3.3% of 2025 revenue; 3.0 / 51.2 = 5.9% of the 2026 guidance midpoint (51.0 + 51.4) / 2 = 51.2. Nielsen gap 13.8 - 8.0 = 5.8 points. Regions: 2025 shares UCAN 19,957.2 / 45,183.0 = 44.2%, EMEA 14,514.6 / 45,183.0 = 32.1%, LATAM 5,357.5 / 45,183.0 = 11.9%, APAC 5,353.7 / 45,183.0 = 11.8%; Q2 2026 UCAN 5,432 / 12,560 = 43.2%. UCAN growth 14,873.8 / 14,084.6 - 1 = 5.6% (2023), 17,359.4 / 14,873.8 - 1 = 16.7% (2024), 19,957.2 / 17,359.4 - 1 = 15.0% (2025). EMEA memberships 101,133 / 76,729 - 1 = 31.8%; APAC memberships 57,541 / 38,023 - 1 = 51.3%; APAC revenue 5,353.7 / 3,570.2 - 1 = 50%. UCAN share of 2022 streaming revenue 14,084.6 / 31,469.9 = 44.8%. Memberships 2022-2024: UCAN 89,625 / 74,296 - 1 = 20.6%, LATAM 53,327 / 41,699 - 1 = 27.9%. ARM gap UCAN less APAC 15.86 - 8.50 = 7.36 (2022), 17.20 - 7.29 = 9.91 (2024). H1 2026 revenue 24,809.7 / 51,200 = 48.5% of the guidance midpoint. Diluted shares 4,343,863 / 4,494,966 - 1 = -3.4%. Average buyback price Q2 2026 4.7bn / 52.93M shares = about $89; 2025 9,127.2 / 86.54M shares = about $105; 71.15 / 105 - 1 = -32%. Analyst target 92.93 / 71.15 - 1 = 31%. US revenue 18.5 / 13.8 - 1 = 34%. Hedging swing 124 - (-91) = 215. Revenue 2023-2025 45,183.0 / 33,723.3 - 1 = 34%; employees 16,000 / 13,000 - 1 = 23%. Q2 net income 3,401 / 3,125 - 1 = 8.8%. DVD revenue = total revenue less streaming revenue: 33,723.3 - 33,640.5 = 82.8 (2023); 31,615.6 - 31,469.9 = 145.7 (2022) - content costs, margins and capital spending. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Netflix's Forms 10-K and 10-Q, shareholder letters, Nielsen's May 2026 Gauge and market data; operands shown in the source line.
  11. ReportedAs the audience grows faster than the content bill, the operating margin rises: 18% in 2022, 29.5% in 2025, and 31.5% guided for 2026.
    Netflix Form 10-K for fiscal 2024 - paid memberships and average monthly revenue per paying membership by region for 2022-2024, regional revenue for 2022, and the 2024 currency impact. — FY2024 · publ. January 2025 · source ↗
  12. ReportedAs the audience grows faster than the content bill, the operating margin rises: 18% in 2022, 29.5% in 2025, and 31.5% guided for 2026.
    Netflix Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 23 January 2026 · source ↗
  13. ReportedAs the audience grows faster than the content bill, the operating margin rises: 18% in 2022, 29.5% in 2025, and 31.5% guided for 2026.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - financial results, regional revenue and 2026 guidance. — Q2 2026 · publ. 16 July 2026 · source ↗
  14. ReportedNet income was $10,981 million and diluted earnings $2.53 a share, adjusted for the 10-for-1 split of November 2025.
    Netflix Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 23 January 2026 · source ↗
  15. ReportedNet income was $10,981 million and diluted earnings $2.53 a share, adjusted for the 10-for-1 split of November 2025.
    Netflix Form 8-K of 14 November 2025, Item 5.03 - the 10-for-1 stock split. — November 2025 · publ. 14 November 2025 · source ↗
  16. Moat Explorer calcFree cash flow was $9,461 million in 2025, and Netflix spent $9,127 million buying back its own shares.
    Moat Explorer calculation from Netflix's reported financial statements, shareholder letters and market data ($ millions unless stated). Content amortization / revenue: 14,026.1 / 31,615.6 = 44.4% (2022); 14,197.4 / 33,723.3 = 42.1% (2023); 15,301.5 / 39,001.0 = 39.2% (2024); 16,422.2 / 45,183.0 = 36.3% (2025); Q2 2026 4,311.3 / 12,559.9 = 34.3%. Revenue growth 2022-2025: 45,183.0 / 31,615.6 - 1 = 43%; 2025 45,183.0 / 39,001.0 - 1 = 15.9%. Operating income 13,326.6 / 5,632.8 = 2.4 times. Gross margin (45,183.0 - 23,275.3) / 45,183.0 = 48.5% (2025); (33,723.3 - 19,715.4) / 33,723.3 = 41.5% (2023). Q3 2025 operating margin excluding the Brazil charge (3,248 + 619) / 11,510 = 33.6%. Additions to content assets Q2 2026 4,927.5 / 3,835.8 - 1 = 28%. Cash content spend = additions less change in content liabilities: 16,839.0 - 179.3 = 16,659.7 (2022), 12,554.7 + 585.6 = 13,140.3 (2023), 16,223.6 + 779.1 = 17,002.8 (2024), 17,096.6 + 610.8 = 17,707.5 (2025); ratio to amortization 16,659.7 / 14,026.1 = 1.19, 13,140.3 / 14,197.4 = 0.93, 17,002.8 / 15,301.5 = 1.11, 17,707.5 / 16,422.2 = 1.08. Licensed share of amortization 8,713.6 / 16,422.2 = 53%; licensed growth 8,713.6 / 7,689.0 - 1 = 13.3%; produced growth 7,708.6 / 7,612.5 - 1 = 1.3%. Produced share of content assets 20,639.8 / 32,778.4 = 63%; content assets / amortization 32,778.4 / 16,422.2 = 2.0 years. Tax incentives / produced amortization 1,000 / 7,708.6 = 13%; tax incentives / operating income 1,000 / 13,326.6 = 7.5%. Employees outside UCAN 16,000 - 10,900 = 5,100. Capex / revenue 688.2 / 45,183.0 = 1.5%; capex growth 688.2 / 439.5 - 1 = 57%. Free cash flow = operating cash flow less capex: 10,149.3 - 688.2 = 9,461.1 (2025); 7,361.4 - 439.5 = 6,921.8 (2024); 7,274.3 - 348.6 = 6,925.7 (2023); FCF / revenue 9,461.1 / 45,183.0 = 20.9%; FCF / net income 9,461.1 / 10,981.2 = 86%; capex / FCF 348.6 / 6,925.7 = 5.0%, 439.5 / 6,921.8 = 6.4%, 688.2 / 9,461.1 = 7.3%. Buybacks / FCF 9,127.2 / 9,461.1 = 96%; buybacks 2024 + 2025 6,263.7 + 9,127.2 = 15,390.9; diluted shares 4,261 / 4,349 - 1 = -2.0%; remaining authorization 27.1 / 296.24 = 9%. Year-end P/E = market value / net income: 213.10 / 5.408 = 39.4 (2023), 381.00 / 8.712 = 43.7 (2024), 397.29 / 10.981 = 36.2 (2025), trailing 296.24 / 13.650 = 21.7. Net debt / equity end 2025 (14,462.8 - 9,033.7 - 28.7) / 26,615.5 = 0.20; interest / operating income 776.5 / 13,326.6 = 5.8%; termination fee / 2025 net income 2,800 / 10,981.2 = 25%; ROE 10,981.2 / ((26,615.5 + 24,743.6) / 2) = 43%; net income growth 10,981.2 / 8,711.6 - 1 = 26%. Pre-tax income 2025 10,981.2 + 1,741.4 = 12,722.6, one point of tax rate = 127; six points = 763. UCAN ARM 17.20 / 15.86 - 1 = 8.4%; UCAN net additions 80,128 - 74,296 = 5,832 (2023), 89,625 - 80,128 = 9,497 (2024); paid memberships growth 301,626 / 260,276 - 1 = 16%; top plan price 37 / 32 - 1 = 15.6%. Obligations: due in 12 months / revenue 11,528.0 / 45,183.0 = 25.5%; obligations / debt 25.1 / 14.3 = 1.75; off balance sheet 18.4 / 24.0 = 76% (end 2025), 19.6 / 25.1 = 78% (June 2026). Advertising: 1.5 / 45.2 = 3.3% of 2025 revenue; 3.0 / 51.2 = 5.9% of the 2026 guidance midpoint (51.0 + 51.4) / 2 = 51.2. Nielsen gap 13.8 - 8.0 = 5.8 points. Regions: 2025 shares UCAN 19,957.2 / 45,183.0 = 44.2%, EMEA 14,514.6 / 45,183.0 = 32.1%, LATAM 5,357.5 / 45,183.0 = 11.9%, APAC 5,353.7 / 45,183.0 = 11.8%; Q2 2026 UCAN 5,432 / 12,560 = 43.2%. UCAN growth 14,873.8 / 14,084.6 - 1 = 5.6% (2023), 17,359.4 / 14,873.8 - 1 = 16.7% (2024), 19,957.2 / 17,359.4 - 1 = 15.0% (2025). EMEA memberships 101,133 / 76,729 - 1 = 31.8%; APAC memberships 57,541 / 38,023 - 1 = 51.3%; APAC revenue 5,353.7 / 3,570.2 - 1 = 50%. UCAN share of 2022 streaming revenue 14,084.6 / 31,469.9 = 44.8%. Memberships 2022-2024: UCAN 89,625 / 74,296 - 1 = 20.6%, LATAM 53,327 / 41,699 - 1 = 27.9%. ARM gap UCAN less APAC 15.86 - 8.50 = 7.36 (2022), 17.20 - 7.29 = 9.91 (2024). H1 2026 revenue 24,809.7 / 51,200 = 48.5% of the guidance midpoint. Diluted shares 4,343,863 / 4,494,966 - 1 = -3.4%. Average buyback price Q2 2026 4.7bn / 52.93M shares = about $89; 2025 9,127.2 / 86.54M shares = about $105; 71.15 / 105 - 1 = -32%. Analyst target 92.93 / 71.15 - 1 = 31%. US revenue 18.5 / 13.8 - 1 = 34%. Hedging swing 124 - (-91) = 215. Revenue 2023-2025 45,183.0 / 33,723.3 - 1 = 34%; employees 16,000 / 13,000 - 1 = 23%. Q2 net income 3,401 / 3,125 - 1 = 8.8%. DVD revenue = total revenue less streaming revenue: 33,723.3 - 33,640.5 = 82.8 (2023); 31,615.6 - 31,469.9 = 145.7 (2022) - cash flow, capital returns, valuation and obligations. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Netflix's Forms 10-K and 10-Q, shareholder letters, Nielsen's May 2026 Gauge and market data; operands shown in the source line.
  17. ReportedFree cash flow was $9,461 million in 2025, and Netflix spent $9,127 million buying back its own shares.
    Netflix Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 23 January 2026 · source ↗
  18. ReportedIt pays no dividend.
    Netflix (NFLX) statistics - trailing P/E 22.41, forward P/E 20.55, P/S 6.12, FCF yield 3.76%, 1-year change -40.91%, no dividend. — September 2026 · publ. 25 September 2026 · source ↗
  19. Reportedfor an equity value of $72.0 billion, then declined to raise its offer when outbid, and received a $2.8 billion termination fee when WBD signed with Paramount Skydance.
    Netflix press release 'Netflix to acquire Warner Bros.', Form 8-K exhibit 99.1 - price per share, equity and enterprise value, and cost savings. — December 2025 · publ. 5 December 2025 · source ↗
  20. Reportedfor an equity value of $72.0 billion, then declined to raise its offer when outbid, and received a $2.8 billion termination fee when WBD signed with Paramount Skydance.
    Netflix Form 8-K of 27 February 2026, Item 1.02 - termination of the Warner Bros. agreement and receipt of the $2.8 billion termination fee. — February 2026 · publ. 27 February 2026 · source ↗
  21. ReportedAnd it stopped reporting membership numbers.
    Netflix Form 10-K for fiscal 2025 - Item 1 business and Item 7 overview: the single segment, pricing plans, Open Connect, employees and the end of membership reporting. — FY2025 · publ. 23 January 2026 · source ↗
  22. ReportedThe shares were $71.15 on 25 September 2026, a market value of $296.24 billion, down about 41% in a year and about 22 times trailing earnings.
    Netflix (NFLX) market data - $71.15 a share at the close on 25 September 2026, market cap $296.24B, 52-week range $65.08-$124.86, 51 analysts with a $92.93 target; analyst downgrades on YouTube's share of viewing; Paramount's settlement with states on its $110B WBD deal. — September 2026 · publ. 25 September 2026 · source ↗
  23. ReportedThe shares were $71.15 on 25 September 2026, a market value of $296.24 billion, down about 41% in a year and about 22 times trailing earnings.
    Netflix (NFLX) statistics - trailing P/E 22.41, forward P/E 20.55, P/S 6.12, FCF yield 3.76%, 1-year change -40.91%, no dividend. — September 2026 · publ. 25 September 2026 · source ↗
  24. ReportedThe shares were $71.15 on 25 September 2026, a market value of $296.24 billion, down about 41% in a year and about 22 times trailing earnings.
    Netflix (NFLX) statistics - trailing P/E 22.41, forward P/E 20.55, P/S 6.12, FCF yield 3.76%, 1-year change -40.91%, no dividend. — September 2026 · publ. 25 September 2026 · source ↗
  25. ReportedTed Sarandos and Greg Peters are each co-Chief Executive Officer and President, and the co-founder, Reed Hastings, stepped back to non-executive chairman in April 2025 after more than 25 years as chief executive.
    Netflix 2026 proxy statement (DEF 14A) - co-chief executives, Reed Hastings's role and principal shareholders. — 2026 · publ. 16 April 2026 · source ↗
  26. ReportedTed Sarandos and Greg Peters are each co-Chief Executive Officer and President, and the co-founder, Reed Hastings, stepped back to non-executive chairman in April 2025 after more than 25 years as chief executive.
    Netflix 2026 proxy statement (DEF 14A) - co-chief executives, Reed Hastings's role and principal shareholders. — 2026 · publ. 16 April 2026 · source ↗
  27. ReportedHe did not stand for re-election to the board at the June 2026 annual meeting.
    Netflix first-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - the raised free cash flow forecast, TV view share, the InterPositive acquisition and Reed Hastings leaving the board. — Q1 2026 · publ. 16 April 2026 · source ↗
  28. ReportedNo shareholder controls Netflix: the largest holders are Vanguard with 8.65%, BlackRock with 7.34% and FMR with 5.29%, all index and fund managers rather than founders.
    Netflix 2026 proxy statement (DEF 14A) - co-chief executives, Reed Hastings's role and principal shareholders. — 2026 · publ. 16 April 2026 · source ↗
  29. ReportedThe moat is narrow: scale lowers the cost of every show, but it does not buy attention, and viewing is growing about 2% a year.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - programming, engagement, live events and product. — Q2 2026 · publ. 16 July 2026 · source ↗
  30. ReportedThe number that would falsify the verdict is revenue growth, guided at 11.7% for the third quarter; a fall below 10% would mean Netflix's price rises have started to cost it members.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - financial results, regional revenue and 2026 guidance. — Q2 2026 · publ. 16 July 2026 · source ↗
Sources
Generated September 26, 2026