Netflix
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Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $16.48M | $-42.87M | $541.71M | $69.73M |
| FY2015 | $-749.44M | $-179.19M | $1.64B | $91.25M |
| FY2016 | $-1.47B | $49.77M | $1.09B | $107.65M |
| FY2017 | $-1.79B | $34.33M | $3.08B | $173.30M |
| FY2018 | $-2.68B | $-339.12M | $4.05B | $173.95M |
| FY2019 | $-2.89B | $-387.06M | $4.51B | $253.04M |
| FY2020 | $2.43B | $-505.35M | $1.24B | $497.92M |
| FY2021 | $392.61M | $-1.34B | $-1.15B | $524.59M |
| FY2022 | $2.03B | $-2.08B | $-664.25M | $407.73M |
| FY2023 | $7.27B | $541.75M | $-5.95B | $348.55M |
| FY2024 | $7.36B | $-2.18B | $-4.07B | $439.54M |
| FY2025 | $10.15B | $1.04B | $-10.35B | $688.22M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.