Filing Flows › Netflix (NFLX) › Q4 2025
Netflix (NFLX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Jan 23, 2026
Netflix (NFLX) reported revenue of $12.1B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +5% from the quarter before. Operating margin was 24.5%, net earnings $2.4B (20.1% of revenue).
Netflix, Q4 2025: revenue $12.1B (+18% year over year), operating margin 24.5%, net earnings $2.4B, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.1B | +5% | +18% |
| Operating profit | $3.0B | -9% | +30% |
| Net earnings | $2.4B | -5% | +29% |
| Operating cash flow | $2.1B | -25% | +37% |
| Free cash flow | $1.9B | — | +36% |
What changed
Revenue was $12.1B in Q4 2025, up 18% year over year and up 5% from the previous quarter.
Operating profit was $3.0B, a 24.5% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 22% margin then. Total costs grew 14% against revenue growth of 18%. The fastest-growing cost line was General & admin (+25%). Net earnings were $2.4B, up 29% year over year. The effective tax rate was 12.6%.
Operating cash flow was $2.1B (up 37% year over year), 87% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $0.53B. After purchases of property and equipment ($0.24B), free cash flow as the company reports it was $1.9B.
Questions
What was Netflix's revenue in the fourth quarter 2025?
Netflix (NFLX) reported revenue of $12.1B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +5% from the quarter before.
Was Netflix profitable in the fourth quarter 2025?
Operating profit was $3.0B (24.5% of revenue) and net earnings $2.4B.
Source: Netflix 10-K on SEC EDGAR.