Netflix Inc (NFLX) Q1 2024 Earnings Report

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Netflix Inc

NFLX

$100.24 -2.89%

Exchange: NASDAQ | Sector: Communication Services | Industry: Entertainment

Q1 2024

Published: Apr 22, 2024

Earnings Highlights

Revenue of $9.38B up 15% year-over-year
EPS of $5.28 increased by 84.3% from previous year
Gross margin of 46.9%
Net income of 2.33B
""Happy members watch more, they stick around longer, they tell friends, which all grows engagement, revenue and profit." - Ted Sarandos, Co-CEO" - Ted Sarandos

NFLX

Netflix Inc

Period Q1 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

Netflix Inc (NFLX) reported robust Q1 2024 results, showcasing a significant revenue increase of 14.95% year-over-year, totaling $9.38 billion. This upward trend is attributed to effective engagement with members and strategic pricing adjustments, yielding a net income boost of 78.7% compared to the same period last year. The company's strong member growth and renewed focus on engagement-driven strategies reflect its commitment to enhance value and satisfaction for subscribers, marking a pivotal moment in its growth trajectory. Management's insights emphasized ongoing improvements in content offerings and the advertising segment, suggesting a positive outlook for sustained growth in the coming quarters.

Key Performance Indicators

Revenue

Increasing

9.38B

QoQ: 6.21% | YoY: 14.95%

Gross Profit

Increasing

4.40B

46.95% margin

QoQ: 24.94% | YoY: 31.17%

Operating Income

Increasing

2.64B

QoQ: 76.70% | YoY: 54.21%

Net Income

Increasing

2.33B

QoQ: 148.68% | YoY: 78.70%

EPS

Increasing

5.40

QoQ: 151.16% | YoY: 84.30%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: $9.38 billion (YoY: +14.95%, QoQ: +6.21%)
Gross Profit: $4.40 billion (YoY: +31.17%, QoQ: +24.94%)
Operating Income: $2.64 billion (YoY: +54.21%, QoQ: +76.70%)
Net Income: $2.33 billion (YoY: +78.70%, QoQ: +148.68%)
EPS: $5.40 (YoY: +84.30%, QoQ: +151.16%)
This performance illustrates Netflix’s effective engagement strategy and evolving revenue model, despite the cessation of regular membership reporting starting in 2025. Management noted significant improvements in both member engagement and monetization strategies, indicating the capacity for further revenue acceleration.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	9.38B	14.95%	6.21%
Gross Profit	4.40B	31.17%	24.94%
Operating Income	2.64B	54.21%	76.70%
Net Income	2.33B	78.70%	148.68%
EPS	5.40	84.30%	151.16%

Key Financial Ratios

Gross Profit Margin

Good

46.90%

Gross profit margin is healthy and competitive within industry standards

Operating Profit Margin

Excellent

28.20%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

24.90%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Fair

4.78%

Return on assets is acceptable but below top-tier companies

Return on Equity

Fair

10.90%

Return on equity is acceptable but below top-tier companies

Current Ratio

Adequate

1.07

Current ratio meets minimum requirements but limited cushion

Debt to Equity

Elevated

0.77

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Growth

28.45x

Elevated P/E suggests growth expectations or premium valuation

Price to Book

High Premium

12.42x

Very high premium suggests asset-light business model or lofty expectations

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q1 2025	10,542.80	6.61	+12.4%	View
Q4 2024	10,246.51	4.27	+16.0%	View
Q3 2024	9,824.70	5.40	+15.0%	View
Q2 2024	9,526.01	4.88	+16.4%	View
Q1 2024	9,381.68	5.28	+15.0%	View

Netflix Inc (NFLX) Q1 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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