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Side-by-side financial comparison of Netflix (NFLX) and Sea Ltd (SE). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $12.2B, roughly 1.9× Netflix). Netflix runs the higher net margin — 43.1% vs 7.0%, a 36.1% gap on every dollar of revenue. On growth, Sea Ltd posted the faster year-over-year revenue change (363.4% vs 16.2%). Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% CAGR vs 13.2%).
Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres. It is available internationally in multiple languages.
Sea Limited is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
NFLX vs SE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.2B | $22.9B |
| Net Profit | $5.3B | $1.6B |
| Gross Margin | 51.9% | 44.7% |
| Operating Margin | 32.3% | 8.7% |
| Net Margin | 43.1% | 7.0% |
| Revenue YoY | 16.2% | 363.4% |
| Net Profit YoY | 82.8% | — |
| EPS (diluted) | $1.23 | $2.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $12.2B | — | ||
| Q4 25 | $12.1B | $22.9B | ||
| Q3 25 | $11.5B | $6.0B | ||
| Q2 25 | $11.1B | $5.3B | ||
| Q1 25 | $10.5B | $4.8B | ||
| Q4 24 | $10.2B | $5.0B | ||
| Q3 24 | $9.8B | $4.3B | ||
| Q2 24 | $9.6B | $3.8B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.5B | $375.0M | ||
| Q2 25 | $3.1B | $414.2M | ||
| Q1 25 | $2.9B | $-7.8M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.1B | — |
| Q1 26 | 51.9% | — | ||
| Q4 25 | 45.9% | 44.7% | ||
| Q3 25 | 46.4% | 43.4% | ||
| Q2 25 | 51.9% | 45.8% | ||
| Q1 25 | 50.1% | 46.2% | ||
| Q4 24 | 43.7% | — | ||
| Q3 24 | 47.9% | — | ||
| Q2 24 | 45.9% | — |
| Q1 26 | 32.3% | — | ||
| Q4 25 | 24.5% | 8.7% | ||
| Q3 25 | 28.2% | 8.0% | ||
| Q2 25 | 34.1% | 9.3% | ||
| Q1 25 | 31.7% | 9.4% | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 27.2% | — |
| Q1 26 | 43.1% | — | ||
| Q4 25 | 20.1% | 7.0% | ||
| Q3 25 | 22.1% | 6.3% | ||
| Q2 25 | 28.2% | 7.9% | ||
| Q1 25 | 27.4% | -0.2% | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 24.1% | — | ||
| Q2 24 | 22.5% | — |
| Q1 26 | $1.23 | — | ||
| Q4 25 | $-17.14 | $2.52 | ||
| Q3 25 | $5.87 | $0.59 | ||
| Q2 25 | $7.19 | $0.65 | ||
| Q1 25 | $0.66 | $0.65 | ||
| Q4 24 | $4.27 | — | ||
| Q3 24 | $5.40 | — | ||
| Q2 24 | $4.88 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.3B | $10.6B |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $31.1B | $12.6B |
| Total Assets | $61.0B | $29.4B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.3B | — | ||
| Q4 25 | $9.1B | $10.6B | ||
| Q3 25 | $9.3B | — | ||
| Q2 25 | $8.4B | — | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $9.6B | $8.6B | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $6.7B | — |
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.5B | — | ||
| Q3 25 | $14.5B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $14.0B | — | ||
| Q4 24 | $13.8B | — | ||
| Q3 24 | $14.2B | — | ||
| Q2 24 | $12.2B | — |
| Q1 26 | $31.1B | — | ||
| Q4 25 | $26.6B | $12.6B | ||
| Q3 25 | $26.0B | — | ||
| Q2 25 | $25.0B | — | ||
| Q1 25 | $24.0B | — | ||
| Q4 24 | $24.7B | $8.4B | ||
| Q3 24 | $22.7B | — | ||
| Q2 24 | $22.1B | — |
| Q1 26 | $61.0B | — | ||
| Q4 25 | $55.6B | $29.4B | ||
| Q3 25 | $54.9B | — | ||
| Q2 25 | $53.1B | — | ||
| Q1 25 | $52.1B | — | ||
| Q4 24 | $53.6B | $22.6B | ||
| Q3 24 | $52.3B | — | ||
| Q2 24 | $49.1B | — |
| Q1 26 | 0.43× | — | ||
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.55× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.3B | $5.0B |
| Free Cash FlowOCF − Capex | $5.1B | — |
| FCF MarginFCF / Revenue | 41.6% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 1.00× | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | $11.9B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.3B | — | ||
| Q4 25 | $2.1B | $5.0B | ||
| Q3 25 | $2.8B | $3.5B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $2.8B | $756.9M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $5.1B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.2B | — |
| Q1 26 | 41.6% | — | ||
| Q4 25 | 15.5% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | 13.5% | — | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | 12.7% | — |
| Q1 26 | 1.6% | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 0.8% | — |
| Q1 26 | 1.00× | — | ||
| Q4 25 | 0.87× | 3.12× | ||
| Q3 25 | 1.11× | 9.46× | ||
| Q2 25 | 0.78× | 5.73× | ||
| Q1 25 | 0.97× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.98× | — | ||
| Q2 24 | 0.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
