UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024

Netflix Inc.
(Exact name of registrant as specified in its charter)

Item 1. Business
Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices.

Item 1A. Risk Factors
The following risk factors could materially affect our business, financial condition, or results of operations:
- Intense competition from other streaming services.
- Content production costs and strike impacts.
- Subscriber growth saturation in mature markets.
- Password sharing crackdown implementation risks.
- Additional general economic risks including inflation and interest rates.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We are a leading global company...

Results of Operations
Total net sales were $31,616.0 million for the year ended December 31, 2024.
Net income was $4,492.0 million.
Operating income: $5,633.0 million.

Future Outlook
Management expects revenue growth of approximately 10.0% for the next fiscal year. EBITDA margins are targeted at 22.0%. Ad-supported tier driving ARM growth.

Liquidity and Capital Resources
Cash and cash equivalents: $6,082.0 million.
Total debt was $14,353.0 million as of December 31, 2024.

Capital Structure:
Senior Notes: $14,353.0 million
Revolver Drawn: $0.0 million
Subordinated Debt: $0.0 million


The Company has the following credit facilities:
- Revolving Credit Facility: Total capacity $1,000.0 million, with $0.0 million drawn.


SNC Regulatory Rating: PASS.
Justification: Improving free cash flow profile.

Item 8. Financial Statements and Supplementary Data
Consolidated Balance Sheets
(In millions)
Assets
Total assets: $48,595.0

Liabilities and Stockholders’ Equity
Total liabilities: $27,810.0
Total stockholders’ equity: $20,785.0