NFLX Q4 2025 Earnings — Income Statement Breakdown
For its Q4 2025 period (ending 2025-12-31), NFLX reported revenue of $12.1B, gross profit of $5.5B (45.9% gross margin), operating income of $3.0B, and net income of $2.4B (20.1% net margin). The flow of revenue into costs and profit is visualized below.
What changed
NFLX was profitable; revenue grew 17.6% year over year, and EPS beat consensus by $0.01.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | +17.6% | +29.4% | Not available |
| Quarter over quarter | +4.7% | −5.0% | −2.1 pp |
EPS was $0.56 versus $0.55 expected.
NFLX Q4 2025 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $12.1B | 100% |
| Cost of Revenue | −$6.5B | 54.1% |
| Gross Profit | $5.5B | 45.9% |
| Research & Development | −$890M | 7.4% |
| Selling, General & Administrative | −$1.7B | 14.0% |
| Operating Income | $3.0B | 24.5% |
| Interest Expense | −$234M | 1.9% |
| Other Income, net | −$189M | 1.6% |
| Income Tax Expense | −$349M | 2.9% |
| Net Income | $2.4B | 20.1% |
Source: original SEC filing (filed 2026-01-20). Accession 0001065280-26-000033. Data normalized by EarningsFyi.