Netflix Inc. — Financial Results
Revenue and Profit Growth Remain Strong Across the Board
| Metric | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| Total Revenue | $33.7B | $39.0B | $45.2B | +16% |
| Operating Income | $7.0B | $10.4B | $13.3B | +28% |
| Operating Margin | 20.6% | 26.7% | 29.5% | +2.8 pts |
| Net Income | $5.4B | $8.7B | $11.0B | +26% |
Revenue grew 16% to $45.2 billion, driven by membership growth, price increases, and rising advertising revenue. Profit grew even faster — operating income jumped 28% — because costs grew more slowly than revenue. The operating margin (the share of each dollar of revenue left after operating costs) has expanded from roughly 21% just two years ago to nearly 30% today, a meaningful improvement in efficiency.
Asia-Pacific Is the Fastest-Growing Region; Latin America Looks Even Better Once Currency Effects Are Stripped Out
| Region | 2024 Revenue | 2025 Revenue | Reported Growth | Constant-Currency Growth |
|---|---|---|---|---|
| UCAN | $17.4B | $20.0B | +15% | +15% |
| EMEA | $12.4B | $14.5B | +17% | +16% |
| APAC | $4.4B | $5.4B | +21% | +22% |
| LATAM | $4.8B | $5.4B | +11% | +23% |
Constant-currency revenue removes the distortion caused by exchange rate movements, showing what growth looked like in local terms. Latin America's reported 11% growth jumps to 23% on that basis, meaning the business there is expanding rapidly — it just looks slower because local currencies weakened against the US dollar.
Content and Brazil Tax Costs Pushed Expenses Up, But the Business Still Got More Efficient
Cost of revenues rose 11% to $23.3 billion, but fell as a percentage of revenue from 54% to 52%. The two main drivers were higher content amortization (the process of spreading the cost of shows and films across their viewing life) — up $1.1 billion — and a one-time $1.1 billion hit from tax assessments in Brazil. Management stated it does not expect the Brazil taxes to recur materially.
Netflix Spent $9.1 Billion Buying Back Its Own Stock in 2025
The company repurchased 86.5 million shares for $9.1 billion in 2025, more than triple the buyback pace from the prior year. The board has $8.0 billion remaining under its current repurchase authorization. Share buybacks reduce the number of shares outstanding, meaning each remaining share represents a slightly larger ownership stake in the company.
A Massive Pending Acquisition of Warner Bros. Discovery's Streaming and Studios Business
Netflix signed an agreement to acquire WBD's streaming and studio assets — including HBO Max, HBO, and its film and television studios — for approximately $72 billion in equity value ($82.7 billion enterprise value). To fund this, Netflix has arranged up to $42.2 billion in bridge loan commitments, plus a $20 billion term loan and a $5 billion revolving credit facility. The deal is expected to close within 12–18 months of December 2025, pending regulatory and shareholder approvals. This would be a transformational deal that significantly increases Netflix's debt load and content library.