Netflix Q1 FY26: 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
- Jan 1 – Mar 31, 2026
- Reported
- Apr 17, 2026
Revenue$12.3B
+16% year over year
Gross profit$6.4B
52% margin
Operating profit$4.0B
32% margin
Net profit$5.3B
43% margin
Net profit is larger than what operations earned, because the statement adds $2.6B below it, under Other income, net.
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 12.3 | 100% | +16% |
| United States & Canada | 5.2 | 43% | +14% |
| EMEA | 4.0 | 33% | +17% |
| Asia Pacific | 1.5 | 12% | +20% |
| Latin America | 1.5 | 12% | +19% |
| Cost of revenue | −5.9 | 48% | |
| Gross profit | 6.4 | 52% margin | +2pp |
| R&D | −1.0 | 8% | +0pp |
| Sales & marketing | −0.8 | 7% | +0pp |
| G&A | −0.6 | 5% | +1pp |
| Operating profit | 4.0 | 32% margin | +1pp |
| Other income, net | 2.6 | ||
| Tax | −1.3 | ||
| Net profit | 5.3 | 43% margin | +16pp |
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