Company / Cost of Revenue
Netflix Cost of Revenue History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Cost of Revenue
$23.3B
FY2025
5-year range
$12.4B / $23.3B
FY2021-FY2025
Trend
+10.6%
vs FY2024
Sector context
#3 of 30
Communication Services
What the data says
Among 30 Communication Services companies, Netflix is in the bottom 10% for cost of revenue. Cost of Revenue has increased for 7 consecutive years, from $6.3B in FY2018 to $23.3B in FY2025.
Based on SEC 10-K filings.
$23.3B in FY2025 with a 5-year CAGR of +18.5%. Ranks 3rd among 30 companies in Communication Services.
Increased from $19.7B to $23.3B over the past 2 years.
Communication Services sector context is included.
Cost of Revenue over time
Growth rates
- 3-Year CAGR
- +15.1%
- 5-Year CAGR
- +18.5%
- 10-Year CAGR
- -
Sector benchmark
+160.9% above sector average
Key checks
Key Insights
- Netflix's cost of revenue has grown for 7 consecutive years.
- 5-year CAGR of +18.5%, indicating consistent growth.
- In FY2025, cost of revenue increased 10.6% year-over-year.
- Ranks #3 out of 30 companies in the Communication Services sector.
Company context
Key Data Points
- Strong profit margin: 24.3%
- Strong return on equity: 42.3%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Cost of RevenueValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $23.3B | +10.6% |
| FY2024 | $21.0B | +6.7% |
| FY2023 | $19.7B | +29.1% |
| FY2022 | $15.3B | +22.8% |
| FY2021 | $12.4B | +24.8% |
| FY2020 | $10.0B | +24.1% |
| FY2019 | $8.0B | +28.4% |
| FY2018 | $6.3B | -22.1% |
| FY2017 | $8.0B | +114.1% |
| FY2016 | $3.8B | -18.3% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026