Netflix, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $10.98B | $8.71B | $5.41B | $4.49B | $5.12B | $2.76B | $1.87B | $1.21B |
| Depreciation & Amortization | $333.4M | $328.9M | $356.9M | $336.7M | $208.4M | $115.7M | $103.6M | $83.2M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $368.4M | $272.6M | $339.4M | $575.5M | $403.2M | $415.2M | $405.4M | $320.7M |
| Net Cash from Operating Activities | $10.15B | $7.36B | $7.27B | $2.03B | $392.6M | $2.43B | $-2.89B | $-2.68B |
| Investing Activities | ||||||||
| Capital Expenditures | $688.2M | $439.5M | $348.6M | $407.7M | $524.6M | $497.9M | $253.0M | $173.9M |
| Business Acquisitions | $17.2M | $0 | $0 | $757.4M | $788.3M | $0 | $0 | — |
| Net Cash from Investing Activities | $1.04B | $-2.18B | $541.8M | $-2.08B | $-1.34B | $-505.4M | $-387.1M | $-339.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $9.13B | $6.26B | $6.05B | $0 | $600.0M | $0 | $0 | — |
| Net Cash from Financing Activities | $-10.35B | $-4.07B | $-5.95B | $-664.3M | $-1.15B | $1.24B | $4.51B | $4.05B |
| Net Change in Cash | $1.23B | $688.8M | $1.95B | $-884.5M | $-2.18B | $3.20B | $1.23B | $989.2M |
| Free Cash Flow | $9.46B | $6.92B | $6.93B | $1.62B | $-132.0M | $1.93B | $-3.14B | $-2.85B |