In 2025 Netflix earned $45.2 billion of revenue at a 29.5% operating margin, generated $9.5 billion of free cash flow and returned almost all of it in buybacks. It also stopped publishing the number every analysis of the company had been built on for eighteen years: the last paid-membership figure it reported was 301.6 million, for the fourth quarter of 2024. Everything since is inference. This is a full institutional-grade equity research report on Netflix, Inc. (NASDAQ: NFLX), built from the quarterly shareholder letters through Q2 2026, the Forms 10-K and 10-Q and a master financial workbook into eight structured chapters and 64 rebuilt charts.
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