Financials Netflix, Inc.

Equities

NFLX

US64110L1061

Internet Services

Market Closed - Nasdaq Other stock markets 02:30:00 17/12/2025 am IST			Pre-market 06:30:00 am
94.57 ^USD	+0.85%		95.07	+0.53%

17/12	Communications Services Up on Deal Developments -- Communications Services Roundup	DJ
04:41am	Warner Bros likely to reject $108.4 billion Paramount bid, back Netflix in bidding war, sources say	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	45,087	50,950	56,682
Change	-	18.81%	6.46%	6.67%	15.65%	15.6%	13%	11.25%
EBITDA ¹	5,116	6,806	6,545	7,650	11,019	13,972	17,311	20,563
Change	-	33.03%	-3.84%	16.89%	44.03%	26.8%	23.9%	18.79%
EBIT ¹	4,585	6,195	5,633	6,954	10,418	13,313	16,585	19,677
Change	-	35.1%	-9.07%	23.45%	49.81%	27.79%	24.58%	18.64%
Interest Paid ¹	-767.5	-765.6	-706.2	-699.8	-718.7	-712	-633.6	-613.7
Earnings before Tax (EBT) ¹	3,199	5,840	5,264	6,205	9,966	12,795	16,006	19,170
Change	-	82.54%	-9.87%	17.89%	60.6%	28.39%	25.1%	19.77%
Net income ¹	2,761	5,116	4,492	5,408	8,712	11,011	13,883	16,555
Change	-	85.28%	-12.2%	20.39%	61.09%	26.39%	26.09%	19.25%
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 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	2027 Q2	2027 Q3
Net sales ¹	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	11,079	11,510	11,968	12,167	12,536	12,914	13,371	13,653	14,024	14,424
Change	-	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%	5.09%	3.89%	3.97%	1.67%	3.03%	3.02%	3.54%	2.11%	2.72%	2.85%
EBITDA ¹	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	3,936	3,417	3,040	4,324	4,588	4,522	3,731	5,228	5,652	5,716
Change	-	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%	12.48%	-13.19%	-11.03%	42.25%	6.11%	-1.44%	-17.51%	40.14%	8.11%	1.13%
EBIT ¹	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	3,775	3,248	2,910	4,136	4,405	4,350	3,564	5,023	5,441	5,496
Change	-	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%	12.78%	-13.95%	-10.42%	42.13%	6.52%	-1.26%	-18.07%	40.94%	8.32%	1.01%
Charge d'intérêts 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	-182.6	-175.3	-178.7	-164.5	-163.9	-163.9	-162.8	-	-	-
Earnings before Tax (EBT) ¹	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	3,632	3,109	2,738	4,015	4,271	4,217	3,428	4,862	5,268	5,328
Change	-	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%	13.01%	-14.38%	-11.95%	46.62%	6.38%	-1.26%	-18.72%	41.85%	8.35%	1.14%
Net income ¹	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	3,125	2,547	2,389	3,485	3,691	3,634	2,978	4,230	4,583	4,635
Change	-	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%	8.13%	-18.51%	-6.22%	45.9%	5.92%	-1.54%	-18.06%	42.05%	8.35%	1.13%
Announcement Date	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	17/07/25	21/10/25	-	-	-	-	-	-	-	-

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	5,968	3,834	-3,840
Change	-	15.57%	-11.43%	-10.73%	-18.99%	-0.52%	-35.76%	-200.16%
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	566.8	556	601.1
Change	-	5.35%	-22.28%	-14.51%	26.1%	28.95%	-1.91%	8.11%
Free Cash Flow (FCF) ¹	1,922	-158.9	1,619	6,926	6,922	9,191	12,101	14,573
Change	-	-108.27%	1,118.62%	327.9%	-0.06%	32.79%	31.65%	20.43%
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%	30.99%	33.98%	36.28%
EBIT Margin (%)	18.34%	20.86%	17.82%	20.62%	26.71%	29.53%	32.55%	34.71%
EBT Margin (%)	12.8%	19.67%	16.65%	18.4%	25.55%	28.38%	31.41%	33.82%
Net margin (%)	11.05%	17.23%	14.21%	16.04%	22.34%	24.42%	27.25%	29.21%
FCF margin (%)	7.69%	-0.54%	5.12%	20.54%	17.75%	20.39%	23.75%	25.71%
FCF / Net Income (%)	69.59%	-3.11%	36.03%	128.07%	79.45%	83.47%	87.16%	88.02%
Profitability
ROA	7.54%	12.2%	9.64%	11.11%	17.02%	19.89%	21.94%	22.84%
ROE	29.62%	38.02%	24.53%	26.15%	38.43%	41.58%	45.16%	45.75%
Financial Health
Leverage (Debt/EBITDA)	1.58x	1.38x	1.27x	0.97x	0.54x	0.43x	0.22x	-
Debt / Free cash flow	4.22x	-58.94x	5.12x	1.07x	0.87x	0.65x	0.32x	-
Capital Intensity
CAPEX / Current Assets (%)	1.99%	1.77%	1.29%	1.03%	1.13%	1.26%	1.09%	1.06%
CAPEX / EBITDA (%)	9.73%	7.71%	6.23%	4.56%	3.99%	4.06%	3.21%	2.92%
CAPEX / FCF (%)	25.91%	-330.15%	25.19%	5.03%	6.35%	6.17%	4.59%	4.12%
Items per share
Cash flow per share ¹	0.5344	0.0862	0.449	1.618	1.676	2.3	3.01	4.07
Change	-	-83.86%	420.75%	260.44%	3.55%	37.24%	30.87%	35.22%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	2.436	3.481	4.604	4.663	5.633	6.595	7.792	8.928
Change	-	42.87%	32.28%	1.27%	20.81%	17.08%	18.14%	14.59%
EPS ¹	0.608	1.124	0.995	1.203	1.983	2.534	3.235	3.904
Change	-	84.87%	-11.48%	20.9%	64.84%	27.79%	27.65%	20.67%
Nbr of stocks (in thousands)	44,17,950	44,29,522	44,50,205	43,76,797	42,74,581	45,69,495	45,69,495	45,69,495
Announcement Date	19/01/21	20/01/22	19/01/23	23/01/24	21/01/25	-	-	-