NETFLIX INC FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $45.2B |
| Gross margin | 48.5% |
| Operating income | $13.3B |
| Net income | $11.0B |
| Diluted EPS | $2.53 |
| Cash & equivalents | $9.0B |
| Total assets | $55.6B |
| Long-term debt | $13.5B |
Key takeaway
Netflix posted $45.2 billion in revenue and $11.0 billion in net income for fiscal 2025, with operating margin near 29.5%.
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Beneath the surface
Netflix's effective tax rate of 13.7% was well below the 21% federal statutory rate, aided by $184.7 million in research tax credits and other reconciling items, flattering net income relative to pre-tax income of $12.7 billion.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for NFLX.
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