2025 report · 9 min

How Netflix makes money

You pay every month. Netflix pays for its shows long before you watch them. How does that add up?

Ticket 01 · The guess

What share went to shows and films?

Sources and every number (1)

Sources

Every number

$45.2Bsec.gov ·2025 · Revenues, 2025.
$16.4Bsec.gov ·2025 · Amortization of content assets (licensed and produced), 2025, part of cost of revenues.
36.3%sec.gov ·2025 · Worked out: content amortization ÷ revenues, 2025.
$17.7Bsec.gov ·2025 · Worked out: what Netflix paid for content in 2025, from the cash flow statement: additions to content assets plus the drop in content liabilities (the report counts both as payments for content).
90%sec.gov ·2025 · On average, the share of a licensed or produced title's cost Netflix expects to have amortized within four years of its first month on the service (the report says over this much).
10 yearssec.gov ·2025 · The longest Netflix spreads a title's cost over.

2025 report · 9 min

You pay every month. Netflix pays for its shows long before you watch them. How does that add up?

Ticket 01 · The guess

Sources and every number (1)

Sources

Every number

$45.2Bsec.gov ·2025 · Revenues, 2025.
$16.4Bsec.gov ·2025 · Amortization of content assets (licensed and produced), 2025, part of cost of revenues.
36.3%sec.gov ·2025 · Worked out: content amortization ÷ revenues, 2025.
$17.7Bsec.gov ·2025 · Worked out: what Netflix paid for content in 2025, from the cash flow statement: additions to content assets plus the drop in content liabilities (the report counts both as payments for content).
90%sec.gov ·2025 · On average, the share of a licensed or produced title's cost Netflix expects to have amortized within four years of its first month on the service (the report says over this much).
10 yearssec.gov ·2025 · The longest Netflix spreads a title's cost over.