Netflix Q4 FY25: where the revenue came from and where it went
The whole income statement of Netflix for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Oct 1 – Dec 31, 2025
- Reported
- Jan 23, 2026
Revenue$12.1B
+18% year over year
Gross profit$5.5B
46% margin
Operating profit$3.0B
25% margin
Net profit$2.4B
20% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 12.1 | 100% | +18% |
| United States & Canada | 5.3 | 44% | +18% |
| EMEA | 3.9 | 32% | +18% |
| Asia Pacific | 1.4 | 12% | +17% |
| Latin America | 1.4 | 12% | +15% |
| Cost of revenue | −6.5 | 54% | |
| Gross profit | 5.5 | 46% margin | +2pp |
| R&D | −0.9 | 7% | +0pp |
| Sales & marketing | −1.1 | 9% | +0pp |
| G&A | −0.6 | 5% | +0pp |
| Operating profit | 3.0 | 25% margin | +2pp |
| Interest & other costs | −0.2 | ||
| Tax | −0.4 | ||
| Net profit | 2.4 | 20% margin | +2pp |
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