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Sankey diagram of Netflix, Inc.. A complete text table follows the diagram.
The streaming engine still expanded revenue 16% and reached a 32.3% operating margin before the terminated Warner Bros. Discovery deal reshaped below-the-line earnings
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All values are directly reported and converted from thousands to millions of dollars. Interest and other income includes a $2.8 billion termination fee received after the WBD transaction ended.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| United States & Canada | 1 | $5.2B | 43% of revenue; up 14% |
| Europe, Middle East & Africa | 1 | $4.0B | Up 17% year over year |
| Latin America | 1 | $1.5B | Fastest regional growth at 19% |
| Asia-Pacific | 1 | $1.5B | Up 20% year over year |
| Revenue | 2 | $12.2B | Up 16%; memberships, pricing and ads |
| Operating income | 3 | $4.0B | 32.3% operating margin |
| Content & delivery costs | 3 | $5.9B | Includes $4.218B of content amortization |
| Sales & marketing | 3 | $842M | Up 22%; ad-sales organization expanded |
| Technology & development | 3 | $960M | Product, recommendations and infrastructure |
| General & administrative | 3 | $603M | Includes WBD-related transaction costs |
| Interest & other income | 3 | $2.9B | Primarily $2.8B WBD termination fee |
| Income before interest expense | 4 | $6.8B | Operating income plus other income |
| Income before tax | 5 | $6.5B | 53.4% of quarterly revenue |
| Interest expense | 5 | $262M | Includes terminated financing amortization |
| Net income | 6 | $5.3B | Up 83% year over year |
| Income tax | 6 | $1.3B | 19% effective rate |
| From | To | Value |
|---|---|---|
| United States & Canada | Revenue | $5.2B |
| Europe, Middle East & Africa | Revenue | $4.0B |
| Latin America | Revenue | $1.5B |
| Asia-Pacific | Revenue | $1.5B |
| Revenue | Operating income | $4.0B |
| Revenue | Content & delivery costs | $5.9B |
| Revenue | Sales & marketing | $842M |
| Revenue | Technology & development | $960M |
| Revenue | General & administrative | $603M |
| Operating income | Income before interest expense | $4.0B |
| Interest & other income | Income before interest expense | $2.9B |
| Income before interest expense | Income before tax | $6.5B |
| Income before interest expense | Interest expense | $262M |
| Income before tax | Net income | $5.3B |
| Income before tax | Income tax | $1.3B |