NETFLIX INC, 10-Q filed on 10/21/2026
Quarterly Report
v3.26.3
Cover Page
 9 Months Ended
Sep. 30, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2026
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 $0.001 per share
Trading Symbol NFLX
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 4,106,325,903
Entity Central Index Key 0001065280
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
v3.26.3
Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
Revenues $ 12,874,176 $ 11,510,307 $ 37,683,871 $ 33,132,274
Cost of revenues 6,079,016 6,164,250 18,004,219 16,752,708
Sales and marketing 837,051 786,295 2,503,106 2,187,930
Technology and development 1,033,142 853,584 3,000,513 2,501,090
General and administrative 466,367 457,931 1,567,826 1,320,606
Operating income 4,458,600 3,248,247 12,608,207 10,369,940
Other income (expense):        
Interest expense (184,701) (175,294) (622,463) (542,115)
Interest and other income (expense) 43,006 36,457 2,946,833 126,986
Income before income taxes 4,316,905 3,109,410 14,932,577 9,954,811
Provision for income taxes (652,978) (562,494) (2,584,445) (1,392,131)
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Earnings per share:        
Basic (in USD per share) $ 0.89 $ 0.60 $ 2.95 $ 2.01
Diluted (in USD per share) $ 0.87 $ 0.59 $ 2.90 $ 1.97
Weighted-average shares of common stock outstanding:        
Basic (in shares) 4,134,463 4,244,553 4,181,861 4,256,350
Diluted (in shares) 4,195,127 4,340,392 4,251,298 4,352,844
v3.26.3
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of income tax benefit (expense) of $(3) million, $0.5 million, $(15) million, and $32 million, respectively 29,345 (51,361) (19,984) 102,895
Net change in unrealized gains (losses) on available-for-sale securities, net of income tax benefit (expense) of $0, $0, $0, and $1 million, respectively 0 0 0 (2,511)
Cash flow hedges:        
Net unrealized gains (losses) 56,945 141,622 445,454 (1,175,122)
Reclassification of net (gains) losses included in net income 1,844 98,391 140,324 1,767
Net change, net of income tax benefit (expense) of $(18) million, $(72) million, $(176) million, and $350 million, respectively 58,789 240,013 585,778 (1,173,355)
Fair value hedges:        
Net change in unrealized gains (losses) excluded from the assessment of effectiveness, net of income tax benefit (expense) of $0.1 million, $1 million, $(2) million, and $3 million, respectively (469) (3,240) 5,136 (8,447)
Total other comprehensive income (loss) 87,665 185,412 570,930 (1,081,418)
Comprehensive income $ 3,751,592 $ 2,732,328 $ 12,919,062 $ 7,481,262
v3.26.3
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustments, income tax benefit (expense) $ (3.0) $ 0.5 $ (15.0) $ 32.0
Change in unrealized gains (losses) on available-for-sale securities, income tax benefit 0.0 0.0 0.0 1.0
Net change, income tax benefit (expense) (18.0) (72.0) (176.0) 350.0
Net unrealized gains / losses excluded from the assessment of effectiveness, income tax benefit (expense) $ 0.1 $ 1.0 $ (2.0) $ 3.0
v3.26.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:        
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (5,159,790) (4,653,935) (14,934,230) (12,039,405)
Change in content liabilities 93,508 24,262 (43,070) (601,043)
Amortization of content assets 4,235,454 4,002,744 12,764,663 11,657,930
Depreciation and amortization of property, equipment and intangibles 107,100 87,326 306,205 247,406
Stock-based compensation expense 133,723 80,986 405,440 233,825
Foreign currency remeasurement loss (gain) on debt (9,162) (1,707) (28,085) 82,078
Other non-cash items 119,748 142,293 459,331 377,162
Deferred income taxes 182,054 20,539 322,133 (279,144)
Changes in operating assets and liabilities:        
Other current assets (136,415) (169,597) (729,342) (477,647)
Accounts payable 46,211 139,451 (111,032) (125,929)
Accrued expenses and other liabilities 85,509 707,151 131,620 746,329
Deferred revenue (17,823) (3,686) 3,903 203,862
Other non-current assets and liabilities (181,765) (97,569) (699,372) (550,473)
Net cash provided by operating activities 3,162,279 2,825,174 10,196,296 8,037,631
Cash flows from investing activities:        
Purchases of property and equipment (278,766) (164,719) (693,540) (448,885)
Acquisitions 0 0 (585,744) 0
Purchases of investments (52,545) (3,850) (52,545) (161,515)
Proceeds from maturities and sales of investments 0 176,250 0 1,908,617
Other investing activities 0 36,190 0 0
Net cash provided by (used in) investing activities (331,311) 43,871 (1,331,829) 1,298,217
Cash flows from financing activities:        
Proceeds from issuance of debt 992,550 0 992,550 0
Repayments of debt 0 0 0 (1,833,450)
Proceeds from issuance of common stock 74,674 70,215 183,964 590,883
Repurchases of common stock (4,796,725) (1,856,885) (10,781,716) (7,047,608)
Taxes paid related to net share settlement of equity awards (5,165) (6,196) (41,026) (40,180)
Other financing activities (20,306) 55,837 (9,185) 62,142
Net cash used in financing activities (3,754,972) (1,737,029) (9,655,413) (8,268,213)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 18,995 (21,721) (50,471) 415,896
Net increase (decrease) in cash, cash equivalents and restricted cash (905,009) 1,110,295 (841,417) 1,483,531
Cash, cash equivalents and restricted cash at beginning of period 9,102,786 8,180,573 9,039,194 7,807,337
Cash, cash equivalents and restricted cash at end of period $ 8,197,777 $ 9,290,868 $ 8,197,777 $ 9,290,868
v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 8,194,275 $ 9,033,681
Short-term investments 28,678 28,678
Other current assets 4,999,384 3,957,832
Total current assets 13,222,337 13,020,191
Content assets, net 34,605,477 32,778,392
Property and equipment, net 2,560,619 2,004,350
Other non-current assets 8,293,521 7,794,060
Total assets 58,681,954 55,596,993
Current liabilities:    
Current content liabilities 3,885,069 4,084,854
Accounts payable 860,098 900,612
Accrued expenses and other liabilities 3,301,264 3,220,869
Deferred revenue 1,779,633 1,775,730
Short-term debt 2,474,796 998,865
Total current liabilities 12,300,860 10,980,930
Non-current content liabilities 1,723,034 1,579,476
Long-term debt 12,657,598 13,463,971
Other non-current liabilities 2,714,209 2,957,128
Total liabilities 29,395,701 28,981,505
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Common stock, $0.001 par value; 49,900,000,000 shares authorized at September 30, 2026 and December 31, 2025; 4,106,325,903 and 4,222,162,150 issued and outstanding at September 30, 2026 and December 31, 2025, respectively 7,898,264 7,286,410
Treasury stock at cost (477,363,677 and 346,541,145 shares at September 30, 2026 and December 31, 2025, respectively) (33,232,809) (22,372,658)
Accumulated other comprehensive loss (9,452) (580,382)
Retained earnings 54,630,250 42,282,118
Total stockholders’ equity 29,286,253 26,615,488
Total liabilities and stockholders’ equity $ 58,681,954 $ 55,596,993
v3.26.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 49,900,000,000 49,900,000,000
Common stock, shares issued (in shares) 4,106,325,903 4,222,162,150
Common stock, shares outstanding (in shares) 4,106,325,903 4,222,162,150
Treasury stock (in shares) 477,363,677 346,541,145
v3.26.3
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, 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
Beginning Balance at Dec. 31, 2025 26,615,488 7,286,410 (22,372,658) (580,382) 42,282,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   206,414      
Stock-based compensation expense   405,440      
Repurchases of common stock to be held as treasury stock     (10,860,151)    
Other comprehensive income (loss) 570,930     570,930  
Net income 12,348,132       12,348,132
Ending Balance at Sep. 30, 2026 29,286,253 7,898,264 (33,232,809) (9,452) 54,630,250
Beginning Balance at Jun. 30, 2026 30,152,052 7,670,503 (28,387,657) (97,117) 50,966,323
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock   94,038      
Stock-based compensation expense   133,723      
Repurchases of common stock to be held as treasury stock     (4,845,152)    
Other comprehensive income (loss) 87,665     87,665  
Net income 3,663,927       3,663,927
Ending Balance at Sep. 30, 2026 $ 29,286,253 $ 7,898,264 $ (33,232,809) $ (9,452) $ 54,630,250
v3.26.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2026
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, 2025 filed with the Securities and Exchange Commission (the “SEC”) on January 23, 2026. 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, 2025. Interim results are not necessarily indicative of the results for a full year.
Stock Split
On November 14, 2025, the Company completed a ten-for-one forward stock split of the Company’s issued common stock (the “Stock Split”). Each shareholder as of the record date of November 10, 2025 received nine additional shares of common stock for every share held. References made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the Stock Split.
Significant Accounting Policies
The following is provided to update the Company’s significant accounting policies previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Derivative Financial Instruments and Hedging Activities
The Company uses derivative and non-derivative instruments to manage foreign exchange risk and interest rate risk related to its ongoing business operations.
Interest Rate Risk
Fair value hedges
The Company enters into interest rate swap agreements to manage its exposure to changes in the fair value of its fixed-rate debt attributable to changes in the benchmark interest rate. These hedges may reduce, but do not entirely eliminate, the effect of interest rate movements, and the Company may choose not to hedge the full amount of its exposure. The Company designates these agreements as fair value hedges of specifically identified tranches of its fixed-rate debt. Changes in the fair value of the interest rate swap instruments are recognized in “Interest expense” on the Consolidated Statements of Operations, net with the offsetting changes in the fair value of the designated hedged debt attributable to changes in the benchmark interest rate. Net periodic settlements between the Company and its swap counterparties are recognized as adjustments to “Interest expense” in the period in which they accrue. Cash flows from hedging activities are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows, consistent with the classification of interest payments on the hedged debt.
See Note 8 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.
Recently issued accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
v3.26.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2026
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, 2026 and September 30, 2025. Total revenues are inclusive of hedging losses of $(1) million and $(181) million for the three and nine months ended September 30, 2026, respectively, and $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
United States and Canada (UCAN)$5,628,215 $5,071,781 $16,305,180 $14,617,882 
Europe, Middle East, and Africa (EMEA)4,106,572 3,699,052 12,138,506 10,641,903 
Latin America (LATAM)1,602,603 1,370,913 4,683,951 3,939,582 
Asia-Pacific (APAC)1,536,786 1,368,561 4,556,234 3,932,907 
Total Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
Deferred revenue consists primarily of prepaid subscription fees for streaming plans that have been billed and not yet recognized as revenue, as well as gift cards that have not been fully redeemed. As of September 30, 2026, total deferred revenue was $1,780 million, the vast majority of which was related to prepaid subscription fees billed that are expected to be recognized as revenue within the next month. Deferred revenue balances relating to gift cards will be recognized over the service period following redemption, which is expected to occur over the next 12 months. Deferred revenue increased $4 million from $1,776 million as of December 31, 2025 to $1,780 million as of September 30, 2026. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our streaming plans.
v3.26.3
Earnings per Share
 9 Months Ended
Sep. 30, 2026
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 outstanding 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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands, except per share data)
Basic earnings per share:
Net income
$3,663,927 $2,546,916 $12,348,132 $8,562,680 
Shares used in computation:
Weighted-average shares of common stock outstanding4,134,463 4,244,553 4,181,861 4,256,350 
Basic earnings per share$0.89 $0.60 $2.95 $2.01 
Diluted earnings per share:
Net income
$3,663,927 $2,546,916 $12,348,132 $8,562,680 
Shares used in computation:
Weighted-average shares of common stock outstanding4,134,463 4,244,553 4,181,861 4,256,350 
Effect of dilutive stock-based awards60,664 95,839 69,437 96,494 
Weighted-average number of shares4,195,127 4,340,392 4,251,298 4,352,844 
Diluted earnings per share$0.87 $0.59 $2.90 $1.97 

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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Stock-based awards9,228 296 7,078 326 
v3.26.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
 9 Months Ended
Sep. 30, 2026
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, 2026 and December 31, 2025:

As of September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$4,271,312 $— $— $4,271,312 $4,267,872 $— $3,358 $82 
Level 1 securities:
Money market funds2,352,508 — — 2,352,508 2,352,446 — — 62 
Level 2 securities:
Time deposits
1,602,635 — — 1,602,635 1,573,957 28,678 — — 
$8,226,455 $— $— $8,226,455 $8,194,275 $28,678 $3,358 $144 

As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$5,214,163 $— $— $5,214,163 $5,208,710 $— $5,369 $84 
Level 1 securities:
Money market funds3,259,240 — — 3,259,240 3,259,180 — — 60 
Level 2 securities:
Time deposits
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 
Other current assets and non-current assets primarily consist of restricted cash for deposits related to self-insurance. The fair value of AFS 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 7 Debt and Note 8 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.
v3.26.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
September 30,
2026		December 31,
2025
(in thousands)
Licensed content, net
$12,508,405 $12,138,578 
Produced content, net
Released, less amortization
10,369,622 10,687,444 
In production
10,905,673 9,210,735 
In development and pre-production
821,777 741,635 
22,097,072 20,639,814 

Content assets, net
$34,605,477 $32,778,392 
The following table summarizes the amortization of content assets:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Licensed content$2,271,145 $2,253,603 $6,817,921 $6,262,335 
Produced content1,964,309 1,749,141 5,946,742 5,395,595 
Total$4,235,454 $4,002,744 $12,764,663 $11,657,930 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2026		December 31,
2025		Estimated Useful Lives
(in thousands)
Land
$155,870 $155,664 
Buildings and improvements
559,410 537,082 30 years
Leasehold improvements
1,398,853 1,263,051 Over life of lease
Furniture and fixtures
165,931 157,984 
3 years
Information technology
718,399 572,407 
3-5 years
Corporate aircraft
185,660 99,164 
8-10 years
Machinery and equipment
46,808 30,879 
3-5 years
Capital work-in-progress
602,158 285,010 
Property and equipment, gross
3,833,089 3,101,241 
Less: Accumulated depreciation
(1,272,470)(1,096,891)
Property and equipment, net
$2,560,619 $2,004,350 
    
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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Cash paid for operating lease liabilities$137,673 $108,787 $412,197 $356,708 
Right-of-use assets obtained in exchange for new operating lease obligations40,845 235,513 89,711 447,040 
As of
September 30,
2026		December 31,
2025
(in thousands)
Operating lease right-of-use assets, net$1,969,057 $2,207,161 
Current operating lease liabilities435,730 460,475 
Non-current operating lease liabilities1,816,507 2,052,526 
Total operating lease liabilities$2,252,237 $2,513,001 

Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2026		December 31,
2025
(in thousands)
Trade receivables
$2,060,374 $2,031,476 
Prepaid expenses
593,552 498,054 
Other
2,345,458 1,428,302 
Total other current assets
$4,999,384 $3,957,832 
v3.26.3
Acquisitions
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
In March 2026, the Company completed an acquisition which was accounted for as a business combination for a total purchase price of approximately $587 million, consisting of cash consideration.
On December 4, 2025, the Company entered into a definitive agreement and plan of merger with Warner Bros. Discovery, Inc. (“WBD”), to acquire WBD’s streaming and studios businesses, including its film and television studios, HBO Max and HBO (such transaction, the “WBD transaction”), which was then amended by the parties thereto on January 19, 2026 (as so amended and restated, the “Amended and Restated Merger Agreement”).
On February 27, 2026, WBD provided notice to the Company that it had terminated the Amended and Restated Merger Agreement in accordance with its terms in order to enter into an Agreement and Plan of Merger with Paramount Skydance Corporation (“PSKY”). Concurrently with the termination of the Amended and Restated Merger Agreement and entry into such agreement between WBD and PSKY, PSKY, on behalf of WBD, paid a $2.8 billion termination fee owed to Netflix in accordance with the terms of the Amended and Restated Merger Agreement. The $2.8 billion termination fee received was recorded in “Interest and other income (expense)” in the Company’s Consolidated Statements of Operations during the first quarter of 2026.
v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of September 30, 2026, the Company had aggregate outstanding notes of $15,132 million, net of $59 million of issuance costs and discounts and $145 million of fair value hedging adjustments, with varying maturities (the “Notes”). Of the outstanding balance, $2,475 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2025, the Company had aggregate outstanding notes of $14,463 million, net of $56 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) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain, net of hedging impacts, totaling $9 million and $28 million for the three and nine months ended September 30, 2026, respectively). See Note 8 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, 2026 and December 31, 2025:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2026		December 31,
2025		Issuance DateMaturitySeptember 30,
2026		December 31,
2025
(in millions)(in millions)
4.375% Senior Notes
$1,000 $1,000 October 2016November 2026$1,000 $1,006 
3.625% Senior Notes(1)
1,476 1,526 May 2017May 20271,480 1,550 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,595 1,634 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,926 1,998 
4.625% Senior Notes(1)
1,249 1,292 October 2018May 20291,275 1,363 
6.375% Senior Notes
800 800 October 2018May 2029820 857 
3.875% Senior Notes(1)
1,363 1,409 April 2019November 20291,361 1,455 
5.375% Senior Notes
900 900 April 2019November 2029900 939 
3.625% Senior Notes(1)
1,249 1,292 October 2019June 20301,235 1,322 
4.875% Senior Notes
1,000 1,000 October 2019June 2030978 1,025 
4.900% Senior Notes(2)
1,000 1,000 August 2024August 2034942 1,025 
5.250% Senior Notes(2)
1,000 — July 2026August 2036946 — 
5.400% Senior Notes(2)
800 800 August 2024August 2054700 777 
$15,337 $14,519 $15,158 $14,951 
(1) The following Senior Notes have a principal amount denominated in Euros: 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.
(2) As of September 30, 2026, the Company designated a portion of its 4.900% Senior Notes, 5.250% Senior Notes, and 5.400% Senior Notes as the hedged items in fair value hedging relationships for interest rate risk, using interest rate swap agreements as the hedging instruments. Under these agreements, the Company pays a floating interest rate based on the Secured Overnight Financing Rate (“SOFR”), effectively converting the fixed-rate debt to floating-rate debt. The floating interest rate on the hedged tranches will vary with changes in SOFR. See Note 8 Derivative Financial Instruments and Hedging Activities for further details.
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 (if any). The Notes include, among other terms and conditions, limitations on the Company’s ability to 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 require the Company to offer to repurchase the Notes at a purchase price in cash equal to 101% of the principal plus accrued interest in the event of a change of control accompanied by a decline in the ratings of the Notes and limit the ability of the Company and certain of its subsidiaries to create, incur or allow certain liens, 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, 2026 and December 31, 2025, 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, 2026, 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, 2026 and December 31, 2025, 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, 2026.
WBD Financing
On February 27, 2026, upon the termination of the Amended and Restated Merger Agreement, all related financing arrangements to fund the previously proposed WBD transaction were terminated in accordance with their respective terms. No amounts had been borrowed under any of the financing arrangements and the related expenses were not material.
v3.26.3
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2026
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.
The Company also uses derivative instruments to manage interest rate risk, with the primary objective of reducing its exposure to changes in the fair value of its fixed-rate debt attributable to changes in the benchmark interest rate.

Notional Amount of Derivative Contracts
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
September 30,
2026		December 31,
2025
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$22,719,064 $21,066,760 
Fair value hedges
2,926,246 2,884,792 
Interest rate contracts
Fair value hedges
2,400,000 — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts1,556,156 1,555,502 
Total
$29,601,466 $25,507,054 
Foreign Exchange Contracts
As of September 30, 2026 and December 31, 2025, approximately $1.8 billion and $1.9 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, 2026 and December 31, 2025, the carrying amount of the Company’s Euro-denominated Senior Notes (included in “Short-term debt” and “Long-term debt” on the Company’s Consolidated Balance Sheets), which was designated as the hedged items in fair value hedges, was approximately $2.8 billion and $2.9 billion, respectively.
See Note 7 Debt for further information on the Company’s debt obligations.
Interest Rate Contracts
As of September 30, 2026, the carrying amount of the Company’s Senior Notes (included in “Long-term debt” on the Company’s Consolidated Balance Sheets), which was designated as the hedged items in fair value hedges of interest rate risk was approximately $2.2 billion. The related cumulative fair value hedging adjustments included in the carrying amount of the hedged Senior Notes was approximately $(145) million. No Senior Notes were designated as the hedged items in fair value hedges of interest rate risk as of December 31, 2025.
Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

As of September 30, 2026
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$372,293 $261,029 $278,754 $78,126 
Interest rate contracts1,123 — — 145,158 
Derivatives not designated as hedging instruments:
Foreign exchange contracts46,915 — 26,964 — 
Total$420,331 $261,029 $305,718 $223,284 
As of December 31, 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$192,828 $88,985 $426,341 $214,574 
Interest rate contracts— — — — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
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, 2026, the pre-tax net accumulated gain 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 $193 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 and interest rate 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, 2026
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$681,360 $— $681,360 $(498,881)$— $182,479 
Derivative liabilities529,002 — 529,002 (498,881)— 30,121 

As of December 31, 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$285,276 $— $285,276 $(282,469)$— $2,807 
Derivative liabilities652,619 — 652,619 (282,469)— 370,150 

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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$74,072 $183,823 $579,440 $(1,525,289)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(11,545)(18,895)(28,900)(55,025)
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness12,157 (2,320)62,743 (140,320)
Total$74,684 $162,608 $613,283 $(1,720,634)
The following tables present the effects of the Company’s derivative instruments and related hedged items on the Consolidated Statements of Operations:
Three Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$12,874,176 $6,079,016 $(184,701)$43,006 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(713)(1,686)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 18,617 
Derivatives designated as hedging instruments— — — (13,909)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (10,934)
Interest rate contracts
Hedged items— — 131,348 — 
Derivatives designated as hedging instruments— — (131,348)— 
Amount recognized in earnings on net periodic settlements— — 896 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,097)
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$11,510,307 $6,164,250 $(175,294)$36,457 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (4,091)
Derivatives designated as hedging instruments— — — 5,896 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (14,690)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (9,396)
Nine Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$37,683,871 $18,004,219 $(622,463)$2,946,833 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(180,860)(1,673)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 96,085 
Derivatives designated as hedging instruments— — — (90,897)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (35,581)
Interest rate contracts
Hedged items— — 145,157 — 
Derivatives designated as hedging instruments— — (145,157)— 
Amount recognized in earnings on net periodic settlements— — 1,132 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,416)
Nine Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$33,132,274 $16,752,708 $(542,115)$126,986 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(1,954)(340)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (469,478)
Derivatives designated as hedging instruments— — — 479,523 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (44,061)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (80,367)
v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
As of September 30, 2026, the Company had $25.2 billion of obligations comprised of $3.9 billion included in “Current content liabilities” and $1.7 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $19.6 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, 2025, the Company had $24.0 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 $18.4 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,
2026		December 31,
2025
(in thousands)
Less than one year
$11,776,580 $11,528,030 
Due after one year and through three years
9,895,575 8,376,160 
Due after three years and through five years
3,027,909 3,041,538 
Due after five years
522,736 1,093,500 
Total content obligations
$25,222,800 $24,039,228 
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.
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.
v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
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.
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, 2025127,679,804 $36.07 
Granted
6,571,326 84.84
Exercised
(14,023,403)14.72 
Expired
(52,610)9.77 
Balances as of September 30, 2026120,175,117 $41.24 
Vested and exercisable as of September 30, 2026120,175,117 $41.24 

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, 20251,585,260 $98.68 
Granted(1)
1,245,383 82.91
Vested(1)
(962,882)78.32 
Forfeited
— — 
Balances as of September 30, 20261,867,761 $98.66 
(1) Amounts include 264,300 PSU awards that were granted and 528,600 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but were settled in the first quarter of 2026.
Stock-Based Compensation
Total stock-based compensation expense was $134 million and $405 million for the three and nine months ended September 30, 2026, respectively, and $81 million and $234 million for the three and nine months ended September 30, 2025, respectively.
Stock Repurchases
In March 2021, the Company’s Board of Directors authorized a share repurchase program for the Company’s common stock with no expiration date. The Board subsequently approved additional repurchase authorizations in September 2023 and December 2024, and most recently in April 2026, authorized the repurchase of an additional $25 billion of the Company’s common stock. 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, 2026, the Company repurchased 63,917,979 and 130,349,765 shares of common stock, respectively, for an aggregate amount of $4.8 billion and $10.7 billion, respectively (excluding the 1% excise tax on stock repurchases as a result of the Inflation Reduction Act of 2022). As of September 30, 2026, $22.3 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of September 30, 2026, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2026:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2026$(281,833)$(61,670)$296,213 $3,727 $— $(53,554)$(97,117)
Other comprehensive income (loss) before reclassifications
19,999 12,157 74,072 (11,545)— (17,268)77,415 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 2,399 10,934 — (3,083)10,250 
Net change in accumulated other comprehensive income (loss)19,999 12,157 76,471 (611)— (20,351)87,665 
Balances as of September 30, 2026$(261,834)$(49,513)$372,684 $3,116 $— $(73,905)$(9,452)
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, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
Other comprehensive income (loss) before reclassifications
(68,219)62,743 579,440 (28,900)— (141,812)403,252 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 182,533 35,581 — (50,436)167,678 
Net change in accumulated other comprehensive income (loss)(68,219)62,743 761,973 6,681 — (192,248)570,930 
Balances as of September 30, 2026$(261,834)$(49,513)$372,684 $3,116 $— $(73,905)$(9,452)
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 $(719,256)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2026:
Three Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(713)(1,686)— 555 (1,844)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (10,934)2,528 (8,406)
Total$(713)$(1,686)$(10,934)$3,083 $(10,250)
Nine Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(180,860)(1,673)— 42,209 (140,324)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (35,581)8,227 (27,354)
Total$(180,860)$(1,673)$(35,581)$50,436 $(167,678)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2025:
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 29,319 (98,391)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)3,373 (11,317)
Total$(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)
v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands, except percentages)
Provision for income taxes$652,978 $562,494 $2,584,445 $1,392,131 
Effective tax rate15 %18 %17 %14 %

The effective tax rates for the three and nine months ended September 30, 2026 differed from the Federal statutory rate primarily due to the foreign-derived income deduction and excess tax benefits on stock-based compensation.
v3.26.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2026
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, 2026 and 2025:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
Less:
Content amortization4,235,454 4,002,744 12,764,663 11,657,930 
Other cost of revenues1,843,562 2,161,506 5,239,556 5,094,778 
Sales and marketing837,051 786,295 2,503,106 2,187,930 
Technology and development1,033,142 853,584 3,000,513 2,501,090 
General and administrative466,367 457,931 1,567,826 1,320,606 
Operating income4,458,600 3,248,247 12,608,207 10,369,940 
Operating margin34.6 %28.2 %33.5 %31.3 %
Other income (expense)
Interest expense(184,701)(175,294)(622,463)(542,115)
Interest and other income (expense)(1)
43,006 36,457 2,946,833 126,986 
Income before income taxes4,316,905 3,109,410 14,932,577 9,954,811 
Provision for income taxes(652,978)(562,494)(2,584,445)(1,392,131)
Net income$3,663,927 $2,546,916 $12,348,132 $8,562,680 
(1) Interest and other income (expense) for the nine months ended September 30, 2026 includes a $2.8 billion termination fee received during the first quarter of 2026 in connection with the termination of the WBD transaction. Interest and other income (expense) also includes interest income of $70 million and $222 million, respectively, for the three and nine months ended September 30, 2026, and $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $5.3 billion and $15.2 billion, respectively, for the three and nine months ended September 30, 2026, and $4.7 billion and $13.6 billion, respectively, for the three and nine months ended September 30, 2025. 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, 2026 and December 31, 2025, were located as follows:
As of
September 30,
2026		December 31,
2025
(in thousands)
United States$3,345,183 $3,075,477 
International1,184,493 1,136,034 
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
NameTitleActionDate AdoptedExpiration DateAggregate # of Securities to be Purchased/Sold
Brad Smith(1)
DirectorAdoption7/24/20267/24/202760,730
(1) Brad Smith, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 24, 2026. Mr. Smith’s plan provides for the potential exercise of vested stock options and the associated sale of up to 60,730 shares of Netflix common stock. The plan expires on July 24, 2027, 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
Brad Smith [Member]  
Trading Arrangements, by Individual  
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 7/24/2026
Expiration Date 7/24/2027
Arrangement Duration 365 days
Aggregate Available 60,730
v3.26.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2026
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.
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 and interest rate risk related to its ongoing business operations.
Interest Rate Risk
Fair value hedges
The Company enters into interest rate swap agreements to manage its exposure to changes in the fair value of its fixed-rate debt attributable to changes in the benchmark interest rate. These hedges may reduce, but do not entirely eliminate, the effect of interest rate movements, and the Company may choose not to hedge the full amount of its exposure. The Company designates these agreements as fair value hedges of specifically identified tranches of its fixed-rate debt. Changes in the fair value of the interest rate swap instruments are recognized in “Interest expense” on the Consolidated Statements of Operations, net with the offsetting changes in the fair value of the designated hedged debt attributable to changes in the benchmark interest rate. Net periodic settlements between the Company and its swap counterparties are recognized as adjustments to “Interest expense” in the period in which they accrue. Cash flows from hedging activities are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows, consistent with the classification of interest payments on the hedged debt.
See Note 8 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.
Recently issued accounting pronouncements not yet adopted
Recently issued accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
v3.26.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026 and September 30, 2025. Total revenues are inclusive of hedging losses of $(1) million and $(181) million for the three and nine months ended September 30, 2026, respectively, and $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
United States and Canada (UCAN)$5,628,215 $5,071,781 $16,305,180 $14,617,882 
Europe, Middle East, and Africa (EMEA)4,106,572 3,699,052 12,138,506 10,641,903 
Latin America (LATAM)1,602,603 1,370,913 4,683,951 3,939,582 
Asia-Pacific (APAC)1,536,786 1,368,561 4,556,234 3,932,907 
Total Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
v3.26.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2026
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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands, except per share data)
Basic earnings per share:
Net income
$3,663,927 $2,546,916 $12,348,132 $8,562,680 
Shares used in computation:
Weighted-average shares of common stock outstanding4,134,463 4,244,553 4,181,861 4,256,350 
Basic earnings per share$0.89 $0.60 $2.95 $2.01 
Diluted earnings per share:
Net income
$3,663,927 $2,546,916 $12,348,132 $8,562,680 
Shares used in computation:
Weighted-average shares of common stock outstanding4,134,463 4,244,553 4,181,861 4,256,350 
Effect of dilutive stock-based awards60,664 95,839 69,437 96,494 
Weighted-average number of shares4,195,127 4,340,392 4,251,298 4,352,844 
Diluted earnings per share$0.87 $0.59 $2.90 $1.97 
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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Stock-based awards9,228 296 7,078 326 
v3.26.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026 and December 31, 2025:

As of September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$4,271,312 $— $— $4,271,312 $4,267,872 $— $3,358 $82 
Level 1 securities:
Money market funds2,352,508 — — 2,352,508 2,352,446 — — 62 
Level 2 securities:
Time deposits
1,602,635 — — 1,602,635 1,573,957 28,678 — — 
$8,226,455 $— $— $8,226,455 $8,194,275 $28,678 $3,358 $144 

As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$5,214,163 $— $— $5,214,163 $5,208,710 $— $5,369 $84 
Level 1 securities:
Money market funds3,259,240 — — 3,259,240 3,259,180 — — 60 
Level 2 securities:
Time deposits
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 
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, 2026 and December 31, 2025:

As of September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$4,271,312 $— $— $4,271,312 $4,267,872 $— $3,358 $82 
Level 1 securities:
Money market funds2,352,508 — — 2,352,508 2,352,446 — — 62 
Level 2 securities:
Time deposits
1,602,635 — — 1,602,635 1,573,957 28,678 — — 
$8,226,455 $— $— $8,226,455 $8,194,275 $28,678 $3,358 $144 

As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
(in thousands)
Cash$5,214,163 $— $— $5,214,163 $5,208,710 $— $5,369 $84 
Level 1 securities:
Money market funds3,259,240 — — 3,259,240 3,259,180 — — 60 
Level 2 securities:
Time deposits
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 
v3.26.3
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Schedule of Content Assets
Content assets consisted of the following:
As of
September 30,
2026		December 31,
2025
(in thousands)
Licensed content, net
$12,508,405 $12,138,578 
Produced content, net
Released, less amortization
10,369,622 10,687,444 
In production
10,905,673 9,210,735 
In development and pre-production
821,777 741,635 
22,097,072 20,639,814 

Content assets, net
$34,605,477 $32,778,392 
Schedule of Amortization of Content Assets
The following table summarizes the amortization of content assets:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Licensed content$2,271,145 $2,253,603 $6,817,921 $6,262,335 
Produced content1,964,309 1,749,141 5,946,742 5,395,595 
Total$4,235,454 $4,002,744 $12,764,663 $11,657,930 
Schedule of Property and Equipment and Accumulated Depreciation
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2026		December 31,
2025		Estimated Useful Lives
(in thousands)
Land
$155,870 $155,664 
Buildings and improvements
559,410 537,082 30 years
Leasehold improvements
1,398,853 1,263,051 Over life of lease
Furniture and fixtures
165,931 157,984 
3 years
Information technology
718,399 572,407 
3-5 years
Corporate aircraft
185,660 99,164 
8-10 years
Machinery and equipment
46,808 30,879 
3-5 years
Capital work-in-progress
602,158 285,010 
Property and equipment, gross
3,833,089 3,101,241 
Less: Accumulated depreciation
(1,272,470)(1,096,891)
Property and equipment, net
$2,560,619 $2,004,350 
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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Cash paid for operating lease liabilities$137,673 $108,787 $412,197 $356,708 
Right-of-use assets obtained in exchange for new operating lease obligations40,845 235,513 89,711 447,040 
As of
September 30,
2026		December 31,
2025
(in thousands)
Operating lease right-of-use assets, net$1,969,057 $2,207,161 
Current operating lease liabilities435,730 460,475 
Non-current operating lease liabilities1,816,507 2,052,526 
Total operating lease liabilities$2,252,237 $2,513,001 
Schedule of Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2026		December 31,
2025
(in thousands)
Trade receivables
$2,060,374 $2,031,476 
Prepaid expenses
593,552 498,054 
Other
2,345,458 1,428,302 
Total other current assets
$4,999,384 $3,957,832 
v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026 and December 31, 2025:
Principal Amount at ParLevel 2 Fair Value as of
September 30,
2026		December 31,
2025		Issuance DateMaturitySeptember 30,
2026		December 31,
2025
(in millions)(in millions)
4.375% Senior Notes
$1,000 $1,000 October 2016November 2026$1,000 $1,006 
3.625% Senior Notes(1)
1,476 1,526 May 2017May 20271,480 1,550 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,595 1,634 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,926 1,998 
4.625% Senior Notes(1)
1,249 1,292 October 2018May 20291,275 1,363 
6.375% Senior Notes
800 800 October 2018May 2029820 857 
3.875% Senior Notes(1)
1,363 1,409 April 2019November 20291,361 1,455 
5.375% Senior Notes
900 900 April 2019November 2029900 939 
3.625% Senior Notes(1)
1,249 1,292 October 2019June 20301,235 1,322 
4.875% Senior Notes
1,000 1,000 October 2019June 2030978 1,025 
4.900% Senior Notes(2)
1,000 1,000 August 2024August 2034942 1,025 
5.250% Senior Notes(2)
1,000 — July 2026August 2036946 — 
5.400% Senior Notes(2)
800 800 August 2024August 2054700 777 
$15,337 $14,519 $15,158 $14,951 
(1) The following Senior Notes have a principal amount denominated in Euros: 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.
(2) As of September 30, 2026, the Company designated a portion of its 4.900% Senior Notes, 5.250% Senior Notes, and 5.400% Senior Notes as the hedged items in fair value hedging relationships for interest rate risk, using interest rate swap agreements as the hedging instruments. Under these agreements, the Company pays a floating interest rate based on the Secured Overnight Financing Rate (“SOFR”), effectively converting the fixed-rate debt to floating-rate debt. The floating interest rate on the hedged tranches will vary with changes in SOFR. See Note 8 Derivative Financial Instruments and Hedging Activities for further details.
v3.26.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2026
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,
2026		December 31,
2025
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$22,719,064 $21,066,760 
Fair value hedges
2,926,246 2,884,792 
Interest rate contracts
Fair value hedges
2,400,000 — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts1,556,156 1,555,502 
Total
$29,601,466 $25,507,054 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

As of September 30, 2026
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$372,293 $261,029 $278,754 $78,126 
Interest rate contracts1,123 — — 145,158 
Derivatives not designated as hedging instruments:
Foreign exchange contracts46,915 — 26,964 — 
Total$420,331 $261,029 $305,718 $223,284 
As of December 31, 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$192,828 $88,985 $426,341 $214,574 
Interest rate contracts— — — — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
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, 2026
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$681,360 $— $681,360 $(498,881)$— $182,479 
Derivative liabilities529,002 — 529,002 (498,881)— 30,121 

As of December 31, 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$285,276 $— $285,276 $(282,469)$— $2,807 
Derivative liabilities652,619 — 652,619 (282,469)— 370,150 
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,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$74,072 $183,823 $579,440 $(1,525,289)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(11,545)(18,895)(28,900)(55,025)
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness12,157 (2,320)62,743 (140,320)
Total$74,684 $162,608 $613,283 $(1,720,634)
Schedule of Effects of the Company's Derivative Instruments and Related Hedged Items on the Consolidated Statements of Operations
The following tables present the effects of the Company’s derivative instruments and related hedged items on the Consolidated Statements of Operations:
Three Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$12,874,176 $6,079,016 $(184,701)$43,006 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(713)(1,686)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 18,617 
Derivatives designated as hedging instruments— — — (13,909)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (10,934)
Interest rate contracts
Hedged items— — 131,348 — 
Derivatives designated as hedging instruments— — (131,348)— 
Amount recognized in earnings on net periodic settlements— — 896 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,097)
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$11,510,307 $6,164,250 $(175,294)$36,457 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (4,091)
Derivatives designated as hedging instruments— — — 5,896 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (14,690)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (9,396)
Nine Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$37,683,871 $18,004,219 $(622,463)$2,946,833 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(180,860)(1,673)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 96,085 
Derivatives designated as hedging instruments— — — (90,897)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (35,581)
Interest rate contracts
Hedged items— — 145,157 — 
Derivatives designated as hedging instruments— — (145,157)— 
Amount recognized in earnings on net periodic settlements— — 1,132 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,416)
Nine Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$33,132,274 $16,752,708 $(542,115)$126,986 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(1,954)(340)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (469,478)
Derivatives designated as hedging instruments— — — 479,523 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (44,061)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (80,367)
v3.26.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2026
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,
2026		December 31,
2025
(in thousands)
Less than one year
$11,776,580 $11,528,030 
Due after one year and through three years
9,895,575 8,376,160 
Due after three years and through five years
3,027,909 3,041,538 
Due after five years
522,736 1,093,500 
Total content obligations
$25,222,800 $24,039,228 
v3.26.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2025127,679,804 $36.07 
Granted
6,571,326 84.84
Exercised
(14,023,403)14.72 
Expired
(52,610)9.77 
Balances as of September 30, 2026120,175,117 $41.24 
Vested and exercisable as of September 30, 2026120,175,117 $41.24 
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, 20251,585,260 $98.68 
Granted(1)
1,245,383 82.91
Vested(1)
(962,882)78.32 
Forfeited
— — 
Balances as of September 30, 20261,867,761 $98.66 
(1) Amounts include 264,300 PSU awards that were granted and 528,600 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but were settled in the first quarter of 2026.
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2026:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2026$(281,833)$(61,670)$296,213 $3,727 $— $(53,554)$(97,117)
Other comprehensive income (loss) before reclassifications
19,999 12,157 74,072 (11,545)— (17,268)77,415 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 2,399 10,934 — (3,083)10,250 
Net change in accumulated other comprehensive income (loss)19,999 12,157 76,471 (611)— (20,351)87,665 
Balances as of September 30, 2026$(261,834)$(49,513)$372,684 $3,116 $— $(73,905)$(9,452)
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, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
Other comprehensive income (loss) before reclassifications
(68,219)62,743 579,440 (28,900)— (141,812)403,252 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 182,533 35,581 — (50,436)167,678 
Net change in accumulated other comprehensive income (loss)(68,219)62,743 761,973 6,681 — (192,248)570,930 
Balances as of September 30, 2026$(261,834)$(49,513)$372,684 $3,116 $— $(73,905)$(9,452)
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 $(719,256)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2026:
Three Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(713)(1,686)— 555 (1,844)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (10,934)2,528 (8,406)
Total$(713)$(1,686)$(10,934)$3,083 $(10,250)
Nine Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(180,860)(1,673)— 42,209 (140,324)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (35,581)8,227 (27,354)
Total$(180,860)$(1,673)$(35,581)$50,436 $(167,678)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2025:
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — 29,319 (98,391)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,690)3,373 (11,317)
Total$(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)
v3.26.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands, except percentages)
Provision for income taxes$652,978 $562,494 $2,584,445 $1,392,131 
Effective tax rate15 %18 %17 %14 %
v3.26.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026 and 2025:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
Less:
Content amortization4,235,454 4,002,744 12,764,663 11,657,930 
Other cost of revenues1,843,562 2,161,506 5,239,556 5,094,778 
Sales and marketing837,051 786,295 2,503,106 2,187,930 
Technology and development1,033,142 853,584 3,000,513 2,501,090 
General and administrative466,367 457,931 1,567,826 1,320,606 
Operating income4,458,600 3,248,247 12,608,207 10,369,940 
Operating margin34.6 %28.2 %33.5 %31.3 %
Other income (expense)
Interest expense(184,701)(175,294)(622,463)(542,115)
Interest and other income (expense)(1)
43,006 36,457 2,946,833 126,986 
Income before income taxes4,316,905 3,109,410 14,932,577 9,954,811 
Provision for income taxes(652,978)(562,494)(2,584,445)(1,392,131)
Net income$3,663,927 $2,546,916 $12,348,132 $8,562,680 
(1) Interest and other income (expense) for the nine months ended September 30, 2026 includes a $2.8 billion termination fee received during the first quarter of 2026 in connection with the termination of the WBD transaction. Interest and other income (expense) also includes interest income of $70 million and $222 million, respectively, for the three and nine months ended September 30, 2026, and $67 million and $221 million, respectively, for the three and nine months ended September 30, 2025.
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, 2026 and December 31, 2025, were located as follows:
As of
September 30,
2026		December 31,
2025
(in thousands)
United States$3,345,183 $3,075,477 
International1,184,493 1,136,034 
v3.26.3
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
Nov. 14, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Stock split ratio 10
Stock split, additional shares for every share held 9
v3.26.3
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]          
Hedging losses $ (1,000) $ (129,000) $ (181,000) $ (2,000)  
Deferred revenue $ 1,779,633   1,779,633   $ 1,775,730
Increase in deferred revenue     $ (4,000)    
v3.26.3
Revenue Recognition - Schedule of Revenue by Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Disaggregation of Revenue [Line Items]        
Total Revenues $ 12,874,176 $ 11,510,307 $ 37,683,871 $ 33,132,274
Streaming | United States and Canada (UCAN)        
Disaggregation of Revenue [Line Items]        
Total Revenues 5,628,215 5,071,781 16,305,180 14,617,882
Streaming | Europe, Middle East, and Africa (EMEA)        
Disaggregation of Revenue [Line Items]        
Total Revenues 4,106,572 3,699,052 12,138,506 10,641,903
Streaming | Latin America (LATAM)        
Disaggregation of Revenue [Line Items]        
Total Revenues 1,602,603 1,370,913 4,683,951 3,939,582
Streaming | Asia-Pacific (APAC)        
Disaggregation of Revenue [Line Items]        
Total Revenues $ 1,536,786 $ 1,368,561 $ 4,556,234 $ 3,932,907
v3.26.3
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, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Basic earnings per share:        
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Weighted-average shares of common stock outstanding (in shares) 4,134,463 4,244,553 4,181,861 4,256,350
Basic earnings per share (in USD per share) $ 0.89 $ 0.60 $ 2.95 $ 2.01
Diluted earnings per share:        
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Shares used in computation:        
Weighted-average shares of common stock outstanding (in shares) 4,134,463 4,244,553 4,181,861 4,256,350
Effect of dilutive stock-based awards (in shares) 60,664 95,839 69,437 96,494
Weighted-average number of shares (in shares) 4,195,127 4,340,392 4,251,298 4,352,844
Diluted earnings per share (in USD per share) $ 0.87 $ 0.59 $ 2.90 $ 1.97
v3.26.3
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, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Earnings Per Share [Abstract]        
Stock-based awards (in shares) 9,228 296 7,078 326
v3.26.3
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 8,226,455 $ 9,067,872
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 8,226,455 9,067,872
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 8,194,275 9,033,681
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 3,358 5,369
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 144 144
Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 28,678 28,678
Cash    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 4,271,312 5,214,163
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 4,271,312 5,214,163
Cash | Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 4,267,872 5,208,710
Cash | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 3,358 5,369
Cash | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 82 84
Cash | Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 2,352,508 3,259,240
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 2,352,508 3,259,240
Money market funds | Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 2,352,446 3,259,180
Money market funds | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 62 60
Money market funds | Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time deposits | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 1,602,635 594,469
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 1,602,635 594,469
Time deposits | Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 1,573,957 565,791
Time deposits | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time deposits | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time deposits | Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments $ 28,678 $ 28,678
v3.26.3
Balance Sheet Components - Schedule of Components of Content Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]          
Content assets, net $ 34,605,477   $ 34,605,477   $ 32,778,392
Amortization of content assets 4,235,454 $ 4,002,744 12,764,663 $ 11,657,930  
Licensed content          
Intangible Asset, Finite-Lived [Line Items]          
Content assets, net 12,508,405   12,508,405   12,138,578
Amortization of content assets 2,271,145 2,253,603 6,817,921 6,262,335  
Produced content          
Intangible Asset, Finite-Lived [Line Items]          
Released, less amortization 10,369,622   10,369,622   10,687,444
In production 10,905,673   10,905,673   9,210,735
In development and pre-production 821,777   821,777   741,635
Content assets, net 22,097,072   22,097,072   $ 20,639,814
Amortization of content assets $ 1,964,309 $ 1,749,141 $ 5,946,742 $ 5,395,595  
v3.26.3
Balance Sheet Components - Schedule of Property and Equipment and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 3,833,089 $ 3,101,241
Less: Accumulated depreciation (1,272,470) (1,096,891)
Property and equipment, net 2,560,619 2,004,350
Land    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 155,870 155,664
Buildings and improvements    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 559,410 537,082
Estimated Useful Lives 30 years  
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 1,398,853 1,263,051
Furniture and fixtures    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 165,931 157,984
Estimated Useful Lives 3 years  
Information technology    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 718,399 572,407
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 $ 185,660 99,164
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 $ 46,808 30,879
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 $ 602,158 $ 285,010
v3.26.3
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, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Leases [Abstract]          
Cash paid for operating lease liabilities $ 137,673 $ 108,787 $ 412,197 $ 356,708  
Right-of-use assets obtained in exchange for new operating lease obligations 40,845 $ 235,513 89,711 $ 447,040  
Operating lease right-of-use assets, net 1,969,057   1,969,057   $ 2,207,161
Current operating lease liabilities 435,730   435,730   460,475
Non-current operating lease liabilities 1,816,507   1,816,507   2,052,526
Total operating lease liabilities $ 2,252,237   $ 2,252,237   $ 2,513,001
v3.26.3
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]    
Trade receivables $ 2,060,374 $ 2,031,476
Prepaid expenses 593,552 498,054
Other 2,345,458 1,428,302
Total other current assets $ 4,999,384 $ 3,957,832
v3.26.3
Acquisitions (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 27, 2026
Mar. 31, 2026
Mar. 31, 2026
Other Business Combination      
Business Combination [Line Items]      
Business combination, purchase price   $ 587  
Warner Bros. Discovery, Inc.      
Business Combination [Line Items]      
Business combination, termination fee income $ 2,800   $ 2,800
v3.26.3
Debt - Narrative (Details)
$ in Thousands, € in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]            
Aggregate outstanding notes $ 15,132,000   $ 15,132,000     $ 14,463,000
Debt issuance costs 59,000   59,000     56,000
Fair value hedging adjustments 145,000   145,000      
Short-term debt 2,474,796   2,474,796     998,865
Face amount 15,337,000   15,337,000     $ 14,519,000
Foreign currency remeasurement (loss) gain on debt 9,162 $ 1,707 28,085 $ (82,078)    
Senior Notes            
Debt Instrument [Line Items]            
Face amount | €         € 4,700  
Foreign currency remeasurement (loss) gain on debt $ 9,000   $ 28,000      
Redemption price, percent of outstanding principal     101.00%      
v3.26.3
Debt - Schedule of Long-term Debt (Details)
$ in Millions
Sep. 30, 2026
EUR (€)
Sep. 30, 2026
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Face amount   $ 15,337   $ 14,519
Long-term debt, fair value   $ 15,158   $ 14,951
Senior Notes        
Debt Instrument [Line Items]        
Face amount | € € 4,700,000,000      
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   $ 1,000   $ 1,006
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 $ 1,476 € 1,300,000,000 $ 1,526
Long-term debt, fair value   $ 1,480   $ 1,550
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   $ 1,595   $ 1,634
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   $ 1,926   $ 1,998
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 $ 1,249 € 1,100,000,000 $ 1,292
Long-term debt, fair value   $ 1,275   $ 1,363
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   $ 820   $ 857
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 $ 1,363 € 1,200,000,000 $ 1,409
Long-term debt, fair value   $ 1,361   $ 1,455
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   $ 900   $ 939
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 $ 1,249 € 1,100,000,000 $ 1,292
Long-term debt, fair value   $ 1,235   $ 1,322
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   $ 978   $ 1,025
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   $ 942   $ 1,025
Senior Notes | 4.900% Senior Notes | Interest rate contracts | Derivatives designated as hedging instruments:        
Debt Instrument [Line Items]        
Interest rate 4.90% 4.90%    
Senior Notes | 5.250% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.25% 5.25% 5.25% 5.25%
Face amount   $ 1,000   $ 0
Long-term debt, fair value   $ 946   $ 0
Senior Notes | 5.250% Senior Notes | Interest rate contracts | Derivatives designated as hedging instruments:        
Debt Instrument [Line Items]        
Interest rate 5.25% 5.25%    
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   $ 700   $ 777
Senior Notes | 5.400% Senior Notes | Interest rate contracts | Derivatives designated as hedging instruments:        
Debt Instrument [Line Items]        
Interest rate 5.40% 5.40%    
v3.26.3
Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
 9 Months Ended
Apr. 12, 2024
Sep. 30, 2026
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%    
v3.26.3
Debt - Commercial Paper (Details) - Commercial Paper - USD ($)
$ in Millions
Sep. 30, 2026
May 31, 2025
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 3,000
Credit facility, amount outstanding $ 0  
v3.26.3
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amount of Derivative Contracts (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 29,601,466 $ 25,507,054
Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 1,556,156 1,555,502
Foreign exchange contracts | Cash flow hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 22,719,064 21,066,760
Foreign exchange contracts | Fair value hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 2,926,246 2,884,792
Interest rate contracts | Fair value hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 2,400,000 $ 0
v3.26.3
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Pre-tax net accumulated gain $ 193  
Senior Notes    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Long-term debt designated as a hedge, foreign exchange risk, fair value 1,800 $ 1,900
Long-term debt designated as a hedge, fair value 2,800 2,900
Senior Notes | Interest rate contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Long-term debt designated as a hedge, fair value 2,200 $ 0
Hedged liability, fair value hedge, cumulative increase (decrease) $ (145)  
v3.26.3
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets $ 681,360 $ 285,276
Derivative Liabilities 529,002 652,619
Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrent    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 305,718 438,045
Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrent | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 278,754 426,341
Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrent | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 26,964 11,704
Balance Sheet Location [Axis]: us-gaap:AccruedLiabilitiesCurrent | Interest rate contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 0 0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 420,331 196,291
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 372,293 192,828
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 46,915 3,463
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent | Interest rate contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 1,123 0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 261,029 88,985
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 261,029 88,985
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 0 0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Interest rate contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 0 0
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 223,284 214,574
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 78,126 214,574
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 0 0
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Interest rate contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities $ 145,158 $ 0
v3.26.3
Derivative Financial Instruments and Hedging Activities - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 681,360 $ 285,276
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 681,360 285,276
Financial Instruments (498,881) (282,469)
Collateral Received and Posted 0 0
Net Amount 182,479 2,807
Derivative liabilities    
Gross Amount Recognized in the Consolidated Balance Sheets 529,002 652,619
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 529,002 652,619
Financial Instruments (498,881) (282,469)
Collateral Received and Posted 0 0
Net Amount $ 30,121 $ 370,150
v3.26.3
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, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total $ 74,684 $ 162,608 $ 613,283 $ (1,720,634)
Cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount included in the assessment of effectiveness 74,072 183,823 579,440 (1,525,289)
Fair value hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount excluded from the assessment of effectiveness (11,545) (18,895) (28,900) (55,025)
Net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount included in the assessment of effectiveness $ 12,157 $ (2,320) $ 62,743 $ (140,320)
v3.26.3
Derivative Financial Instruments and Hedging Activities - Schedule of Effects of the Company's Derivative Instruments and Related Hedged Items on the Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total amounts presented in the Consolidated Statements of Operations, Revenues $ 12,874,176 $ 11,510,307 $ 37,683,871 $ 33,132,274
Total amounts presented in the Consolidated Statements of Operations, Cost of Revenues 6,079,016 6,164,250 18,004,219 16,752,708
Total amounts presented in the Consolidated Statements of Operations, Interest Expense 184,701 175,294 622,463 542,115
Total amounts presented in the Consolidated Statements of Operations, Interest and Other Income (Expense) 43,006 36,457 2,946,833 126,986
Amount of gains (losses) reclassified from AOCI (1,000) (129,000) (181,000) (2,000)
Foreign exchange contracts | Income Statement Location [Axis]: us-gaap:CostOfRevenue        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI (1,686) 1,655 (1,673) (340)
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 | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI 0 0 0 0
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 | Income Statement Location [Axis]: us-gaap:NonoperatingIncomeExpense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI 0 0 0 0
Hedged items 18,617 (4,091) 96,085 (469,478)
Derivatives designated as hedging instruments (13,909) 5,896 (90,897) 479,523
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach (10,934) (14,690) (35,581) (44,061)
Foreign exchange contracts (19,097) (9,396) (19,416) (80,367)
Foreign exchange contracts | Income Statement Location [Axis]: us-gaap:Revenues        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of gains (losses) reclassified from AOCI (713) (129,365) (180,860) (1,954)
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
Interest rate contracts | Income Statement Location [Axis]: us-gaap:CostOfRevenue        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
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
Interest rate contracts | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Hedged items 131,348 0 145,157 0
Derivatives designated as hedging instruments (131,348) 0 (145,157) 0
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach 896 0 1,132 0
Interest rate contracts | Income Statement Location [Axis]: us-gaap:NonoperatingIncomeExpense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
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
Interest rate contracts | Income Statement Location [Axis]: us-gaap:Revenues        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
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
v3.26.3
Commitments and Contingencies - Streaming Content (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Contractual Obligation [Line Items]    
Total streaming content obligations $ 25,222,800 $ 24,039,228
Unrecorded streaming obligations 19,600,000 18,400,000
Balance Sheet Location [Axis]: nflx:ContentLiabilitiesCurrent    
Contractual Obligation [Line Items]    
Total streaming content obligations 3,900,000 4,100,000
Balance Sheet Location [Axis]: nflx:ContentLiabilitiesNoncurrent    
Contractual Obligation [Line Items]    
Total streaming content obligations $ 1,700,000 $ 1,600,000
v3.26.3
Commitments and Contingencies - Schedule of Expected Timing of Payments for Commitments (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 11,776,580 $ 11,528,030
Due after one year and through three years 9,895,575 8,376,160
Due after three years and through five years 3,027,909 3,041,538
Due after five years 522,736 1,093,500
Total content obligations $ 25,222,800 $ 24,039,228
v3.26.3
Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)
Sep. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other commitment $ 0
v3.26.3
Stockholders' Equity - Narrative (Details)
 9 Months Ended
Sep. 30, 2026
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
v3.26.3
Stockholders' Equity - Schedule of Activity Related to Stock Options (Details)
 9 Months Ended
Sep. 30, 2026
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 127,679,804
Granted (in shares) | shares 6,571,326
Exercised (in shares) | shares (14,023,403)
Expired (in shares) | shares (52,610)
Ending balance (in shares) | shares 120,175,117
Vested (in shares) | shares 120,175,117
Exercisable (in shares) | shares 120,175,117
Weighted- Average Exercise Price (per share)  
Beginning balance (in USD per share) | $ / shares $ 36.07
Granted (in USD per share) | $ / shares 84.84
Exercised (in USD per share) | $ / shares 14.72
Expired (in USD per share) | $ / shares 9.77
Ending balance (in USD per share) | $ / shares 41.24
Vested (in USD per share) | $ / shares 41.24
Exercisable (in USD per share) | $ / shares $ 41.24
v3.26.3
Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details)
 9 Months Ended
Sep. 30, 2026
$ / shares
shares
RSUs  
Number of Shares  
Beginning balance (in shares) 1,585,260
Granted (in shares) 1,245,383
Vested (in shares) (962,882)
Forfeited (in shares) 0
Ending balance (in shares) 1,867,761
Weighted- Average Grant-Date Fair Value (per share)  
Beginning balance (in USD per share) | $ / shares $ 98.68
Granted (in USD per share) | $ / shares 82.91
Vested (in USD per share) | $ / shares 78.32
Forfeited (in USD per share) | $ / shares 0
Ending balance (in USD per share) | $ / shares $ 98.66
PSU awards, vested (in shares) 962,882
PSUs  
Number of Shares  
Granted (in shares) 264,300
Vested (in shares) (528,600)
Weighted- Average Grant-Date Fair Value (per share)  
PSU awards, vested (in shares) 528,600
v3.26.3
Stockholders' Equity - Stock-based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Stockholders' Equity Note [Abstract]        
Stock-based compensation expense $ 133,723 $ 80,986 $ 405,440 $ 233,825
v3.26.3
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2026
Dec. 31, 2024
Sep. 30, 2023
Sep. 30, 2026
Sep. 30, 2026
Stockholders' Equity Note [Abstract]          
Stock repurchase program, additional authorized amount $ 25,000,000,000 $ 25,000,000,000 $ 25,000,000,000    
Stock repurchased (in shares)       63,917,979 130,349,765
Payments for repurchase of common stock, excluding excise tax       $ 4,800,000,000 $ 10,700,000,000
Remaining authorized repurchase amount       $ 22,300,000,000 $ 22,300,000,000
v3.26.3
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance $ 30,152,052 $ 24,951,899 $ 26,615,488 $ 24,743,567
Other comprehensive income (loss) before reclassifications 77,415 75,704 403,252 (1,117,037)
Amounts reclassified from accumulated other comprehensive income (loss) 10,250 109,708 167,678 35,619
Total other comprehensive income (loss) 87,665 185,412 570,930 (1,081,418)
Ending Balance 29,286,253 25,954,035 29,286,253 25,954,035
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (281,833) (116,258) (193,615) (376,833)
Other comprehensive income (loss) before reclassifications 19,999 (49,574) (68,219) 211,001
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0 0
Total other comprehensive income (loss) 19,999 (49,574) (68,219) 211,001
Ending Balance (261,834) (165,832) (261,834) (165,832)
Net Investment Hedge Gains (Losses)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (61,670) (105,600) (112,256) 32,400
Other comprehensive income (loss) before reclassifications 12,157 (2,320) 62,743 (140,320)
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0 0
Total other comprehensive income (loss) 12,157 (2,320) 62,743 (140,320)
Ending Balance (49,513) (107,920) (49,513) (107,920)
Change in Unrealized Gains (Losses) on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 296,213 (920,159) (389,289) 914,369
Other comprehensive income (loss) before reclassifications 74,072 183,823 579,440 (1,525,289)
Amounts reclassified from accumulated other comprehensive income (loss) 2,399 127,710 182,533 2,294
Total other comprehensive income (loss) 76,471 311,533 761,973 (1,522,995)
Ending Balance 372,684 (608,626) 372,684 (608,626)
Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 3,727 2,474 (3,565) 9,233
Other comprehensive income (loss) before reclassifications (11,545) (18,895) (28,900) (55,025)
Amounts reclassified from accumulated other comprehensive income (loss) 10,934 14,690 35,581 44,061
Total other comprehensive income (loss) (611) (4,205) 6,681 (10,964)
Ending Balance 3,116 (1,731) 3,116 (1,731)
Change in Unrealized Gains (Losses) on AFS Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 0 0 0 3,260
Other comprehensive income (loss) before reclassifications 0 0 0 (3,139)
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0 (121)
Total other comprehensive income (loss) 0 0 0 (3,260)
Ending Balance 0 0 0 0
Tax (Expense) Benefit        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (53,554) 234,875 118,343 (220,267)
Other comprehensive income (loss) before reclassifications (17,268) (37,330) (141,812) 395,735
Amounts reclassified from accumulated other comprehensive income (loss) (3,083) (32,692) (50,436) (10,615)
Total other comprehensive income (loss) (20,351) (70,022) (192,248) 385,120
Ending Balance (73,905) 164,853 (73,905) 164,853
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (97,117) (904,668) (580,382) 362,162
Total other comprehensive income (loss) 87,665 185,412 570,930 (1,081,418)
Ending Balance $ (9,452) $ (719,256) $ (9,452) $ (719,256)
v3.26.3
Stockholders' Equity - Schedule of Amounts Reclassified from AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues $ 12,874,176 $ 11,510,307 $ 37,683,871 $ 33,132,274
Cost of Revenues (6,079,016) (6,164,250) (18,004,219) (16,752,708)
Interest and other income (expense) 43,006 36,457 2,946,833 126,986
Provision for Income Taxes (652,978) (562,494) (2,584,445) (1,392,131)
Net income 3,663,927 2,546,916 12,348,132 8,562,680
Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues (713) (129,365) (180,860) (1,954)
Cost of Revenues (1,686) 1,655 (1,673) (340)
Interest and other income (expense) (10,934) (14,690) (35,581) (43,940)
Provision for Income Taxes 3,083 32,692 50,436 10,615
Net income (10,250) (109,708) (167,678) (35,619)
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues 0 0 0 0
Cost of Revenues 0 0 0 0
Interest and other income (expense) 0 0 0 121
Provision for Income Taxes 0 0 0 (28)
Net income 0 0 0 93
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Revenues (713) (129,365) (180,860) (1,954)
Cost of Revenues (1,686) 1,655 (1,673) (340)
Interest and other income (expense) 0 0 0 0
Provision for Income Taxes 555 29,319 42,209 527
Net income (1,844) (98,391) (140,324) (1,767)
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) (10,934) (14,690) (35,581) (44,061)
Provision for Income Taxes 2,528 3,373 8,227 10,116
Net income $ (8,406) $ (11,317) $ (27,354) $ (33,945)
v3.26.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 652,978 $ 562,494 $ 2,584,445 $ 1,392,131
Effective tax rate 15.00% 18.00% 17.00% 14.00%
v3.26.3
Segment and Geographic Information - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
segment
Sep. 30, 2025
USD ($)
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]        
Number of operating segments | segment     1  
Number of reportable segments | segment     1  
Revenues | $ $ 12,874,176 $ 11,510,307 $ 37,683,871 $ 33,132,274
United States        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]        
Revenues | $ $ 5,300,000 $ 4,700,000 $ 15,200,000 $ 13,600,000
v3.26.3
Segment and Geographic Information - Schedule of Segment Reporting Financial Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 27, 2026
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]            
Revenues   $ 12,874,176   $ 11,510,307 $ 37,683,871 $ 33,132,274
Content amortization   4,235,454   4,002,744 12,764,663 11,657,930
Sales and marketing   837,051   786,295 2,503,106 2,187,930
Technology and development   1,033,142   853,584 3,000,513 2,501,090
General and administrative   466,367   457,931 1,567,826 1,320,606
Operating income   4,458,600   3,248,247 12,608,207 10,369,940
Interest expense   (184,701)   (175,294) (622,463) (542,115)
Interest and other income (expense)   43,006   36,457 2,946,833 126,986
Income before income taxes   4,316,905   3,109,410 14,932,577 9,954,811
Provision for income taxes   (652,978)   (562,494) (2,584,445) (1,392,131)
Net income   3,663,927   2,546,916 12,348,132 8,562,680
Warner Bros. Discovery, Inc.            
Segment Reporting [Line Items]            
Business combination, termination fee income $ 2,800,000   $ 2,800,000      
Reportable Segment            
Segment Reporting [Line Items]            
Revenues   12,874,176   11,510,307 37,683,871 33,132,274
Content amortization   4,235,454   4,002,744 12,764,663 11,657,930
Other cost of revenues   1,843,562   2,161,506 5,239,556 5,094,778
Sales and marketing   837,051   786,295 2,503,106 2,187,930
Technology and development   1,033,142   853,584 3,000,513 2,501,090
General and administrative   466,367   457,931 1,567,826 1,320,606
Operating income   $ 4,458,600   $ 3,248,247 $ 12,608,207 $ 10,369,940
Operating margin   34.60%   28.20% 33.50% 31.30%
Interest expense   $ (184,701)   $ (175,294) $ (622,463) $ (542,115)
Interest and other income (expense)   43,006   36,457 2,946,833 126,986
Income before income taxes   4,316,905   3,109,410 14,932,577 9,954,811
Provision for income taxes   (652,978)   (562,494) (2,584,445) (1,392,131)
Net income   3,663,927   2,546,916 12,348,132 8,562,680
Interest income   $ 70,000   $ 67,000 222,000 $ 221,000
Reportable Segment | Warner Bros. Discovery, Inc.            
Segment Reporting [Line Items]            
Business combination, termination fee income         $ 2,800,000  
v3.26.3
Segment and Geographic Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
United States    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Long-lived assets $ 3,345,183 $ 3,075,477
International    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Long-lived assets $ 1,184,493 $ 1,136,034