Netflix pulled in $45.2B (£33.8B) in 2025, its biggest year ever, and less than 40% of that went back into the shows and films its subscribers pay to watch. The rest is the machinery of a business that runs on your monthly fee, your price rise and, increasingly, the adverts in front of your programmes.
Revenue rose 16% to $45.2B, according to the company's shareholder letter filed with the US Securities and Exchange Commission. Against that, Netflix booked $16.4B (£12.3B) in content amortisation, the cost of the programming it put on screen. Half of the revenue would have been $22.6B. Content came to roughly a third.
