The United States and Canada still bring in 44 cents of every Netflix dollar
Netflix earned $45.18 billion of streaming revenue in 2025: $19.96 billion (44.2 percent) in the United States and Canada, $14.52 billion (32.1 percent) in Europe, the Middle East and Africa, $5.36 billion (11.9 percent) in Latin America and $5.35 billion (11.8 percent) in Asia-Pacific. In Q3 2026, the latest quarter, the four regions brought in $5.63 billion, $4.11 billion, $1.60 billion and $1.54 billion, for a total of $12.87 billion.
Netflix splits its streaming revenue into four regions. UCAN covers the United States and Canada. EMEA covers Europe, the Middle East and Africa. LATAM covers Latin America, and APAC covers Asia-Pacific, including Japan, South Korea, India and Australia. These are not separate business segments: Netflix states in its annual report that it operates as one operating segment, and it publishes the regional figures as supplementary information in each quarterly letter to shareholders. The company wide view of revenue, profit and margins is covered in our Netflix revenue statistics; this page goes one level down, to where that revenue is earned.
Two big regions, two small ones: UCAN and EMEA together produced 76.3 percent of 2025 revenue, while Latin America and Asia-Pacific were separated by just $4 million.
The distribution has a clear shape. Two large regions, UCAN and EMEA, account for just over three quarters of revenue, and two smaller ones share the rest almost equally. In 2025 Latin America finished ahead of Asia-Pacific by only $4 million, $5,358 million against $5,354 million, the closest the two have ever been on a full year basis. The gap between the two large regions is also narrowing: EMEA revenue equalled 72.7 percent of UCAN revenue in 2025, compared with 55.1 percent in 2019.
Netflix revenue by region, every year from 2019 to 2025
Netflix began publishing revenue for these four regions with its fourth quarter 2019 results. Since then streaming revenue has grown 2.3 times, from $19.86 billion in 2019 to $45.18 billion in 2025, and the growth multiples differ widely by region: UCAN revenue almost exactly doubled (1.99 times), Latin America rose 1.9 times, EMEA 2.6 times and Asia-Pacific 3.6 times.
Steady climb with one flat year: every region grew in every year except EMEA in 2022, when a strong dollar held its reported revenue almost flat (+0.5 percent).
| Year | UCAN | EMEA | LATAM | APAC | Total | Total growth |
|---|---|---|---|---|---|---|
| 2019 | 10,051 | 5,543 | 2,795 | 1,470 | 19,859 | - |
| 2020 | 11,456 | 7,772 | 3,156 | 2,373 | 24,757 | +24.7% |
| 2021 | 12,973 | 9,699 | 3,577 | 3,266 | 29,515 | +19.2% |
| 2022 | 14,085 | 9,745 | 4,070 | 3,571 | 31,471 | +6.6% |
| 2023 | 14,874 | 10,557 | 4,446 | 3,764 | 33,641 | +6.9% |
| 2024 | 17,359 | 12,387 | 4,840 | 4,415 | 39,001 | +15.9% |
| 2025 | 19,957 | 14,515 | 5,358 | 5,354 | 45,184 | +15.9% |
Download this table (CSV) · Free to reuse under CC BY 4.0 with credit to Business Stats
2019 figures are the annual regional totals printed in the Q4 2019 letter. Later years add up the four quarters. Totals exclude DVD revenue, which Netflix reported until 2023 ($83 million in that year).
| Year | UCAN | EMEA | LATAM | APAC |
|---|---|---|---|---|
| 2020 | +14.0% | +40.2% | +12.9% | +61.4% |
| 2021 | +13.2% | +24.8% | +13.3% | +37.6% |
| 2022 | +8.6% | +0.5% | +13.8% | +9.3% |
| 2023 | +5.6% | +8.3% | +9.2% | +5.4% |
| 2024 | +16.7% | +17.3% | +8.9% | +17.3% |
| 2025 | +15.0% | +17.2% | +10.7% | +21.3% |
Download this table (CSV) · Free to reuse under CC BY 4.0 with credit to Business Stats
The history falls into three phases. In 2020 and 2021, the pandemic years, growth was fastest outside North America: EMEA revenue rose 40.2 percent in 2020 and Asia-Pacific 61.4 percent, against 14.0 percent in UCAN. In 2022 and 2023 growth slowed to 6.6 and 6.9 percent. The 2022 slowdown was mostly a currency story outside the Americas. EMEA revenue fell in each quarter of 2022, from $2,562 million in Q1 to $2,350 million in Q4, and Netflix reported that total revenue in Q4 2022 grew 2 percent in dollars but 10 percent on a currency neutral basis.
The 2024 and 2025 phase brought a second acceleration to almost 16 percent a year. In May 2023 Netflix launched paid sharing in more than 100 countries representing over 80 percent of its revenue base, and the letter for that quarter reported that revenue in each region was already higher than before the launch. UCAN, the most mature market, grew 16.7 percent in 2024 and 15.0 percent in 2025, its two fastest years in the series. For the membership side of that period, see our tracker of Netflix subscribers in the United States and Canada.
The UCAN share fell from 50.6 percent to 43.3 percent
Looking at shares rather than dollars shows how far Netflix has moved away from its home market. In 2019 the United States and Canada still produced half of all streaming revenue. By the first nine months of 2026 that share was 43.3 percent, the lowest in the series, while Asia-Pacific had grown from 7.4 to 12.1 percent.
A long plateau: after the shift of 2020 and 2021, the UCAN share held between 44.0 and 44.8 percent for five years before slipping in 2026.
Most of the change happened in two years. Between 2019 and 2021 the UCAN share dropped 6.6 points as EMEA and Asia-Pacific grew far faster. From 2021 to 2025 the mix was remarkably stable, because the price increases and paid sharing that lifted UCAN after 2023 were matched by similar growth in EMEA. The 2026 dip has a different cause: UCAN growth slowed to 11.5 percent in the first nine months while Latin America, helped by stronger currencies, grew 18.9 percent and lifted its share back to 12.4 percent.
Quarterly revenue by region in 2025 and 2026
Since Netflix stopped reporting membership counts, revenue is the only regional metric it publishes every quarter, alongside two growth rates: year over year growth in dollars and growth excluding foreign exchange (F/X). The seven quarters from January 2025 to September 2026 are below.
A seasonal dip in UCAN only: UCAN revenue fell from $5,339 million in Q4 2025 to $5,245 million in Q1 2026, while the other three regions kept rising.
| Quarter | UCAN | EMEA | LATAM | APAC | Total |
|---|---|---|---|---|---|
| Q1 2025 | 4,617 | 3,405 | 1,262 | 1,259 | 10,543 |
| Q2 2025 | 4,929 | 3,538 | 1,307 | 1,305 | 11,079 |
| Q3 2025 | 5,072 | 3,699 | 1,371 | 1,369 | 11,510 |
| Q4 2025 | 5,339 | 3,873 | 1,418 | 1,421 | 12,051 |
| Q1 2026 | 5,245 | 3,998 | 1,497 | 1,509 | 12,250 |
| Q2 2026 | 5,432 | 4,034 | 1,584 | 1,510 | 12,560 |
| Q3 2026 | 5,628 | 4,107 | 1,603 | 1,537 | 12,874 |
Download this table (CSV) · Free to reuse under CC BY 4.0 with credit to Business Stats
Totals are the company totals from the letters; the regional figures can add up to one million dollars more or less because of rounding.
| Quarter | UCAN | EMEA rep. | EMEA F/X n. | LATAM rep. | LATAM F/X n. | APAC rep. | APAC F/X n. |
|---|---|---|---|---|---|---|---|
| Q1 2025 | 9 | 15 | 16 | 8 | 27 | 23 | 26 |
| Q2 2025 | 15 | 18 | 16 | 9 | 23 | 24 | 23 |
| Q3 2025 | 17 | 18 | 15 | 10 | 20 | 21 | 20 |
| Q4 2025 | 18 | 18 | 15 | 15 | 20 | 17 | 19 |
| Q1 2026 | 14 | 17 | 12 | 19 | 18 | 20 | 19 |
| Q2 2026 | 10 | 14 | 11 | 21 | 16 | 16 | 18 |
| Q3 2026 | 11 | 11 | 9 | 17 | 12 | 12 | 15 |
Download this table (CSV) · Free to reuse under CC BY 4.0 with credit to Business Stats
UCAN reported and F/X neutral growth were identical in every quarter shown, so only one column is given.
Three trends stand out. First, UCAN slowed sharply in 2026, from 18 percent in Q4 2025 to 10 percent in Q2 2026. Netflix said the Q2 figure reflected only a partial quarter of its most recent price change in the United States, and growth edged back up to 11 percent in Q3. Second, EMEA decelerated every quarter on a currency neutral basis, from 16 percent in Q1 2025 to 9 percent in Q3 2026, the slowest of the four regions in the latest quarter. Third, Latin America swung from currency headwind to tailwind: its reported growth was 19 points below the F/X neutral rate in Q1 2025 but 5 points above it in Q3 2026.
The quarters also produced several round number milestones. In Q2 2026 EMEA passed $4.0 billion of quarterly revenue for the first time and Latin America passed $1.5 billion, a mark Asia-Pacific had already crossed in Q1 2026. A quarter earlier, in Q4 2025, Asia-Pacific revenue ($1,421 million) exceeded Latin America ($1,418 million) for the first time since regional reporting began, and it stayed ahead in Q1 2026 before Latin America regained the lead.
Q3 2026: double digit growth everywhere, but currencies change the ranking
Netflix reported Q3 2026 results on 20 October 2026. Revenue was $12.87 billion, up 12 percent from a year earlier, or 11 percent excluding currency effects, with an operating margin of 34.6 percent. The regional table shows growth of at least 11 percent in all four regions, but which region looks strongest depends on whether currency movements are included.
Two different leaders: Latin America led on reported growth (17 percent), Asia-Pacific on currency neutral growth (15 percent).
In dollar terms Netflix added $1,364 million of revenue compared with Q3 2025. UCAN contributed $556 million of it, EMEA $408 million, Latin America $232 million and Asia-Pacific $168 million. Stronger European and Latin American currencies flattered the reported numbers in those regions, while weaker currencies in Asia-Pacific held reported growth 3 points below the underlying rate. The letter singled out India, where revenue grew about 18 percent on a currency neutral basis and viewing hours rose 24 percent year over year. Country level revenue figures beyond such comments are not published; the closest proxies are our estimates of Netflix subscribers by country.
How exchange rates distort Netflix regional growth
Netflix charges members in local currency in most countries and reports in US dollars, so a stronger dollar lowers reported revenue outside the United States even when members pay exactly the same local price. To separate the two effects, every letter shows F/X neutral growth, which removes the year over year change in exchange rates and the hedging gains or losses that Netflix books as revenue. In UCAN the two rates are effectively identical, but in the other regions the gap can be large.
- Latin America, Q1 2025: revenue grew 8 percent in dollars but 27 percent excluding currency effects, a gap of 19 points, the widest in the 2025 to 2026 tables.
- Latin America, Q4 2024: average revenue per membership fell 7 percent in dollars but rose 18 percent F/X neutral. In 2024 Netflix pointed to large peso price increases in Argentina, driven by local inflation and the devaluation of the Argentine peso.
- EMEA, 2022: quarterly revenue fell 8.3 percent from Q1 to Q4 as the dollar strengthened, leaving full year EMEA revenue up only 0.5 percent.
- Q2 2026: Netflix put revenue at $12.43 billion at constant currency against $12.56 billion reported, so exchange rates added about $127 million in the quarter.
- Q3 2026: currencies added 2 points to EMEA growth and 5 points to Latin America, and took 3 points from Asia-Pacific.
This matters for any ranking of the regions. On reported figures Latin America looks like the weakest region of 2025, with growth of 10.7 percent for the year. On a currency neutral basis it grew between 20 and 27 percent in every quarter of 2025, faster than any other region. The opposite applied in 2026, when part of the strong Latin American dollar growth came from exchange rates rather than from members or prices.
The four regions one by one
United States and Canada (UCAN)
UCAN revenue rose from $10.05 billion in 2019 to $19.96 billion in 2025, and reached $5.63 billion in Q3 2026, its highest quarter so far. Since 2023 growth in this mature market has combined the paid sharing rollout with regular price increases: Netflix raised prices across most plans in the United States and Canada in January 2025 and made another change in the United States in the first half of 2026. The advertising plan, priced at $8.99 a month in the United States in the Q1 2026 letter, offers a cheaper entry point. Revenue in the first nine months of 2026 was $16.31 billion, up 11.5 percent, the slowest growth of the four regions. More detail on the North American member base is in our Netflix monthly revenue per customer analysis.
Europe, Middle East and Africa (EMEA)
EMEA is the second largest region and has gained 4.3 points of revenue share since 2019, from 27.9 to 32.2 percent, second only to Asia-Pacific. Revenue grew 2.6 times to $14.52 billion in 2025, a compound rate of 17.4 percent a year, and quarterly revenue passed $4.0 billion in Q2 2026. EMEA also had the largest membership base when Netflix last reported it, 101.13 million paid memberships at the end of 2024, but average revenue per membership of $11.11 a month compared with $17.26 in UCAN. Recent price changes included Portugal in January 2025 and Spain in the first half of 2026. The region has slowed in 2026, to 9 percent currency neutral growth in Q3, and the use of ad-supported plans in Europe is one of the levers Netflix is now relying on.
Latin America (LATAM)
Latin America is the region where reported numbers understate the business the most. Revenue rose from $2.80 billion in 2019 to $5.36 billion in 2025, a compound rate of 11.5 percent, the slowest of the four in dollars, largely because of currency devaluations, especially in Argentina. Currency neutral growth was 20 percent or more in every quarter of 2025. Netflix highlighted bundles with Mercado Libre in Mexico and Brazil in its Q1 2026 letter and a price change in Mexico in the first half of 2026. In the first nine months of 2026 Latin American revenue reached $4.68 billion, up 18.9 percent, the fastest dollar growth of any region.
Asia-Pacific (APAC)
Asia-Pacific has been the growth engine of the period. Revenue rose from $1.47 billion in 2019 to $5.35 billion in 2025, and grew 21.3 percent in 2025 alone, faster than any other region. It is also the region with the lowest price point: average revenue per membership was $7.34 a month at the end of 2024, when the region had 57.54 million paid memberships. Japan was the largest contributor to member growth in Q1 2026, helped by the World Baseball Classic, which Netflix streamed exclusively in Japan to 31.4 million viewers, and India grew revenue about 18 percent F/X neutral in Q3 2026. The Q2 2026 letter again highlighted Korean dramas in the slate; see our list of the most viewed non-English Netflix shows.
Asia-Pacific grew fastest, but UCAN added the most dollars
Growth rates and dollar contributions point to different winners. Measured as a compound annual rate from 2019 to 2025, Asia-Pacific grew 24.0 percent a year, EMEA 17.4 percent, UCAN 12.1 percent and Latin America 11.5 percent, against 14.7 percent for Netflix as a whole.
From $1.47 billion to $5.35 billion: Asia-Pacific is the only region whose revenue more than tripled in six years.
In dollars the picture reverses. Of the $25.3 billion of extra annual revenue Netflix generated between 2019 and 2025, UCAN supplied $9.91 billion (39.1 percent), EMEA $8.97 billion (35.4 percent), Asia-Pacific $3.88 billion (15.3 percent) and Latin America $2.56 billion (10.1 percent). In 2025 alone UCAN added $2.60 billion of the $6.18 billion increase, 42.0 percent. The balance shifted in 2026: of the $4.55 billion added in the first nine months compared with the same period of 2025, UCAN contributed 37.1 percent, EMEA 32.9 percent, Latin America 16.3 percent and Asia-Pacific 13.7 percent. The money funds a global slate; our analysis of Netflix content spending shows how much of it goes back into programming.
Why there are no regional subscriber numbers after 2024
Until the end of 2024 every letter showed paid memberships and average revenue per membership (ARM) for each region. In April 2024 Netflix announced that it would stop reporting quarterly membership numbers and ARM from its Q1 2025 results. Its reasoning was that the company now generates substantial profit and free cash flow, that new revenue streams such as advertising and the extra member feature mean memberships are only one component of growth, and that revenue and operating margin are the measures it wants investors to follow. Since then it has given only milestones: more than 325 million paid memberships at the end of 2025, and an audience approaching one billion people in the Q2 2026 letter. Regional member counts are therefore frozen at Q4 2024, and any regional subscriber figure for 2025 or 2026 is an estimate, not a Netflix disclosure.
Price, not reach: UCAN had fewer than three in ten Netflix memberships at the end of 2024 but produced 44 percent of revenue.
| Region | Paid memberships (million) | Share of memberships | ARM (US$ per month) | Revenue Q4 2024 (US$ million) |
|---|---|---|---|---|
| UCAN | 89.63 | 29.7% | 17.26 | 4,517 |
| EMEA | 101.13 | 33.5% | 11.11 | 3,288 |
| LATAM | 53.33 | 17.7% | 8.00 | 1,230 |
| APAC | 57.54 | 19.1% | 7.34 | 1,212 |
| Total | 301.63 | 100% | - | 10,247 |
Download this table (CSV) · Free to reuse under CC BY 4.0 with credit to Business Stats
The Q4 2024 data explain why the revenue map looks so different from the member map. A UCAN membership was worth $17.26 a month, more than twice an Asia-Pacific membership at $7.34. For the full membership history up to that point, see Netflix subscription numbers by region and the quarterly Netflix ARPU by region; the global trend is covered in Netflix subscribers worldwide.
What the 2026 guidance says, and what it does not
In its Q3 2026 letter Netflix forecast full year 2026 revenue of $51.1 billion, growth of 13 percent, or 12 percent excluding currency effects, and fourth quarter revenue of $13.4 billion. After $37.68 billion in the first nine months, that leaves about $13.4 billion for Q4, in line with the quarterly forecast. Netflix does not issue guidance by region, and this page does not estimate a regional split for the rest of the year; earlier versions of this article showed projected regional totals for 2026 that were not Netflix figures and have been removed.
Two factors will shape the regional numbers over the next quarters. The first is advertising: Netflix expects ad revenue of roughly $3 billion in 2026, about double the 2025 level, but it does not report advertising by region. The plan is available in a limited group of markets, which our pages on ad-supported Netflix usage by region and monthly ad-supported users cover. The second is pricing: Netflix said the US price change counted for only part of Q2 2026, so the second half of the year is the first period to include it in full, together with the changes made in Mexico and Spain in the first half.
How the regional figures on this page were compiled
- All revenue figures come from the regional breakdown tables in the Netflix quarterly letters to shareholders, filed with the SEC as Exhibit 99.1 to Form 8-K. Quarterly figures are in millions of US dollars as printed.
- Annual totals for 2020 to 2025 are the sum of the four published quarters. They can differ from the annual report by one or two million dollars because each quarter is rounded. 2019 uses the annual regional totals printed in the Q4 2019 letter.
- Figures cover streaming revenue only. DVD revenue, reported until 2023, is excluded, so totals for 2019 to 2023 are slightly below total company revenue.
- Before 2025 the growth rows in the regional tables referred to average revenue per membership, not revenue. Revenue growth for 2019 to 2024 on this page is therefore calculated by BusinessStats. From Q1 2025 the growth rows refer to revenue and are quoted as Netflix figures.
- F/X neutral growth is the Netflix measure that excludes year over year exchange rate effects and hedging gains or losses realised as revenue.
- Regional membership and ARM figures end in Q4 2024 because Netflix stopped reporting them. No estimates are presented for later periods.
- The previous edition of this page listed incorrect regional totals for 2020 to 2023, mixed total revenue with streaming revenue, and included a BusinessStats projection of 2026 regional revenue. Those figures have been replaced with values taken directly from the Netflix letters.
Netflix regional revenue in eight numbers
Questions about Netflix revenue by region
The United States and Canada (UCAN). It generated $19.96 billion in 2025, 44.2 percent of Netflix streaming revenue, and $5.63 billion in Q3 2026, 43.7 percent of that quarter.
Netflix reports Europe together with the Middle East and Africa as EMEA. The region produced $14.52 billion in 2025, 32.1 percent of the total, and $4.11 billion in Q3 2026, up 11 percent reported and 9 percent excluding currency effects.
UCAN (United States and Canada), EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APAC (Asia-Pacific). Netflix operates as one business segment and publishes the regional figures as additional information in its quarterly shareholder letters.
It depends on the period and on currency. From 2019 to 2025 Asia-Pacific grew fastest at 24.0 percent a year. In the first nine months of 2026 Latin America grew fastest in dollars (18.9 percent), while in Q3 2026 Asia-Pacific had the highest currency neutral growth at 15 percent.
No. Netflix stopped reporting paid memberships and average revenue per membership with its Q1 2025 results. The last regional figures are for Q4 2024: 89.63 million in UCAN, 101.13 million in EMEA, 53.33 million in LATAM and 57.54 million in APAC, 301.63 million in total.
Only for two quarters. Asia-Pacific revenue exceeded Latin America in Q4 2025 ($1,421 million vs $1,418 million) and Q1 2026, but Latin America moved back ahead in Q2 and Q3 2026. For the full year 2025 Latin America was ahead by $4 million.
Strongly outside UCAN. In Q1 2025 Latin American revenue grew 8 percent in dollars but 27 percent excluding currency effects. In Q3 2026 currencies added 5 points to Latin American growth and 2 points to EMEA, and took 3 points from Asia-Pacific.
In its Q3 2026 letter Netflix forecast $51.1 billion for 2026, growth of 13 percent, including $13.4 billion in the fourth quarter. The company does not give a forecast by region.
Netflix: Q3 2026 letter to shareholders, 20 October 2026 (regional revenue Q3 2025 to Q3 2026, reported and F/X neutral growth, 2026 guidance, India).
Netflix: Q2 2026 letter to shareholders, 16 July 2026 (regional milestones, price changes, constant currency revenue).
Netflix: Q1 2026 letter to shareholders, 16 April 2026 (regional revenue Q1 2025 to Q1 2026, Japan, Mercado Libre bundles, advertising).
Netflix: Form 10-K for fiscal year 2025 (streaming revenue 2023 to 2025, one operating segment, end of membership reporting).
Netflix: Q4 2024 letter to shareholders, 21 January 2025 (regional revenue, paid memberships and ARM, Q4 2023 to Q4 2024).
Netflix: Q2 2024 letter to shareholders, 18 July 2024 (Argentina pricing and peso devaluation).
Netflix: Q1 2024 letter to shareholders, 18 April 2024 (decision to stop reporting memberships and ARM from Q1 2025).
Netflix: Q3 2023 letter to shareholders, 18 October 2023 (regional revenue Q3 2022 to Q3 2023).
Netflix: Q2 2023 letter to shareholders, 19 July 2023 (paid sharing launch).
Netflix: Q4 2022 letter to shareholders, 19 January 2023 (regional revenue Q4 2021 to Q4 2022).
Netflix: Q3 2021 letter to shareholders, 19 October 2021 (regional revenue Q3 2020 to Q3 2021).
Netflix: Q4 2020 letter to shareholders, 19 January 2021 (regional revenue Q4 2019 to Q4 2020).
Netflix: Q4 2019 letter to shareholders, 21 January 2020 (2019 regional revenue).
Netflix Investor Relations: Quarterly earnings archive, including the Q4 2025 letter of 20 January 2026 (325 million paid memberships).