NETFLIX INC
For the period ended Dec 31, 2025. Filed Jan 23, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jan 23, 2026
NFLX$62.15-0.9%Stored close · as of Nov 13, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Checking your notes…
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $10,981,201 | $8,711,631 | $5,407,990 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Additions to content assets | (17,096,617) | (16,223,617) | (12,554,703) |
| Change in content liabilities | (610,838) | (779,135) | (585,602) |
| Amortization of content assets | 16,422,166 | 15,301,517 | 14,197,437 |
| Depreciation and amortization of property, equipment and intangibles | 333,389 | 328,914 | 356,947 |
| Stock-based compensation expense | 368,449 | 272,588 | 339,368 |
| Foreign currency remeasurement loss (gain) on debt | 72,348 | (121,539) | 176,296 |
| Other non-cash items | 577,451 | 494,778 | 512,075 |
| Deferred income taxes | (442,056) | (590,698) | (459,359) |
| Changes in operating assets and liabilities: | |||
| Other current assets | (790,661) | 22,180 | (181,003) |
| Accounts payable | (8,039) | 121,353 | 93,502 |
| Accrued expenses and other liabilities | 881,218 | 191,899 | 103,565 |
| Deferred revenue | 254,917 | 77,844 | 178,708 |
| Other non-current assets and liabilities | (793,655) | (446,351) | (310,920) |
| Net cash provided by operating activities | 10,149,273 | 7,361,364 | 7,274,301 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (688,220) | (439,538) | (348,552) |
| Acquisitions | (17,194) | — | — |
| Purchases of investments | (169,965) | (1,742,246) | (504,862) |
| Proceeds from maturities and sales of investments | 1,917,067 | — | 1,395,165 |
| Net cash provided by (used in) investing activities | 1,041,688 | (2,181,784) | 541,751 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt | — | 1,794,460 | — |
| Repayments of debt | (1,833,450) | (400,000) | — |
| Proceeds from issuance of common stock | 666,965 | 832,887 | 169,990 |
| Repurchases of common stock | (9,127,167) | (6,263,746) | (6,045,347) |
| Taxes paid related to net share settlement of equity awards | (46,165) | (8,285) | — |
| Other financing activities | (5,806) | (29,743) | (75,446) |
| Net cash used in financing activities | (10,345,623) | (4,074,427) | (5,950,803) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 386,519 | (416,331) | 82,684 |
| Net increase in cash, cash equivalents and restricted cash | 1,231,857 | 688,822 | 1,947,933 |
| Cash, cash equivalents and restricted cash, beginning of year | 7,807,337 | 7,118,515 | 5,170,582 |
| Cash, cash equivalents and restricted cash, end of year | $9,039,194 | $7,807,337 | $7,118,515 |
| Supplemental disclosure: | |||
| Interest paid | 718,611 | 674,502 | 684,504 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.