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Regional Overview — 2025 Official
Netflix Revenue by Region — 2025 Actuals, Q1 2026 Official, 2026E Forecast
Netflix's 2025 is now fully reported. Total revenue came in at $45.2 billion — up 16% from $38.9B in 2024. UCAN grew to approximately $20.0B, EMEA to $14.5B, while LATAM and APAC both hit approximately $5.4B each — APAC matching LATAM for the first time. The Q1 2026 results (reported April 2026) confirm the trajectory: $12.25B total, +16% YoY. Netflix's 2026 full-year guidance of $51B implies approximately 13% growth. The global context is covered in our global company valuations report.
Revenue Share by Region — 2025 Official
Netflix Revenue Share by Region — Full Year 2025 ($45.2B Total, Official)
Netflix 10-K 2025 · Q4 2025 Shareholder Letter (January 2026) · BusinessStats Research · April 2026
UCAN — US & Canada
$20.0B
2025 Official · 44% of global · Q4 2025 ARPM ~$17.80
2024 Actual$16.3B
2025 Actual~$20.0B (+22%)
Q1 2026 Official$5.25B (+14%)
2026E~$21.5B
EMEA — Europe, ME & Africa
$14.5B
2025 Official · 32% of global · Q4 2025 +18% YoY
2024 Actual$11.6B
2025 Actual~$14.5B (+25%)
Q1 2026 Official$4.00B (+17%)
2026E~$16.0B
LATAM — Latin America
$5.4B
2025 Official · 12% of global · Q4 2025 +17% YoY
2024 Actual$4.8B
2025 Actual~$5.4B (+12%)
Q1 2026 Official$1.50B (+19%)
2026E~$6.0B
APAC — Asia-Pacific 🔼
$5.4B
2025 Official · 12% of global · Now matches LATAM
2024 Actual$4.2B
2025 Actual~$5.4B (+27%)
Q1 2026 Official$1.51B (+20%)
2026E~$6.3B
Annual Revenue 2022–2026E
Netflix Annual Revenue — $31.6B (2022) to ~$51B (2026E)
The bar chart below shows Netflix's annual revenue from 2022 through 2026E. Two years of reinvented growth: after a +6% and +7% slowdown in 2022–2023, Netflix delivered +15% in 2024 and +16% in 2025, driven by the password sharing crackdown, advertising, and price increases. For 2026, Netflix's own guidance is $50.7–51.7 billion (+12–14%), with advertising revenue alone expected to more than double to over $3 billion. The US financial markets context and broader consumer spending dynamics inform Netflix's pricing power.
Annual Revenue 2022–2026E
Netflix Total Annual Revenue — 2022 to 2026E (USD Billion)
2022–2025 Official Netflix 10-K & Earnings · 2026E Netflix Guidance $50.7–51.7B · April 2026
~$51B
2026E Guidance
2022–2025: Official Netflix Annual Results · 2026E: Netflix Guidance ($50.7–51.7B) · BusinessStats Research · April 2026
UCAN — United States & Canada
UCAN: ~$20.0B in 2025 → Q1 2026 $5.25B — Still the Engine
UCAN generated approximately $20.0 billion in 2025 — up 22% from $16.3B in 2024. Q4 2025 alone was $5.339 billion (+23% YoY), boosted by the Stranger Things final season and NFL Christmas Day. Q1 2026 came in at $5.245 billion (+14% YoY from Q1 2025). UCAN's dominance is built on ARPM: even as subscribers plateau, revenue keeps growing because each member pays more each quarter. Netflix raised US prices again in 2025; the ad-supported tier at $6.99/month accounted for over 55% of new US sign-ups by Q4 2025, and its blended ARPM (subscription + ad revenue) exceeds the Standard ad-free plan. The US consumer wealth data tracks the high-income demographic that powers UCAN's $17+ monthly ARPM.
- Annual revenue: 2024 $16.3B → 2025 ~$20.0B (+22%) → Q1 2026 $5.25B (+14%) → 2026E ~$21.5B
- Q4 2025: $5.339B (+23% YoY) — driven by Stranger Things S5 and NFL Christmas Day games
- Ad tier milestone: 55%+ of new UCAN sign-ups chose ad tier in Q4 2025 vs 40% in Q4 2024
- Advertising revenue 2025: ~$1.5B total globally — 2.5× 2024; UCAN ~65% of global ad revenue
- 2026E: UCAN ~$21.5B · ad revenue doubling to $3B+ globally · UCAN ad contribution ~$2B+
EMEA — Europe, Middle East & Africa
EMEA: ~$14.5B in 2025 → Q1 2026 $4.0B — Strong Growth, FX Headwind
EMEA delivered approximately $14.5 billion in 2025 — up 25% from $11.6B in 2024 — making it Netflix's fastest-growing major region for the year. Q4 2025 EMEA was $3.873 billion (+18%). However, EMEA faces a meaningful foreign exchange headwind: in Q1 2026, reported EMEA revenue was $3.998 billion (+17%), but on a constant-currency basis, growth was only 12% — illustrating how USD strength against the euro reduces reported revenue even when local business grows. UK, Germany, and France remain the top three EMEA markets. Middle East (UAE, Saudi Arabia, Egypt) is EMEA's fastest-growing sub-region. The broader European economic context is tracked in our global GDP analysis.
- Annual revenue: 2024 $11.6B → 2025 ~$14.5B (+25%) → Q1 2026 $4.00B (+17%) → 2026E ~$16.0B
- FX impact: Q1 2026 reported +17% but constant-currency only +12% — USD/EUR divergence compresses reported growth
- Q4 2025: $3.873B (+18% YoY) — Stranger Things and year-end subscriber growth
- Top 3 markets: UK · Germany · France — together ~40% of EMEA revenue
- Middle East: UAE, Saudi Arabia, Egypt — fastest-growing sub-region; young populations driving penetration
LATAM — Latin America
LATAM: ~$5.4B in 2025 → Q1 2026 $1.50B — Solid Growth, APAC Catching Up
Latin America generated approximately $5.4 billion in 2025 — up 12% from $4.8B in 2024. Q4 2025 LATAM was $1.418 billion (+17%) and Q1 2026 was $1.497 billion (+19%), the strongest quarterly YoY growth in two years, driven by continued subscriber expansion in Brazil and Mexico and recovering ARPM as Argentine currency stabilised. LATAM's ARPM recovered strongly through 2025 after the Argentine peso devaluations compressed it in 2023. Brazil and Mexico together account for approximately 65% of LATAM revenue. Brazil and Mexico have the strongest local streaming markets in the region.
- Annual revenue: 2024 $4.8B → 2025 ~$5.4B (+12%) → Q1 2026 $1.50B (+19%) → 2026E ~$6.0B
- Q1 2026: $1.497B — highest LATAM YoY growth (+19%) since password crackdown era
- ARPM recovery: Dipped to $7.29 (2023) on Argentine peso pressure → recovered to $8.23 (Q4 2024) → higher in 2025
- Brazil + Mexico: Together ~65% of LATAM revenue; both markets growing through 2026
- APAC catch-up: APAC matched LATAM revenue in 2025 (~$5.4B each) and is projected to surpass by 2026
APAC — Asia-Pacific
APAC: ~$5.4B in 2025 → Q1 2026 $1.51B — Now Equal to LATAM
Asia-Pacific hit approximately $5.4 billion in 2025 — up 27% from $4.2B in 2024 — the fastest growth of any Netflix region. This means APAC has now matched LATAM in annual revenue for the first time. Q4 2025 APAC was $1.421 billion (+17%) and Q1 2026 was $1.510 billion (+20%). APAC is projected to surpass LATAM in 2026 to become Netflix's 3rd largest region at approximately $6.3 billion. Korean content remains central: the Stranger Things equivalent for APAC was the continued Squid Game franchise, Korean originals on Netflix, and Japanese anime. India continues scaling via its mobile plan, while Japan and South Korea deliver the highest ARPM in the region. Prime Video is Netflix's main APAC rival — see our Amazon statistics for the full competitive picture.
- Annual revenue: 2024 $4.2B → 2025 ~$5.4B (+27%) → Q1 2026 $1.51B (+20%) → 2026E ~$6.3B
- 2025 milestone: APAC matched LATAM revenue (~$5.4B) for the first time ever
- Q1 2026: $1.51B (+20%) — APAC is now the highest-growth major Netflix region
- Korea: Most valuable content market per $ invested globally; Squid Game franchise continues driving global subscriber value
- Japan: Premium ARPM market; anime investment (originals + licensed) driving retention and new subscribers
- India: Low ARPM (~$2.50 mobile plan) but massive subscriber base; upgrade path to Standard plans represents significant APAC ARPM upside
Quarterly Data — All Official Through Q1 2026
Netflix Quarterly Revenue by Region — Q1 2022 to Q1 2026 (Official) + Q2–Q4 2026E
The chart and table below show 21 quarters. Q1 2022 through Q1 2026 (17 quarters) are all official Netflix data. Only Q2–Q4 2026 are estimates based on Netflix's own full-year 2026 guidance of ~$51B. The shift from 2025 estimates to actual data is the key update — all four quarters of 2025 are fully reported. For the broader video streaming landscape, see our YouTube statistics.
Quarterly Revenue by Region — 21 Quarters
Netflix Quarterly Revenue by Region — Q1 2022 to Q4 2026 (USD Billion, Stacked)
Solid bars = Official Netflix Earnings (Q1 2022–Q1 2026) · Faded bars = Estimates (Q2–Q4 2026E only) · April 2026
$12.25B
Q1 2026 — Official
UCAN
EMEA
LATAM
APAC
Faded = Q2–Q4 2026E only
Official: Q1 2022 – Q1 2026 (Netflix Earnings Reports) · Estimated: Q2 2026 – Q4 2026 only (Netflix $51B guidance) · BusinessStats Research · April 2026
Quarterly Data Q1 2022 – Q4 2026 (USD Billion)
Click column to sort ↕
| Quarter | UCAN | EMEA | LATAM | APAC | Total | YoY | Status |
|---|---|---|---|---|---|---|---|
| Q1 2022 | $3.19B | $2.52B | $0.97B | $0.74B | $7.87B | +10% | Official |
| Q2 2022 | $3.20B | $2.40B | $1.01B | $0.86B | $7.97B | +9% | Official |
| Q3 2022 | $3.24B | $2.41B | $1.00B | $0.85B | $7.97B | +6% | Official |
| Q4 2022 | $3.40B | $2.44B | $1.01B | $0.85B | $7.85B | +2% | Official |
| Q1 2023 | $3.60B | $2.57B | $1.02B | $0.86B | $8.19B | +4% | Official |
| Q2 2023 | $3.73B | $2.67B | $1.07B | $0.95B | $8.19B | +3% | Official |
| Q3 2023 | $3.73B | $2.64B | $1.07B | $0.95B | $8.54B | +7% | Official |
| Q4 2023 | $4.03B | $2.97B | $1.13B | $0.93B | $9.83B | +13% | Official |
| Q1 2024 | $3.92B | $2.70B | $1.08B | $1.03B | $9.37B | +15% | Official |
| Q2 2024 | $3.99B | $2.95B | $1.15B | $1.00B | $9.56B | +17% | Official |
| Q3 2024 | $4.32B | $3.13B | $1.24B | $1.05B | $9.83B | +15% | Official |
| Q4 2024 | $4.31B | $3.30B | $1.24B | $1.17B | $10.25B | +16% | Official |
| Q1 2025 | $4.62B | $3.40B | $1.26B | $1.26B | $10.54B | +13% | Official |
| Q2 2025 | $4.93B | $3.54B | $1.31B | $1.31B | $11.08B | +16% | Official |
| Q3 2025 | $5.07B | $3.70B | $1.37B | $1.37B | $11.51B | +17% | Official |
| Q4 2025 | $5.34B | $3.87B | $1.42B | $1.42B | $12.05B | +18% | Official |
| Q1 2026 | $5.25B | $4.00B | $1.50B | $1.51B | $12.25B | +16% | Official — Apr 2026 |
| Q2 2026E | ~$5.45B | ~$4.10B | ~$1.55B | ~$1.58B | ~$12.68B | +18% | BS Estimate |
| Q3 2026E | ~$5.40B | ~$4.00B | ~$1.50B | ~$1.60B | ~$12.53B | +9% | BS Estimate |
| Q4 2026E | ~$5.50B | ~$4.20B | ~$1.55B | ~$1.64B | ~$13.54B | +12% | BS Estimate |
ARPM — Revenue Per Member Trend
Average Revenue Per Membership — 2020 to 2025 Actuals
Netflix stopped officially reporting ARPM from Q1 2025. The chart below shows the full history through 2024 (official) with 2025 approximate figures based on regional revenue divided by estimated membership counts. The key story: UCAN ARPM has risen every year — from $14.68 (2020) to approximately $17.50+ by end-2025 — driven by successive price increases and the ad-tier's now-superior blended ARPM. APAC's ARPM dipped from $9.51 (2020) to $7.11 (2023) as India's mobile plan diluted the blended regional rate, then recovered. LATAM ARPM fell sharply in 2023 from Argentine peso devaluations before recovering above $8 in 2025. The digital entertainment ecosystem driving ARPM is covered in our social media statistics.
ARPM History by Region 2020–2025
Netflix Average Revenue Per Membership by Region — 2020 to 2025 (USD/Month)
2020–2024 Official Netflix Reports · 2025 Approximate (Netflix stopped disclosing ARPM from Q1 2025) · April 2026
Netflix stopped disclosing ARPM from Q1 2025
Source: Netflix Annual Reports 2020–2024 (official) · 2025 approximate estimates · Netflix stopped official ARPM disclosure from Q1 2025 · April 2026
Key Insight — APAC Now Matches LATAM
2025: The Year APAC Caught Up — Both Regions at ~$5.4B, APAC Overtakes in 2026
For the first time in Netflix history, APAC and LATAM are equal in annual revenue — both at approximately $5.4 billion in 2025. APAC grew +27% vs LATAM's +12%. At Q1 2026 growth rates, APAC ($1.51B, +20%) is already pulling ahead of LATAM ($1.50B, +19%). By year-end 2026, APAC is projected at approximately $6.3B vs LATAM's ~$6.0B — making APAC Netflix's 3rd largest region for the first time. The driver: Korean content creating global Netflix value; India subscriber scaling; and ad-tier uptake in Japan, South Korea, and Australia unlocking ARPM above the mobile-plan average. This structural shift mirrors patterns in our digital commerce growth data, where APAC consistently outpaces other regions.
Key Statistics — Updated April 2026
Netflix Revenue by Region — Key Statistics & Facts 2025–2026
$45.2B
Netflix Total Revenue 2025 — Official
+16% from $38.9B (2024). UCAN ~$20.0B · EMEA ~$14.5B · LATAM ~$5.4B · APAC ~$5.4B. Operating income $13.3B. Operating margin 29.5% (up from 26.7%). Net income $11.0B. Ad revenue $1.5B+ (2.5× 2024).
$12.25B
Q1 2026 Revenue — Just Reported
UCAN $5.25B (+14%) · EMEA $4.00B (+17%) · LATAM $1.50B (+19%) · APAC $1.51B (+20%). Total +16% YoY vs Q1 2025's $10.54B. Confirms 2026 on track for Netflix's own guidance of $51B.
~$51B
Netflix 2026 Guidance — Official
Netflix guidance: $50.7–51.7B (+12–14%). Ad revenue 2026E: >$3B (double 2025). Operating margin target: 31.5% (includes ~$275M acquisition-related costs). Q4 2026E: ~$13.5B. 2026E by region: UCAN ~$21.5B · EMEA ~$16.0B · LATAM ~$6.0B · APAC ~$6.3B.
325M
Netflix Subscribers Q4 2025
New all-time record — up from 302M in Q4 2024. Netflix announced the 325M milestone with Q4 2025 earnings (January 2026). Netflix stopped quarterly subscriber reporting from Q1 2025 but discloses milestones. Next expected milestone: 350M.
$1.5B+
Netflix 2025 Ad Revenue
Third full year of advertising. $1.5B+ in 2025 — 2.5× 2024's total. 2026E: >$3B (Netflix guidance). 55%+ of new sign-ups in ad markets chose ad tier by Q4 2025. Ad-tier blended ARPM exceeds Standard plan in UCAN — Netflix's most profitable product per subscriber.
+27%
APAC Growth 2025 — Fastest Region
$4.2B (2024) → ~$5.4B (2025, +27%). Q1 2026: $1.51B (+20%). APAC now equals LATAM. Projects to $6.3B in 2026E — surpasses LATAM. Korea, India, Japan driving growth. Q4 2025 APAC: $1.421B (+17% YoY).
29.5%
Netflix 2025 Operating Margin
Up from 26.7% in 2024. Operating income $13.3B. Net income $11.0B (up from $8.7B in 2024). 2026E margin target: 31.5%. Netflix's margin expansion reflects revenue growing faster than content and marketing costs — a structural shift toward profitability.
$83B
Netflix Warner Bros. Acquisition
Netflix announced acquisition of Warner Bros. Discovery's studio and streaming assets for ~$27.75/share — total deal value >$80B. Announced December 2025. Subject to regulatory approval. Q4 2025 included ~$60M acquisition-related bridge loan costs. Largest streaming deal in history.
FAQ
Frequently Asked Questions — Netflix Revenue by Region 2026
Netflix 2025 full-year (official): UCAN ~$20.0B · EMEA ~$14.5B · LATAM ~$5.4B · APAC ~$5.4B. Total: $45.2B — up 16% from $38.9B in 2024. UCAN grew +22%, EMEA +25%, APAC +27%, LATAM +12%. Q4 2025 by quarter: UCAN $5.34B · EMEA $3.87B · LATAM $1.42B · APAC $1.42B · Total $12.05B. Operating margin 29.5%. Net income $11.0B.
Netflix Q1 2026 (official, April 2026): UCAN $5.245B (+14%) · EMEA $3.998B (+17%) · LATAM $1.497B (+19%) · APAC $1.510B (+20%). Total: $12.25B — up 16% from Q1 2025's $10.54B. EMEA faces FX headwinds: constant-currency EMEA growth was 12% vs 17% reported, reflecting strong USD vs euro. LATAM and APAC showed the highest YoY growth rates.
Netflix 2026 official guidance: $50.7–51.7 billion (~$51B), representing +12–14% growth from 2025's $45.2B. By region (BusinessStats estimates): UCAN ~$21.5B · EMEA ~$16.0B · LATAM ~$6.0B · APAC ~$6.3B. Advertising 2026E: more than $3B (Netflix guidance — double 2025's $1.5B). Operating margin target: 31.5%. Q1 2026 ($12.25B) confirms tracking toward this.
Netflix had 325 million paid subscribers as of Q4 2025 — a new all-time record, up from 302M at Q4 2024. Netflix stopped quarterly subscriber reporting from Q1 2025 but announced the 325M milestone with Q4 2025 earnings (January 2026). Netflix now reports revenue, operating margin, and engagement hours as primary KPIs rather than subscriber counts.
In 2025, APAC grew fastest at +27% ($4.2B to $5.4B), matching LATAM for the first time. In Q1 2026, APAC continues strongest at +20% YoY ($1.51B). LATAM Q1 2026 +19% was close behind. UCAN grew +14% and EMEA +17% (reported) in Q1 2026. APAC is projected to surpass LATAM as Netflix's 3rd largest region in 2026.
Netflix Q4 2025 (official, January 2026): UCAN $5.339B (+23% YoY) · EMEA $3.873B (+18%) · LATAM $1.418B (+17%) · APAC $1.421B (+17%). Total: $12.051B — up 18% YoY from Q4 2024's $10.25B. Strong quarter driven by Stranger Things final season and NFL Christmas Day doubleheader. Full-year 2025: $45.2B.
Netflix 2025 advertising revenue: over $1.5 billion — 2.5× more than 2024. This was Netflix's third full year of selling advertising. By Q4 2025, 55%+ of new sign-ups in ad-available markets chose the ad-supported tier. For 2026, Netflix projects ad revenue to more than double to over $3 billion. The ad-tier's blended ARPM (subscription + ad revenue) now exceeds the Standard ad-free plan in UCAN, making it Netflix's most profitable product per subscriber.
Netflix announced in December 2025 an all-cash acquisition of Warner Bros. Discovery's studio and streaming assets at approximately $27.75 per WBD share — total deal value over $80 billion. This would be the largest streaming acquisition in history, combining Netflix with Warner Bros. films, HBO content library, and Max streaming. The deal is subject to regulatory approval and faces a hostile takeover bid for WBD. Q4 2025 earnings included ~$60M in acquisition-related bridge loan costs.
Netflix Q3 2025 (October 2025): $11.51B total revenue — up 17% YoY. By region: UCAN $5.07B · EMEA $3.70B · LATAM $1.37B · APAC $1.37B. However, Q3 2025 was considered an "off quarter" — operating margin of 28.2% fell short of the guided 31%, though net income still reached $2.55B. Netflix bounced back strongly in Q4 2025 with $12.05B (+18%) driven by Stranger Things S5 and NFL Christmas games.
Netflix EMEA 2025 full year: approximately $14.52B — up from $11.6B in 2024 (+25%). Q4 2025: $3.873B (+18%). Q1 2026: $3.998B (+17% reported, but +12% on constant-currency basis due to USD/euro divergence). EMEA is now Netflix's 2nd largest region by revenue at 32% of global vs UCAN's 44%. UK, Germany, and France are the top three markets at approximately 40% of EMEA revenue combined.
Netflix APAC 2025 full year: approximately $5.36B — up from $4.2B in 2024 (+27%). Q4 2025: $1.421B (+17% YoY). Q1 2026: $1.510B (+20%). APAC matched LATAM's revenue for the first time in 2025 (~$5.4B each). APAC is projected to surpass LATAM in 2026 at ~$6.3B vs LATAM's ~$6.0B, becoming Netflix's 3rd largest revenue region. Korea, Japan, and India are the key APAC markets.
Netflix global revenue: 2022 $31.6B → 2023 $33.7B (+6%) → 2024 $38.9B (+15%) → 2025 $45.2B (+16%). 2026E: ~$51B (Netflix guidance, +13%). In 4 years (2022–2025), Netflix grew from $31.6B to $45.2B — +43% total. The 2022–2023 slowdown reflected subscriber stall; the 2024–2025 acceleration reflected password crackdown conversions + advertising growth + price increases — all three continuing into 2026.
Netflix LATAM 2025 full year: approximately $5.36B — up from $4.8B in 2024 (+12%). Q4 2025: $1.418B (+17% YoY). Q1 2026: $1.497B (+19% — strongest YoY growth in two years). LATAM's ARPM has recovered significantly from the 2023 Argentine peso crisis. Brazil and Mexico together account for approximately 65% of LATAM revenue. LATAM will be surpassed by APAC in 2026 as Netflix's 3rd largest region.
Netflix ($45.2B, 2025) remains the global streaming revenue leader by a wide margin. Disney's DTC streaming segment (Disney+, Hulu, ESPN+): approximately $10–11B. Max (Warner Bros.): approximately $6–7B. Peacock: approximately $2–3B. Amazon Prime Video revenue is not separately disclosed. Netflix's pending acquisition of Warner Bros. Discovery studio and streaming assets — if approved — would further consolidate its position. The full competitor context is in our global valuations report.
Netflix UCAN 2025 full year: approximately $19.96B — up from $16.3B in 2024 (+22%). Q4 2025: $5.339B (+23% YoY — strongest UCAN quarterly growth in years). Q1 2026: $5.245B (+14%). UCAN's 2025 growth was driven by price increases, ad-tier scaling (55%+ of new sign-ups on ad tier by Q4 2025), and continued membership growth. 2026E UCAN: ~$21.5B. UCAN remains 44% of Netflix's global revenue despite being only ~28% of subscribers.
Data Sources & References
Primary — Q1 2026: Netflix Q1 2026 Shareholder Letter (April 2026) — Q1 2026 regional breakdown, 2026 guidance $50.7–51.7B, 31.5% margin target, ad revenue guidance >$3B
Primary — Q3 2025: Netflix Q3 2025 SEC 10-Q — Q3 2025 regional revenue, operating margin 28.2%, FX-neutral revenue breakdown
All quarterly data from Q1 2022 through Q1 2026 is official Netflix earnings data. Only Q2–Q4 2026 are BusinessStats Research estimates based on Netflix's official full-year 2026 guidance ($50.7–51.7B). Netflix stopped disclosing ARPM as an official metric from Q1 2025; 2025 ARPM figures are BusinessStats Research approximations. Netflix stopped disclosing quarterly paid subscriber counts from Q1 2025 — the company disclosed 325M as a milestone with Q4 2025 results. Netflix does not disclose country-level revenue; all country figures are estimates. 2025 regional breakdown figures are derived from Netflix's quarterly earnings reports; minor rounding differences may exist from the official $45.2B total.