Financials Netflix, Inc.

Equities

NFLX

US64110L1061

Internet Services

Market Closed - Nasdaq Other stock markets 01:30:00 12/07/2025 am IST			5-day change	1st Jan Change
1,245.11 ^USD	-0.44%		-4.01%	+39.69%

06:31pm	Wall St Week Ahead-Earnings, inflation data confront resilient US stocks rally	RE
06:30pm	Earnings, inflation data confront resilient US stocks rally	RE

Projected Income Statement: Netflix, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	24,996	29,698	31,616	33,723	39,001	44,469	49,954	55,312
Change	-	18.81%	6.46%	6.67%	15.65%	14.02%	12.34%	10.73%
EBITDA ¹	5,116	6,806	6,545	7,650	11,019	13,853	16,519	19,475
Change	-	33.03%	-3.84%	16.89%	44.03%	25.71%	19.25%	17.9%
EBIT ¹	4,585	6,195	5,633	6,954	10,418	13,156	15,845	18,763
Change	-	35.1%	-9.07%	23.45%	49.81%	26.29%	20.43%	18.42%
Interest Paid ¹	-767.5	-765.6	-706.2	-699.8	-718.7	-704.1	-645.8	-607.2
Earnings before Tax (EBT) ¹	3,199	5,840	5,264	6,205	9,966	12,655	15,341	18,473
Change	-	82.54%	-9.87%	17.89%	60.6%	26.99%	21.23%	20.41%
Net income ¹	2,761	5,116	4,492	5,408	8,712	11,068	13,247	15,791
Change	-	85.28%	-12.2%	20.39%	61.09%	27.05%	19.69%	19.2%
Announcement Date	19/01/21	20/01/22	19/01/23	23/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	6,148	6,436	6,644	7,163	7,342	7,483	7,709	7,868	7,970	7,926	7,852	8,162	8,187	8,542	8,833	9,370	9,559	9,825	10,247	10,543	11,042	11,257	11,639	12,023	12,429	12,655	13,040	13,501
Change	-	4.67%	3.24%	7.81%	2.49%	1.93%	3.02%	2.06%	1.3%	-0.56%	-0.93%	3.94%	0.32%	4.33%	3.41%	6.09%	2.02%	2.78%	4.29%	2.89%	4.73%	1.95%	3.39%	3.3%	3.37%	1.82%	3.05%	3.53%
EBITDA ¹	1,489	1,450	1,094	2,103	1,988	1,921	795.1	2,165	1,812	1,770	797.1	1,904	1,995	2,087	1,665	2,796	2,753	3,056	2,414	3,499	3,842	3,632	2,920	4,166	4,347	4,295	3,537	-
Change	-	-2.62%	-24.56%	92.25%	-5.48%	-3.37%	-58.6%	172.35%	-16.31%	-2.31%	-54.97%	138.84%	4.77%	4.62%	-20.2%	67.92%	-1.55%	11.01%	-21%	44.94%	9.79%	-5.45%	-19.61%	42.65%	4.36%	-1.21%	-17.65%	-
EBIT ¹	1,358	1,315	954.2	1,960	1,848	1,755	631.8	1,972	1,578	1,533	549.9	1,714	1,827	1,916	1,496	2,633	2,603	2,909	2,273	3,347	3,634	3,468	2,773	3,965	4,121	4,117	3,380	-
Change	-	-3.17%	-27.43%	105.38%	-5.73%	-5%	-64.01%	212.08%	-19.95%	-2.87%	-64.13%	211.75%	6.58%	4.88%	-21.93%	75.96%	-1.13%	11.78%	-21.88%	47.27%	8.58%	-4.57%	-20.03%	42.98%	3.94%	-0.09%	-17.91%	-
Charge d'intérêts ¹	-189.2	-197.1	-197.2	-194.4	-191.3	-190.4	-189.4	-187.6	-175.5	-172.6	-170.6	-174.2	-174.8	-175.6	-175.2	-173.3	-168	-184.8	-192.6	-184.2	-179.5	-172	-170.8	-132.6	-132.1	-133.8	-135.9	-
Earnings before Tax (EBT) ¹	1,036	861.5	506.4	2,035	1,594	1,661	550.9	1,980	1,623	1,622	39.34	1,469	1,679	1,909	1,148	2,615	2,514	2,703	2,134	3,214	3,555	3,331	2,595	3,869	4,008	4,004	3,271	-
Change	-	-16.82%	-41.21%	301.74%	-21.66%	4.21%	-66.84%	259.39%	-18.01%	-0.07%	-97.57%	3,634.17%	14.33%	13.68%	-39.86%	127.72%	-3.85%	7.52%	-21.04%	50.58%	10.63%	-6.3%	-22.11%	49.11%	3.58%	-0.09%	-18.31%	-
Net income ¹	720.2	790	542.2	1,707	1,353	1,449	607.4	1,597	1,441	1,398	55.28	1,305	1,488	1,677	937.8	2,332	2,147	2,364	1,869	2,890	3,030	2,902	2,278	3,379	3,490	3,487	2,848	-
Change	-	9.69%	-31.37%	214.8%	-20.72%	7.1%	-58.08%	162.98%	-9.8%	-2.96%	-96.05%	2,260.76%	13.98%	12.76%	-44.09%	148.68%	-7.93%	10.07%	-20.94%	54.68%	4.82%	-4.22%	-21.51%	48.36%	3.28%	-0.1%	-18.31%	-
Announcement Date	16/07/20	20/10/20	19/01/21	20/04/21	20/07/21	19/10/21	20/01/22	19/04/22	19/07/22	18/10/22	19/01/23	18/04/23	19/07/23	18/10/23	23/01/24	18/04/24	18/07/24	17/10/24	21/01/25	17/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Netflix, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	8,103	9,365	8,295	7,405	5,999	6,439	5,357	2,155
Change	-	15.57%	-11.43%	-10.73%	-18.99%	7.33%	-16.8%	-59.77%
Announcement Date	19/01/21	20/01/22	19/01/23	23/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Netflix, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	497.9	524.6	407.7	348.6	439.5	493	537.2	565.1
Change	-	5.35%	-22.28%	-14.51%	26.1%	12.17%	8.96%	5.2%
Free Cash Flow (FCF) ¹	1,922	-158.9	1,619	6,926	6,922	8,889	11,385	13,845
Change	-	-108.27%	1,118.62%	327.9%	-0.06%	28.42%	28.08%	21.6%
Announcement Date	19/01/21	20/01/22	19/01/23	23/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Netflix, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.47%	22.92%	20.7%	22.69%	28.25%	31.15%	33.07%	35.21%
EBIT Margin (%)	18.34%	20.86%	17.82%	20.62%	26.71%	29.59%	31.72%	33.92%
EBT Margin (%)	12.8%	19.67%	16.65%	18.4%	25.55%	28.46%	30.71%	33.4%
Net margin (%)	11.05%	17.23%	14.21%	16.04%	22.34%	24.89%	26.52%	28.55%
FCF margin (%)	7.69%	-0.54%	5.12%	20.54%	17.75%	19.99%	22.79%	25.03%
FCF / Net Income (%)	69.59%	-3.11%	36.03%	128.07%	79.45%	80.31%	85.94%	87.68%
Profitability
ROA	7.54%	12.2%	9.64%	11.11%	17.02%	19.65%	21.57%	22.51%
ROE	29.62%	38.02%	24.53%	26.15%	38.43%	41.55%	43.95%	44.7%
Financial Health
Leverage (Debt/EBITDA)	1.58x	1.38x	1.27x	0.97x	0.54x	0.46x	0.32x	0.11x
Debt / Free cash flow	4.22x	-58.94x	5.12x	1.07x	0.87x	0.72x	0.47x	0.16x
Capital Intensity
CAPEX / Current Assets (%)	1.99%	1.77%	1.29%	1.03%	1.13%	1.11%	1.08%	1.02%
CAPEX / EBITDA (%)	9.73%	7.71%	6.23%	4.56%	3.99%	3.56%	3.25%	2.9%
CAPEX / FCF (%)	25.91%	-330.15%	25.19%	5.03%	6.35%	5.55%	4.72%	4.08%
Items per share
Cash flow per share ¹	5.344	0.8622	4.49	16.18	16.76	21.21	26.09	30.71
Change	-	-83.86%	420.75%	260.43%	3.56%	26.54%	23.03%	17.71%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	24.36	34.81	46.04	46.63	56.33	64.65	75.08	87.15
Change	-	42.87%	32.28%	1.27%	20.81%	14.78%	16.13%	16.08%
EPS ¹	6.08	11.24	9.95	12.03	19.83	25.61	31.05	37.63
Change	-	84.87%	-11.48%	20.9%	64.84%	29.13%	21.27%	21.17%
Nbr of stocks (in thousands)	4,41,795	4,42,952	4,45,020	4,37,680	4,27,458	4,25,571	4,25,571	4,25,571
Announcement Date	19/01/21	20/01/22	19/01/23	23/01/24	21/01/25	-	-	-