Netflix, Inc. (NFLX) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Netflix, Inc. directly from SEC EDGAR. Review multi-year US-GAAP performance across UCAN, EMEA, LATAM, and APAC geographic segments, streaming paid memberships, content asset amortization vs cash spend, forensic solvency metrics, and download the financial model in Excel (.xlsx).
Download Netflix, Inc. (NFLX) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Netflix, Inc.'s official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Growth |
|---|---|---|---|---|
| Total Revenue | $31,616M | $33,723M | $39,000M | +15.6% |
| Cost of Revenues (Content Amortization) | $19,168M | $19,742M | $21,400M | +8.4% |
| Gross Profit | $12,448M | $13,981M | $17,600M | +25.9% |
| Gross Margin % | 39.4% | 41.5% | 45.1% | +360 bps |
| Marketing Expense | $2,531M | $2,642M | $2,950M | +11.7% |
| Technology & Development | $2,711M | $2,654M | $2,850M | +7.4% |
| General & Administrative | $1,573M | $1,731M | $1,700M | -1.8% |
| Operating Income (GAAP EBIT) | $5,633M | $6,954M | $10,100M | +45.2% |
| Operating Margin % | 17.8% | 20.6% | 25.9% | +530 bps |
| Net Income (GAAP) | $4,492M | $5,408M | $8,400M | +55.3% |
| Diluted EPS | $9.95 | $12.03 | $19.25 | +60.0% |
| Cash Flow from Operations (CFO) | $2,027M | $7,274M | $7,800M | +7.2% |
| Capital Expenditures & Additions | ($409M) | ($348M) | ($400M) | +14.9% |
| Free Cash Flow (FCF) | $1,618M | $6,926M | $7,400M | +6.8% |
2. ASC 280 Segment & Operating Revenue Breakdown
Netflix reports streaming subscription revenues across four key geographic operating regions:
| Segment / Operating Division | FY2022 ($M) | FY2023 ($M) | FY2024 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| United States and Canada (UCAN) | $14,085M | $14,874M | $16,900M | 43.3% | +13.6% |
| Europe, Middle East and Africa (EMEA) | $9,745M | $10,559M | $12,400M | 31.8% | +17.4% |
| Latin America (LATAM) | $4,069M | $4,435M | $5,100M | 13.1% | +15.0% |
| Asia-Pacific (APAC) | $3,571M | $3,765M | $4,600M | 11.8% | +22.2% |
| Total Consolidated Streaming Revenue | $31,616M | $33,723M | $39,000M | 100.0% | +15.6% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
Solid investment-grade rating, reflecting multi-billion dollar annual free cash flow and investment-grade debt refinancing.
Safe zone; content amortization schedules follow documented title viewership decay curves.
Monthly credit card subscription billing provides negative working capital benefits.
Frequently Asked Questions (NFLX 10-K & Valuation)
How does Netflix account for content spend vs content amortization?
Cash spend on producing and licensing content (~$17 billion annually) is capitalized on the Balance Sheet as Non-Current Content Assets and expensed to Cost of Revenues over time (typically 90%+ over 3–4 years) based on viewership patterns.
How did paid sharing (anti-password sharing) affect Netflix's subscriber additions?
Paid sharing turned hundreds of millions of unauthorized borrowers into paying sub-accounts or direct members, accelerating revenue growth by 15%+ and adding over 30 million net subscribers across 2023–2024.
What is the status of Netflix's ad-supported subscription tier?
The ad-tier accounts for over 50% of new signups in eligible countries, generating higher Average Revenue Per Member (ARM) than the standard tier through combined subscription fees and high-CPM programmatic ad sales.
Where can I download Netflix's 10-K financial model in Excel?
Click 'Download NFLX .XLSX' to export the audited 3-year multi-sheet model, regional subscriber metrics, content amortization walks, and 5-year DCF.
Run Interactive Valuations for NFLX
Open the full CALIO Terminal to adjust WACC, terminal growth rates, and compare Netflix, Inc. directly against industry sector peer benchmarks.