Netflix CapEx increased by 45.3% to $239.34M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 50.8%, from $158.67M to $239.34M. Over 4 years (FY 2021 to FY 2025), CapEx shows an upward trend with a 7.0% CAGR.
An increase signals aggressive investment in future capacity and growth, particularly in infrastructure-heavy businesses like cloud computing.
Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technolog...
Hyperscale cloud competitors like Amazon (AWS) and Alphabet (Google Cloud) show high CapEx relative to revenue to maintain competitive infrastructure.
cf_capital_expenditures| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $110.28M | $167.33M | $165.98M | $121.16M | $90.02M | $84.96M | $111.59M | $62.02M | $100.97M | $103.93M | $81.63M | $75.71M | $78.29M | $126.86M | $158.67M | $128.28M | $155.89M | $164.72M | $239.34M |
| QoQ Change | — | +51.7% | -0.8% | -27.0% | -25.7% | -5.6% | +31.3% | -44.4% | +62.8% | +2.9% | -21.5% | -7.2% | +3.4% | +62.0% | +25.1% | -19.2% | +21.5% | +5.7% | +45.3% |
| YoY Change | — | — | — | — | -18.4% | -49.2% | -32.8% | -48.8% | +12.2% | +22.3% | -26.8% | +22.1% | -22.5% | +22.1% | +94.4% | +69.4% | +99.1% | +29.8% | +50.8% |
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