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Netflix (NFLX)

Mega Cap · IPO 2002 · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$45.2B
Revenue Growth YoY
15.9%
EBITDA
$13.7B
Net Income
$11.0B
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$368M
SBC % of Revenue
0.8%
SBC % of EBITDA
2.7%
SBC % of Market Cap
—
Buybacks
$9.1B
Unrecognized SBC
$47M
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $368M $45.2B $13.7B 0.8% 2.7% 15.9% $9.1B $11.0B 4,222,162,150 — — — $47M
2024 $273M $39.0B $10.7B 0.7% 2.5% 15.6% $6.3B $8.7B 4,277,571,000 — — — $46M
2023 $339M $33.7B $7.3B 1.0% 4.6% 6.7% $6.0B $5.4B 432,759,584 — — — $26M
2022 $575M $31.6B $6.0B 1.8% 9.6% 6.5% $0 $4.5B 445,346,776 — — — —
2021 $403M $29.7B $6.4B 1.4% 6.3% 18.8% $600M $5.1B 443,963,107 — — — —
2020 $415M $25.0B $4.7B 1.7% 8.8% 24.0% $0 $2.8B 442,895,261 — — — —
2019 $405M $20.2B $2.7B 2.0% 15.0% 27.6% $0 $1.9B 438,806,649 — — — —
2018 $321M $15.8B $1.7B 2.0% 19.0% 35.1% — $1.2B 436,598,597 — — — —
2017 $182M $11.7B $911M 1.6% 20.0% 32.4% — $559M 433,392,686 — — — —
2016 $174M $8.8B $437M 2.0% 39.7% 30.3% — $187M 430,054,212 — — — —
2015 $125M $6.8B $368M 1.8% 33.9% 23.2% — $123M 427,940,440 — — — —
2014 $115M $5.5B $457M 2.1% 25.2% 25.8% — $267M 422,910,887 — — — —
2013 $73M $4.4B $277M 1.7% 26.4% 21.2% $0 $112M 59,607,001 — — — —
2012 $74M $3.6B $95M 2.0% 77.5% 12.6% $0 $17M 55,587,167 — — — —
2011 $62M $3.2B $420M 1.9% 14.7% 48.2% $200M $226M 55,398,615 — — — —
2010 $28M $2.2B $322M 1.3% 8.7% 29.5% $210M $161M 52,781,949 — — — —
2009 IPO $13M $1.7B $230M 0.8% 5.5% — $324M $116M 53,440,073 — — — —