NETFLIX INC
For the period ended Dec 31, 2025. Filed Jan 23, 2026.
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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$63.26-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(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.