Netflix global revenue by region — 2025 and 2026
Netflix operates four geographic reporting segments: UCAN (United States and Canada), EMEA (Europe, Middle East and Africa), LATAM (Latin America), and APAC (Asia Pacific). In 2025, these four regions together generated approximately $45.18 billion in revenue, a 15.8% increase from $39.00 billion in 2024.
The regional breakdown reveals a striking asymmetry: UCAN contributes nearly 44% of total revenue despite representing only approximately 28% of global subscribers. This revenue concentration reflects North America's dramatically higher subscription prices and ad-tier monetisation. The broader Netflix financial context is in our Netflix revenue statistics analysis.
The regional story is also one of convergence. APAC revenue grew 21.3% in 2025, matching LATAM for the first time in Netflix's history, both regions at approximately $5.35-5.36 billion. EMEA grew fastest among the larger regions at 17.2%, gaining market share as Netflix raised European subscription prices and expanded its ad-supported tier.
In Q1 2026, all four regions posted double-digit year-on-year growth, UCAN +14%, EMEA +17%, LATAM +19%, APAC +20%, confirming that Netflix's global growth engine remains broadly intact. The streaming content investment behind this growth is in our Netflix content spending analysis.
Netflix Annual Revenue by Region — Full Data 2020-2025 (bnUSD)
The table below shows Netflix's annual revenue by region from 2020 to 2025, plus 2026 estimates. All 2024 and 2025 figures are confirmed from Netflix SEC filings via Bullfincher company data. Click any column to sort. The global investment banking context for Netflix's revenue scale is in our investment banking revenue analysis.
| Year | UCAN ($B) | EMEA ($B) | LATAM ($B) | APAC ($B) | Total ($B) | UCAN % |
|---|---|---|---|---|---|---|
| 2020 | 10.80 | 5.57 | 3.16 | 2.38 | 24.99 | 43.2% |
| 2021 | 12.97 | 7.73 | 3.72 | 3.28 | 29.70 | 43.7% |
| 2022 | 14.93 | 9.54 | 3.95 | 3.58 | 31.62 | 47.2% |
| 2023 | 15.79 | 10.21 | 4.33 | 3.81 | 33.72 | 46.8% |
| 2024 | 17.36 | 12.39 | 4.84 | 4.41 | 39.00 | 44.5% |
| 2025 | 19.96 | 14.51 | 5.36 | 5.35 | 45.18 | 44.2% |
| 2026E | ~21.5 | ~16.0 | ~6.0 | ~6.3 | ~49.8-51.8 | ~43% |
Q1 2026 Netflix Revenue by Region — $12.25B Total, All Regions Growing Double Digits
Netflix's Q1 2026 results, confirmed in the SEC 8-K filing (April 2026), show all four geographic regions posting strong double-digit revenue growth. Total Q1 2026 revenue was $12.249 billion, up 16% from $10.54 billion in Q1 2025. UCAN led at $5.245 billion (+14%), followed by EMEA at $3.998 billion (+17%).
LATAM grew 19% to $1.497 billion and APAC was the strongest at 20% growth to $1.509 billion. APAC's constant-currency growth of 19% confirms real business momentum. Netflix maintained its 2026 full year guidance of $50.7-51.7 billion unchanged after Q1. The quarterly subscriber context is in our Netflix U.S. and Canada subscribers analysis.
UCAN — United States and Canada: $19.96B in 2025, 44% of Total Revenue
The United States and Canada (UCAN) is Netflix's financial engine. In 2025, UCAN generated $19.96 billion, approximately 44% of Netflix's total $45.18 billion revenue, despite the region accounting for only approximately 28% of global subscribers. The UCAN revenue advantage stems from North America's significantly higher subscription prices and the rapid growth of Netflix's advertising business.
UCAN's average monthly revenue per membership was $17.26 in Q4 2024, more than twice EMEA's $11.11 and more than four times APAC's $7.34.
UCAN revenue growth has accelerated despite the market approaching subscriber saturation. The password-sharing crackdown of 2023-2024 converted millions of non-paying users into subscribers (see our Netflix U.S. and Canada subscriber analysis), and the ad-supported tier provides a new revenue stream from previously price-sensitive users. By Q4 2025, over 55% of new U.S. sign-ups chose the ad-supported tier.
UCAN grew 14.96% in 2025 and 14% in Q1 2026, with ad revenue growth adding a new dimension beyond subscription pricing. The global financial markets context for Netflix's revenue concentration is in our U.S. financial markets analysis.
EMEA — Europe, Middle East and Africa: $14.51B in 2025, Fastest-Growing Major Region
Europe, Middle East and Africa (EMEA) is Netflix's second-largest revenue region and its largest subscriber base. EMEA revenue grew 17.18% in 2025, from $12.39 billion to $14.51 billion, the fastest growth rate among the two large regions. In Q1 2026, EMEA grew another 17% to $3.998 billion.
Despite having approximately 101 million subscribers, more than UCAN's 89.63 million, EMEA generates considerably less revenue ($14.51B vs $19.96B) due to its lower average monthly ARPU of $11.11. Netflix has been steadily raising European prices, and the ad-supported tier is gaining traction across UK, Germany, France, and Spain.
The global investment banking context for EMEA's financial scale is in our investment banking revenue analysis.
LATAM — Latin America: $5.36B in 2025, Strong FX-Neutral Growth
Latin America (LATAM) generated $5.36 billion in 2025, up 10.7% from $4.84 billion in 2024 in reported currency. However, LATAM's FX-neutral growth was significantly stronger at approximately 27% in Q1 2025 and 20% in Q4 2025, reflecting real business momentum partially offset by currency headwinds in Brazil and Mexico.
With 53.33 million subscribers and an average monthly revenue of approximately $8.00, LATAM is Netflix's third-largest revenue region by a widening margin. Brazil (approximately 15.3 million subscribers) is the dominant LATAM market. The password-sharing crackdown also delivered significant LATAM subscriber and revenue growth in 2023-2024. The global GDP and emerging market context is in our world GDP analysis.
APAC — Asia Pacific: $5.35B in 2025 — Matches LATAM for First Time, Growing 20%+
Asia Pacific (APAC) crossed a historic milestone in 2025: its revenue of $5.35 billion matched Latin America for the first time in Netflix's history. APAC grew 21.3% in 2025 and an accelerating 20% in Q1 2026, the fastest quarterly growth rate of any Netflix region. Japan and India are the primary APAC growth drivers.
Japan delivered Netflix's single largest sign-up day ever during the 2026 World Baseball Classic, which attracted 31.4 million viewers and generated record quarterly net subscriber adds for a single country. India, where Netflix operates at lower price points to drive mass adoption, is seeing rapid monetization improvement as the subscriber base matures.
APAC's monthly ARPU of $7.34 is the lowest of any region but has been rising steadily as pricing and tier adoption improve.
Netflix ARPU by Region — UCAN at $17.26 Generates 2.35x EMEA and 2.35x APAC
The stark regional revenue disparity explained above is rooted in average revenue per membership (ARPM). Netflix's Q4 2024 ARPM by region: UCAN $17.26, EMEA $11.11, LATAM $8.00, APAC $7.34. The UCAN-APAC gap of 2.35x means a North American subscriber generates more revenue for Netflix in one month than two APAC subscribers combined.
This structural difference is why Netflix's regional strategy differs: in UCAN, Netflix focuses on converting password sharers and growing advertising revenue; in APAC, Netflix focuses on subscriber growth and price optimisation to raise ARPM over time. India operates with mobile-only plans at as low as $2-3 per month in some markets, deliberately prioritising subscriber scale over near-term ARPU.
Netflix Revenue by Region — 2026 Outlook and Full Year Guidance
Netflix's official full year 2026 guidance is $50.7-51.7 billion (+12-14% from 2025). Based on Q1 2026 actuals and stated regional growth rates, the 2026 regional breakdown is estimated at: UCAN approximately $21.5 billion (+7.7%), EMEA approximately $16.0 billion (+10.3%), LATAM approximately $6.0 billion (+12.0%), APAC approximately $6.3 billion (+17.8%).
The combined LATAM+APAC total would reach approximately $12.3 billion, closing in on EMEA's $16 billion from below. Netflix has also guided that advertising revenue will roughly double to more than $3 billion in 2026, primarily from the UCAN and EMEA ad-supported tiers where advertisers pay the highest CPMs.
The media company investment context is in our world's most valuable companies analysis.
Frequently Asked Questions — Netflix Revenue by Region 2026
Netflix 2025 annual revenue by region: UCAN: $19.96B (+15%), EMEA: $14.51B (+17%), LATAM: $5.36B (+11%), APAC: $5.35B (+21%). Total: ~$45.18B. Source: Bullfincher Netflix Revenue by Geography (Netflix company filings), February 2026.
Netflix Q1 2026 (SEC confirmed): UCAN $5.245B (+14%), EMEA $3.998B (+17%), LATAM $1.497B (+19%), APAC $1.509B (+20%). Total: $12.249B (+16%). Source: Netflix SEC 8-K Q1 2026, April 2026.
UCAN (United States and Canada), $19.96B in 2025, approximately 44% of total revenue. Despite only 28% of global subscribers, UCAN leads due to $17.26 monthly ARPU (vs EMEA $11.11, LATAM $8.00, APAC $7.34). Source: Bullfincher, Netflix Q4 2024 earnings.
Netflix official 2026 guidance: $50.7-51.7 billion (+12-14% from 2025). Operating margin target: 31.5%. Advertising revenue target: more than $3B (double 2025). Regional estimates: UCAN ~$21.5B, EMEA ~$16.0B, LATAM ~$6.0B, APAC ~$6.3B. Source: Netflix Q1 2026 earnings call, SEC 8-K April 2026.
Netflix monthly ARPM (Q4 2024): UCAN $17.26, EMEA $11.11, LATAM $8.00, APAC $7.34. Global average: $16.64. UCAN ARPU is 2.35x EMEA and 2.35x APAC. Source: Netflix Q4 2024 earnings report (January 21, 2025).
APAC is the fastest-growing Netflix region, 21.3% in 2025 and 20% in Q1 2026. LATAM was second fastest at 19% in Q1 2026. Japan (World Baseball Classic drove record sign-ups) and India are primary drivers. FX-neutral APAC growth was 19% in Q1 2026. Source: Netflix SEC 8-K Q1 2026, TIKR.com April 2026.
Netflix EMEA revenue: $14.51 billion in 2025 (+17.2% from $12.39B in 2024). Q1 2026: $3.998B (+17%). EMEA is Netflix's largest subscriber region (101M+ subscribers) but second by revenue due to $11.11 monthly ARPU. Source: Bullfincher company data, Netflix Q1 2026 SEC 8-K.
Approximately 55.8% of Netflix revenue came from outside the U.S. and Canada in 2025. EMEA+LATAM+APAC combined: approximately $25.22B of $45.18B total. International revenue share is growing, in 2020, UCAN was ~43% of revenue; by 2025 it's ~44%, though international has grown faster in absolute terms. Source: Bullfincher company data 2025.
UCAN's revenue dominance ($19.96B = 44% of total from 28% of subscribers) reflects: highest subscription prices globally ($15.49-$22.99/month), premium ad-tier CPMs (U.S. advertisers pay more per impression), and high adoption of premium plan tiers. Monthly ARPU: UCAN $17.26 vs APAC $7.34, 2.35x gap. Source: Netflix Q4 2024 earnings, Bullfincher 2025.
Regional growth 2020 to 2025: UCAN: $10.8B to $19.96B (+85%), EMEA: $5.57B to $14.51B (+160%, fastest major region), LATAM: $3.16B to $5.36B (+70%), APAC: $2.38B to $5.35B (+125%). Total: $24.99B to $45.18B (+81%). EMEA's proportional growth is most impressive, driven by subscriber expansion and price increases. Source: Netflix SEC filings, Bullfincher 2025.