The American Household Pays MostNarrow moat

Netflix (NFLX) — moat facet

The American household pays Netflix the most, which is why its reaction to each price rise decides the margin.

The single most important customer group is the North American household. The United States and Canada produced $19,957 million of revenue in 20251, 44.2% of the total2, and American revenue alone was $18.5 billion3. The average UCAN membership paid $17.20 a month in 2024 against a global average of $11.704.

US revenue ($bn)13.8202316.1202418.52025Netflix Form 10-K FY2025
Up a third in two years.

This is where price rises land first and bite hardest. UCAN revenue grew 18% in the fourth quarter of 2025, 14% in the first quarter of 2026 and 10% in the second5, a slowdown Netflix attributes partly to only a partial quarter of its latest price change6.

It is also the most penetrated market: 89.6 million memberships at the end of 20247. Growth here now comes mostly from price and from the advertising tier.

The group's weight means that North American behaviour sets the company's margin. A dollar more per member in UCAN is worth more than a dollar more anywhere else.

American revenue grew from $13.8 billion in 2023 to $18.5 billion in 20258, about 34% in two years9. That is what pricing power looks like in a mature market: more money from households that were mostly already members.

The region's growth has been lumpy. UCAN revenue grew only 5.6% in 2023, then 16.7% in 2024 and 15.0% in 202510, as paid sharing converted borrowers. The slowdown to 10% in the second quarter of 202611 is a return toward the pre-paid-sharing pace rather than a collapse.

UCAN growth, once the price change is fully in, will answer it. If it settles above 10%, the American household is absorbing the increase; below that, it is starting to push back.

Moat trajectory: Holding steady

UCAN growth slowed from 18% to 10% in two quarters.

The number that tests this moat
Reported
US revenue, full year
$18.5bn (2025), from $13.8bn in 2023

The core market's size; growth stalling after a price rise would mean the household is pushing back.

Source: Netflix Form 10-K, FY2025 ↗
References
  1. ReportedThe United States and Canada produced $19,957 million of revenue in 2025, 44.2% of the total, and American revenue alone was $18.5 billion.
    Netflix Form 10-K for fiscal 2025 - Item 7 MD&A: streaming revenue by region. — FY2025 · publ. 23 January 2026 · source ↗
  2. Moat Explorer calcThe United States and Canada produced $19,957 million of revenue in 2025, 44.2% of the total, and American revenue alone was $18.5 billion.
    Moat Explorer calculation from Netflix's reported financial statements, shareholder letters and market data ($ millions unless stated). Content amortization / revenue: 14,026.1 / 31,615.6 = 44.4% (2022); 14,197.4 / 33,723.3 = 42.1% (2023); 15,301.5 / 39,001.0 = 39.2% (2024); 16,422.2 / 45,183.0 = 36.3% (2025); Q2 2026 4,311.3 / 12,559.9 = 34.3%. Revenue growth 2022-2025: 45,183.0 / 31,615.6 - 1 = 43%; 2025 45,183.0 / 39,001.0 - 1 = 15.9%. Operating income 13,326.6 / 5,632.8 = 2.4 times. Gross margin (45,183.0 - 23,275.3) / 45,183.0 = 48.5% (2025); (33,723.3 - 19,715.4) / 33,723.3 = 41.5% (2023). Q3 2025 operating margin excluding the Brazil charge (3,248 + 619) / 11,510 = 33.6%. Additions to content assets Q2 2026 4,927.5 / 3,835.8 - 1 = 28%. Cash content spend = additions less change in content liabilities: 16,839.0 - 179.3 = 16,659.7 (2022), 12,554.7 + 585.6 = 13,140.3 (2023), 16,223.6 + 779.1 = 17,002.8 (2024), 17,096.6 + 610.8 = 17,707.5 (2025); ratio to amortization 16,659.7 / 14,026.1 = 1.19, 13,140.3 / 14,197.4 = 0.93, 17,002.8 / 15,301.5 = 1.11, 17,707.5 / 16,422.2 = 1.08. Licensed share of amortization 8,713.6 / 16,422.2 = 53%; licensed growth 8,713.6 / 7,689.0 - 1 = 13.3%; produced growth 7,708.6 / 7,612.5 - 1 = 1.3%. Produced share of content assets 20,639.8 / 32,778.4 = 63%; content assets / amortization 32,778.4 / 16,422.2 = 2.0 years. Tax incentives / produced amortization 1,000 / 7,708.6 = 13%; tax incentives / operating income 1,000 / 13,326.6 = 7.5%. Employees outside UCAN 16,000 - 10,900 = 5,100. Capex / revenue 688.2 / 45,183.0 = 1.5%; capex growth 688.2 / 439.5 - 1 = 57%. Free cash flow = operating cash flow less capex: 10,149.3 - 688.2 = 9,461.1 (2025); 7,361.4 - 439.5 = 6,921.8 (2024); 7,274.3 - 348.6 = 6,925.7 (2023); FCF / revenue 9,461.1 / 45,183.0 = 20.9%; FCF / net income 9,461.1 / 10,981.2 = 86%; capex / FCF 348.6 / 6,925.7 = 5.0%, 439.5 / 6,921.8 = 6.4%, 688.2 / 9,461.1 = 7.3%. Buybacks / FCF 9,127.2 / 9,461.1 = 96%; buybacks 2024 + 2025 6,263.7 + 9,127.2 = 15,390.9; diluted shares 4,261 / 4,349 - 1 = -2.0%; remaining authorization 27.1 / 296.24 = 9%. Year-end P/E = market value / net income: 213.10 / 5.408 = 39.4 (2023), 381.00 / 8.712 = 43.7 (2024), 397.29 / 10.981 = 36.2 (2025), trailing 296.24 / 13.650 = 21.7. Net debt / equity end 2025 (14,462.8 - 9,033.7 - 28.7) / 26,615.5 = 0.20; interest / operating income 776.5 / 13,326.6 = 5.8%; termination fee / 2025 net income 2,800 / 10,981.2 = 25%; ROE 10,981.2 / ((26,615.5 + 24,743.6) / 2) = 43%; net income growth 10,981.2 / 8,711.6 - 1 = 26%. Pre-tax income 2025 10,981.2 + 1,741.4 = 12,722.6, one point of tax rate = 127; six points = 763. UCAN ARM 17.20 / 15.86 - 1 = 8.4%; UCAN net additions 80,128 - 74,296 = 5,832 (2023), 89,625 - 80,128 = 9,497 (2024); paid memberships growth 301,626 / 260,276 - 1 = 16%; top plan price 37 / 32 - 1 = 15.6%. Obligations: due in 12 months / revenue 11,528.0 / 45,183.0 = 25.5%; obligations / debt 25.1 / 14.3 = 1.75; off balance sheet 18.4 / 24.0 = 76% (end 2025), 19.6 / 25.1 = 78% (June 2026). Advertising: 1.5 / 45.2 = 3.3% of 2025 revenue; 3.0 / 51.2 = 5.9% of the 2026 guidance midpoint (51.0 + 51.4) / 2 = 51.2. Nielsen gap 13.8 - 8.0 = 5.8 points. Regions: 2025 shares UCAN 19,957.2 / 45,183.0 = 44.2%, EMEA 14,514.6 / 45,183.0 = 32.1%, LATAM 5,357.5 / 45,183.0 = 11.9%, APAC 5,353.7 / 45,183.0 = 11.8%; Q2 2026 UCAN 5,432 / 12,560 = 43.2%. UCAN growth 14,873.8 / 14,084.6 - 1 = 5.6% (2023), 17,359.4 / 14,873.8 - 1 = 16.7% (2024), 19,957.2 / 17,359.4 - 1 = 15.0% (2025). EMEA memberships 101,133 / 76,729 - 1 = 31.8%; APAC memberships 57,541 / 38,023 - 1 = 51.3%; APAC revenue 5,353.7 / 3,570.2 - 1 = 50%. UCAN share of 2022 streaming revenue 14,084.6 / 31,469.9 = 44.8%. Memberships 2022-2024: UCAN 89,625 / 74,296 - 1 = 20.6%, LATAM 53,327 / 41,699 - 1 = 27.9%. ARM gap UCAN less APAC 15.86 - 8.50 = 7.36 (2022), 17.20 - 7.29 = 9.91 (2024). H1 2026 revenue 24,809.7 / 51,200 = 48.5% of the guidance midpoint. Diluted shares 4,343,863 / 4,494,966 - 1 = -3.4%. Average buyback price Q2 2026 4.7bn / 52.93M shares = about $89; 2025 9,127.2 / 86.54M shares = about $105; 71.15 / 105 - 1 = -32%. Analyst target 92.93 / 71.15 - 1 = 31%. US revenue 18.5 / 13.8 - 1 = 34%. Hedging swing 124 - (-91) = 215. Revenue 2023-2025 45,183.0 / 33,723.3 - 1 = 34%; employees 16,000 / 13,000 - 1 = 23%. Q2 net income 3,401 / 3,125 - 1 = 8.8%. DVD revenue = total revenue less streaming revenue: 33,723.3 - 33,640.5 = 82.8 (2023); 31,615.6 - 31,469.9 = 145.7 (2022) - regional revenue, memberships and viewing share. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Netflix's Forms 10-K and 10-Q, shareholder letters, Nielsen's May 2026 Gauge and market data; operands shown in the source line.
  3. ReportedThe United States and Canada produced $19,957 million of revenue in 2025, 44.2% of the total, and American revenue alone was $18.5 billion.
    Netflix Form 10-K for fiscal 2025 - Item 7 MD&A: streaming revenue by region. — FY2025 · publ. 23 January 2026 · source ↗
  4. ReportedThe average UCAN membership paid $17.20 a month in 2024 against a global average of $11.70.
    Netflix Form 10-K for fiscal 2024 - paid memberships and average monthly revenue per paying membership by region for 2022-2024, regional revenue for 2022, and the 2024 currency impact. — FY2024 · publ. January 2025 · source ↗
  5. ReportedUCAN revenue grew 18% in the fourth quarter of 2025, 14% in the first quarter of 2026 and 10% in the second, a slowdown Netflix attributes partly to only a partial quarter of its latest price change.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - financial results, regional revenue and 2026 guidance. — Q2 2026 · publ. 16 July 2026 · source ↗
  6. ReportedUCAN revenue grew 18% in the fourth quarter of 2025, 14% in the first quarter of 2026 and 10% in the second, a slowdown Netflix attributes partly to only a partial quarter of its latest price change.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - financial results, regional revenue and 2026 guidance. — Q2 2026 · publ. 16 July 2026 · source ↗
  7. ReportedIt is also the most penetrated market: 89.6 million memberships at the end of 2024.
    Netflix Form 10-K for fiscal 2024 - paid memberships and average monthly revenue per paying membership by region for 2022-2024, regional revenue for 2022, and the 2024 currency impact. — FY2024 · publ. January 2025 · source ↗
  8. ReportedAmerican revenue grew from $13.8 billion in 2023 to $18.5 billion in 2025, about 34% in two years.
    Netflix Form 10-K for fiscal 2025 - Item 7 MD&A: streaming revenue by region. — FY2025 · publ. 23 January 2026 · source ↗
  9. Moat Explorer calcAmerican revenue grew from $13.8 billion in 2023 to $18.5 billion in 2025, about 34% in two years.
    Moat Explorer calculation from Netflix's reported financial statements, shareholder letters and market data ($ millions unless stated). Content amortization / revenue: 14,026.1 / 31,615.6 = 44.4% (2022); 14,197.4 / 33,723.3 = 42.1% (2023); 15,301.5 / 39,001.0 = 39.2% (2024); 16,422.2 / 45,183.0 = 36.3% (2025); Q2 2026 4,311.3 / 12,559.9 = 34.3%. Revenue growth 2022-2025: 45,183.0 / 31,615.6 - 1 = 43%; 2025 45,183.0 / 39,001.0 - 1 = 15.9%. Operating income 13,326.6 / 5,632.8 = 2.4 times. Gross margin (45,183.0 - 23,275.3) / 45,183.0 = 48.5% (2025); (33,723.3 - 19,715.4) / 33,723.3 = 41.5% (2023). Q3 2025 operating margin excluding the Brazil charge (3,248 + 619) / 11,510 = 33.6%. Additions to content assets Q2 2026 4,927.5 / 3,835.8 - 1 = 28%. Cash content spend = additions less change in content liabilities: 16,839.0 - 179.3 = 16,659.7 (2022), 12,554.7 + 585.6 = 13,140.3 (2023), 16,223.6 + 779.1 = 17,002.8 (2024), 17,096.6 + 610.8 = 17,707.5 (2025); ratio to amortization 16,659.7 / 14,026.1 = 1.19, 13,140.3 / 14,197.4 = 0.93, 17,002.8 / 15,301.5 = 1.11, 17,707.5 / 16,422.2 = 1.08. Licensed share of amortization 8,713.6 / 16,422.2 = 53%; licensed growth 8,713.6 / 7,689.0 - 1 = 13.3%; produced growth 7,708.6 / 7,612.5 - 1 = 1.3%. Produced share of content assets 20,639.8 / 32,778.4 = 63%; content assets / amortization 32,778.4 / 16,422.2 = 2.0 years. Tax incentives / produced amortization 1,000 / 7,708.6 = 13%; tax incentives / operating income 1,000 / 13,326.6 = 7.5%. Employees outside UCAN 16,000 - 10,900 = 5,100. Capex / revenue 688.2 / 45,183.0 = 1.5%; capex growth 688.2 / 439.5 - 1 = 57%. Free cash flow = operating cash flow less capex: 10,149.3 - 688.2 = 9,461.1 (2025); 7,361.4 - 439.5 = 6,921.8 (2024); 7,274.3 - 348.6 = 6,925.7 (2023); FCF / revenue 9,461.1 / 45,183.0 = 20.9%; FCF / net income 9,461.1 / 10,981.2 = 86%; capex / FCF 348.6 / 6,925.7 = 5.0%, 439.5 / 6,921.8 = 6.4%, 688.2 / 9,461.1 = 7.3%. Buybacks / FCF 9,127.2 / 9,461.1 = 96%; buybacks 2024 + 2025 6,263.7 + 9,127.2 = 15,390.9; diluted shares 4,261 / 4,349 - 1 = -2.0%; remaining authorization 27.1 / 296.24 = 9%. Year-end P/E = market value / net income: 213.10 / 5.408 = 39.4 (2023), 381.00 / 8.712 = 43.7 (2024), 397.29 / 10.981 = 36.2 (2025), trailing 296.24 / 13.650 = 21.7. Net debt / equity end 2025 (14,462.8 - 9,033.7 - 28.7) / 26,615.5 = 0.20; interest / operating income 776.5 / 13,326.6 = 5.8%; termination fee / 2025 net income 2,800 / 10,981.2 = 25%; ROE 10,981.2 / ((26,615.5 + 24,743.6) / 2) = 43%; net income growth 10,981.2 / 8,711.6 - 1 = 26%. Pre-tax income 2025 10,981.2 + 1,741.4 = 12,722.6, one point of tax rate = 127; six points = 763. UCAN ARM 17.20 / 15.86 - 1 = 8.4%; UCAN net additions 80,128 - 74,296 = 5,832 (2023), 89,625 - 80,128 = 9,497 (2024); paid memberships growth 301,626 / 260,276 - 1 = 16%; top plan price 37 / 32 - 1 = 15.6%. Obligations: due in 12 months / revenue 11,528.0 / 45,183.0 = 25.5%; obligations / debt 25.1 / 14.3 = 1.75; off balance sheet 18.4 / 24.0 = 76% (end 2025), 19.6 / 25.1 = 78% (June 2026). Advertising: 1.5 / 45.2 = 3.3% of 2025 revenue; 3.0 / 51.2 = 5.9% of the 2026 guidance midpoint (51.0 + 51.4) / 2 = 51.2. Nielsen gap 13.8 - 8.0 = 5.8 points. Regions: 2025 shares UCAN 19,957.2 / 45,183.0 = 44.2%, EMEA 14,514.6 / 45,183.0 = 32.1%, LATAM 5,357.5 / 45,183.0 = 11.9%, APAC 5,353.7 / 45,183.0 = 11.8%; Q2 2026 UCAN 5,432 / 12,560 = 43.2%. UCAN growth 14,873.8 / 14,084.6 - 1 = 5.6% (2023), 17,359.4 / 14,873.8 - 1 = 16.7% (2024), 19,957.2 / 17,359.4 - 1 = 15.0% (2025). EMEA memberships 101,133 / 76,729 - 1 = 31.8%; APAC memberships 57,541 / 38,023 - 1 = 51.3%; APAC revenue 5,353.7 / 3,570.2 - 1 = 50%. UCAN share of 2022 streaming revenue 14,084.6 / 31,469.9 = 44.8%. Memberships 2022-2024: UCAN 89,625 / 74,296 - 1 = 20.6%, LATAM 53,327 / 41,699 - 1 = 27.9%. ARM gap UCAN less APAC 15.86 - 8.50 = 7.36 (2022), 17.20 - 7.29 = 9.91 (2024). H1 2026 revenue 24,809.7 / 51,200 = 48.5% of the guidance midpoint. Diluted shares 4,343,863 / 4,494,966 - 1 = -3.4%. Average buyback price Q2 2026 4.7bn / 52.93M shares = about $89; 2025 9,127.2 / 86.54M shares = about $105; 71.15 / 105 - 1 = -32%. Analyst target 92.93 / 71.15 - 1 = 31%. US revenue 18.5 / 13.8 - 1 = 34%. Hedging swing 124 - (-91) = 215. Revenue 2023-2025 45,183.0 / 33,723.3 - 1 = 34%; employees 16,000 / 13,000 - 1 = 23%. Q2 net income 3,401 / 3,125 - 1 = 8.8%. DVD revenue = total revenue less streaming revenue: 33,723.3 - 33,640.5 = 82.8 (2023); 31,615.6 - 31,469.9 = 145.7 (2022) - content costs, margins and capital spending. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Netflix's Forms 10-K and 10-Q, shareholder letters, Nielsen's May 2026 Gauge and market data; operands shown in the source line.
  10. Moat Explorer calcUCAN revenue grew only 5.6% in 2023, then 16.7% in 2024 and 15.0% in 2025, as paid sharing converted borrowers.
    Moat Explorer calculation from Netflix's reported financial statements, shareholder letters and market data ($ millions unless stated). Content amortization / revenue: 14,026.1 / 31,615.6 = 44.4% (2022); 14,197.4 / 33,723.3 = 42.1% (2023); 15,301.5 / 39,001.0 = 39.2% (2024); 16,422.2 / 45,183.0 = 36.3% (2025); Q2 2026 4,311.3 / 12,559.9 = 34.3%. Revenue growth 2022-2025: 45,183.0 / 31,615.6 - 1 = 43%; 2025 45,183.0 / 39,001.0 - 1 = 15.9%. Operating income 13,326.6 / 5,632.8 = 2.4 times. Gross margin (45,183.0 - 23,275.3) / 45,183.0 = 48.5% (2025); (33,723.3 - 19,715.4) / 33,723.3 = 41.5% (2023). Q3 2025 operating margin excluding the Brazil charge (3,248 + 619) / 11,510 = 33.6%. Additions to content assets Q2 2026 4,927.5 / 3,835.8 - 1 = 28%. Cash content spend = additions less change in content liabilities: 16,839.0 - 179.3 = 16,659.7 (2022), 12,554.7 + 585.6 = 13,140.3 (2023), 16,223.6 + 779.1 = 17,002.8 (2024), 17,096.6 + 610.8 = 17,707.5 (2025); ratio to amortization 16,659.7 / 14,026.1 = 1.19, 13,140.3 / 14,197.4 = 0.93, 17,002.8 / 15,301.5 = 1.11, 17,707.5 / 16,422.2 = 1.08. Licensed share of amortization 8,713.6 / 16,422.2 = 53%; licensed growth 8,713.6 / 7,689.0 - 1 = 13.3%; produced growth 7,708.6 / 7,612.5 - 1 = 1.3%. Produced share of content assets 20,639.8 / 32,778.4 = 63%; content assets / amortization 32,778.4 / 16,422.2 = 2.0 years. Tax incentives / produced amortization 1,000 / 7,708.6 = 13%; tax incentives / operating income 1,000 / 13,326.6 = 7.5%. Employees outside UCAN 16,000 - 10,900 = 5,100. Capex / revenue 688.2 / 45,183.0 = 1.5%; capex growth 688.2 / 439.5 - 1 = 57%. Free cash flow = operating cash flow less capex: 10,149.3 - 688.2 = 9,461.1 (2025); 7,361.4 - 439.5 = 6,921.8 (2024); 7,274.3 - 348.6 = 6,925.7 (2023); FCF / revenue 9,461.1 / 45,183.0 = 20.9%; FCF / net income 9,461.1 / 10,981.2 = 86%; capex / FCF 348.6 / 6,925.7 = 5.0%, 439.5 / 6,921.8 = 6.4%, 688.2 / 9,461.1 = 7.3%. Buybacks / FCF 9,127.2 / 9,461.1 = 96%; buybacks 2024 + 2025 6,263.7 + 9,127.2 = 15,390.9; diluted shares 4,261 / 4,349 - 1 = -2.0%; remaining authorization 27.1 / 296.24 = 9%. Year-end P/E = market value / net income: 213.10 / 5.408 = 39.4 (2023), 381.00 / 8.712 = 43.7 (2024), 397.29 / 10.981 = 36.2 (2025), trailing 296.24 / 13.650 = 21.7. Net debt / equity end 2025 (14,462.8 - 9,033.7 - 28.7) / 26,615.5 = 0.20; interest / operating income 776.5 / 13,326.6 = 5.8%; termination fee / 2025 net income 2,800 / 10,981.2 = 25%; ROE 10,981.2 / ((26,615.5 + 24,743.6) / 2) = 43%; net income growth 10,981.2 / 8,711.6 - 1 = 26%. Pre-tax income 2025 10,981.2 + 1,741.4 = 12,722.6, one point of tax rate = 127; six points = 763. UCAN ARM 17.20 / 15.86 - 1 = 8.4%; UCAN net additions 80,128 - 74,296 = 5,832 (2023), 89,625 - 80,128 = 9,497 (2024); paid memberships growth 301,626 / 260,276 - 1 = 16%; top plan price 37 / 32 - 1 = 15.6%. Obligations: due in 12 months / revenue 11,528.0 / 45,183.0 = 25.5%; obligations / debt 25.1 / 14.3 = 1.75; off balance sheet 18.4 / 24.0 = 76% (end 2025), 19.6 / 25.1 = 78% (June 2026). Advertising: 1.5 / 45.2 = 3.3% of 2025 revenue; 3.0 / 51.2 = 5.9% of the 2026 guidance midpoint (51.0 + 51.4) / 2 = 51.2. Nielsen gap 13.8 - 8.0 = 5.8 points. Regions: 2025 shares UCAN 19,957.2 / 45,183.0 = 44.2%, EMEA 14,514.6 / 45,183.0 = 32.1%, LATAM 5,357.5 / 45,183.0 = 11.9%, APAC 5,353.7 / 45,183.0 = 11.8%; Q2 2026 UCAN 5,432 / 12,560 = 43.2%. UCAN growth 14,873.8 / 14,084.6 - 1 = 5.6% (2023), 17,359.4 / 14,873.8 - 1 = 16.7% (2024), 19,957.2 / 17,359.4 - 1 = 15.0% (2025). EMEA memberships 101,133 / 76,729 - 1 = 31.8%; APAC memberships 57,541 / 38,023 - 1 = 51.3%; APAC revenue 5,353.7 / 3,570.2 - 1 = 50%. UCAN share of 2022 streaming revenue 14,084.6 / 31,469.9 = 44.8%. Memberships 2022-2024: UCAN 89,625 / 74,296 - 1 = 20.6%, LATAM 53,327 / 41,699 - 1 = 27.9%. ARM gap UCAN less APAC 15.86 - 8.50 = 7.36 (2022), 17.20 - 7.29 = 9.91 (2024). H1 2026 revenue 24,809.7 / 51,200 = 48.5% of the guidance midpoint. Diluted shares 4,343,863 / 4,494,966 - 1 = -3.4%. Average buyback price Q2 2026 4.7bn / 52.93M shares = about $89; 2025 9,127.2 / 86.54M shares = about $105; 71.15 / 105 - 1 = -32%. Analyst target 92.93 / 71.15 - 1 = 31%. US revenue 18.5 / 13.8 - 1 = 34%. Hedging swing 124 - (-91) = 215. Revenue 2023-2025 45,183.0 / 33,723.3 - 1 = 34%; employees 16,000 / 13,000 - 1 = 23%. Q2 net income 3,401 / 3,125 - 1 = 8.8%. DVD revenue = total revenue less streaming revenue: 33,723.3 - 33,640.5 = 82.8 (2023); 31,615.6 - 31,469.9 = 145.7 (2022) - regional revenue, memberships and viewing share. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Netflix's Forms 10-K and 10-Q, shareholder letters, Nielsen's May 2026 Gauge and market data; operands shown in the source line.
  11. ReportedThe slowdown to 10% in the second quarter of 2026 is a return toward the pre-paid-sharing pace rather than a collapse.
    Netflix second-quarter 2026 shareholder letter, Form 8-K exhibit 99.1 - quarterly results, regional revenue, 2026 guidance, view hours, live programming and advertising - financial results, regional revenue and 2026 guidance. — Q2 2026 · publ. 16 July 2026 · source ↗
Sources
Generated September 26, 2026