Netflix (NFLX) Financials

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$157.2 B

NFLX Mkt cap, 20-Jul-2018

$7.6 B

Netflix Revenue Q2, 2018

Netflix Gross profit (Q2, 2018)3.1 B

Netflix Gross profit margin (Q2, 2018), %41%

Netflix Net income (Q2, 2018)674.5 M

Netflix EBIT (Q2, 2018)908.8 M

Netflix Cash, 30-Jun-20183.9 B

Netflix EV161.7 B

Netflix Revenue

Netflix revenue was $11.69 b in FY, 2017 which is a 32.4% year over year increase from the previous period.

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Netflix Revenue Breakdown

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Netflix revenue breakdown by business segment: 43.5% from International Streaming , 52.6% from Domestic Streaming and 3.9% from Other

Netflix revenue breakdown by geographic segment: 9.2% from International and 90.8% from United States

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	4.4 b	5.5 b	6.8 b	8.8 b	11.7 b
Revenue growth, %		26%	23%	30%	32%
Cost of goods sold	3.1 b	3.8 b	4.6 b	6 b	7.7 b
Gross profit	1.3 b	1.8 b	2.2 b	2.8 b	4 b
Gross profit Margin, %	30%	32%	32%	32%	34%
Sales and marketing expense	503.9 m	607.2 m	824.1 m	991.1 m	1.3 b
R&D expense	378.8 m	472.3 m	650.8 m	852.1 m	1.1 b
General and administrative expense	180.3 m	269.7 m	407.3 m	577.8 m	863.6 m
Operating expense total	1.1 b	1.3 b	1.9 b	2.4 b	3.2 b
EBIT	228.3 m	402.6 m	305.8 m	379.8 m	838.7 m
EBIT margin, %	5%	7%	5%	4%	7%
Interest expense	29.1 m	50.2 m	132.7 m	150.1 m	238.2 m
Interest income	3 m	3.1 m	31.2 m	30.8 m	115.2 m
Pre tax profit	171.1 m	349.4 m	141.9 m	260.5 m	485.3 m
Income tax expense	58.7 m	82.6 m	19.2 m	73.8 m	(73.6 m)
Net Income	112.4 m	266.8 m	122.6 m	186.7 m	558.9 m

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018
Revenue	1.3 b	1.3 b	1.4 b	1.6 b	1.6 b	1.7 b	2 b	2.1 b	2.3 b	2.6 b	2.8 b	3 b	3.7 b	7.6 b
Cost of goods sold	869.2 m	914.8 m	954.4 m	1 b	1.1 b	1.2 b	1.4 b	1.5 b	1.5 b	1.7 b	1.9 b	2 b	2.2 b	4.5 b
Gross profit	400.9 m	425.6 m	455 m	526.7 m	522.9 m	564.4 m	588.2 m	632.1 m	757.3 m	979.6 m	883.2 m	991.9 m	1.5 b	3.1 b
Gross profit Margin, %	32%	32%	32%	33%	32%	32%	30%	30%	33%	37%	32%	33%	41%	41%
Sales and marketing expense	137.1 m	120.8 m	145.7 m	194.7 m	197.1 m	208.1 m	208 m	216 m	282 m	271.3 m	274.3 m	312.5 m	479.2 m	1 b
R&D expense	110.3 m	115.2 m	121 m	143.1 m	155.1 m	171.8 m	203.5 m	207.3 m	216.1 m	257.1 m	267.1 m	255.2 m	300.7 m	617.9 m
General and administrative expense	55.9 m	60 m	78 m	91.5 m	95.9 m	110.9 m	127.2 m	138.4 m	153.2 m	194.3 m	213.9 m	215.5 m	278.3 m	589.4 m
Operating expense total	303.3 m	296 m	344.6 m	429.3 m	448.1 m	490.8 m	538.7 m	561.7 m	651.3 m	722.7 m	755.3 m	783.3 m	1.1 b	2.2 b
EBIT	97.6 m	129.6 m	110.4 m	97.5 m	74.8 m	73.6 m	49.5 m	70.4 m	106 m	256.9 m	127.8 m	208.6 m	446.6 m	908.8 m
EBIT margin, %	8%	10%	8%	6%	5%	4%	3%	3%	5%	10%	5%	7%	12%	12%
Interest expense	10.1 m	13.3 m	13.5 m	26.7 m	35.2 m	35.3 m	35.5 m	35.5 m	35.5 m	46.7 m	55.5 m	60.7 m	81.2 m	182.8 m
Interest income	1.4 m	1.1 m	616 k	32.3 m	872 k	3.9 m	26 m	16.3 m	8.6 m	13.6 m	58.4 m	31.7 m	65.7 m	2.3 m
Pre tax profit	38.4 m	117.4 m	97.5 m	38.4 m	40.5 m	42.2 m	39.9 m	51.2 m	79.1 m	223.8 m	14 m	116.2 m	299.6 m	728.3 m
Income tax expense	14.7 m	46.4 m	38.2 m	14.7 m	14.2 m	12.8 m	12.2 m	10.5 m	27.6 m	45.6 m	(51.6 m)	(13.4 m)	9.5 m	53.8 m
Net Income	23.7 m	71 m	59.3 m	23.7 m	26.3 m	29.4 m	27.7 m	40.8 m	51.5 m	178.2 m	65.6 m	129.6 m	290.1 m	674.5 m

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	605 m	1.1 b	1.8 b	1.5 b	2.8 b
Current Assets	3.1 b	3.9 b	5.4 b	5.7 b	7.7 b
PP&E	133.6 m	149.9 m	173.4 m	250.4 m	319.4 m
Total Assets	5.4 b	7.1 b	10.2 b	13.6 b	19 b
Accounts Payable	108.4 m	201.6 m	253.5 m	312.8 m	359.6 m
Current Liabilities	2.2 b	2.7 b	3.5 b	4.6 b	5.5 b
Long-term debt	500 m	900 m	2.4 b	3.4 b	6.5 b
Total Debt	500 m	900 m	2.4 b	3.4 b	6.5 b
Total Liabilities	4.1 b	5.2 b	8 b	10.9 b	15.4 b
Additional Paid-in Capital	777.4 m	1 b
Retained Earnings	552.5 m	819.3 m	941.9 m	1.1 b	1.7 b
Total Equity	1.3 b	1.9 b	2.2 b	2.7 b	3.6 b
Debt to Equity Ratio	0.4 x	0.5 x	1.1 x	1.3 x	1.8 x
Debt to Assets Ratio	0.1 x	0.1 x	0.2 x	0.2 x	0.3 x
Financial Leverage	4.1 x	3.8 x	4.6 x	5.1 x	5.3 x

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018
Cash	1.2 b	1.2 b	1.2 b	2.5 b	2.3 b	2.1 b	1.6 b	1.4 b	969.2 m	1.1 b	1.9 b	1.7 b	2.6 b	3.9 b
Current Assets	3.6 b	3.7 b	3.8 b	5.5 b	5.6 b	5.6 b	5.5 b	5.4 b	5.2 b	5.7 b	6.7 b	6.4 b	7.8 b	9.3 b
PP&E	133.5 m	141.7 m	144.1 m	145.8 m	171.4 m	181.3 m	166.3 m	162.9 m	191.9 m	275.1 m	309.8 m	322.4 m	341.9 m	349.6 m
Total Assets	6 b	6.3 b	6.8 b	9.2 b	9.7 b	9.9 b	11.3 b	11.6 b	12.3 b	14.4 b	16.5 b	17 b	20.2 b	22.7 b
Accounts Payable	133.9 m	137.2 m	150.4 m	190.6 m	211.7 m	209.4 m	231.9 m	240.5 m	285.8 m	294.8 m	273.4 m	301.4 m	436.2 m	448.2 m
Current Liabilities	2.3 b	2.3 b	2.5 b	3 b	3.2 b	3.3 b	3.9 b	4.1 b	4.4 b	4.9 b	5.1 b	5.3 b	6 b	6.1 b
Long-term debt	900 m	900 m	900 m	2.4 b	2.4 b	2.4 b	2.4 b	2.4 b	2.4 b	3.4 b	4.8 b	4.9 b	6.5 b	8.3 b
Total Debt	900 m	900 m	900 m	2.4 b	2.4 b	2.4 b	2.4 b	2.4 b	2.4 b	3.4 b	4.8 b	4.9 b	6.5 b	8.3 b
Total Liabilities	4.6 b	4.7 b	5.1 b	7.3 b	7.6 b	7.7 b	8.9 b	9.2 b	9.8 b	11.4 b	13.4 b	13.6 b	16.1 b	18.2 b
Additional Paid-in Capital	868.2 m	926.5 m	987.3 m	1.1 b
Retained Earnings	605.6 m	676.6 m	735.9 m	843 m	869.3 m	898.7 m	969.6 m	1 b	1.1 b	1.4 b	1.4 b	1.5 b	2 b	2.4 b
Total Equity	1.5 b	1.6 b	1.7 b	1.9 b	2 b	2.2 b	2.3 b	2.4 b	2.5 b	3 b	3.1 b	3.3 b	4 b	4.5 b
Debt to Equity Ratio	0.6 x	0.6 x	0.5 x	1.3 x	1.2 x	1.1 x	1 x	1 x	0.9 x	1.1 x	1.6 x	1.5 x	1.6 x
Debt to Assets Ratio	0.1 x	0.1 x	0.1 x	0.3 x	0.2 x	0.2 x	0.2 x	0.2 x	0.2 x	0.2 x	0.3 x	0.3 x	0.3 x
Financial Leverage	4.1 x	3.9 x	3.9 x	4.8 x	4.8 x	4.6 x	4.9 x	4.8 x	4.9 x	4.8 x	5.3 x	5.1 x	5 x	5 x

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	112.4 m	266.8 m	122.6 m	186.7 m	558.9 m
Depreciation and Amortization	48.4 m	54 m	62.3 m	57.5 m	71.9 m
Accounts Payable	18.4 m	83.8 m	51.6 m	32.2 m	74.6 m
Cash From Operating Activities	97.8 m	16.5 m	(749.4 m)	(1.5 b)	(1.8 b)
Purchases of PP&E	(54.1 m)	(69.7 m)	(91.2 m)	(107.7 m)	(173.3 m)
Cash From Investing Activities	(256 m)	(42.9 m)	(179.2 m)	49.8 m	34.3 m
Cash From Financing Activities	476.3 m	541.7 m	1.6 b	1.1 b	3.1 b
Net Change in Cash	314.7 m	508.6 m	695.7 m	(341.8 m)	1.4 b
Interest Paid	19.1 m	41.1 m	111.8 m	138.6 m	213.3 m
Income Taxes Paid	7.5 m	50.6 m	27.7 m	26.8 m	113.6 m

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018
Net Income	53.1 m	124.1 m	183.4 m	23.7 m	50 m	79.5 m	27.7 m	68.4 m	119.9 m	178.2 m	243.8 m	373.4 m	290.1 m	674.5 m
Depreciation and Amortization	12.4 m	25.4 m	39.7 m	15.2 m	30.7 m	46.8 m	14.8 m	28.9 m	43.3 m	15 m	33.6 m	52.8 m	19 m
Accounts Payable	22.8 m	19.7 m	32.7 m	(10.6 m)	(4.2 m)	2.6 m	(19.9 m)	(11.1 m)	16.7 m	(11 m)	(23.4 m)	10.6 m	74.1 m	81.8 m
Cash From Operating Activities	36.4 m	92.4 m	54.9 m	(127.4 m)	(308.7 m)	(504.7 m)	(228.6 m)	(454.9 m)	(916.8 m)	(343.9 m)	(878.4 m)	(1.3 b)	(236.8 m)	(755 m)
Purchases of PP&E	(13.3 m)	(33.9 m)	(54.2 m)	(13 m)	(40.6 m)	(78.4 m)	(8.4 m)	(19.2 m)	(46.6 m)	(52.5 m)	(117.5 m)	(151.7 m)	(37.2 m)	(64.5 m)
Cash From Investing Activities	57.6 m	28.7 m	8.3 m	(42.8 m)	(91.2 m)	(138.6 m)	4.3 m	1.4 m	25.3 m	(75.6 m)	(132 m)	70.2 m	(49.8 m)	(90.1 m)
Cash From Financing Activities	458.2 m	486.7 m	517.3 m	1.5 b	1.6 b	1.7 b	14.9 m	32.5 m	49.2 m	24.2 m	1.4 b	1.5 b	56 m	2 b
Net Change in Cash	552.5 m	609.3 m	578.3 m	1.3 b	1.2 b	1 b	(204.1 m)	(418.4 m)	(840.2 m)	(389.8 m)	451.2 m	287.9 m	(223.3 m)

USD	Y, 2018
EV/EBIT	177.9 x
EV/CFO	-214.1 x
Financial Leverage	5 x

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Netflix's Customers was reported to be 125 m in Q1, 2018.

	FY, 2013	Q1, 2014	Q2, 2014	Q3, 2014	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017	Q3, 2017	FY, 2017	Q1, 2018
Customers	44.35 m	48.36 m	50.05 m	53.06 m	57.39 m	62.27 m	65.55 m	69.17 m	74.76 m	81.50 m	83.18 m	86.74 m	93.80 m	98.75 m	103.95 m	109.25 m	117.58 m	125 m
Paying Customers	41.43 m	46.13 m	47.99 m	50.65 m	54.48 m	59.62 m	62.71 m	66.02 m	70.84 m	77.71 m	79.90 m	83.28 m	89.09 m	94.36 m	99.04 m	104.02 m	110.64 m	125 m
Customers (US)	33.42 m	35.67 m	36.24 m	37.22 m	39.11 m	41.40 m	42.30 m	43.18 m	44.74 m	46.97 m	47.13 m	47.50 m	49.43 m	50.85 m	51.92 m	52.77 m	54.75 m	56.71 m
Paying Customers (US)	31.71 m	34.38 m	35.24 m	36.27 m	37.70 m	40.32 m	41.06 m	42.07 m	43.40 m	45.71 m	46 m	46.48 m	47.91 m	49.38 m	50.32 m	51.35 m	52.81 m	55.09 m
Customers (International)	10.93 m	12.68 m	13.80 m	15.84 m	18.23 m	20.88 m	23.25 m	25.99 m	30.02 m	34.53 m	36.05 m	39.25 m	44.37 m	47.89 m	52.03 m	56.48 m	62.83 m	68.29 m
Paying Customers (International)	9.72 m	11.76 m	12.91 m	14.39 m	16.78 m	19.30 m	21.65 m	23.95 m	27.44 m	31.99 m	33.89 m	36.80 m	41.19 m	44.99 m	48.71 m	52.68 m	57.83 m	63.82 m
Customers (DVD Segment, US)	6.93 m	6.65 m	6.26 m	5.99 m	5.77 m	5.56 m	5.21 m	5.06 m	4.90 m	4.74 m	4.53 m	4.27 m	4.11 m	3.94 m	3.76 m	3.57 m	3.38 m	3.17 m
Paying Customers (DVD Segment, US)	6.77 m	6.51 m	6.17 m	5.90 m	5.67 m	5.47 m	5.22 m	4.97 m	4.79 m	4.65 m	4.44 m	4.19 m	4.03 m	3.87 m	3.69 m	3.52 m	3.33 m	3.14 m
Average Monthly Revenue per Subscriber				$8.10	$8.20	$8.18	$8.07	$8.19	$8.15	$8.14	$8.32	$8.82	$8.61	$9.14	$9.21	$9.44	$9.43	$10.46
Average Monthly Revenue per Subscriber (DVD)	$10.25	$10.26	$10.24	$10.31	$10.29	$10.37	$10.23	$10.31	$10.30	$10.23	$10.18	$10.23	$10.22	$10.16	$10.12	$10.19	$10.17	$10.18
Countries	40	40	40	50	50	50	50	50	190	190	190	190	190	190	190	190	190	190
Daily Video Watch Time, hours						100 m	100 m	100 m	125 m	125 m	125 m	125 m	125 m	125 m	125 m	125 m	140 m	140 m