Netflix's revenue rose every year. Its value didn't
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What the chart shows
Netflix goes into Tuesday's results with two numbers pulling apart. Revenue climbed every year from US$29.7bn in 2021 to US$45.2bn in 2025. The market value, US$397.3bn at the end of 2025, was US$293.7bn at Friday's close.
The share price fell 2.86% on Friday to US$70.53, 43% below its 52-week high of US$124.86. Last week the company announced job cuts and named Peter Rice, who ran Walt Disney Television, to replace content chief Bela Bajaria.
The concern is viewing rather than sales. Time spent watching Netflix grew just 2% in the first half of 2026, and a subscription business needs people to keep watching to keep paying.
The story behind it
Netflix cut about 1,000 jobs and replaced its content chief, days before its results Read the edition →Netflix on the calendar
Next results: date to come. It goes on the calendar as soon as Netflix announces it. Economic calendar →The numbers
Two scales: annual revenue on the left, market value at each year end and on 16 October on the right, both US$bn. Value fell from US$397.3bn to US$293.7bn.
| Revenue, US$bn | Market value, US$bn | |
|---|---|---|
| 2021 | 29.7 | 266.9 |
| 2022 | 31.6 | 131.2 |
| 2023 | 33.7 | 213.1 |
| 2024 | 39.0 | 381.0 |
| 2025 | 45.2 | 397.3 |
How we make these charts: one chart a day from a story in the edition, drawn from the figures the story names and checked against the sources named on the chart before it is published. General information only, not financial advice.
