Why Did Netflix Buy Warner Bros?
Following a bidding war, Netflix (NASDAQ:NFLX) has announced its intention…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $7.5B | $10.2B | $10.2B | $7.7B | $7.1B | |
| Revenue Growth (YoY) | 14.92% | 35.44% | -0.17% | -24.65% | -7.17% | |
| Cost of Revenues | $5B | $5.6B | $6.1B | $5.5B | $5.8B | |
| Gross Profit | $2.6B | $4.6B | $4.1B | $2.2B | $1.3B | |
| Gross Profit Margin | 33.95% | 44.85% | 40.26% | 28.43% | 18.43% | |
| R&D Expenses | $5M | $5M | $6M | $7M | $7M | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$195M | $47M | -$549M | $14M | -$80M | |
| Operating Expenses | $949M | $1B | $999M | $1.1B | $586M | |
| Operating Income | $1.6B | $3.6B | $3.1B | $1.1B | $727M | |
| Net Interest Expenses | $443M | $313M | $270M | $280M | $269M | |
| EBT. Incl. Unusual Items | $982M | $3.3B | $2.3B | $937M | $427M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $185M | $709M | $425M | $98M | $31M | |
| Net Income to Company | $797M | $2.6B | $1.9B | $839M | $396M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $797M | $2.6B | $1.9B | $839M | $396M | |
| Basic EPS (Cont. Ops) | $1.07 | $3.48 | $2.53 | $1.15 | $0.54 | |
| Diluted EPS (Cont. Ops) | $1.07 | $3.47 | $2.53 | $1.15 | $0.54 | |
| Weighted Average Basic Share | $746.9M | $749.5M | $741.9M | $731.7M | $728.4M | |
| Weighted Average Diluted Share | $747.9M | $751M | $743M | $732.2M | $729M | |
| EBITDA | $2.6B | $4.5B | $4.1B | $2.1B | $1.2B | |
| EBIT | $2.1B | $4B | $3.6B | $1.6B | $727M | |
| Revenue (Reported) | $7.5B | $10.2B | $10.2B | $7.7B | $7.1B | |
| Operating Income (Reported) | $1.6B | $3.6B | $3.1B | $1.1B | $727M | |
| Operating Income (Adjusted) | $2.1B | $4B | $3.6B | $1.6B | $727M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.3B | $2B | $1.7B | $1.7B | |
| Revenue Growth (YoY) | 11.14% | -2.94% | -11.16% | -16.87% | 2.14% | |
| Cost of Revenues | $1.5B | $1.6B | $1.4B | $1.3B | $1.5B | |
| Gross Profit | $874M | $701M | $624M | $375M | $204M | |
| Gross Profit Margin | 37.27% | 30.8% | 30.86% | 22.31% | 11.88% | |
| R&D Expenses | $1M | $1M | $2M | $1M | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $27M | -$6M | -$22M | -$34M | -- | |
| Operating Expenses | $252M | $242M | $262M | $285M | $102M | |
| Operating Income | $622M | $459M | $362M | $90M | $102M | |
| Net Interest Expenses | $79M | $67M | $72M | $69M | $71M | |
| EBT. Incl. Unusual Items | $566M | $387M | $293M | $13M | $39M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $84M | $77M | $54M | -$15M | -$41M | |
| Net Income to Company | $482M | $310M | $239M | $28M | $80M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $482M | $310M | $239M | $28M | $80M | |
| Basic EPS (Cont. Ops) | $0.64 | $0.42 | $0.33 | $0.04 | $0.11 | |
| Diluted EPS (Cont. Ops) | $0.64 | $0.42 | $0.33 | $0.04 | $0.11 | |
| Weighted Average Basic Share | $750.1M | $740.1M | $731M | $727.6M | $721.6M | |
| Weighted Average Diluted Share | $751.4M | $741M | $731.7M | $728.2M | $722M | |
| EBITDA | $858M | $697M | $606M | $340M | $232M | |
| EBIT | $740M | $578M | $484M | $215M | $102M | |
| Revenue (Reported) | $2.3B | $2.3B | $2B | $1.7B | $1.7B | |
| Operating Income (Reported) | $622M | $459M | $362M | $90M | $102M | |
| Operating Income (Adjusted) | $740M | $578M | $484M | $215M | $102M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $10.1B | $10.6B | $7.7B | $7.2B | $7.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $5.5B | $6.2B | $5.5B | $5.3B | $5.8B | |
| Gross Profit | $4.5B | $4.4B | $2.2B | $1.9B | $1.3B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $4M | $6M | $7M | $7M | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$74M | -$275M | -$291M | $19M | -- | |
| Operating Expenses | $986M | $938M | $1B | $1.1B | $676M | |
| Operating Income | $3.6B | $3.5B | $1.2B | $766M | $617M | |
| Net Interest Expenses | $380M | $281M | $274M | $275M | $269M | |
| EBT. Incl. Unusual Items | $3.1B | $2.9B | $687M | $569M | $311M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $616M | $582M | $56M | $35M | -$20M | |
| Net Income to Company | $2.5B | $2.3B | $631M | $534M | $331M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.5B | $2.3B | $631M | $534M | $331M | |
| Basic EPS (Cont. Ops) | $3.31 | $3.06 | $0.86 | $0.73 | $0.46 | |
| Diluted EPS (Cont. Ops) | $3.31 | $3.06 | $0.86 | $0.73 | $0.46 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $4.5B | $4.4B | $2.2B | $1.8B | $1.4B | |
| EBIT | $4B | $4B | $1.7B | $1.3B | $742M | |
| Revenue (Reported) | $10.1B | $10.6B | $7.7B | $7.2B | $7.1B | |
| Operating Income (Reported) | $3.6B | $3.5B | $1.2B | $766M | $617M | |
| Operating Income (Adjusted) | $4B | $4B | $1.7B | $1.3B | $742M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $8B | $8.4B | $5.9B | $5.4B | $5.4B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $4.2B | $4.8B | $4.2B | $4B | $4.4B | |
| Gross Profit | $3.7B | $3.6B | $1.7B | $1.4B | $989M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $3M | $4M | $5M | $5M | $2M | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $9M | -$313M | -$55M | -$53M | -$44M | |
| Operating Expenses | $736M | $733M | $783M | $811M | $525M | |
| Operating Income | $3B | $2.9B | $931M | $574M | $464M | |
| Net Interest Expenses | $236M | $204M | $208M | $203M | $203M | |
| EBT. Incl. Unusual Items | $2.8B | $2.3B | $721M | $353M | $237M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $597M | $470M | $101M | $38M | -$13M | |
| Net Income to Company | $2.2B | $1.9B | $620M | $315M | $250M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.2B | $1.9B | $620M | $315M | $250M | |
| Basic EPS (Cont. Ops) | $2.92 | $2.51 | $0.85 | $0.43 | $0.35 | |
| Diluted EPS (Cont. Ops) | $2.92 | $2.50 | $0.85 | $0.43 | $0.35 | |
| Weighted Average Basic Share | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | |
| Weighted Average Diluted Share | $2.3B | $2.2B | $2.2B | $2.2B | $2.2B | |
| EBITDA | $3.7B | $3.6B | $1.7B | $1.3B | $1.1B | |
| EBIT | $3.4B | $3.2B | $1.3B | $950M | $589M | |
| Revenue (Reported) | $8B | $8.4B | $5.9B | $5.4B | $5.4B | |
| Operating Income (Reported) | $3B | $2.9B | $931M | $574M | $464M | |
| Operating Income (Adjusted) | $3.4B | $3.2B | $1.3B | $950M | $589M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $495M | $1.9B | $1.6B | $1.2B | $684M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $450M | $507M | $357M | $354M | $306M | |
| Inventory | $443M | $520M | $550M | $566M | $607M | |
| Prepaid Expenses | $139M | -- | -- | -- | -- | |
| Other Current Assets | -- | $205M | $216M | $219M | $142M | |
| Total Current Assets | $1.6B | $3.1B | $2.7B | $2.3B | $1.7B | |
| Property Plant And Equipment | $14B | $13.8B | $14.1B | $14.2B | $14.3B | |
| Long-Term Investments | -- | $120M | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $12.2B | $12B | $12B | $11.9B | $12B | |
| Total Assets | $16.3B | $17.7B | $17.3B | $17B | $16.5B | |
| Accounts Payable | $204M | $281M | $247M | $287M | $255M | |
| Accrued Expenses | $291M | $318M | $265M | $278M | $265M | |
| Current Portion Of Long-Term Debt | $150M | -- | $982M | -- | $210M | |
| Current Portion Of Capital Lease Obligations | $26M | $24M | $22M | $19M | $29M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $950M | $954M | $1.7B | $788M | $977M | |
| Long-Term Debt | $5.4B | $5.2B | $4.2B | $5.2B | $5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $7.6B | $6.9B | $6.6B | $6.7B | $6.8B | |
| Common Stock | $934M | $934M | $916M | $912M | $908M | |
| Other Common Equity Adj | -$822M | -$479M | -$247M | -$293M | -$402M | |
| Common Equity | $8.7B | $10.8B | $10.7B | $10.2B | $9.7B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $8.7B | $10.8B | $10.7B | $10.2B | $9.7B | |
| Total Liabilities and Equity | $16.3B | $17.7B | $17.3B | $17B | $16.5B | |
| Cash and Short Terms | $495M | $1.9B | $1.6B | $1.2B | $684M | |
| Total Debt | $5.6B | $5.2B | $5.2B | $5.2B | $5.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $2.3B | $1.9B | $1.8B | $877M | $403M | |
| Short Term Investments | -- | -- | $668M | -- | -- | |
| Accounts Receivable, Net | $497M | $425M | $443M | $373M | -- | |
| Inventory | $499M | $542M | $528M | $592M | $588M | |
| Prepaid Expenses | $146M | $146M | -- | -- | -- | |
| Other Current Assets | -- | -- | $186M | $142M | -- | |
| Total Current Assets | $3.5B | $3B | $3B | $2B | $1.6B | |
| Property Plant And Equipment | $13.7B | $13.9B | $13.9B | $14.1B | $14.4B | |
| Long-Term Investments | $120M | -- | -- | $22M | $1M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $12.1B | $12B | $11.9B | $11.9B | -- | |
| Total Assets | $18.1B | $17.6B | $17.6B | $16.7B | $16.7B | |
| Accounts Payable | $264M | $272M | $288M | $275M | -- | |
| Accrued Expenses | $340M | $304M | $142M | $267M | -- | |
| Current Portion Of Long-Term Debt | $150M | $118M | $861M | $210M | -- | |
| Current Portion Of Capital Lease Obligations | $23M | $22M | $21M | $22M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.5B | $1.1B | $1.7B | $992M | $1.3B | |
| Long-Term Debt | $5.1B | $4.9B | $4.8B | $4.9B | $4.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $7.7B | $6.8B | $7.3B | $6.7B | $7.2B | |
| Common Stock | $936M | $922M | $913M | $909M | $902M | |
| Other Common Equity Adj | -$651M | -$418M | -$223M | -$279M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $10.4B | $10.8B | $10.2B | $9.9B | $9.4B | |
| Total Liabilities and Equity | $18.1B | $17.6B | $17.6B | $16.7B | $16.7B | |
| Cash and Short Terms | $2.3B | $1.9B | $1.8B | $877M | $403M | |
| Total Debt | $5.3B | $5.1B | $5.7B | $5.1B | $5.5B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $797M | $2.6B | $1.9B | $839M | $396M | |
| Depreciation & Amoritzation | $472M | $477M | $480M | $500M | $502M | |
| Stock-Based Compensation | $30M | $30M | $33M | $36M | $43M | |
| Change in Accounts Receivable | -$141M | -$57M | $149M | $4M | $45M | |
| Change in Inventories | -$25M | -$77M | -$37M | -$13M | -$55M | |
| Cash From Operations | $1.5B | $3.2B | $2.8B | $1.4B | $1B | |
| Capital Expenditures | $706M | $590M | $763M | $680M | $667M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $185M | -$325M | -$759M | -$508M | -$636M | |
| Dividends Paid (Ex Special Dividend) | $381M | $884M | $1.6B | $1.2B | $684M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.3B | -- | $881M | $992M | -- | |
| Long-Term Debt Repaid | -$2.3B | -$375M | -$1.2B | -$978M | -- | |
| Repurchase of Common Stock | -- | $100M | $543M | $131M | $154M | |
| Other Financing Activities | -$20M | $29M | -$9M | -$9M | -$14M | |
| Cash From Financing | -$1.4B | -$1.3B | -$2.5B | -$1.3B | -$852M | |
| Beginning Cash (CF) | $495M | $1.9B | $1.6B | $1.2B | $684M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $356M | $1.5B | -$418M | -$417M | -$480M | |
| Ending Cash (CF) | $851M | $3.4B | $1.2B | $747M | $204M | |
| Levered Free Cash Flow | $823M | $2.6B | $2.1B | $753M | $341M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $482M | $310M | $239M | $28M | $80M | |
| Depreciation & Amoritzation | $118M | $119M | $122M | $125M | $130M | |
| Stock-Based Compensation | $8M | $8M | $9M | $10M | $9M | |
| Change in Accounts Receivable | $205M | $121M | $28M | $36M | $29M | |
| Change in Inventories | -$4M | $28M | $9M | $22M | $17M | |
| Cash From Operations | $659M | $562M | $523M | $234M | $210M | |
| Capital Expenditures | $98M | $97M | $167M | $179M | $586M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $165M | -$97M | -$164M | -$161M | -$521M | |
| Dividends Paid (Ex Special Dividend) | $127M | $133M | $138M | $145M | $150M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -$118M | -- | -- | |
| Repurchase of Common Stock | $26M | $143M | $24M | $27M | $25M | |
| Other Financing Activities | -$3M | -- | -$1M | $1M | -- | |
| Cash From Financing | -$155M | -$276M | -$281M | -$171M | $120M | |
| Beginning Cash (CF) | $2.3B | $1.9B | $1.2B | $877M | $401M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $669M | $189M | $78M | -$98M | -$191M | |
| Ending Cash (CF) | $3B | $2.1B | $1.3B | $779M | $210M | |
| Levered Free Cash Flow | $561M | $465M | $356M | $55M | -$376M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.5B | $2.3B | $631M | $534M | $331M | |
| Depreciation & Amoritzation | $473M | $481M | $494M | $502M | $506M | |
| Stock-Based Compensation | $31M | $32M | $34M | $42M | $43M | |
| Change in Accounts Receivable | $4M | $71M | -$9M | $60M | $29M | |
| Change in Inventories | -$82M | -$52M | $16M | -$67M | -$20M | |
| Cash From Operations | $3.1B | $3.2B | $1.3B | $1.1B | $894M | |
| Capital Expenditures | $879M | $749M | $553M | $761M | $1.1B | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$234M | -$747M | -$1.2B | $93M | -$984M | |
| Dividends Paid (Ex Special Dividend) | $509M | $2B | $1.2B | $679M | $599M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $881M | -- | $249M | -- | |
| Long-Term Debt Repaid | -$781M | -$1.4B | -- | -$860M | -- | |
| Repurchase of Common Stock | $26M | $476M | $250M | $148M | $178M | |
| Other Financing Activities | -$23M | $43M | -$15M | -$7M | -- | |
| Cash From Financing | -$1.3B | -$2.9B | -$848M | -$1.4B | -$408M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.6B | -$526M | -$747M | -$274M | -$498M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2.2B | $2.4B | $759M | $317M | -$162M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.2B | $1.9B | $620M | $315M | $250M | |
| Depreciation & Amoritzation | $356M | $360M | $374M | $376M | $380M | |
| Stock-Based Compensation | $23M | $25M | $26M | $32M | $32M | |
| Change in Accounts Receivable | -$47M | $81M | -$77M | -$21M | -$37M | |
| Change in Inventories | -$55M | -$30M | $23M | -$31M | $4M | |
| Cash From Operations | $2.7B | $2.7B | $1.1B | $790M | $676M | |
| Capital Expenditures | $372M | $531M | $321M | $402M | $791M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$108M | -$530M | -$982M | -$381M | -$729M | |
| Dividends Paid (Ex Special Dividend) | $382M | $1.5B | $1.1B | $539M | $454M | |
| Special Dividend Paid | -- | $1.5M | -- | $140K | -- | |
| Long-Term Debt Issued | -- | $881M | $743M | -- | $299M | |
| Long-Term Debt Repaid | -$225M | -$1.2B | -$118M | -- | -$210M | |
| Repurchase of Common Stock | $26M | $402M | $109M | $126M | $150M | |
| Other Financing Activities | -$19M | -$5M | -$11M | -$9M | -$10M | |
| Cash From Financing | -$606M | -$2.2B | -$571M | -$674M | -$230M | |
| Beginning Cash (CF) | $5.1B | $4.9B | $3.1B | $2.7B | $1.6B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $2B | -$79M | -$408M | -$265M | -$283M | |
| Ending Cash (CF) | $7.1B | $4.8B | $2.7B | $2.5B | $1.3B | |
| Levered Free Cash Flow | $2.3B | $2.1B | $824M | $388M | -$115M | |
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