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Netflix, Inc., taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Netflix, Inc.’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Netflix, Inc. annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$45.18B$39.00B$33.72B$31.62B
Cost of revenue$23.28B$21.04B$19.72B$19.17B
Gross profit$21.91B$17.96B$14.01B$12.45B
Operating expenses$8.58B$7.54B$7.05B$6.81B
Operating income$13.33B$10.42B$6.95B$5.63B
Net income$10.98B$8.71B$5.41B$4.49B
Diluted EPS2.531.981.200.99

Net income moved +144.5% across these years while earnings per share moved +154.3% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.