> I can't help but feel that being in the black (or the degree to which they are) is a short term effect of the password sharing crackdown and the price increases.

The numbers disagree. Net income and profit margin was doing great even before password sharing crackdown.

https://www.macrotrends.net/stocks/charts/NFLX/netflix/net-i...

https://www.macrotrends.net/stocks/charts/NFLX/netflix/profi...