NETFLIX INC, 10-Q filed on 10/22/2025
Quarterly Report
v3.25.3
Cover Page
 9 Months Ended
Sep. 30, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2025
Document Transition Report false
Entity File Number 001-35727
Entity Registrant Name Netflix, Inc.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 77-0467272
Entity Address, Address Line One 121 Albright Way,
Entity Address, City or Town Los Gatos,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95032
City Area Code 408
Local Phone Number 540-3700
Title of 12(b) Security Common stock, par value $0.001 per share
Trading Symbol NFLX
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 423,732,334
Entity Central Index Key 0001065280
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
v3.25.3
Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
Cost of revenues 6,164,250 5,119,884 16,752,708 15,271,100
Sales and marketing 786,295 642,926 2,187,930 1,941,350
Technology and development 853,584 735,063 2,501,090 2,148,790
General and administrative 457,931 417,353 1,320,606 1,248,365
Operating income 3,248,247 2,909,477 10,369,940 8,144,848
Other income (expense):        
Interest expense (175,294) (184,830) (542,115) (526,130)
Interest and other income (expense) 36,457 (21,693) 126,986 212,671
Income before income taxes 3,109,410 2,702,954 9,954,811 7,831,389
Provision for income taxes (562,494) (339,445) (1,392,131) (988,365)
Net income $ 2,546,916 $ 2,363,509 $ 8,562,680 $ 6,843,024
Earnings per share:        
Basic (in USD per share) $ 6.00 $ 5.52 $ 20.12 $ 15.91
Diluted (in USD per share) $ 5.87 $ 5.40 $ 19.67 $ 15.56
Weighted-average shares of common stock outstanding:        
Basic (in shares) 424,455 428,239 425,635 430,125
Diluted (in shares) 434,039 437,898 435,284 439,757
v3.25.3
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 2,546,916 $ 2,363,509 $ 8,562,680 $ 6,843,024
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of income tax benefit of $0.5 million, $10 million, $32 million, and $10 million, respectively (51,361) 63,432 102,895 (84,866)
Net change in unrealized gains (losses) on available-for-sale securities, net of income tax benefit (expense) of $0 million, $(1) million, $1 million, and $(1) million, respectively 0 4,290 (2,511) 4,290
Cash flow hedges:        
Net unrealized gains (losses) 141,622 (285,013) (1,175,122) 15,324
Reclassification of net (gains) losses included in net income 98,391 (37,365) 1,767 (54,573)
Net change, net of income tax benefit (expense) of $(72) million, $96 million, $350 million, and $12 million, respectively 240,013 (322,378) (1,173,355) (39,249)
Fair value hedges:        
Net change in unrealized gains (losses) excluded from the assessment of effectiveness, net of income tax benefit of $1 million, $0.3 million, $3 million, and $0.3 million, respectively (3,240) (852) (8,447) (852)
Total other comprehensive income (loss) 185,412 (255,508) (1,081,418) (120,677)
Comprehensive income $ 2,732,328 $ 2,108,001 $ 7,481,262 $ 6,722,347
v3.25.3
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustments, income tax benefit $ 0.5 $ 10.0 $ 32.0 $ 10.0
Change in unrealized gains (losses) on available-for-sale securities, income tax benefit 0.0 (1.0) 1.0 (1.0)
Net change, income tax benefit (expense) (72.0) 96.0 350.0 12.0
Net unrealized gains / losses excluded from the assessment of effectiveness, income tax benefit $ 1.0 $ 0.3 $ 3.0 $ 0.3
v3.25.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:        
Net income $ 2,546,916 $ 2,363,509 $ 8,562,680 $ 6,843,024
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (4,653,935) (4,016,396) (12,039,405) (11,794,215)
Change in content liabilities 24,262 (83,585) (601,043) (639,598)
Amortization of content assets 4,002,744 3,699,521 11,657,930 11,140,016
Depreciation and amortization of property, equipment and intangibles 87,326 80,914 247,406 249,375
Stock-based compensation expense 80,986 65,650 233,825 210,761
Foreign currency remeasurement loss (gain) on debt (1,707) 104,809 82,078 (68,684)
Other non-cash items 142,293 128,082 377,162 363,851
Deferred income taxes 20,539 (200,982) (279,144) (517,446)
Changes in operating assets and liabilities:        
Other current assets (169,597) 54,956 (477,647) 64,046
Accounts payable 139,451 30,597 (125,929) (134,026)
Accrued expenses and other liabilities 707,151 179,011 746,329 316,490
Deferred revenue (3,686) 39,328 203,862 70,079
Other non-current assets and liabilities (97,569) (124,313) (550,473) (279,203)
Net cash provided by operating activities 2,825,174 2,321,101 8,037,631 5,824,470
Cash flows from investing activities:        
Purchases of property and equipment (164,719) (126,863) (448,885) (280,864)
Purchases of investments (3,850) (1,742,246) (161,515) (1,742,246)
Proceeds from maturities and sales of investments 176,250 0 1,908,617 0
Other investing activities 36,190 0 0 0
Net cash provided by (used in) investing activities 43,871 (1,869,109) 1,298,217 (2,023,110)
Cash flows from financing activities:        
Proceeds from issuance of debt 0 1,794,460 0 1,794,460
Repayments of debt 0 0 (1,833,450) (400,000)
Proceeds from issuance of common stock 70,215 143,244 590,883 530,875
Repurchases of common stock (1,856,885) (1,700,000) (7,047,608) (5,299,998)
Taxes paid related to net share settlement of equity awards (6,196) (2,024) (40,180) (5,732)
Other financing activities 55,837 (9,084) 62,142 (15,334)
Net cash provided by (used in) financing activities (1,737,029) 226,596 (8,268,213) (3,395,729)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (21,721) 153,452 415,896 (65,061)
Net increase in cash, cash equivalents and restricted cash 1,110,295 832,040 1,483,531 340,570
Cash, cash equivalents and restricted cash at beginning of period 8,180,573 6,627,045 7,807,337 7,118,515
Cash, cash equivalents and restricted cash at end of period $ 9,290,868 $ 7,459,085 $ 9,290,868 $ 7,459,085
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 9,287,287 $ 7,804,733
Short-term investments 37,105 1,779,006
Other current assets 3,638,543 3,516,640
Total current assets 12,962,935 13,100,379
Content assets, net 32,639,879 32,452,462
Property and equipment, net 1,837,889 1,593,756
Other non-current assets 7,494,132 6,483,777
Total assets 54,934,835 53,630,374
Current liabilities:    
Current content liabilities 4,102,640 4,393,681
Accounts payable 793,233 899,909
Accrued expenses and other liabilities 3,111,311 2,156,544
Deferred revenue 1,724,675 1,520,813
Short-term debt 0 1,784,453
Total current liabilities 9,731,859 10,755,400
Non-current content liabilities 1,591,973 1,780,806
Long-term debt 14,463,020 13,798,351
Other non-current liabilities 3,193,948 2,552,250
Total liabilities 28,980,800 28,886,807
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.001 par value; 4,990,000,000 shares authorized at September 30, 2025 and December 31, 2024; 423,732,334 and 427,757,100 issued and outstanding at September 30, 2025 and December 31, 2024, respectively 7,080,325 6,252,126
Treasury stock at cost (32,760,541 and 25,953,460 shares at September 30, 2025 and December 31, 2024, respectively) (20,270,631) (13,171,638)
Accumulated other comprehensive income (loss) (719,256) 362,162
Retained earnings 39,863,597 31,300,917
Total stockholders’ equity 25,954,035 24,743,567
Total liabilities and stockholders’ equity $ 54,934,835 $ 53,630,374
v3.25.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 4,990,000,000 4,990,000,000
Common stock, shares issued (in shares) 423,732,334 427,757,100
Common stock, shares outstanding (in shares) 423,732,334 427,757,100
Treasury stock (in shares) 32,760,541 25,953,460
v3.25.3
Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital:
Treasury stock:
Accumulated other comprehensive income (loss):
Retained earnings:
Beginning Balance at Dec. 31, 2023 $ 20,588,313 $ 5,145,172 $ (6,922,200) $ (223,945) $ 22,589,286
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   531,970      
Stock-based compensation expense   210,761      
Repurchases of common stock to be held as treasury stock     (5,332,655)    
Other comprehensive income (loss) (120,677)     (120,677)  
Net income 6,843,024       6,843,024
Ending Balance at Sep. 30, 2024 22,720,736 5,887,903 (12,254,855) (344,622) 29,432,310
Beginning Balance at Jun. 30, 2024 22,112,693 5,680,061 (10,547,055) (89,114) 27,068,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   142,192      
Stock-based compensation expense   65,650      
Repurchases of common stock to be held as treasury stock     (1,707,800)    
Other comprehensive income (loss) (255,508)     (255,508)  
Net income 2,363,509       2,363,509
Ending Balance at Sep. 30, 2024 22,720,736 5,887,903 (12,254,855) (344,622) 29,432,310
Beginning Balance at Dec. 31, 2024 24,743,567 6,252,126 (13,171,638) 362,162 31,300,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   594,374      
Stock-based compensation expense   233,825      
Repurchases of common stock to be held as treasury stock     (7,098,993)    
Other comprehensive income (loss) (1,081,418)     (1,081,418)  
Net income 8,562,680       8,562,680
Ending Balance at Sep. 30, 2025 25,954,035 7,080,325 (20,270,631) (719,256) 39,863,597
Beginning Balance at Jun. 30, 2025 24,951,899 6,932,828 (18,392,942) (904,668) 37,316,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   66,511      
Stock-based compensation expense   80,986      
Repurchases of common stock to be held as treasury stock     (1,877,689)    
Other comprehensive income (loss) 185,412     185,412  
Net income 2,546,916       2,546,916
Ending Balance at Sep. 30, 2025 $ 25,954,035 $ 7,080,325 $ (20,270,631) $ (719,256) $ 39,863,597
v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on January 27, 2025. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Interim results are not necessarily indicative of the results for a full year.
There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Recently issued accounting pronouncements not yet adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation table, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company is currently evaluating the impact of adopting ASU 2023-09.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenues by region for the three and nine months ended September 30, 2025 and September 30, 2024. Total revenues are inclusive of hedging gains (losses) of $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively, and $48 million and $70 million for the three and nine months ended September 30, 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (in thousands)
United States and Canada (UCAN)$5,071,781 $4,322,476 $14,617,882 $12,842,351 
Europe, Middle East, and Africa (EMEA)3,699,052 3,133,466 10,641,903 9,099,431 
Latin America (LATAM)1,370,913 1,240,892 3,939,582 3,610,045 
Asia-Pacific (APAC)1,368,561 1,127,869 3,932,907 3,202,626 
Total Revenues$11,510,307 $9,824,703 $33,132,274 $28,754,453 
Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of September 30, 2025, total deferred revenue was $1,725 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. Deferred revenue increased $204 million from $1,521 million as of
December 31, 2024 to $1,725 million as of September 30, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands, except per share data)
Basic earnings per share:
Net income
$2,546,916 $2,363,509 $8,562,680 $6,843,024 
Shares used in computation:
Weighted-average shares of common stock outstanding424,455 428,239 425,635 430,125 
Basic earnings per share$6.00 $5.52 $20.12 $15.91 
Diluted earnings per share:
Net income
$2,546,916 $2,363,509 $8,562,680 $6,843,024 
Shares used in computation:
Weighted-average shares of common stock outstanding424,455 428,239 425,635 430,125 
Effect of dilutive stock-based awards9,584 9,659 9,649 9,632 
Weighted-average number of shares434,039 437,898 435,284 439,757 
Diluted earnings per share$5.87 $5.40 $19.67 $15.56 

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Stock-based awards30 159 32 321 
v3.25.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
 9 Months Ended
Sep. 30, 2025
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale (“AFS”). The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of September 30, 2025 and December 31, 2024:

 As of September 30, 2025
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,587,643 $— $— $4,587,643 $4,584,122 $— $3,437 $84 
Level 1 securities:
Money market funds4,137,331 — — 4,137,331 4,137,271 — — 60 
Level 2 securities:
Time Deposits(1)
602,999 — — 602,999 565,894 37,105 — — 
$9,327,973 $— $— $9,327,973 $9,287,287 $37,105 $3,437 $144 

 As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,866,753 $— $— $4,866,753 $4,864,207 $— $2,472 $74 
Level 1 securities:
Money market funds2,676,314 — — 2,676,314 2,676,256 — — 58 
Level 2 securities:
Time Deposits(1)
301,374 — — 301,374 264,270 37,104 — — 
Government securities1,738,642 3,260 — 1,741,902 — 1,741,902 — — 
$9,583,083 $3,260 $— $9,586,343 $7,804,733 $1,779,006 $2,472 $132 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
Other current assets and non-current assets primarily consist of restricted cash for deposits related to self-insurance. The fair value of available-for-sale securities, cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.
See Note 6 Debt and Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.
v3.25.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
September 30,
2025		December 31,
2024
(in thousands)
Licensed content, net
$12,182,192 $12,422,309 
Produced content, net
Released, less amortization
9,906,192 10,151,543 
In production
9,815,003 9,317,367 
In development and pre-production
736,492 561,243 
20,457,687 20,030,153 

Content assets, net
$32,639,879 $32,452,462 
The following table summarizes the amortization of content assets:
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Licensed content$2,253,603 $1,814,040 $6,262,335 $5,533,648 
Produced content1,749,141 1,885,481 5,395,595 5,606,368 
Total$4,002,744 $3,699,521 $11,657,930 $11,140,016 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2025		December 31,
2024		Estimated Useful Lives
(in thousands)
Land
$80,966 $85,000 
Buildings and improvements
508,861 475,684 30 years
Leasehold improvements
1,077,182 1,026,593 Over life of lease
Furniture and fixtures
133,489 134,987 
3 years
Information technology
527,117 446,419 
3-5 years
Corporate aircraft
99,195 99,175 
8-10 years
Machinery and equipment
14,246 15,135 
3-5 years
Capital work-in-progress
442,677 228,300 
Property and equipment, gross
2,883,733 2,511,293 
Less: Accumulated depreciation
(1,045,844)(917,537)
Property and equipment, net
$1,837,889 $1,593,756 
    
Leases
The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Cash paid for operating lease liabilities$108,787 $128,917 $356,708 $384,327 
Right-of-use assets obtained in exchange for new operating lease obligations235,513 51,587 447,040 396,361 
As of
September 30,
2025		December 31,
2024
(in thousands)
Operating lease right-of-use assets, net$2,296,670 $2,102,310 
Current operating lease liabilities457,390 428,482 
Non-current operating lease liabilities2,163,128 1,983,688 
Total operating lease liabilities$2,620,518 $2,412,170 

Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2025		December 31,
2024
(in thousands)
Trade receivables
$1,688,793 $1,335,304 
Prepaid expenses
467,553 431,924 
Other
1,482,197 1,749,412 
Total other current assets
$3,638,543 $3,516,640 
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
As of September 30, 2025, the Company had aggregate outstanding long-term notes of $14,463 million, net of $59 million of issuance costs and discounts, with varying maturities (the "Notes"). As of December 31, 2024, the Company had aggregate outstanding notes of $15,583 million, net of $70 million of issuance costs and discounts. Each of the Notes are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.
A portion of the outstanding Notes is denominated in foreign currency (comprised of €4,700 million as of September 30, 2025 and €5,170 million as of December 31, 2024, respectively) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain (loss), net of hedging impacts, totaling $2 million and $(82) million for the three and nine months ended September 30, 2025, respectively). See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of September 30, 2025 and December 31, 2024:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2025		December 31,
2024		Issuance DateMaturitySeptember 30,
2025		December 31,
2024
(in millions)(in millions)
5.875% Senior Notes
$— $800 February 2015February 2025$— $801 
3.000% Senior Notes(1)
— 487 April 2020June 2025— 487 
3.625% Senior Notes
— 500 April 2020June 2025— 497 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,005 998 
3.625% Senior Notes(1)
1,528 1,346 May 2017May 20271,557 1,375 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,688 1,607 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,942 1,970 
4.625% Senior Notes(1)
1,293 1,139 October 2018May 20291,375 1,220 
6.375% Senior Notes
800 800 October 2018May 2029862 848 
3.875% Senior Notes(1)
1,410 1,242 April 2019November 20291,469 1,293 
5.375% Senior Notes
900 900 April 2019November 2029942 918 
3.625% Senior Notes(1)
1,292 1,139 October 2019June 20301,337 1,174 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,028 996 
4.900% Senior Notes
1,000 1,000 August 2024August 20341,032 982 
5.400% Senior Notes
800 800 August 2024August 2054806 782 
$14,523 $15,653 $15,043 $15,948 
(1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
In the nine months ended September 30, 2025, the Company repaid upon maturity the $800 million aggregate principal amount of its 5.875% Senior Notes, the €470 million aggregate principal amount of its 3.000% Senior Notes, and the $500 million aggregate principal amount of its 3.625% Senior Notes.
Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens, and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of September 30, 2025 and December 31, 2024, the Company was in compliance with all related covenants.
Revolving Credit Facility
On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of September 30, 2025, no amounts have been borrowed under the Revolving Credit Agreement.
The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.
The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of September 30, 2025 and December 31, 2024, the Company was in compliance with all related covenants and ratios.
Commercial Paper Program
In May 2025, the Company established a $3 billion commercial paper program (the “Commercial Paper Program”) under which it may issue short-term unsecured commercial paper notes. Net proceeds from this program may be used for general corporate purposes. There were no borrowings outstanding under the Commercial Paper Program as of September 30, 2025.
v3.25.3
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

Notional Amount of Derivative Contracts
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
September 30,
2025		December 31,
2024
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$20,147,476 $18,508,390 
Fair value hedges
2,866,552 3,819,817 
Derivatives not designated as hedging instruments:
Foreign exchange contracts1,479,197 1,432,136 
Total
$24,493,225 $23,760,343 
As of September 30, 2025 and December 31, 2024, approximately $1.7 billion and $1.0 billion, respectively, of the Company’s euro–denominated Senior Notes were designated as hedges of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries.
As of September 30, 2025 and December 31, 2024, the carrying amount of the Company's euro-denominated Senior Notes (included in "Long-term debt" on the Company's Consolidated Balance Sheets), which were designated as the hedged items in fair value hedges, was approximately $3.0 billion and $3.6 billion, respectively.
Note 6 Debt for further information on the Company’s debt obligations.

Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:
 As of September 30, 2025
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$241,142 $47,810 $478,827 $300,347 
Derivatives not designated as hedging instruments:
Foreign exchange contracts8,666 — 6,883 — 
Total$249,808 $47,810 $485,710 $300,347 
 As of December 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$580,065 $406,677 $303,425 $83 
Derivatives not designated as hedging instruments:
Foreign exchange contracts16,211 — 14,492 — 
Total$596,276 $406,677 $317,917 $83 
The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies.
As of September 30, 2025, the pre-tax net accumulated loss on our foreign currency cash flow hedges included in accumulated other comprehensive income (“AOCI”) on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $396 million.
Master Netting Agreements
In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets.
The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. Cash collateral received is presented in “Accrued expenses and other liabilities” representing the Company’s obligation to return counterparty cash collateral. Cash collateral posted is presented in “Other current assets,” representing the Company’s right to reclaim the cash collateral. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted or received.
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of September 30, 2025
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$297,618 $— $297,618 $(291,368)$— $6,250 
Derivative liabilities786,057 — 786,057 (291,368)— 494,689 
 As of December 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$1,002,953 $— $1,002,953 $(316,320)$(1,800)$684,833 
Derivative liabilities318,000 — 318,000 (316,320)— 1,680 

Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$183,823 $(369,805)$(1,525,289)$19,883 
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(18,895)(10,175)(55,025)(10,175)
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness(2,320)(42,000)(140,320)(45,400)
Total$162,608 $(421,980)$(1,720,634)$(35,692)
The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
September 30, 2025September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$11,510,307 $6,164,250 $36,457 $9,824,703 $5,119,884 $(21,693)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 48,184 297 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (4,091)— — (71,673)
Derivatives designated as hedging instruments— — 5,896 — — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)— — (9,069)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (9,396)— — (1,296)
Nine Months Ended
September 30, 2025September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$33,132,274 $16,752,708 $126,986 $28,754,453 $15,271,100 $212,671 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(1,954)(340)— 70,244 564 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (469,478)— — (71,673)
Derivatives designated as hedging instruments— — 479,523 — — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (44,061)— — (9,069)
Gains (losses) on derivatives not designated as hedging instruments
Foreign exchange contracts— — (80,367)— — 12,767 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
As of September 30, 2025, the Company had $20.9 billion of obligations comprised of $4.1 billion included in "Current content liabilities" and $1.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $15.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
As of December 31, 2024, the Company had $23.2 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $1.8 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $17.0 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
The expected timing of payments for these content obligations is as follows:
As of 
September 30,
2025		December 31,
2024
(in thousands)
Less than one year
$11,267,688 $11,424,696 
Due after one year and through three years
6,981,849 8,113,910 
Due after three years and through five years
2,110,536 2,809,834 
Due after five years
580,827 900,491 
Total content obligations
$20,940,900 $23,248,931 
Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.
Legal Proceedings
From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.
The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.
Non-Income Taxes
The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue, as operating expenses, non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.
Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with the local tax authorities as they pertain to non-income tax assessments. There is inherent complexity and uncertainty regarding these matters, and the final outcomes may be materially different from our expectations. During the current period, developments in another taxpayer’s judicial proceedings have influenced our evaluation of the Company’s most significant non-income tax matter in Brazil and we now believe that it is probable that a loss will be incurred. The cumulative loss recognized as an operating expense in the current period related to non-income tax assessments with the Brazilian tax authorities was approximately $619 million.
Guarantees— Indemnification Obligations
In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract.
The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.
It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Equity Incentive Plans
The Netflix, Inc. 2020 Stock Plan is a stockholder-approved plan that provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants.
Stock Option Activity
Stock options are generally vested in full upon the grant date and are exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers in fiscal years 2023 and 2024 vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date. All executive options subject to a one-year service period have vested as of the first quarter of the current fiscal year.
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202415,419,002 $312.48 
Granted
308,931 1,076.99
Exercised
(2,697,121)220.38 
Expired
(2,900)80.43 
Balances as of September 30, 202513,027,912 $349.73 
Vested and exercisable as of September 30, 202513,027,912 $349.73 

Restricted Stock Unit Activity
The Company grants time-based restricted stock unit (“RSU”) awards and performance-based restricted stock unit (“PSU”) awards to certain executive officers. RSU awards vest quarterly over a three-year period subject to the executive’s continued employment or service with the Company through the vesting date. PSU awards have performance periods ranging from one to three years and vest depending on the Company’s achievement of predetermined market-based performance targets.
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2024133,318 $711.23 
Granted(1)
122,785 1,111.80
Vested(1)
(85,194)769.09 
Forfeited
(1,632)931.17 
Balances as of September 30, 2025169,277 $970.54 
(1) Amounts include 26,660 PSU awards that were granted and 53,320 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2024, but were settled in the first quarter of 2025.

Stock-based Compensation
Total stock-based compensation expense was $81 million and $234 million for the three and nine months ended September 30, 2025, respectively, and $66 million and $211 million for the three and nine months ended September 30, 2024, respectively.
Stock Repurchases
In September 2023, the Board of Directors authorized the repurchase of up to $10 billion of the Company’s common stock, with no expiration date, and in December 2024, the Board of Directors increased the share repurchase authorization by an additional $15 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the three and nine months ended September 30, 2025, the Company repurchased 1,526,661 and 6,765,397 shares of common stock, respectively, for an aggregate amount of $1.9 billion and $7.0 billion, respectively (excluding the 1% excise tax on stock repurchases as a result of the Inflation Reduction Act of 2022). As of September 30, 2025, $10.1 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of September 30, 2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2025:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2025$(116,258)$(105,600)$(920,159)$2,474 $— $234,875 $(904,668)
Other comprehensive income (loss) before reclassifications
(49,574)(2,320)183,823 (18,895)— (37,330)75,704 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 127,710 14,690 — (32,692)109,708 
Net change in accumulated other comprehensive income (loss)(49,574)(2,320)311,533 (4,205)— (70,022)185,412 
Balances as of September 30, 2025$(165,832)$(107,920)$(608,626)$(1,731)$— $164,853 $(719,256)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2024$(376,833)$32,400 $914,369 $9,233 $3,260 $(220,267)$362,162 
Other comprehensive income (loss) before reclassifications
211,001 (140,320)(1,525,289)(55,025)(3,139)395,735 (1,117,037)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 2,294 44,061 (121)(10,615)35,619 
Net change in accumulated other comprehensive income (loss)211,001 (140,320)(1,522,995)(10,964)(3,260)385,120 (1,081,418)
Balances as of September 30, 2025$(165,832)$(107,920)$(608,626)$(1,731)$— $164,853 $(719,256)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2024:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $— $— $(47,745)$(89,114)
Other comprehensive income (loss) before reclassifications
95,802 (42,000)(369,805)(10,175)5,566 95,479 (225,133)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (48,481)9,069 — 9,037 (30,375)
Net change in accumulated other comprehensive income (loss)95,802 (42,000)(418,286)(1,106)5,566 104,516 (255,508)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$— $(155,730)$— $— $35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(49,876)(45,400)19,883 (10,175)5,566 6,908 (73,094)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (70,808)9,069 — 14,156 (47,583)
Net change in accumulated other comprehensive income (loss)
(49,876)(45,400)(50,925)(1,106)5,566 21,064 (120,677)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and nine months ended September 30, 2025:
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 29,319 (98,391)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)3,373 (11,317)
Total$(129,365)$1,655 $(14,690)$32,692 $(109,708)
Nine Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(28)$93 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(1,954)(340)— 527 (1,767)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (44,061)10,116 (33,945)
Total$(1,954)$(340)$(43,940)$10,615 $(35,619)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and nine months ended September 30, 2024:
Three Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$48,184 $297 $— $(11,116)$37,365 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$48,184 $297 $(9,069)$(9,037)$30,375 
Nine Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$70,244 $564 $— $(16,235)$54,573 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$70,244 $564 $(9,069)$(14,156)$47,583 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (in thousands, except percentages)
Provision for income taxes$562,494 $339,445 $1,392,131 $988,365 
Effective tax rate18 %13 %14 %13 %

The effective tax rates for the three and nine months ended September 30, 2025 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.
The One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The OBBBA does not materially impact the Company’s effective tax rate or cash flows in the current fiscal year.
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Revenues$11,510,307 $9,824,703 $33,132,274 $28,754,453 
Less:
Content amortization4,002,744 3,699,521 11,657,930 11,140,016 
Other cost of revenues2,161,506 1,420,363 5,094,778 4,131,084 
Sales and marketing786,295 642,926 2,187,930 1,941,350 
Technology and development853,584 735,063 2,501,090 2,148,790 
General and administrative457,931 417,353 1,320,606 1,248,365 
Operating income3,248,247 2,909,477 10,369,940 8,144,848 
Operating margin28.2 %29.6 %31.3 %28.3 %
Other income (expense)
Interest expense(175,294)(184,830)(542,115)(526,130)
Interest and other income (expense)(1)
36,457 (21,693)126,986 212,671 
Income before income taxes3,109,410 2,702,954 9,954,811 7,831,389 
Provision for income taxes(562,494)(339,445)(1,392,131)(988,365)
Net income$2,546,916 $2,363,509 $8,562,680 $6,843,024 
(1) Includes interest income of $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025, and $76 million and $206 million, respectively, for the three and nine months ended September 30, 2024.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $4.7 billion and $13.6 billion, respectively, for the three and nine months ended September 30, 2025, and $4.0 billion and $11.9 billion, respectively, for the three and nine months ended September 30, 2024. See Note 2 Revenue Recognition for additional information about revenues by region.
The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, were located as follows:
As of
September 30,
2025		December 31,
2024
(in thousands)
United States$3,027,613 $2,769,828 
International1,106,946 926,238 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
NameTitleActionDate AdoptedExpiration DateAggregate # of Securities to be Purchased/Sold
Leslie Kilgore (1)
DirectorAdoption7/25/20254/30/20274,826
Ted Sarandos (2)
Co-CEO and DirectorAdoption7/30/20257/31/2026189,281
David Hyman (3)
Chief Legal OfficerAdoption8/5/20253/31/202667,849
(1) Leslie Kilgore, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 25, 2025. Ms. Kilgore's plan provides for the potential exercise of vested stock options and the associated sale of up to 4,826 shares of Netflix common stock. The plan expires on April 30, 2027, or upon the earlier completion of all authorized transactions under the plan.
(2) Ted Sarandos, co-CEO and a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 30, 2025. Mr. Sarandos' plan provides for the potential exercise of vested stock options and the associated sale of up to 189,281 shares of Netflix common stock. The plan expires on July 31, 2026, or upon the earlier completion of all authorized transactions under the plan.
(3) David Hyman, Chief Legal Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 5, 2025. Mr. Hyman's plan provides for the potential exercise of vested stock options and the associated sale of up to 67,849 shares of Netflix common stock. This figure includes 2,175 Performance Share Units (“PSUs”) that are expected to vest during the term of the plan, which are assumed to vest at 100% of the target award amount. The actual number of PSUs that may vest can vary between 0% - 200% of the target award of PSUs, subject to the achievement of certain performance conditions as set forth in the PSU award agreement, less shares to be withheld for tax withholding obligations. The plan expires on March 31, 2026, or upon the earlier completion of all authorized transactions under the plan.
Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Leslie Kilgore [Member]  
Trading Arrangements, by Individual  
Name Leslie Kilgore
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 7/25/2025
Expiration Date 4/30/2027
Arrangement Duration 644 days
Aggregate Available 4,826
Ted Sarandos [Member]  
Trading Arrangements, by Individual  
Name Ted Sarandos
Title Co-CEO and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 7/30/2025
Expiration Date 7/31/2026
Arrangement Duration 366 days
Aggregate Available 189,281
David Hyman [Member]  
Trading Arrangements, by Individual  
Name David Hyman
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/5/2025
Expiration Date 3/31/2026
Arrangement Duration 238 days
Aggregate Available 67,849
v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently issued accounting pronouncements not yet adopted
Recently issued accounting pronouncements not yet adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation table, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company is currently evaluating the impact of adopting ASU 2023-09.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Region
The following table summarizes revenues by region for the three and nine months ended September 30, 2025 and September 30, 2024. Total revenues are inclusive of hedging gains (losses) of $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively, and $48 million and $70 million for the three and nine months ended September 30, 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (in thousands)
United States and Canada (UCAN)$5,071,781 $4,322,476 $14,617,882 $12,842,351 
Europe, Middle East, and Africa (EMEA)3,699,052 3,133,466 10,641,903 9,099,431 
Latin America (LATAM)1,370,913 1,240,892 3,939,582 3,610,045 
Asia-Pacific (APAC)1,368,561 1,127,869 3,932,907 3,202,626 
Total Revenues$11,510,307 $9,824,703 $33,132,274 $28,754,453 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Earnings Per Share The computation of earnings per share is as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands, except per share data)
Basic earnings per share:
Net income
$2,546,916 $2,363,509 $8,562,680 $6,843,024 
Shares used in computation:
Weighted-average shares of common stock outstanding424,455 428,239 425,635 430,125 
Basic earnings per share$6.00 $5.52 $20.12 $15.91 
Diluted earnings per share:
Net income
$2,546,916 $2,363,509 $8,562,680 $6,843,024 
Shares used in computation:
Weighted-average shares of common stock outstanding424,455 428,239 425,635 430,125 
Effect of dilutive stock-based awards9,584 9,659 9,649 9,632 
Weighted-average number of shares434,039 437,898 435,284 439,757 
Diluted earnings per share$5.87 $5.40 $19.67 $15.56 
Schedule of Potential Common Shares Excluded from Diluted Calculation
The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Stock-based awards30 159 32 321 
v3.25.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Short-Term Investments And Fair Value Measurement [Abstract]  
Schedule of Cash, Restricted Cash and Short-term Investments
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of September 30, 2025 and December 31, 2024:

 As of September 30, 2025
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,587,643 $— $— $4,587,643 $4,584,122 $— $3,437 $84 
Level 1 securities:
Money market funds4,137,331 — — 4,137,331 4,137,271 — — 60 
Level 2 securities:
Time Deposits(1)
602,999 — — 602,999 565,894 37,105 — — 
$9,327,973 $— $— $9,327,973 $9,287,287 $37,105 $3,437 $144 

 As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,866,753 $— $— $4,866,753 $4,864,207 $— $2,472 $74 
Level 1 securities:
Money market funds2,676,314 — — 2,676,314 2,676,256 — — 58 
Level 2 securities:
Time Deposits(1)
301,374 — — 301,374 264,270 37,104 — — 
Government securities1,738,642 3,260 — 1,741,902 — 1,741,902 — — 
$9,583,083 $3,260 $— $9,586,343 $7,804,733 $1,779,006 $2,472 $132 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
v3.25.3
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Content Assets
Content assets consisted of the following:
As of
September 30,
2025		December 31,
2024
(in thousands)
Licensed content, net
$12,182,192 $12,422,309 
Produced content, net
Released, less amortization
9,906,192 10,151,543 
In production
9,815,003 9,317,367 
In development and pre-production
736,492 561,243 
20,457,687 20,030,153 

Content assets, net
$32,639,879 $32,452,462 
Schedule of Amortization of Content Assets
The following table summarizes the amortization of content assets:
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Licensed content$2,253,603 $1,814,040 $6,262,335 $5,533,648 
Produced content1,749,141 1,885,481 5,395,595 5,606,368 
Total$4,002,744 $3,699,521 $11,657,930 $11,140,016 
Schedule of Property and Equipment and Accumulated Depreciation
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2025		December 31,
2024		Estimated Useful Lives
(in thousands)
Land
$80,966 $85,000 
Buildings and improvements
508,861 475,684 30 years
Leasehold improvements
1,077,182 1,026,593 Over life of lease
Furniture and fixtures
133,489 134,987 
3 years
Information technology
527,117 446,419 
3-5 years
Corporate aircraft
99,195 99,175 
8-10 years
Machinery and equipment
14,246 15,135 
3-5 years
Capital work-in-progress
442,677 228,300 
Property and equipment, gross
2,883,733 2,511,293 
Less: Accumulated depreciation
(1,045,844)(917,537)
Property and equipment, net
$1,837,889 $1,593,756 
Schedule of Information on Right-of-Use Assets and Lease Liabilities
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Cash paid for operating lease liabilities$108,787 $128,917 $356,708 $384,327 
Right-of-use assets obtained in exchange for new operating lease obligations235,513 51,587 447,040 396,361 
As of
September 30,
2025		December 31,
2024
(in thousands)
Operating lease right-of-use assets, net$2,296,670 $2,102,310 
Current operating lease liabilities457,390 428,482 
Non-current operating lease liabilities2,163,128 1,983,688 
Total operating lease liabilities$2,620,518 $2,412,170 
Schedule of Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2025		December 31,
2024
(in thousands)
Trade receivables
$1,688,793 $1,335,304 
Prepaid expenses
467,553 431,924 
Other
1,482,197 1,749,412 
Total other current assets
$3,638,543 $3,516,640 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of September 30, 2025 and December 31, 2024:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2025		December 31,
2024		Issuance DateMaturitySeptember 30,
2025		December 31,
2024
(in millions)(in millions)
5.875% Senior Notes
$— $800 February 2015February 2025$— $801 
3.000% Senior Notes(1)
— 487 April 2020June 2025— 487 
3.625% Senior Notes
— 500 April 2020June 2025— 497 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,005 998 
3.625% Senior Notes(1)
1,528 1,346 May 2017May 20271,557 1,375 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,688 1,607 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,942 1,970 
4.625% Senior Notes(1)
1,293 1,139 October 2018May 20291,375 1,220 
6.375% Senior Notes
800 800 October 2018May 2029862 848 
3.875% Senior Notes(1)
1,410 1,242 April 2019November 20291,469 1,293 
5.375% Senior Notes
900 900 April 2019November 2029942 918 
3.625% Senior Notes(1)
1,292 1,139 October 2019June 20301,337 1,174 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,028 996 
4.900% Senior Notes
1,000 1,000 August 2024August 20341,032 982 
5.400% Senior Notes
800 800 August 2024August 2054806 782 
$14,523 $15,653 $15,043 $15,948 
(1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
v3.25.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
September 30,
2025		December 31,
2024
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$20,147,476 $18,508,390 
Fair value hedges
2,866,552 3,819,817 
Derivatives not designated as hedging instruments:
Foreign exchange contracts1,479,197 1,432,136 
Total
$24,493,225 $23,760,343 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:
 As of September 30, 2025
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$241,142 $47,810 $478,827 $300,347 
Derivatives not designated as hedging instruments:
Foreign exchange contracts8,666 — 6,883 — 
Total$249,808 $47,810 $485,710 $300,347 
 As of December 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$580,065 $406,677 $303,425 $83 
Derivatives not designated as hedging instruments:
Foreign exchange contracts16,211 — 14,492 — 
Total$596,276 $406,677 $317,917 $83 
Schedule of Offsetting Derivative Assets and Liabilities
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of September 30, 2025
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$297,618 $— $297,618 $(291,368)$— $6,250 
Derivative liabilities786,057 — 786,057 (291,368)— 494,689 
 As of December 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$1,002,953 $— $1,002,953 $(316,320)$(1,800)$684,833 
Derivative liabilities318,000 — 318,000 (316,320)— 1,680 
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$183,823 $(369,805)$(1,525,289)$19,883 
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(18,895)(10,175)(55,025)(10,175)
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness(2,320)(42,000)(140,320)(45,400)
Total$162,608 $(421,980)$(1,720,634)$(35,692)
Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations
The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
September 30, 2025September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$11,510,307 $6,164,250 $36,457 $9,824,703 $5,119,884 $(21,693)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 48,184 297 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (4,091)— — (71,673)
Derivatives designated as hedging instruments— — 5,896 — — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)— — (9,069)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (9,396)— — (1,296)
Nine Months Ended
September 30, 2025September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$33,132,274 $16,752,708 $126,986 $28,754,453 $15,271,100 $212,671 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(1,954)(340)— 70,244 564 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (469,478)— — (71,673)
Derivatives designated as hedging instruments— — 479,523 — — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (44,061)— — (9,069)
Gains (losses) on derivatives not designated as hedging instruments
Foreign exchange contracts— — (80,367)— — 12,767 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Expected Timing of Payments for Streaming Content Obligations
The expected timing of payments for these content obligations is as follows:
As of 
September 30,
2025		December 31,
2024
(in thousands)
Less than one year
$11,267,688 $11,424,696 
Due after one year and through three years
6,981,849 8,113,910 
Due after three years and through five years
2,110,536 2,809,834 
Due after five years
580,827 900,491 
Total content obligations
$20,940,900 $23,248,931 
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Activity Related to Stock Options
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202415,419,002 $312.48 
Granted
308,931 1,076.99
Exercised
(2,697,121)220.38 
Expired
(2,900)80.43 
Balances as of September 30, 202513,027,912 $349.73 
Vested and exercisable as of September 30, 202513,027,912 $349.73 
Schedule of Unvested RSUs and PSUs
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2024133,318 $711.23 
Granted(1)
122,785 1,111.80
Vested(1)
(85,194)769.09 
Forfeited
(1,632)931.17 
Balances as of September 30, 2025169,277 $970.54 
(1) Amounts include 26,660 PSU awards that were granted and 53,320 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2024, but were settled in the first quarter of 2025.
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2025:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2025$(116,258)$(105,600)$(920,159)$2,474 $— $234,875 $(904,668)
Other comprehensive income (loss) before reclassifications
(49,574)(2,320)183,823 (18,895)— (37,330)75,704 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 127,710 14,690 — (32,692)109,708 
Net change in accumulated other comprehensive income (loss)(49,574)(2,320)311,533 (4,205)— (70,022)185,412 
Balances as of September 30, 2025$(165,832)$(107,920)$(608,626)$(1,731)$— $164,853 $(719,256)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2024$(376,833)$32,400 $914,369 $9,233 $3,260 $(220,267)$362,162 
Other comprehensive income (loss) before reclassifications
211,001 (140,320)(1,525,289)(55,025)(3,139)395,735 (1,117,037)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 2,294 44,061 (121)(10,615)35,619 
Net change in accumulated other comprehensive income (loss)211,001 (140,320)(1,522,995)(10,964)(3,260)385,120 (1,081,418)
Balances as of September 30, 2025$(165,832)$(107,920)$(608,626)$(1,731)$— $164,853 $(719,256)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2024:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $— $— $(47,745)$(89,114)
Other comprehensive income (loss) before reclassifications
95,802 (42,000)(369,805)(10,175)5,566 95,479 (225,133)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (48,481)9,069 — 9,037 (30,375)
Net change in accumulated other comprehensive income (loss)95,802 (42,000)(418,286)(1,106)5,566 104,516 (255,508)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$— $(155,730)$— $— $35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(49,876)(45,400)19,883 (10,175)5,566 6,908 (73,094)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (70,808)9,069 — 14,156 (47,583)
Net change in accumulated other comprehensive income (loss)
(49,876)(45,400)(50,925)(1,106)5,566 21,064 (120,677)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and nine months ended September 30, 2025:
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 29,319 (98,391)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)3,373 (11,317)
Total$(129,365)$1,655 $(14,690)$32,692 $(109,708)
Nine Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(28)$93 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(1,954)(340)— 527 (1,767)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (44,061)10,116 (33,945)
Total$(1,954)$(340)$(43,940)$10,615 $(35,619)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and nine months ended September 30, 2024:
Three Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$48,184 $297 $— $(11,116)$37,365 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$48,184 $297 $(9,069)$(9,037)$30,375 
Nine Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$70,244 $564 $— $(16,235)$54,573 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$70,244 $564 $(9,069)$(14,156)$47,583 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
 Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (in thousands, except percentages)
Provision for income taxes$562,494 $339,445 $1,392,131 $988,365 
Effective tax rate18 %13 %14 %13 %
v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Financial Information, by Segment
The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(in thousands)
Revenues$11,510,307 $9,824,703 $33,132,274 $28,754,453 
Less:
Content amortization4,002,744 3,699,521 11,657,930 11,140,016 
Other cost of revenues2,161,506 1,420,363 5,094,778 4,131,084 
Sales and marketing786,295 642,926 2,187,930 1,941,350 
Technology and development853,584 735,063 2,501,090 2,148,790 
General and administrative457,931 417,353 1,320,606 1,248,365 
Operating income3,248,247 2,909,477 10,369,940 8,144,848 
Operating margin28.2 %29.6 %31.3 %28.3 %
Other income (expense)
Interest expense(175,294)(184,830)(542,115)(526,130)
Interest and other income (expense)(1)
36,457 (21,693)126,986 212,671 
Income before income taxes3,109,410 2,702,954 9,954,811 7,831,389 
Provision for income taxes(562,494)(339,445)(1,392,131)(988,365)
Net income$2,546,916 $2,363,509 $8,562,680 $6,843,024 
(1) Includes interest income of $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025, and $76 million and $206 million, respectively, for the three and nine months ended September 30, 2024.
Schedule of Long-lived Assets by Geographic Areas
The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, were located as follows:
As of
September 30,
2025		December 31,
2024
(in thousands)
United States$3,027,613 $2,769,828 
International1,106,946 926,238 
v3.25.3
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]          
Hedging gains (losses) $ (129,000) $ 48,000 $ (2,000) $ 70,000  
Deferred revenue $ 1,724,675   1,724,675   $ 1,520,813
Increase in deferred revenue     $ 204,000    
v3.25.3
Revenue Recognition - Schedule of Revenue by Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total Revenues $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
Streaming | United States and Canada        
Disaggregation of Revenue [Line Items]        
Total Revenues 5,071,781 4,322,476 14,617,882 12,842,351
Streaming | Europe, Middle East, and Africa        
Disaggregation of Revenue [Line Items]        
Total Revenues 3,699,052 3,133,466 10,641,903 9,099,431
Streaming | Latin America        
Disaggregation of Revenue [Line Items]        
Total Revenues 1,370,913 1,240,892 3,939,582 3,610,045
Streaming | Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Total Revenues $ 1,368,561 $ 1,127,869 $ 3,932,907 $ 3,202,626
v3.25.3
Earnings Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Basic earnings per share:        
Net income $ 2,546,916 $ 2,363,509 $ 8,562,680 $ 6,843,024
Weighted-average shares of common stock outstanding (in shares) 424,455 428,239 425,635 430,125
Basic earnings per share (in USD per share) $ 6.00 $ 5.52 $ 20.12 $ 15.91
Diluted earnings per share:        
Net income $ 2,546,916 $ 2,363,509 $ 8,562,680 $ 6,843,024
Shares used in computation:        
Weighted-average shares of common stock outstanding (in shares) 424,455 428,239 425,635 430,125
Effect of dilutive stock-based awards (in shares) 9,584 9,659 9,649 9,632
Weighted-average number of shares (in shares) 434,039 437,898 435,284 439,757
Diluted earnings per share (in USD per share) $ 5.87 $ 5.40 $ 19.67 $ 15.56
v3.25.3
Earnings Per Share - Schedule of Potential Common Shares Excluded from Diluted Calculation (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Stock-based awards (in shares) 30 159 32 321
v3.25.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 9,327,973 $ 9,583,083
Gross Unrealized Gains 0 3,260
Gross Unrealized Losses 0 0
Estimated Fair Value 9,327,973 9,586,343
Cash and Cash Equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 9,287,287 7,804,733
Short-term Investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 37,105 1,779,006
Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 3,437 2,472
Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 144 132
Cash    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 4,587,643 4,866,753
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 4,587,643 4,866,753
Cash | Cash and Cash Equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 4,584,122 4,864,207
Cash | Short-term Investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Cash | Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 3,437 2,472
Cash | Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 84 74
Money market funds | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 4,137,331 2,676,314
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 4,137,331 2,676,314
Money market funds | Cash and Cash Equivalents | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 4,137,271 2,676,256
Money market funds | Short-term Investments | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Other Current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Non-current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 60 58
Time Deposits | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 602,999 301,374
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 602,999 301,374
Time Deposits | Cash and Cash Equivalents | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 565,894 264,270
Time Deposits | Short-term Investments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 37,105 37,104
Time Deposits | Other Current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time Deposits | Non-current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments $ 0 0
Government securities | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost   1,738,642
Gross Unrealized Gains   3,260
Gross Unrealized Losses   0
Estimated Fair Value   1,741,902
Government securities | Cash and Cash Equivalents | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   0
Government securities | Short-term Investments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   1,741,902
Government securities | Other Current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   0
Government securities | Non-current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   $ 0
v3.25.3
Balance Sheet Components - Schedule of Components of Content Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]          
Content assets, net $ 32,639,879   $ 32,639,879   $ 32,452,462
Amortization of content assets 4,002,744 $ 3,699,521 11,657,930 $ 11,140,016  
Licensed content          
Finite-Lived Intangible Assets [Line Items]          
Content assets, net 12,182,192   12,182,192   12,422,309
Amortization of content assets 2,253,603 1,814,040 6,262,335 5,533,648  
Produced content          
Finite-Lived Intangible Assets [Line Items]          
Released, less amortization 9,906,192   9,906,192   10,151,543
In production 9,815,003   9,815,003   9,317,367
In development and pre-production 736,492   736,492   561,243
Content assets, net 20,457,687   20,457,687   $ 20,030,153
Amortization of content assets $ 1,749,141 $ 1,885,481 $ 5,395,595 $ 5,606,368  
v3.25.3
Balance Sheet Components - Schedule of Property and Equipment and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,883,733 $ 2,511,293
Less: Accumulated depreciation (1,045,844) (917,537)
Property and equipment, net 1,837,889 1,593,756
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 80,966 85,000
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 508,861 475,684
Estimated Useful Lives 30 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,077,182 1,026,593
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 133,489 134,987
Estimated Useful Lives 3 years  
Information technology    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 527,117 446,419
Information technology | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Information technology | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 5 years  
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 99,195 99,175
Corporate aircraft | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 8 years  
Corporate aircraft | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 10 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 14,246 15,135
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 5 years  
Capital work-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 442,677 $ 228,300
v3.25.3
Balance Sheet Components - Schedule of Information on Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Leases [Abstract]          
Cash paid for operating lease liabilities $ 108,787 $ 128,917 $ 356,708 $ 384,327  
Right-of-use assets obtained in exchange for new operating lease obligations 235,513 $ 51,587 447,040 $ 396,361  
Operating lease right-of-use assets, net 2,296,670   2,296,670   $ 2,102,310
Current operating lease liabilities 457,390   457,390   428,482
Non-current operating lease liabilities 2,163,128   2,163,128   1,983,688
Total operating lease liabilities $ 2,620,518   $ 2,620,518   $ 2,412,170
v3.25.3
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Trade receivables $ 1,688,793 $ 1,335,304
Prepaid expenses 467,553 431,924
Other 1,482,197 1,749,412
Total other current assets $ 3,638,543 $ 3,516,640
v3.25.3
Debt - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
EUR (€)
May 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Debt Instrument [Line Items]                  
Aggregate outstanding notes $ 14,463,000   $ 14,463,000         $ 15,583,000  
Debt issuance costs 59,000   59,000         70,000  
Long-term notes denominated in foreign currency 14,523,000   14,523,000         15,653,000  
Foreign currency remeasurement gain (loss) on debt 1,707 $ (104,809) (82,078)   $ 68,684        
Repayments of debt 0 $ 0 $ 1,833,450   $ 400,000        
Commercial Paper                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity             $ 3,000,000    
Senior Notes                  
Debt Instrument [Line Items]                  
Long-term notes denominated in foreign currency | €           € 4,700,000,000     € 5,170,000,000
Redemption price, percent of outstanding principal     101.00% 101.00%          
Senior Notes | 5.875% Senior Notes                  
Debt Instrument [Line Items]                  
Long-term notes denominated in foreign currency $ 0   $ 0         $ 800,000  
Repayments of debt     $ 800,000            
Interest rate 5.875%   5.875%     5.875%   5.875% 5.875%
Senior Notes | 3.000%Senior Notes                  
Debt Instrument [Line Items]                  
Repayments of debt | €       € 470,000,000          
Interest rate 3.00%   3.00%     3.00%      
Senior Notes | 3.625% Senior Notes                  
Debt Instrument [Line Items]                  
Long-term notes denominated in foreign currency $ 1,528,000   $ 1,528,000     € 1,300,000,000   $ 1,346,000 € 1,300,000,000
Repayments of debt     $ 500,000            
Interest rate 3.625%   3.625%     3.625%   3.625% 3.625%
v3.25.3
Debt - Schedule of Long-term Debt (Details)
$ in Millions
Sep. 30, 2025
EUR (€)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Face amount   $ 14,523   $ 15,653
Long-term debt, fair value   $ 15,043   $ 15,948
Senior Notes        
Debt Instrument [Line Items]        
Face amount | € € 4,700,000,000   € 5,170,000,000  
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 0   $ 800
Long-term debt, fair value   $ 0   $ 801
Senior Notes | 3.000% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.00% 3.00% 3.00% 3.00%
Face amount € 470,000,000 $ 0 € 470,000,000 $ 487
Long-term debt, fair value   $ 0   $ 487
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount   $ 0   $ 500
Long-term debt, fair value   $ 0   $ 497
Senior Notes | 4.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.375% 4.375% 4.375% 4.375%
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 1,005   $ 998
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,300,000,000 $ 1,528 € 1,300,000,000 $ 1,346
Long-term debt, fair value   $ 1,557   $ 1,375
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,600   $ 1,600
Long-term debt, fair value   $ 1,688   $ 1,607
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 1,900   $ 1,900
Long-term debt, fair value   $ 1,942   $ 1,970
Senior Notes | 4.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.625% 4.625% 4.625% 4.625%
Face amount € 1,100,000,000 $ 1,293 € 1,100,000,000 $ 1,139
Long-term debt, fair value   $ 1,375   $ 1,220
Senior Notes | 6.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 6.375% 6.375% 6.375% 6.375%
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 862   $ 848
Senior Notes | 3.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.875% 3.875% 3.875% 3.875%
Face amount € 1,200,000,000 $ 1,410 € 1,200,000,000 $ 1,242
Long-term debt, fair value   $ 1,469   $ 1,293
Senior Notes | 5.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.375% 5.375% 5.375% 5.375%
Face amount   $ 900   $ 900
Long-term debt, fair value   $ 942   $ 918
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,100,000,000 $ 1,292 € 1,100,000,000 $ 1,139
Long-term debt, fair value   $ 1,337   $ 1,174
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 1,028   $ 996
Senior Notes | 4.900% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.90% 4.90% 4.90% 4.90%
Face amount   $ 1,000   $ 1,000
Long-term debt, fair value   $ 1,032   $ 982
Senior Notes | 5.400% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.40% 5.40% 5.40% 5.40%
Face amount   $ 800   $ 800
Long-term debt, fair value   $ 806   $ 782
v3.25.3
Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
 9 Months Ended
Apr. 12, 2024
Sep. 30, 2025
Dec. 31, 2023
Line of Credit Facility [Line Items]      
Amount borrowed   $ 0  
Unsecured Debt      
Line of Credit Facility [Line Items]      
Line of credit, agreement term 5 years    
Line of credit facility, maximum borrowing capacity $ 3,000,000,000   $ 1,000,000,000
Debt instrument, consolidated EBITDA to consolidated interest expense 3.0    
Unsecured Debt | Minimum | Alternate Base Rate      
Line of Credit Facility [Line Items]      
Applicable margin on variable rate 0.00%    
Unsecured Debt | Minimum | SOFR      
Line of Credit Facility [Line Items]      
Applicable margin on variable rate 0.75%    
Unsecured Debt | Maximum | Alternate Base Rate      
Line of Credit Facility [Line Items]      
Applicable margin on variable rate 0.25%    
Unsecured Debt | Maximum | SOFR      
Line of Credit Facility [Line Items]      
Applicable margin on variable rate 1.25%    
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amount of Derivative Contracts (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 24,493,225 $ 23,760,343
Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 1,479,197 1,432,136
Foreign exchange contracts | Cash flow hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 20,147,476 18,508,390
Foreign exchange contracts | Fair value hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 2,866,552 $ 3,819,817
v3.25.3
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain on foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months $ 396  
Senior Notes    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Long-term debt designated as a hedge, foreign exchange risk, fair value 1,700 $ 1,000
Long-term debt designated as a hedge, fair value $ 3,000 $ 3,600
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets $ 297,618 $ 1,002,953
Derivative Liabilities 786,057 318,000
Other current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 249,808 596,276
Other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 241,142 580,065
Other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 8,666 16,211
Other non-current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 47,810 406,677
Other non-current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 47,810 406,677
Other non-current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 0 0
Accrued expenses and other liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 485,710 317,917
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 478,827 303,425
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 6,883 14,492
Other non-current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 300,347 83
Other non-current liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 300,347 83
Other non-current liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities $ 0 $ 0
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 297,618 $ 1,002,953
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 297,618 1,002,953
Financial Instruments (291,368) (316,320)
Collateral Received and Posted 0 (1,800)
Net Amount 6,250 684,833
Derivative liabilities    
Gross Amount Recognized in the Consolidated Balance Sheets 786,057 318,000
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 786,057 318,000
Financial Instruments (291,368) (316,320)
Collateral Received and Posted 0 0
Net Amount $ 494,689 $ 1,680
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Effect of Derivative Instruments on Consolidated Financial Statements (Details) - Foreign exchange contracts - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total $ 162,608 $ (421,980) $ (1,720,634) $ (35,692)
Cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount included in the assessment of effectiveness 183,823 (369,805) (1,525,289) 19,883
Fair value hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount excluded from the assessment of effectiveness (18,895) (10,175) (55,025) (10,175)
Net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount included in the assessment of effectiveness $ (2,320) $ (42,000) $ (140,320) $ (45,400)
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total amounts presented in the Consolidated Statements of Operations $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
Total amounts presented in the Consolidated Statements of Operations 6,164,250 5,119,884 16,752,708 15,271,100
Total amounts presented in the Consolidated Statements of Operations 36,457 (21,693) 126,986 212,671
Amount of gains (losses) reclassified from AOCI (129,000) 48,000 (2,000) 70,000
Foreign exchange contracts | Revenues        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI (129,365) 48,184 (1,954) 70,244
Hedged items 0 0 0 0
Derivatives designated as hedging instruments 0 0 0 0
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach 0 0 0 0
Foreign exchange contracts 0 0 0 0
Foreign exchange contracts | Cost of Revenues        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI 1,655 297 (340) 564
Hedged items 0 0 0 0
Derivatives designated as hedging instruments 0 0 0 0
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach 0 0 0 0
Foreign exchange contracts 0 0 0 0
Foreign exchange contracts | Interest and other income (expense)        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI 0 0 0 0
Hedged items (4,091) (71,673) (469,478) (71,673)
Derivatives designated as hedging instruments 5,896 70,332 479,523 70,332
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach (14,690) (9,069) (44,061) (9,069)
Foreign exchange contracts $ (9,396) $ (1,296) $ (80,367) $ 12,767
v3.25.3
Commitments and Contingencies - Streaming Content (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Contractual Obligation [Line Items]    
Total streaming content obligations $ 20,940,900 $ 23,248,931
Current content liabilities 4,102,640 4,393,681
Non-current content liabilities 1,591,973 1,780,806
Unrecorded streaming obligations 15,200,000 17,000,000
Brazilian Tax Authorities | Non-income Tax Assessments    
Contractual Obligation [Line Items]    
Indemnification guarantee accrual 619,000  
Current Content Liabilities    
Contractual Obligation [Line Items]    
Current content liabilities 4,100,000 4,400,000
Non-current Content Liabilities    
Contractual Obligation [Line Items]    
Non-current content liabilities $ 1,600,000 $ 1,800,000
v3.25.3
Commitments and Contingencies - Schedule of Expected Timing of Payments for Commitments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 11,267,688 $ 11,424,696
Due after one year and through three years 6,981,849 8,113,910
Due after three years and through five years 2,110,536 2,809,834
Due after five years 580,827 900,491
Total content obligations $ 20,940,900 $ 23,248,931
v3.25.3
Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other commitment $ 0
v3.25.3
Stockholders' Equity - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expiration period (in years) 10 years
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
PSUs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 1 year
PSUs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
Executive Officer  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 1 year
v3.25.3
Stockholders' Equity - Schedule of Activity Related to Stock Options (Details)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 15,419,002
Granted (in shares) | shares 308,931
Exercised (in shares) | shares (2,697,121)
Expired (in shares) | shares (2,900)
Ending balance (in shares) | shares 13,027,912
Vested (in shares) | shares 13,027,912
Exercisable (in shares) | shares 13,027,912
Weighted- Average Exercise Price (per share)  
Beginning balance (in USD per share) | $ / shares $ 312.48
Granted (in USD per share) | $ / shares 1,076.99
Exercised (in USD per share) | $ / shares 220.38
Expired (in USD per share) | $ / shares 80.43
Ending balance (in USD per share) | $ / shares 349.73
Vested (in USD per share) | $ / shares 349.73
Exercisable (in USD per share) | $ / shares $ 349.73
v3.25.3
Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details) - $ / shares
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
RSUs    
Number of Shares    
Beginning balance (in shares) 133,318  
Granted (in shares) 122,785  
Vested (in shares) (85,194)  
Forfeited (in shares) (1,632)  
Ending balance (in shares) 169,277 133,318
Weighted- Average Grant-Date Fair Value (per share)    
Beginning balance (in USD per share) $ 711.23  
Granted (in USD per share) 1,111.8  
Vested (in USD per share) 769.09  
Forfeited (in USD per share) 931.17  
Ending balance (in USD per share) $ 970.54 $ 711.23
PSU awards, vested (in shares) 85,194  
PSUs    
Number of Shares    
Granted (in shares)   26,660
Vested (in shares)   (53,320)
Weighted- Average Grant-Date Fair Value (per share)    
PSU awards, vested (in shares)   53,320
v3.25.3
Stockholders' Equity - Stock-based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stockholders' Equity Note [Abstract]        
Stock-based compensation expense $ 80,986 $ 65,650 $ 233,825 $ 210,761
v3.25.3
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2023
Stockholders' Equity Note [Abstract]        
Common stock authorized to be repurchased     $ 15,000,000,000 $ 10,000,000,000
Stock repurchased (in shares) 1,526,661 6,765,397    
Payments for repurchase of common stock, excluding excise tax $ 1,900,000,000 $ 7,000,000,000    
Remaining authorized repurchase amount $ 10,100,000,000 $ 10,100,000,000    
v3.25.3
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance $ 24,951,899 $ 22,112,693 $ 24,743,567 $ 20,588,313
Other comprehensive income (loss) before reclassifications 75,704 (225,133) (1,117,037) (73,094)
Amounts reclassified from accumulated other comprehensive income (loss) 109,708 (30,375) 35,619 (47,583)
Total other comprehensive income (loss) 185,412 (255,508) (1,081,418) (120,677)
Ending Balance 25,954,035 22,720,736 25,954,035 22,720,736
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (116,258) (249,600) (376,833) (103,922)
Other comprehensive income (loss) before reclassifications (49,574) 95,802 211,001 (49,876)
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0 0
Total other comprehensive income (loss) (49,574) 95,802 211,001 (49,876)
Ending Balance (165,832) (153,798) (165,832) (153,798)
Net Investment Hedge Gains (Losses)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (105,600) (3,400) 32,400 0
Other comprehensive income (loss) before reclassifications (2,320) (42,000) (140,320) (45,400)
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0 0
Total other comprehensive income (loss) (2,320) (42,000) (140,320) (45,400)
Ending Balance (107,920) (45,400) (107,920) (45,400)
Change in Unrealized Gains (Losses) on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (920,159) 211,631 914,369 (155,730)
Other comprehensive income (loss) before reclassifications 183,823 (369,805) (1,525,289) 19,883
Amounts reclassified from accumulated other comprehensive income (loss) 127,710 (48,481) 2,294 (70,808)
Total other comprehensive income (loss) 311,533 (418,286) (1,522,995) (50,925)
Ending Balance (608,626) (206,655) (608,626) (206,655)
Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 2,474 0 9,233 0
Other comprehensive income (loss) before reclassifications (18,895) (10,175) (55,025) (10,175)
Amounts reclassified from accumulated other comprehensive income (loss) 14,690 9,069 44,061 9,069
Total other comprehensive income (loss) (4,205) (1,106) (10,964) (1,106)
Ending Balance (1,731) (1,106) (1,731) (1,106)
Change in Unrealized Gains (Losses) on AFS Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 0 0 3,260 0
Other comprehensive income (loss) before reclassifications 0 5,566 (3,139) 5,566
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 (121) 0
Total other comprehensive income (loss) 0 5,566 (3,260) 5,566
Ending Balance 0 5,566 0 5,566
Tax (Expense) Benefit        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 234,875 (47,745) (220,267) 35,707
Other comprehensive income (loss) before reclassifications (37,330) 95,479 395,735 6,908
Amounts reclassified from accumulated other comprehensive income (loss) (32,692) 9,037 (10,615) 14,156
Total other comprehensive income (loss) (70,022) 104,516 385,120 21,064
Ending Balance 164,853 56,771 164,853 56,771
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (904,668) (89,114) 362,162 (223,945)
Total other comprehensive income (loss) 185,412 (255,508) (1,081,418) (120,677)
Ending Balance $ (719,256) $ (344,622) $ (719,256) $ (344,622)
v3.25.3
Stockholders' Equity - Schedule of Amounts Reclassified from AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
Cost of Revenues (6,164,250) (5,119,884) (16,752,708) (15,271,100)
Interest and other income (expense) 36,457 (21,693) 126,986 212,671
Provision for Income Taxes (562,494) (339,445) (1,392,131) (988,365)
Net income 2,546,916 2,363,509 8,562,680 6,843,024
Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues (129,365) 48,184 (1,954) 70,244
Cost of Revenues 1,655 297 (340) 564
Interest and other income (expense) (14,690) (9,069) (43,940) (9,069)
Provision for Income Taxes 32,692 (9,037) 10,615 (14,156)
Net income (109,708) 30,375 (35,619) 47,583
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues 0   0  
Cost of Revenues 0   0  
Interest and other income (expense) 0   121  
Provision for Income Taxes 0   (28)  
Net income 0   93  
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues (129,365) 48,184 (1,954) 70,244
Cost of Revenues 1,655 297 (340) 564
Interest and other income (expense) 0 0 0 0
Provision for Income Taxes 29,319 (11,116) 527 (16,235)
Net income (98,391) 37,365 (1,767) 54,573
Reclassification out of Accumulated Other Comprehensive Income | Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues 0 0 0 0
Cost of Revenues 0 0 0 0
Interest and other income (expense) (14,690) (9,069) (44,061) (9,069)
Provision for Income Taxes 3,373 2,079 10,116 2,079
Net income $ (11,317) $ (6,990) $ (33,945) $ (6,990)
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 562,494 $ 339,445 $ 1,392,131 $ 988,365
Effective tax rate 18.00% 13.00% 14.00% 13.00%
v3.25.3
Segment and Geographic Information - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]        
Number of operating segments | segment     1  
Revenues $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 4,700,000 $ 4,000,000 $ 13,600,000 $ 11,900,000
v3.25.3
Segment and Geographic Information - Schedule of Segment Reporting Financial Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 11,510,307 $ 9,824,703 $ 33,132,274 $ 28,754,453
Content amortization 4,002,744 3,699,521 11,657,930 11,140,016
Sales and marketing 786,295 642,926 2,187,930 1,941,350
Technology and development 853,584 735,063 2,501,090 2,148,790
General and administrative 457,931 417,353 1,320,606 1,248,365
Operating income 3,248,247 2,909,477 10,369,940 8,144,848
Interest expense (175,294) (184,830) (542,115) (526,130)
Interest and other income (expense) 36,457 (21,693) 126,986 212,671
Income before income taxes 3,109,410 2,702,954 9,954,811 7,831,389
Provision for income taxes (562,494) (339,445) (1,392,131) (988,365)
Net income 2,546,916 2,363,509 8,562,680 6,843,024
Reportable Segment        
Segment Reporting Information [Line Items]        
Revenues 11,510,307 9,824,703 33,132,274 28,754,453
Content amortization 4,002,744 3,699,521 11,657,930 11,140,016
Other cost of revenues 2,161,506 1,420,363 5,094,778 4,131,084
Sales and marketing 786,295 642,926 2,187,930 1,941,350
Technology and development 853,584 735,063 2,501,090 2,148,790
General and administrative 457,931 417,353 1,320,606 1,248,365
Operating income $ 3,248,247 $ 2,909,477 $ 10,369,940 $ 8,144,848
Operating margin 28.20% 29.60% 31.30% 28.30%
Interest expense $ (175,294) $ (184,830) $ (542,115) $ (526,130)
Interest and other income (expense) 36,457 (21,693) 126,986 212,671
Income before income taxes 3,109,410 2,702,954 9,954,811 7,831,389
Provision for income taxes (562,494) (339,445) (1,392,131) (988,365)
Net income 2,546,916 2,363,509 8,562,680 6,843,024
Interest income $ 67,000 $ 76,000 $ 221,000 $ 206,000
v3.25.3
Segment and Geographic Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 3,027,613 $ 2,769,828
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,106,946 $ 926,238