NETFLIX INC, 10-K filed on 1/23/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2025  
Current Fiscal Year End Date --12-31  
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 Well-known Seasoned Issuer Yes  
Entity Voluntary Filers No  
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  
ICFR Auditor Attestation Flag true  
Document Financial Statement Error Correction [Flag] false  
Entity Shell Company false  
Entity Public Float   $ 565,657,747,980
Entity Common Stock, Shares Outstanding 4,222,162,150  
Documents Incorporated by Reference
Parts of the registrant’s Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
  
Entity Central Index Key 0001065280  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus FY  
Amendment Flag false  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 45,183,036 $ 39,000,966 $ 33,723,297
Cost of revenues 23,275,329 21,038,464 19,715,368
Sales and marketing 3,301,306 2,917,554 2,657,883
Technology and development 3,391,390 2,925,295 2,675,758
General and administrative 1,888,408 1,702,039 1,720,285
Operating income 13,326,603 10,417,614 6,954,003
Other income (expense):      
Interest expense (776,510) (718,733) (699,826)
Interest and other income (expense) 172,459 266,776 (48,772)
Income before income taxes 12,722,552 9,965,657 6,205,405
Provision for income taxes (1,741,351) (1,254,026) (797,415)
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Earnings per share:      
Basic (in USD per share) $ 2.58 $ 2.03 $ 1.22
Diluted (in USD per share) $ 2.53 $ 1.98 $ 1.20
Weighted-average shares of common stock outstanding:      
Basic (in shares) 4,249,512 4,295,191 4,415,712
Diluted (in shares) 4,343,863 4,392,608 4,494,966
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Foreign currency translation adjustments, income tax (expense) benefit $ 33 $ (7) $ 0
Change in unrealized gains (losses) on available-for-sale securities, income tax (expense) benefit 1 (1) 0
Net change, income tax (expense) benefit 301 (246) 36
Net unrealized gains / losses excluded from the assessment of effectiveness, income tax (expense) benefit $ 3 $ (2) $ 0
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Adjustments to reconcile net income to net cash provided by operating activities:      
Additions to content assets (17,096,617) (16,223,617) (12,554,703)
Change in content liabilities (610,838) (779,135) (585,602)
Amortization of content assets 16,422,166 15,301,517 14,197,437
Depreciation and amortization of property, equipment and intangibles 333,389 328,914 356,947
Stock-based compensation expense 368,449 272,588 339,368
Foreign currency remeasurement loss (gain) on debt 72,348 (121,539) 176,296
Other non-cash items 577,451 494,778 512,075
Deferred income taxes (442,056) (590,698) (459,359)
Changes in operating assets and liabilities:      
Other current assets (790,661) 22,180 (181,003)
Accounts payable (8,039) 121,353 93,502
Accrued expenses and other liabilities 881,218 191,899 103,565
Deferred revenue 254,917 77,844 178,708
Other non-current assets and liabilities (793,655) (446,351) (310,920)
Net cash provided by operating activities 10,149,273 7,361,364 7,274,301
Cash flows from investing activities:      
Purchases of property and equipment (688,220) (439,538) (348,552)
Acquisitions (17,194) 0 0
Purchases of investments (169,965) (1,742,246) (504,862)
Proceeds from maturities and sales of investments 1,917,067 0 1,395,165
Net cash provided by (used in) investing activities 1,041,688 (2,181,784) 541,751
Cash flows from financing activities:      
Proceeds from issuance of debt 0 1,794,460 0
Repayments of debt (1,833,450) (400,000) 0
Proceeds from issuance of common stock 666,965 832,887 169,990
Repurchases of common stock (9,127,167) (6,263,746) (6,045,347)
Taxes paid related to net share settlement of equity awards (46,165) (8,285) 0
Other financing activities (5,806) (29,743) (75,446)
Net cash used in financing activities (10,345,623) (4,074,427) (5,950,803)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 386,519 (416,331) 82,684
Net increase in cash, cash equivalents and restricted cash 1,231,857 688,822 1,947,933
Cash, cash equivalents and restricted cash, beginning of year 7,807,337 7,118,515 5,170,582
Cash, cash equivalents and restricted cash, end of year 9,039,194 7,807,337 7,118,515
Supplemental disclosure:      
Interest paid $ 718,611 $ 674,502 $ 684,504
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 9,033,681 $ 7,804,733
Short-term investments 28,678 1,779,006
Other current assets 3,957,832 3,516,640
Total current assets 13,020,191 13,100,379
Content assets, net 32,778,392 32,452,462
Property and equipment, net 2,004,350 1,593,756
Other non-current assets 7,794,060 6,483,777
Total assets 55,596,993 53,630,374
Current liabilities:    
Current content liabilities 4,084,854 4,393,681
Accounts payable 900,612 899,909
Accrued expenses and other liabilities 3,220,869 2,156,544
Deferred revenue 1,775,730 1,520,813
Short-term debt 998,865 1,784,453
Total current liabilities 10,980,930 10,755,400
Non-current content liabilities 1,579,476 1,780,806
Long-term debt 13,463,971 13,798,351
Other non-current liabilities 2,957,128 2,552,250
Total liabilities 28,981,505 28,886,807
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value; 49,900,000,000 shares authorized at December 31, 2025 and December 31, 2024; 4,222,162,150 and 4,277,571,000 issued and outstanding at December 31, 2025 and December 31, 2024, respectively 7,286,410 6,252,126
Treasury stock at cost (346,541,145 and 259,534,600 shares at December 31, 2025 and December 31, 2024) (22,372,658) (13,171,638)
Accumulated other comprehensive income (loss) (580,382) 362,162
Retained earnings 42,282,118 31,300,917
Total stockholders’ equity 26,615,488 24,743,567
Total liabilities and stockholders’ equity $ 55,596,993 $ 53,630,374
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
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) 4,222,162,150 4,277,571,000
Common stock, shares outstanding (in shares) 4,222,162,150 4,277,571,000
Treasury stock (in shares) 346,541,145 259,534,600
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock and Additional Paid-in Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Common Stock
Beginning balance (in shares) at Dec. 31, 2022   4,453,467,760        
Beginning balance at Dec. 31, 2022 $ 20,777,401 $ 4,637,601 $ (824,190) $ (217,306) $ 17,181,296  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 5,407,990       5,407,990  
Other comprehensive (loss) income $ (6,639)     (6,639)    
Issuance of common stock (in shares) 19,265,980 19,265,980        
Issuance of common stock $ 168,203 $ 168,203        
Repurchases of common stock (in shares)           (145,137,900)
Repurchases of common stock (6,098,010)   (6,098,010)      
Stock-based compensation expense 339,368 $ 339,368        
Ending balance (in shares) at Dec. 31, 2023   4,327,595,840        
Ending balance at Dec. 31, 2023 20,588,313 $ 5,145,172 (6,922,200) (223,945) 22,589,286  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 8,711,631       8,711,631  
Other comprehensive (loss) income $ 586,107     586,107    
Issuance of common stock (in shares) 48,460,480 48,727,080        
Issuance of common stock $ 834,366 $ 834,366        
Repurchases of common stock (in shares)   (98,619,350)        
Repurchases of common stock (6,241,153)   (6,241,153)      
Shares withheld related to net share settlement of equity awards (in shares)           (132,570)
Shares withheld related to net share settlement of equity awards (8,285)   (8,285)      
Stock-based compensation expense $ 272,588 $ 272,588        
Ending balance (in shares) at Dec. 31, 2024 4,277,571,000 4,277,571,000        
Ending 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]            
Net income 10,981,201       10,981,201  
Other comprehensive (loss) income $ (942,544)     (942,544)    
Issuance of common stock (in shares) 30,638,245 31,597,695        
Issuance of common stock $ 665,835 $ 665,835        
Repurchases of common stock (in shares) (86,536,215) (86,536,215)        
Repurchases of common stock $ (9,154,855)   (9,154,855)      
Shares withheld related to net share settlement of equity awards (in shares)   (470,330)        
Shares withheld related to net share settlement of equity awards (46,165)   (46,165)      
Stock-based compensation expense $ 368,449 $ 368,449        
Ending balance (in shares) at Dec. 31, 2025 4,222,162,150 4,222,162,150        
Ending balance at Dec. 31, 2025 $ 26,615,488 $ 7,286,410 $ (22,372,658) $ (580,382) $ 42,282,118  
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Other comprehensive income (loss):      
Foreign currency translation adjustments, net of income tax benefit (expense) of $33 million, $(7) million, and $0, respectively 72,011 (247,949) 113,384
Net change in unrealized gains (losses) on available-for-sale securities, net of income tax benefit (expense) of $1 million, $(1) million, and $0, respectively (2,511) 2,511 0
Cash flow hedges:      
Net unrealized gains (losses) (1,071,168) 921,227 (120,023)
Reclassification of net (gains) losses included in net income 68,962 (96,795) 0
Net change, net of income tax benefit (expense) of $301 million, $(246) million, and $36 million, respectively (1,002,206) 824,432 (120,023)
Fair value hedges:      
Net change in unrealized gains (losses) excluded from the assessment of effectiveness, net of income tax benefit (expense) of $3 million, $(2) million, and $0, respectively (9,838) 7,113 0
Total other comprehensive income (loss) (942,544) 586,107 (6,639)
Comprehensive income $ 10,038,657 $ 9,297,738 $ 5,401,351
v3.25.4
Organization and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies
Description of Business
Netflix, Inc. (the “Company”) was incorporated on August 29, 1997 and began operations on April 14, 1998. The Company is one of the world’s leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.
Basis of Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.
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. See Note 10 Stockholders' Equity for additional information.
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy 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 an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.
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.
Recently adopted accounting pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements
prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11 Income Taxes in the accompanying notes to the consolidated financial statements for further detail.
Cash Equivalents and Short-term Investments
The Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions that it expects to settle within several days as cash equivalents.
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. Short-term investments are reported at fair value, with allowances for credit losses included in “Interest and other income (expense)” in the Consolidated Statements of Operations and unrealized gains and losses included in “Accumulated other comprehensive income (loss)” within Stockholders’ equity in the Consolidated Balance Sheets. The Company uses the specific identification method to determine cost in calculating realized gains and losses upon the sale of short-term investments.
Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of their amortized cost basis.
Content
The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For produced content, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead, as costs are incurred.
Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability, estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, and film amortization is more accelerated than TV series amortization. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. The Company reviews factors impacting the amortization of the content assets on a regular basis. The Company's estimates related to these factors require considerable management judgment.
In the normal course of business, the Company, or a third-party producing content on the Company's behalf, may qualify for tax incentives through eligible spend on productions. The accounting for tax incentives is dependent on the particular type of incentive, including the nature of the benefit and the location the incentive is earned. In general, tax incentives are realized as cash receipts and may be received prior to or after a title launches on the Company’s service. Any amounts the Company is eligible for through qualified production spend but has not received, are recognized in “Other current assets” or “Other non-current assets” on the Company’s Consolidated Balance Sheets as receivables. Tax incentives are generally accounted for as a reduction to the cost basis of the Company’s content assets (presented in “Content assets, net”) and reduce content amortization over the life of the title (as presented in “Cost of revenues”) on the Consolidated Statements of Operations.
The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in the aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
Acquisitions
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. In addition, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies of an entity acquired in a business combination are recorded as of the acquisition date.
Property and Equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
Trade Receivables
Trade receivables primarily consist of membership and advertising fees due to the Company. The Company evaluates the need for an allowance for credit losses based on historical collection trends, the financial condition of its payment partners, and external market factors.
Revenue Recognition
The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”), provide access to the service as the Company retains control over service delivery to its members. In circumstances in which the price that the member pays is established by a partner and there is no standalone price for the Netflix service (for instance, in a bundle), the net amount collected from the partner is recognized as revenue.
The Company also earns revenue from advertisements presented on its streaming service, consumer products, live experiences and various other sources. Revenues earned from sources other than monthly membership fees were not a material component of revenues for the years ended December 31, 2025, 2024, and 2023. See Note 2 Revenue Recognition to the consolidated financial statements for further information regarding revenues.
Sales and Marketing
Sales and marketing expenses consist primarily of expenses for promotional activities such as digital and television advertising, and certain payments made to marketing and advertising sales partners. Our marketing partners include CE manufacturers, MVPDs, mobile operators, and ISPs. Our advertising sales partners include advertising technology providers and advertising agencies. Sales and marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support advertising sales and marketing activities. Marketing expenses are expensed as incurred. Advertising expenses were $2,001 million, $1,779 million and $1,732 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Income Taxes
The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain. The Company accounts for the tax effects of global intangible low tax income as a current period expense.
The Company does not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See Note 11 Income Taxes to the consolidated financial statements for further information regarding income taxes.
Foreign Currency
The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive income” in Stockholders’ equity on the Consolidated Balance Sheets.
The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in “Interest and other income (expense)” in the Consolidated Statements of Operations. Foreign exchange losses were $123 million, $18 million, and $293 million for the years ended
December 31, 2025, 2024, and 2023, respectively. These losses were primarily due to the non-cash remeasurement of our Senior Notes denominated in Euro and the remeasurement of cash and content liability positions denominated in currencies other than functional currencies. Foreign exchange losses for the years ended December 31, 2025 and December 31, 2024 were net of hedging impacts. No hedging gains or losses were recognized in the Consolidated Statements of Operations in the year ended December 31, 2023. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
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 recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.
Cash flow hedges
The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 36 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.
The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.
Fair value hedges
The Company designates forward contracts as fair value hedges to manage the foreign exchange risk on its foreign-currency denominated debt. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge the full amount of its exposure. The gain or loss on derivative instruments designated as fair value hedges included in the assessment of hedge effectiveness is recognized in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. The Company excludes forward points from the assessment of hedge effectiveness and recognizes the initial value of the excluded component over the life of the hedging instrument in “Interest and other income (expense)” on the Consolidated Statements of Operations. The difference between changes in fair value of the excluded component and the amount recognized in earnings is recognized as a component in AOCI. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within “Net cash provided by (used in) financing activities” on the Consolidated Statements of Cash Flows.
Net investment hedges
The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.
Derivative instruments not designated as hedging instruments
The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gains or losses on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the
Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
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.
Stock-Based Compensation
The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 10 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes streaming revenues by region for the years ended December 31, 2025, 2024 and 2023. Total streaming revenues are inclusive of hedging gains (losses) of $(91) million and $124 million for the years ended December 31, 2025 and 2024, respectively. No hedging gains and losses were recognized in total streaming revenues for the year ended December 31, 2023. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Year Ended December 31,
 202520242023
 (in thousands)
United States and Canada (UCAN)$19,957,152 $17,359,369 $14,873,783 
Europe, Middle East, and Africa (EMEA)14,514,646 12,387,035 10,556,487 
Latin America (LATAM)5,357,521 4,839,816 4,446,461 
Asia-Pacific (APAC)5,353,717 4,414,746 3,763,727 
Total Streaming Revenues$45,183,036 $39,000,966 $33,640,458 
Deferred revenue consists of membership fees billed that have not been recognized, as well as gift and other prepaid memberships that have not been fully redeemed. As of December 31, 2025, total deferred revenue was $1,776 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. Deferred revenue increased $255 million from $1,521 million as of December 31, 2024 to $1,776 million as of December 31, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
On November 14, 2025, the Company completed the Stock Split to all shareholders of record as of November 10, 2025.
Outstanding share and per-share amounts disclosed for all periods provided have been retroactively adjusted to reflect the effects of the Stock Split.
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, as adjusted for the Stock Split, is as follows:
 
 Year Ended December 31,
 202520242023
 (in thousands, except per share data)
Basic earnings per share:
Net income$10,981,201 $8,711,631 $5,407,990 
Shares used in computation:
Weighted-average shares of common stock outstanding4,249,512 4,295,191 4,415,712 
Basic earnings per share$2.58 $2.03 $1.22 
Diluted earnings per share:
Net income$10,981,201 $8,711,631 $5,407,990 
Shares used in computation:
Weighted-average shares of common stock outstanding4,249,512 4,295,191 4,415,712 
Effect of dilutive stock-based awards94,351 97,417 79,254 
Weighted-average number of shares4,343,863 4,392,608 4,494,966 
Diluted earnings per share
$2.53 $1.98 $1.20 
The following table summarizes the potential shares of common stock excluded from the diluted calculation, as adjusted for the Stock Split, as their inclusion would have been anti-dilutive:
 
 Year Ended December 31,
 202520242023
 (in thousands)
Stock-based awards818 2,432 41,091 
v3.25.4
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
 12 Months Ended
Dec. 31, 2025
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale (“AFS”). The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of December 31, 2025 and 2024:
 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(1)
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 

 As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-term investmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,866,753 $— $— $4,866,753 $4,864,207 $— $2,472 $74 
Level 1 securities:
Money market funds2,676,314 — — 2,676,314 2,676,256 — — 58 
Level 2 securities:
Time Deposits(1)
301,374 — — 301,374 264,270 37,104 — — 
Government securities1,738,642 3,260 1,741,902 — 1,741,902 — — 
$9,583,083 $3,260 $— $9,586,343 $7,804,733 $1,779,006 $2,472 $132 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
Other current assets and non-current assets primarily consist of restricted cash for deposits related to self-insurance. The fair value of 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.
v3.25.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of December 31,
20252024
(in thousands)
Licensed content, net
$12,138,578 $12,422,309 
Produced content, net
Released, less amortization
10,687,444 10,151,543 
In production
9,210,735 9,317,367 
In development and pre-production
741,635 561,243 
20,639,814 20,030,153 

Content assets, net$32,778,392 $32,452,462 
As of December 31, 2025, approximately $6,381 million, $2,280 million, and $1,469 million of the $12,139 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of December 31, 2025, approximately $4,309 million, $2,784 million, and $1,840 million of the $10,687 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years.
The following table summarizes the amortization of content assets:
Year Ended December 31,
 202520242023
(in thousands)
Licensed content$8,713,558 $7,689,014 $7,145,446 
Produced content(1)
7,708,608 7,612,503 7,051,991 
Total$16,422,166 $15,301,517 $14,197,437 
(1) Tax incentives earned on qualified production spend generally reduce the cost-basis of content assets and result in lower content amortization over the life of the title. For the years ended December 31, 2025, 2024 and 2023, tax incentives resulted in lower content amortization on produced content of approximately $1,000 million, $899 million and $835 million, respectively.

Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of December 31,Estimated Useful Lives (in Years)
20252024
(in thousands)
Land$155,664 $85,000 
Buildings and improvements537,082 475,684 30 years
Leasehold improvements1,263,051 1,026,593 Over life of lease
Furniture and fixtures157,984 134,987 3 years
Information technology572,407 446,419 
3-5 years
Corporate aircraft99,164 99,175 
8-10 years
Machinery and equipment30,879 15,135 
3-5 years
Capital work-in-progress285,010 228,300 
Property and equipment, gross3,101,241 2,511,293 
Less: Accumulated depreciation(1,096,891)(917,537)
Property and equipment, net$2,004,350 $1,593,756 
    
Leases
The Company has entered into operating leases primarily for real estate. These leases generally have terms which range from 1 year to 15 years, and often include one or more options to renew. These renewal terms can extend the lease term from 1 year to 20 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. These 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. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on the Company's Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component.
The components of lease costs for the years ended December 31, 2025, 2024 and 2023 were as follows:
Year ended December 31,
 202520242023
(in thousands)
Operating lease cost$503,637 $468,282 $430,856 
Short-term lease cost207,324 197,691 207,822 
Total lease cost$710,961 $665,973 $638,678 

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Year ended December 31,
202520242023
(in thousands)
Cash paid for operating lease liabilities$506,624 $509,296 $451,525 
Right-of-use assets obtained in exchange for new operating lease obligations465,420 442,391 196,639 
As of December 31,
20252024
(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net$2,207,161 $2,102,310 
Current operating lease liabilities$460,475 $428,482 
Non-current operating lease liabilities2,052,526 1,983,688 
Total operating lease liabilities$2,513,001 $2,412,170 
Weighted-average remaining lease term7.0 years6.9 years
Weighted-average discount rate3.8 %3.5 %

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):
Due in 12 month period ended December 31,
2026$555,684 
2027481,542 
2028422,982 
2029351,107 
2030292,154 
Thereafter782,470 
2,885,939 
Less imputed interest(372,938)
Total operating lease liabilities$2,513,001 

Other Current Assets
Other current assets consisted of the following:
As of
December 31,
2025		December 31,
2024
(in thousands)
Trade receivables
$2,031,476 $1,335,304 
Prepaid expenses
498,054 431,924 
Other(1)
1,428,302 1,749,412 
Total other current assets
$3,957,832 $3,516,640 
(1) $552 million and $653 million of receivables related to tax incentives earned on production spend are included in Other as of December 31, 2025 and 2024, respectively.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
In December 2025, the Company completed an acquisition which was accounted for as a business combination for a total purchase price of approximately $28 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"). WBD is a leading global media and entertainment company and will separate its Global Linear Networks business, Discovery Global, into a new publicly-traded company prior to the closing of the WBD transaction. See Note 9 Commitments and Contingencies for further details.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
As of December 31, 2025, the Company had aggregate outstanding notes of $14,463 million, net of $56 million of issuance costs and discounts, with varying maturities (the “Notes”). As of December 31, 2024, the Company had aggregate outstanding notes of $15,583 million, net of $70 million of issuance costs and discounts. Each of the Notes are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.
A portion of the outstanding Notes is denominated in foreign currency (comprised of €4,700 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss, net of hedging impacts, totaling $72 million for the year ended December 31, 2025). 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 December 31, 2025 and December 31, 2024:

Principal Amount at ParLevel 2 Fair Value as of
December 31,
2025		December 31,
2024		Issuance DateMaturityDecember 31,
2025		December 31,
2024
(in millions)(in millions)
5.875% Senior Notes
— 800 February 2015February 2025— 801 
3.000% Senior Notes(1)
— 487 April 2020June 2025— 487 
3.625% Senior Notes
— 500 April 2020June 2025— 497 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,006 998 
3.625% Senior Notes(1)
1,526 1,346 May 2017May 20271,550 1,375 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,634 1,607 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,998 1,970 
4.625% Senior Notes(1)
1,292 1,139 October 2018May 20291,363 1,220 
6.375% Senior Notes
800 800 October 2018May 2029857 848 
3.875% Senior Notes(1)
1,409 1,242 April 2019November 20291,455 1,293 
5.375% Senior Notes
900 900 April 2019November 2029939 918 
3.625% Senior Notes(1)
1,292 1,139 October 2019June 20301,322 1,174 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,025 996 
4.900% Senior Notes
1,000 1,000 August 2024August 20341,025 982 
5.400% Senior Notes
800 800 August 2024August 2054777 782 
$14,519 $15,653 $14,951 $15,948 

(1) The following Senior Notes have a principal amount denominated in Euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
In the year ended December 31, 2025, the Company repaid upon maturity the $800 million aggregate principal amount of its 5.875% Senior Notes, the €470 million aggregate principal amount of its 3.000% Senior Notes, and the $500 million aggregate principal amount of its 3.625% Senior Notes.
Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens, and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of December 31, 2025 and December 31, 2024, the Company was in compliance with all related covenants.

Revolving Credit Facility
On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of December 31, 2025, no amounts have been borrowed under the Revolving Credit Agreement.
The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.
The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of December 31, 2025 and December 31, 2024, the Company was in compliance with all related covenants and ratios.
Commercial Paper Program
In May 2025, the Company established a $3 billion commercial paper program (the “Commercial Paper Program”) under which it may issue short-term unsecured commercial paper notes. Net proceeds from this program may be used for general corporate purposes. There were no borrowings outstanding under the Commercial Paper Program as of December 31, 2025.
WBD Financing
On December 4, 2025, the Company entered into a bridge commitment letter pursuant to which the commitment parties agreed to provide, subject to the satisfaction of customary closing conditions, a $59 billion senior unsecured bridge term loan facility to finance the purchase price for the WBD transaction, to pay fees, costs and expenses incurred in connection with the WBD transaction and, at the Company’s option, to refinance certain indebtedness (the “Bridge Facility Commitments”). As of December 31, 2025, no amounts have been utilized under the Bridge Facility Commitments and the Bridge Facility Commitments have been reduced on a dollar-for-dollar basis by the amounts of the Transactions Revolving Credit Agreement and the DDTL Credit Agreement described below to $34 billion.
On December 19, 2025, the Company entered into a $5 billion senior unsecured revolving credit facility (the “Transactions Revolving Credit Agreement”). Borrowings under the Transactions Revolving Credit Agreement may be used for working capital and general corporate purposes and to finance the purchase price for the WBD transaction, to pay fees, costs and expenses incurred in connection with the WBD transaction and, at the Company’s option, to refinance certain indebtedness. Revolving loans under the Transactions Revolving Credit Agreement may be borrowed, repaid and reborrowed until the date that is the earliest of (i) the date that is the third anniversary of the date of the consummation of the WBD transaction, (ii) the date the Amended and Restated Merger Agreement is terminated in accordance with its terms and (iii) December 19, 2030, at which time all amounts borrowed must be repaid. Borrowings under the Transactions Revolving Credit Agreement bear interest, at the Company’s option, at either (i) the Alternate Base Rate plus an applicable margin or (ii) a per annum rate equal to a term SOFR rate (the “Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0% to 0.10%, and the applicable margin for Term SOFR Rate loans will range from 0.60% to 1.10%, each based on the Company’s credit ratings. The Transactions 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. The Transactions Revolving Credit Agreement 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 December 31, 2025, the Company was in compliance with all related covenants and ratios and no amounts have been borrowed under the Transactions Revolving Credit Agreement.
On December 19, 2025, the Company entered into a senior unsecured delayed draw credit facility (the “DDTL Credit Agreement”). The DDTL Credit Agreement provides for a two-year $10 billion unsecured delayed draw term loan credit facility (the “2Y DDTL Facility”) and a three-year $10 billion unsecured delayed draw term loan credit facility (the “3Y DDTL Facility”). Borrowings under each of the 2Y DDTL Facility and the 3Y DDTL Facility may be used to finance the purchase price for the WBD transaction, to pay fees, costs and expenses incurred in connection with the WBD transaction and, at the Company’s option, to refinance certain indebtedness. Delayed draw term loans under the DDTL Credit Agreement will bear interest, at the Company’s option, at either (i) the Alternate Base Rate plus an applicable margin or (ii) the Term SOFR Rate plus an applicable margin. For the 2Y DDTL Facility, the applicable margin for Alternate Base Rate loans will range from 0% to 0.125%, and the applicable margin for Term SOFR Rate loans will range from 0.850% to 1.125%, each based on the Company’s credit ratings. For the 3Y DDTL Facility, the applicable margin for Alternate Base Rate loans will range from 0% to 0.25%, and the applicable margin for Term SOFR Rate loans will range from 0.95% to 1.25%, each based on the Company’s credit ratings. The DDTL 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. The DDTL Credit Agreement 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 December 31, 2025, the Company was in compliance with all related covenants and ratios and no amounts have been borrowed under the DDTL Credit Agreement.
See Note 9 Commitments and Contingencies and Note 14 Subsequent Event for further information on the financing arrangements the Company has entered into in connection with the WBD transaction.
v3.25.4
Derivative Financial Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

Notional Amount of Derivative Contracts
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of December 31,
20252024
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$21,066,760 $18,508,390 
Fair value hedges2,884,792 3,819,817 
Derivatives not designated as hedging instruments:
Foreign exchange contracts
1,555,502 1,432,136 
Total
$25,507,054 $23,760,343 
As of December 31, 2025 and December 31, 2024, approximately $1.9 billion and $1.0 billion, respectively, of the Company’s Euro–denominated Senior Notes were designated as hedges of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries.
As of December 31, 2025 and December 31, 2024, the carrying amount of the Company's Euro-denominated Senior Notes (included in “Long-term debt” on the Company's Consolidated Balance Sheets), which were designated as the hedged items in fair value hedges, was approximately $2.9 billion and $3.6 billion, respectively.
See Note 7 Debt for further information on the Company’s debt obligations.
Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

 As of 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 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
 As of December 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$580,065 $406,677 $303,425 $83 
Derivatives not designated as hedging instruments:
Foreign exchange contracts16,211 — 14,492 — 
Total$596,276 $406,677 $317,917 $83 
The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies.
As of December 31, 2025, the pre-tax net accumulated loss on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $275 million.
Master Netting Agreements
In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets.
The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. Cash collateral received is presented in “Accrued expenses and other liabilities” representing the Company’s obligation to return counterparty cash collateral. Cash collateral posted is presented in “Other current assets” representing the Company’s right to reclaim the cash collateral. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted or received.
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of 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 

 As of December 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$1,002,953 $— $1,002,953 $(316,320)$(1,800)$684,833 
Derivative liabilities318,000 — 318,000 (316,320)— 1,680 
Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Year Ended December 31,
202520242023
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$(1,393,364)$1,195,738 $(155,730)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(71,999)(14,334)— 
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness(144,656)32,400 — 
Total$(1,610,019)$1,213,804 $(155,730)
The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$45,183,036 $23,275,329 $172,459 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (470,441)
Derivatives designated as hedging instruments— — 481,416 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (97,865)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$39,000,966 $21,038,464 $266,776 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI124,010 1,629 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — 196,660 
Derivatives designated as hedging instruments— — (201,239)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (23,567)
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts— — 63,291 
No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the year ended December 31, 2023.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Content
At 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.
At December 31, 2024, the Company had $23.2 billion of obligations comprised of $4.4 billion included in “Current content liabilities” and $1.8 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $17.0 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
The expected timing of payments for these content obligations is as follows:
As of December 31,
20252024
 (in thousands)
Less than one year$11,528,030 $11,424,696 
Due after one year and through three years8,376,160 8,113,910 
Due after three years and through five years3,041,538 2,809,834 
Due after five years1,093,500 900,491 
Total content obligations$24,039,228 $23,248,931 
    
Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.
Acquisitions
On December 4, 2025, the Company entered into a definitive agreement and plan of merger with WBD to acquire WBD's streaming and studios businesses, including its film and television studios, HBO Max and HBO, which was then amended by the parties thereto on January 19, 2026, by the Amended and Restated Merger Agreement. Under the terms of the Amended and Restated Merger Agreement, each WBD stockholder will receive $27.75 in cash (as may be adjusted in accordance with the terms of the Amended and Restated Merger Agreement) for each share of WBD common stock outstanding as of immediately prior to the closing of the WBD transaction, for a total equity value of approximately $72.0 billion and an enterprise value of approximately $82.7 billion (in each case, as of December 4, 2025). The total equity value and enterprise value of the WBD transaction may fluctuate based on WBD's capitalization as of the closing of the WBD transaction. The Company expects the WBD transaction to close in 12-18 months from December 4, 2025, subject to receipt of required regulatory approvals, approval of WBD stockholders, the consummation of the separation and distribution of Discovery Global and other customary closing conditions. The Amended and Restated Merger Agreement provides that, upon termination of the Amended and Restated Merger Agreement under specified circumstances, a termination fee of $5.8 billion may be payable by Netflix to WBD. See Note 7 Debt and Note 14 Subsequent Event for further information on the financing arrangements the Company has entered into in connection with its transaction with WBD.

Legal Proceedings
From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.
The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.

Non-Income Taxes
The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue, as operating expenses, non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.
Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with the local tax authorities as they pertain to non-income tax assessments. There is inherent complexity and uncertainty regarding these matters, and the final outcomes may be materially different from our expectations. During the year ended December 31, 2025, developments in another taxpayer’s judicial proceedings influenced our evaluation of the Company’s most significant non-income tax matter in Brazil and we now believe that it is probable that a loss will be incurred. The cumulative loss recognized as an operating expense in the third quarter of the current year related to non-income tax assessments with the Brazilian tax authorities was approximately $619 million. We continue to accrue incremental non-income taxes that the Company believes are probable of being assessed.

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 guarantees.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Voting Rights
The holders of each share of common stock shall be entitled to one vote per share on all matters to be voted upon by the Company’s stockholders.
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.
Restricted Stock Unit Awards
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.
Stock Split
On October 30, 2025, the Company's Board of Directors approved the Stock Split to all shareholders of record as of November 10, 2025. The Stock Split was effected on November 14, 2025.
On November 14, 2025, the Company's Board of Directors adopted an amendment to the Company's Amended and Restated Certificate of Incorporation, to proportionately increase the number of shares of the Company's authorized common stock from 4,990,000,000 to 49,900,000,000.
References made to share or per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the Stock Split.
Stock Option Activity
The following table summarizes the activities related to the Company’s stock options, as adjusted for the Stock Split:
 
 Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per share)		Weighted- Average Remaining Contractual Term (in years)Aggregate
Intrinsic Value
(in thousands)
Balances as of December 31, 2022198,968,610 $24.22 
Granted17,292,180 37.25 
Exercised(19,265,980)8.73 
Expired(43,720)3.64 
Balances as of December 31, 2023196,951,090 $26.89 
Granted5,758,560 62.09 
Exercised(48,460,480)17.22 
Expired(59,150)5.61 
Balances as of December 31, 2024154,190,020 $31.25 
Granted4,171,629 108.79 
Exercised(30,638,245)21.73 
Expired(43,600)9.11 
Balances as of December 31, 2025127,679,804 $36.07 4.79$7,430,160 
Vested and exercisable as of December 31, 2025
127,679,804 $36.07 4.79$7,430,160 
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been
received by the option holders had all option holders exercised their options on the last trading day of 2025. This amount changes based on the fair market value of the Company’s common stock.
A summary of the amounts related to option exercises, is as follows:
Year Ended December 31,
202520242023
(in thousands)
Total intrinsic value of options exercised$2,560,914 $2,352,829 $610,594 
Cash received from options exercised666,965 832,887 169,990 
The total fair value of stock options that vested during the years ended December 31, 2025, 2024 and 2023 was $251 million, $242 million and $311 million, respectively.
Restricted Stock Unit Activity
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs, as adjusted for the Stock Split:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023— $— 
Granted
1,599,780 68.64
Vested
(266,600)56.20 
Forfeited— — 
Balances as of December 31, 20241,333,180 $71.12 
Granted(1)
1,227,850 111.18
Vested(1)
(959,450)76.48 
Forfeited(16,320)93.12 
Balances as of December 31, 20251,585,260 $98.68 
(1) Amounts exclude 264,300 incremental PSU awards that will be granted and 528,600 incremental PSU awards that will vest based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but have not been settled as of December 31, 2025.
The total fair value of RSUs that vested during the year ended December 31, 2025 and December 31, 2024 was $52 million and $15 million, respectively. No RSUs or PSUs were granted in the year ended December 31, 2023.
Stock-Based Compensation
The following table summarizes total stock-based compensation expense and the related income tax impact:
Year Ended December 31,
202520242023
(in thousands)
Total stock-based compensation expense$368,449 $272,588 $339,368 
Total income tax impact on provision54,338 43,876 61,588 
As of December 31, 2025, $47 million of total unrecognized compensation cost related to unvested RSUs and PSUs is expected to be recognized over a weighted-average period of 1.53 years.
Stock Repurchases
In September 2023, the Board of Directors authorized the repurchase of up to $10 billion of the Company’s common stock, with no expiration date, and in December 2024, the Board of Directors increased the share repurchase authorization by an additional $15 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated
transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the year ended December 31, 2025, the Company repurchased 86,536,215 shares for an aggregate amount of $9.1 billion (excluding the 1% excise tax on stock repurchases as a result of the Inflation Reduction Act of 2022). As of December 31, 2025, $8.0 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of December 31, 2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss):
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $— $— $— $(217,306)
Other comprehensive income (loss) before reclassifications
113,384 — (155,730)— — 35,707 (6,639)
Amounts reclassified from accumulated other comprehensive income (loss)
— — — — — — — 
Net change in accumulated other comprehensive income (loss)
113,384 — (155,730)— — 35,707 (6,639)
Balances as of December 31, 2023(103,922)— (155,730)— — 35,707 (223,945)
Other comprehensive income (loss) before reclassifications
(272,911)32,400 1,195,738 (14,334)3,260 (279,408)664,745 
Amounts reclassified from accumulated other comprehensive income (loss)
— — (125,639)23,567 — 23,434 (78,638)
Net change in accumulated other comprehensive income (loss)
(272,911)32,400 1,070,099 9,233 3,260 (255,974)586,107 
Balances as of December 31, 2024(376,833)32,400 914,369 9,233 3,260 (220,267)362,162 
Other comprehensive income (loss) before reclassifications
183,218 (144,656)(1,393,364)(71,999)(3,139)373,107 (1,056,833)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 89,706 59,201 (121)(34,497)114,289 
Net change in accumulated other comprehensive income (loss)
183,218 (144,656)(1,303,658)(12,798)(3,260)338,610 (942,544)
Balances as of December 31, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(23)$98 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 20,744 (68,962)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)13,776 (45,425)
Total$(91,143)$1,437 $(59,080)$34,497 $(114,289)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$124,010 $1,629 $— $(28,844)$96,795 
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— — (23,567)5,410 (18,157)
Total$124,010 $1,629 $(23,567)$(23,434)$78,638 
No amounts were reclassified from AOCI into the Consolidated Statements of Operations in the year ended December 31, 2023.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income before provision for income taxes was as follows:
 Year Ended December 31,
 202520242023
 (in thousands)
United States$12,198,273 $9,101,391 $5,602,762 
Foreign524,279 864,266 602,643 
Income before income taxes$12,722,552 $9,965,657 $6,205,405 
The components of provision for income taxes for all periods presented were as follows:
 Year Ended December 31,
 202520242023
 (in thousands)
Current tax provision:
Federal$1,317,011 $1,093,667 $854,170 
State311,863 214,814 181,684 
Foreign561,577 536,915 304,539 
Total current2,190,451 1,845,396 1,340,393 
Deferred tax provision:
Federal(155,477)(520,510)(412,760)
State(34,115)(41,700)(55,475)
Foreign(259,508)(29,160)(74,743)
Total deferred(449,100)(591,370)(542,978)
Provision for income taxes$1,741,351 $1,254,026 $797,415 

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
 Year Ended December 31,
 2025
 (in thousands)Percent
Tax at U.S. Statutory Rate$2,671,734 21.0 %
State and Local Income Taxes(1)
191,271 1.5 %
Foreign Tax Effects
Brazil
Withholding tax on services238,233 1.9 %
Others(77,189)(0.6)%
Other foreign jurisdictions23,290 0.2 %
Effect of Cross-Border Tax Laws
Foreign-derived intangible income(656,828)(5.2)%
Foreign tax credit for withholding taxes(292,148)(2.3)%
Other32,815 0.3 %
Tax Credits
Research and development tax credits(184,709)(1.5)%
Other(9,748)(0.1)%
Changes in Valuation Allowances(8,615)(0.1)%
Nontaxable and Nondeductible items
Share-based payment awards(393,156)(3.1)%
Others80,904 0.6 %
Changes in Unrecognized Tax Benefits130,400 1.0 %
Other Adjustments(4,903)0.1 %
Effective Tax Rate$1,741,351 13.7 %
(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York state and city, California, Illinois, New Jersey, and New Mexico.


A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:
 Year Ended December 31,
 20242023
 (in thousands)
Expected tax expense at U.S. federal statutory tax rate$2,092,710 $1,303,123 
State income taxes, net of federal income tax effect166,311 104,717 
Foreign earnings at other than U.S. rates13,909 (32,292)
Research and development tax credit(185,312)(87,036)
Excess tax benefits on stock-based compensation(435,909)(119,043)
Foreign-derived intangible income deduction(502,968)(426,597)
Nontaxable and nondeductible items70,386 41,782 
Other34,899 12,761 
Provision for income taxes$1,254,026 $797,415 
Effective Tax Rate13 %13 %

The components of deferred tax assets and liabilities were as follows:
 
 As of December 31,
 20252024
 (in thousands)
Deferred tax assets:
Stock-based compensation$438,684 $440,889 
Tax credits and net operating loss carryforwards835,529 834,402 
Capitalized research expenses969,243 1,075,474 
Accruals and reserves370,568 152,142 
Operating lease liabilities520,170 522,489 
OCI hedging losses116,492 — 
Unrealized losses41,988 12,157 
Other29,426 18,197 
Total deferred tax assets3,322,100 3,055,750 
Valuation allowance(617,575)(540,272)
Net deferred tax assets2,704,525 2,515,478 
Deferred tax liabilities:
Depreciation & amortization(32,780)(370,709)
Operating right-of-use lease assets(448,313)(449,661)
OCI hedging gains— (220,009)
       Acquired intangibles(261,493)(282,187)
       Other(7,136)(15,354)
Total deferred tax liabilities(749,722)(1,337,920)
Net deferred tax assets$1,954,803 $1,177,558 
The following table shows the deferred tax assets and liabilities within our Consolidated Balance Sheets:
 As of December 31,
 20252024
 (in thousands)
Total deferred tax assets:
Other non-current assets$2,062,078 $1,290,160 
Total deferred tax liabilities:
Other non-current liabilities(107,275)(112,602)
Net deferred tax assets$1,954,803 $1,177,558 
As of December 31, 2025, for tax return purposes, the Company had $823 million of California R&D tax credit carryforwards which can be carried forward indefinitely, $1,018 million of state net operating loss carryforwards, which will begin to expire in 2029, $48 million of U.S. foreign tax credit carryforwards which will begin to expire in 2033, $190 million of foreign net operating loss carryforwards which will begin to expire in 2026 and $51 million of foreign local tax credit carryforwards, which can be carried forward indefinitely.
In evaluating its ability to realize the net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. As of December 31, 2025, the valuation allowance of $618 million was primarily related to California R&D tax credits, state net operating loss carryforwards, and U.S. foreign tax credits that the Company does not expect to realize.
The unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year are classified as “Other non-current liabilities” and a reduction of deferred tax assets, which is classified as “Other non-current assets” in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the total amount of gross unrecognized tax benefits was $566 million and $432 million, respectively, of which $336 million and $251 million, respectively, if recognized, would favorably impact the Company’s effective tax rate. The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows:
 
As of December 31,
202520242023
(in thousands)
Balance at the beginning of the year$432,280 $327,105 $226,977 
Increases related to tax positions taken during the current period96,108 93,325 65,630 
Increases related to tax positions taken during prior periods50,285 15,751 76,794 
Decreases related to tax positions taken during prior periods(3,195)(3,901)(10,117)
Decreases related to settlements with taxing authorities(9,115)— (32,179)
Decreases related to expiration of statute of limitations— — — 
Balance at the end of the year$566,363 $432,280 $327,105 
The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes and in “Other non-current liabilities” in the Consolidated Balance Sheets. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $38 million, $16 million, and $25 million, respectively, of net interest and penalties in the provision for income taxes. The amount of interest and penalties accrued at December 31, 2025 and 2024 was $82 million and $44 million, respectively.
The Company files U.S. federal, state and foreign tax returns. The Company is currently under examination by the IRS for years 2016 through 2022 and is subject to examination for 2023 and 2024. The Company is also generally subject to examination by various state and foreign jurisdictions for years 2018 through 2024. While the Company is in various stages of inquiry and examination with certain taxing authorities and believes that its tax positions will more likely than not be sustained, it is nonetheless possible that future obligations related to these matters could arise. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from an examination.
The amounts of cash income taxes paid by the Company were as follows:
Year Ended December 31,
2025
(in thousands)
Federal$1,120,172 
State and local273,976 
Foreign
Brazil275,106 
Korea195,302 
All other foreign355,828 
Income taxes, net of amounts refunded$2,220,384 
The amount of cash income taxes paid by the Company during the years ended December 31, 2024 and 2023 was $1,642 million and $1,155 million, respectively.
v3.25.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit Plan
The Company maintains a 401(k) savings plan covering substantially all of its employees. Eligible employees may contribute up to 80% of their annual salary through payroll deductions, but not more than the statutory limits set by the Internal Revenue Service. The Company matches employee contributions at the discretion of the Board. During the years ended December 31, 2025, 2024 and 2023, the Company’s matching contributions totaled $144 million, $128 million and $114 million, respectively.
Multiemployer Benefit Plans
The Company contributes to various multiemployer defined pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in the multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan; and (iii) if a company stops contributing to the multiemployer pension plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers. The Company also contributes to various other multiemployer benefit plans that provide health and welfare benefits to both active and retired participants. The Company does not participate in any multiemployer benefit plans that are individually significant to the Company.
The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2025, 2024 and 2023, respectively:
 Year Ended December 31,
 202520242023
 (in thousands)
Pension benefits$92,643 $89,707 $57,285 
Health benefits127,671 134,079 85,157 
Total contributions$220,314 $223,786 $142,442 
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates as one operating segment. The Company's chief operating decision maker (“CODM”) is its co-chief executive officers, who review financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
 202520242023
(in thousands)
Revenues$45,183,036 $39,000,966 $33,723,297 
Less:
Content amortization16,422,166 15,301,517 14,197,437 
Other cost of revenues6,853,163 5,736,947 5,517,931 
Sales and marketing
3,301,306 2,917,554 2,657,883 
Technology and development3,391,390 2,925,295 2,675,758 
General and administrative1,888,408 1,702,039 1,720,285 
Operating income13,326,603 10,417,614 6,954,003 
Operating margin29.5 %26.7 %20.6 %
Other income (expense)
Interest expense(776,510)(718,733)(699,826)
Interest and other income (expense)(1)
172,459 266,776 (48,772)
Income before income taxes12,722,552 9,965,657 6,205,405 
Provision for income taxes(1,741,351)(1,254,026)(797,415)
Net income$10,981,201 $8,711,631 $5,407,990 
(1) Includes interest income of $295 million, $294 million and $281 million for the years ended December 31, 2025, 2024 and 2023, respectively.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $18.5 billion, $16.1 billion and $13.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 2 Revenue Recognition for additional information about streaming revenue 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 were located as follows:
As of December 31,
20252024
(in thousands)
United States$3,075,477 $2,769,828 
International1,136,034 926,238 
v3.25.4
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On January 19, 2026, the Company entered into the Amended and Restated Merger Agreement, which amended and restated in its entirety the agreement and plan of merger entered into with WBD and the other parties thereto on December 4, 2025. See Note 6 Acquisitions and Note 9 Commitments and Contingencies for further information.

Also on January 19, 2026, in connection with the Amended and Restated Merger Agreement, the Company entered into a bridge facility incremental commitments agreement (the “Incremental Commitments Agreement”). The Incremental Commitments Agreement increased the existing commitments under the Company’s bridge commitment letter, dated as of December 4, 2025, from $34 billion to $42.2 billion of senior unsecured bridge term loan commitments for the purpose of financing the purchase price under the Amended and Restated Merger Agreement, paying certain other fees, costs and expenses incurred in connection with the transaction with WBD and, at the Company’s option, refinancing certain indebtedness.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended December 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
NameTitleActionDate AdoptedExpiration Date
Aggregate # of Securities to be Purchased/Sold(1)
Spencer Neumann(2)
Chief Financial OfficerAdoption10/23/202512/31/2026314,880
Greg Peters(3)
Co-CEO and DirectorTermination10/30/2025N/A1,585,830
Greg Peters(4)
Co-CEO and DirectorAdoption10/30/202512/31/20292,951,230
Ann Mather(5)
DirectorAdoption11/7/202512/31/202623,430
(1) Aggregated shares covered have been adjusted to reflect the effect of the Stock Split. See Note 1 Organization and Summary of Significant Accounting Policies for further information regarding the Stock Split.
(2) Spencer Neumann, Chief Financial Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on October 23, 2025. Mr. Neumann's plan provides for the potential exercise of vested stock options and the associated sale of up to 314,880 shares of Netflix common stock. The plan expires on December 31, 2026, or upon the earlier completion of all authorized transactions under the plan.
(3) On October 30, 2025, Greg Peters, Co-CEO and a member of the Board of Directors, terminated a pre-arranged stock trading plan pursuant to Rule 10b5-1, which was adopted on October 30, 2024. The plan provided for the potential exercise and sale of vested stock options, as well as the sale of Performance Share Units (PSUs) that were expected to vest during the term of the 10b5-1 plan (assuming vest at 100% of the target award amount) for up to 1,585,830 shares of Netflix common stock until November 1, 2027 or the earlier completion of all authorized transactions under the plan.
(4) Upon termination of Mr. Peters' prior plan (described in footnote 3), on October 30, 2025, Mr. Peters entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 that provides for the potential exercise of vested stock options and the associated sale of up to 2,951,230 shares of Netflix common stock. This figure includes 380,720 PSUs that are expected to vest during the term of the 10b5-1 plan, which are assumed to vest at 100% of the target award amount. The actual number of PSUs that may vest can vary between 0% - 200% of the target award of PSUs, subject to the achievement of certain performance conditions as set forth in the PSU award agreement, less shares to be withheld for tax withholding obligations. The plan expires on December 31, 2029, or upon the earlier completion of all authorized transactions under the plan.
(5) Ann Mather, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on November 7, 2025. Ms. Mather's plan provides for the potential exercise of vested stock options and the associated sale of up to 23,430 shares of Netflix common stock. The plan expires on December 31, 2026, or upon the earlier completion of all authorized transactions under the plan.
Other than those disclosed above, none of our directors or officers adopted or terminated a “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Spencer Neumann [Member]  
Trading Arrangements, by Individual  
Name Spencer Neumann(2)
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 10/23/2025
Arrangement Duration 434 days
Aggregate Available 314,880
Greg Peters [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 428 days
Ann Mather [Member]  
Trading Arrangements, by Individual  
Name Ann Mather(5)
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/7/2025
Arrangement Duration 426 days
Aggregate Available 23,430
Greg Peters, Plan Adoption [Member] | Spencer Neumann [Member]  
Trading Arrangements, by Individual  
Expiration Date 12/31/2026
Greg Peters, Plan Adoption [Member] | Greg Peters [Member]  
Trading Arrangements, by Individual  
Name Greg Peters(4)
Title Co-CEO and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 10/30/2025
Expiration Date 12/31/2029
Aggregate Available 2,951,230
Greg Peters, Plan Adoption [Member] | Ann Mather [Member]  
Trading Arrangements, by Individual  
Expiration Date 12/31/2026
Greg Peters, Plan Termination [Member] | Greg Peters [Member]  
Trading Arrangements, by Individual  
Name Greg Peters(3)
Title Co-CEO and Director
Rule 10b5-1 Arrangement Terminated true
Termination Date 10/30/2025
Aggregate Available 1,585,830
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have an enterprise-wide information security program designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, and a bug bounty program to allow security researchers to assist us in identifying vulnerabilities in our products before they are exploited by malicious threat actors. We also maintain a third party security program to identify, prioritize, assess, mitigate and remediate third party risks; however, we rely on the third parties we use to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful.
We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We use a widely-adopted risk quantification model to identify, measure and prioritize cybersecurity and technology risks and develop related security controls and safeguards. We conduct regular reviews and tests of our information security program and also leverage audits by our internal audit team, tabletop exercises, penetration and vulnerability testing, red team exercises, simulations, and other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. We also engage an external auditor to conduct an annual payment card industry data security standard review of our security controls protecting payment information, as well as third-party penetration testing of our cardholder environment and related systems. The results of these assessments are reported to the Audit Committee.
Our systems and those of third parties with which we do business have experienced and may continue to experience directed attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of personal information (of third parties, employees, and our members) and other data, confidential information or intellectual property, and we have experienced unauthorized releases of certain digital content assets and unintended disclosure of personal information due to incidents related to third parties. Generative AI could intensify these cybersecurity risks. However, to date these incidents have not had a material impact on our service, systems or business. Any significant disruption to our service or access to our systems could result in a loss of members and adversely affect our business and results of operation. Further, a penetration of our systems or a third-party’s systems or other misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputation risk, which could have a negative effect on our business, financial condition and results of operations. See “Risk Factors - Any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized access, disclosure or destruction of data, including member and corporate information, or theft of intellectual property, including digital content assets, which could adversely impact our business.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have an enterprise-wide information security program designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, and a bug bounty program to allow security researchers to assist us in identifying vulnerabilities in our products before they are exploited by malicious threat actors. We also maintain a third party security program to identify, prioritize, assess, mitigate and remediate third party risks; however, we rely on the third parties we use to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our Senior Director, Security, Privacy & Assurance on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Senior Director, Security, Privacy & Assurance leads our global information security organization responsible for overseeing the Netflix information security program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Senior Director, Security, Privacy & Assurance leads our global information security organization responsible for overseeing the Netflix information security program. Our Senior Director, Security, Privacy & Assurance has over 20 years of experience in information security and held senior leadership roles overseeing cybersecurity programs at other companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments and findings.
The Board oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our Senior Director, Security, Privacy & Assurance on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Role of Management [Text Block]
The Senior Director, Security, Privacy & Assurance leads our global information security organization responsible for overseeing the Netflix information security program. Our Senior Director, Security, Privacy & Assurance has over 20 years of experience in information security and held senior leadership roles overseeing cybersecurity programs at other companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments and findings.
The Board oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our Senior Director, Security, Privacy & Assurance on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Senior Director, Security, Privacy & Assurance leads our global information security organization responsible for overseeing the Netflix information security program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Senior Director, Security, Privacy & Assurance has over 20 years of experience in information security and held senior leadership roles overseeing cybersecurity programs at other companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Senior Director, Security, Privacy & Assurance leads our global information security organization responsible for overseeing the Netflix information security program. Our Senior Director, Security, Privacy & Assurance has over 20 years of experience in information security and held senior leadership roles overseeing cybersecurity programs at other companies. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments and findings.
The Board oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our Senior Director, Security, Privacy & Assurance on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Organization and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy 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 an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.
Recently issued accounting pronouncements not yet adopted and Recently adopted accounting pronouncements
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.
Recently adopted accounting pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements
prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11 Income Taxes in the accompanying notes to the consolidated financial statements for further detail.
Cash Equivalents and Short-term Investments
Cash Equivalents and Short-term Investments
The Company considers investments in instruments purchased with an original maturity of 90 days or less to be cash equivalents. The Company also classifies amounts in transit from payment processors for customer credit card and debit card transactions that it expects to settle within several days as cash equivalents.
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. Short-term investments are reported at fair value, with allowances for credit losses included in “Interest and other income (expense)” in the Consolidated Statements of Operations and unrealized gains and losses included in “Accumulated other comprehensive income (loss)” within Stockholders’ equity in the Consolidated Balance Sheets. The Company uses the specific identification method to determine cost in calculating realized gains and losses upon the sale of short-term investments.
Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of their amortized cost basis.
Content
Content
The Company acquires, licenses and produces content, including original programming, in order to offer members unlimited viewing of video entertainment. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
The Company recognizes content assets (licensed and produced) as “Content assets, net” on the Consolidated Balance Sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known and the title is accepted and available for streaming. For produced content, the Company capitalizes costs associated with the production, including development costs, direct costs and production overhead, as costs are incurred.
Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in “Cost of revenues” on the Consolidated Statements of Operations over the shorter of each title's contractual window of availability, estimated period of use or ten years, beginning with the month of first availability. The amortization is on an accelerated basis, as the Company typically expects more upfront viewing, and film amortization is more accelerated than TV series amortization. On average, over 90% of a licensed or produced content asset is expected to be amortized within four years after its month of first availability. The Company reviews factors impacting the amortization of the content assets on a regular basis. The Company's estimates related to these factors require considerable management judgment.
In the normal course of business, the Company, or a third-party producing content on the Company's behalf, may qualify for tax incentives through eligible spend on productions. The accounting for tax incentives is dependent on the particular type of incentive, including the nature of the benefit and the location the incentive is earned. In general, tax incentives are realized as cash receipts and may be received prior to or after a title launches on the Company’s service. Any amounts the Company is eligible for through qualified production spend but has not received, are recognized in “Other current assets” or “Other non-current assets” on the Company’s Consolidated Balance Sheets as receivables. Tax incentives are generally accounted for as a reduction to the cost basis of the Company’s content assets (presented in “Content assets, net”) and reduce content amortization over the life of the title (as presented in “Cost of revenues”) on the Consolidated Statements of Operations.
The Company's business model is subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in the aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. To date, the Company has not identified any such event or changes in circumstances. If such changes are identified in the future, these aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
Acquisitions
Acquisitions
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. In addition, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies of an entity acquired in a business combination are recorded as of the acquisition date.
Property and Equipment
Property and Equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the respective assets, generally up to 30 years, or the expected lease term for leasehold improvements, if applicable.
Trade Receivables
Trade Receivables
Trade receivables primarily consist of membership and advertising fees due to the Company. The Company evaluates the need for an allowance for credit losses based on historical collection trends, the financial condition of its payment partners, and external market factors.
Revenue Recognition
Revenue Recognition
The Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”), provide access to the service as the Company retains control over service delivery to its members. In circumstances in which the price that the member pays is established by a partner and there is no standalone price for the Netflix service (for instance, in a bundle), the net amount collected from the partner is recognized as revenue.
The Company also earns revenue from advertisements presented on its streaming service, consumer products, live experiences and various other sources. Revenues earned from sources other than monthly membership fees were not a material component of revenues for the years ended December 31, 2025, 2024, and 2023.
Sales and Marketing
Sales and Marketing
Sales and marketing expenses consist primarily of expenses for promotional activities such as digital and television advertising, and certain payments made to marketing and advertising sales partners. Our marketing partners include CE manufacturers, MVPDs, mobile operators, and ISPs. Our advertising sales partners include advertising technology providers and advertising agencies. Sales and marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support advertising sales and marketing activities. Marketing expenses are expensed as incurred.
Income Taxes
Income Taxes
The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain. The Company accounts for the tax effects of global intangible low tax income as a current period expense.
The Company does not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Foreign Currency
Foreign Currency
The functional currency for the Company's subsidiaries is determined based on the primary economic environment in which the subsidiary operates. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive income” in Stockholders’ equity on the Consolidated Balance Sheets.
The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from these remeasurements are recognized in “Interest and other income (expense)” in the Consolidated Statements of Operations.
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 recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.
Cash flow hedges
The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 36 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.
The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.
Fair value hedges
The Company designates forward contracts as fair value hedges to manage the foreign exchange risk on its foreign-currency denominated debt. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge the full amount of its exposure. The gain or loss on derivative instruments designated as fair value hedges included in the assessment of hedge effectiveness is recognized in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. The Company excludes forward points from the assessment of hedge effectiveness and recognizes the initial value of the excluded component over the life of the hedging instrument in “Interest and other income (expense)” on the Consolidated Statements of Operations. The difference between changes in fair value of the excluded component and the amount recognized in earnings is recognized as a component in AOCI. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within “Net cash provided by (used in) financing activities” on the Consolidated Statements of Cash Flows.
Net investment hedges
The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.
Derivative instruments not designated as hedging instruments
The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gains or losses on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the
Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within “Net cash provided by operating activities” on the Consolidated Statements of Cash Flows.
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.
Stock-Based Compensation
Stock-Based Compensation
The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period.
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Streaming Revenues by Region
The following table summarizes streaming revenues by region for the years ended December 31, 2025, 2024 and 2023. Total streaming revenues are inclusive of hedging gains (losses) of $(91) million and $124 million for the years ended December 31, 2025 and 2024, respectively. No hedging gains and losses were recognized in total streaming revenues for the year ended December 31, 2023. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Year Ended December 31,
 202520242023
 (in thousands)
United States and Canada (UCAN)$19,957,152 $17,359,369 $14,873,783 
Europe, Middle East, and Africa (EMEA)14,514,646 12,387,035 10,556,487 
Latin America (LATAM)5,357,521 4,839,816 4,446,461 
Asia-Pacific (APAC)5,353,717 4,414,746 3,763,727 
Total Streaming Revenues$45,183,036 $39,000,966 $33,640,458 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Earnings Per Share The computation of earnings per share, as adjusted for the Stock Split, is as follows:
 
 Year Ended December 31,
 202520242023
 (in thousands, except per share data)
Basic earnings per share:
Net income$10,981,201 $8,711,631 $5,407,990 
Shares used in computation:
Weighted-average shares of common stock outstanding4,249,512 4,295,191 4,415,712 
Basic earnings per share$2.58 $2.03 $1.22 
Diluted earnings per share:
Net income$10,981,201 $8,711,631 $5,407,990 
Shares used in computation:
Weighted-average shares of common stock outstanding4,249,512 4,295,191 4,415,712 
Effect of dilutive stock-based awards94,351 97,417 79,254 
Weighted-average number of shares4,343,863 4,392,608 4,494,966 
Diluted earnings per share
$2.53 $1.98 $1.20 
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 adjusted for the Stock Split, as their inclusion would have been anti-dilutive:
 
 Year Ended December 31,
 202520242023
 (in thousands)
Stock-based awards818 2,432 41,091 
v3.25.4
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Short-Term Investments And Fair Value Measurement [Abstract]  
Schedule of Cash, Cash Equivalents, Restricted Cash and Short-term Investments
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of December 31, 2025 and 2024:
 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(1)
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 

 As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-term investmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$4,866,753 $— $— $4,866,753 $4,864,207 $— $2,472 $74 
Level 1 securities:
Money market funds2,676,314 — — 2,676,314 2,676,256 — — 58 
Level 2 securities:
Time Deposits(1)
301,374 — — 301,374 264,270 37,104 — — 
Government securities1,738,642 3,260 1,741,902 — 1,741,902 — — 
$9,583,083 $3,260 $— $9,586,343 $7,804,733 $1,779,006 $2,472 $132 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
v3.25.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Content Assets
Content assets consisted of the following:
As of December 31,
20252024
(in thousands)
Licensed content, net
$12,138,578 $12,422,309 
Produced content, net
Released, less amortization
10,687,444 10,151,543 
In production
9,210,735 9,317,367 
In development and pre-production
741,635 561,243 
20,639,814 20,030,153 

Content assets, net$32,778,392 $32,452,462 
Schedule of Amortization of Content Assets
The following table summarizes the amortization of content assets:
Year Ended December 31,
 202520242023
(in thousands)
Licensed content$8,713,558 $7,689,014 $7,145,446 
Produced content(1)
7,708,608 7,612,503 7,051,991 
Total$16,422,166 $15,301,517 $14,197,437 
(1) Tax incentives earned on qualified production spend generally reduce the cost-basis of content assets and result in lower content amortization over the life of the title. For the years ended December 31, 2025, 2024 and 2023, tax incentives resulted in lower content amortization on produced content of approximately $1,000 million, $899 million and $835 million, respectively.
Schedule of Property and Equipment and Accumulated Depreciation
Property and equipment and accumulated depreciation consisted of the following:
As of December 31,Estimated Useful Lives (in Years)
20252024
(in thousands)
Land$155,664 $85,000 
Buildings and improvements537,082 475,684 30 years
Leasehold improvements1,263,051 1,026,593 Over life of lease
Furniture and fixtures157,984 134,987 3 years
Information technology572,407 446,419 
3-5 years
Corporate aircraft99,164 99,175 
8-10 years
Machinery and equipment30,879 15,135 
3-5 years
Capital work-in-progress285,010 228,300 
Property and equipment, gross3,101,241 2,511,293 
Less: Accumulated depreciation(1,096,891)(917,537)
Property and equipment, net$2,004,350 $1,593,756 
Schedule of Information on Right-of-Use Assets and Lease Liabilities
The components of lease costs for the years ended December 31, 2025, 2024 and 2023 were as follows:
Year ended December 31,
 202520242023
(in thousands)
Operating lease cost$503,637 $468,282 $430,856 
Short-term lease cost207,324 197,691 207,822 
Total lease cost$710,961 $665,973 $638,678 

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Year ended December 31,
202520242023
(in thousands)
Cash paid for operating lease liabilities$506,624 $509,296 $451,525 
Right-of-use assets obtained in exchange for new operating lease obligations465,420 442,391 196,639 
As of December 31,
20252024
(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net$2,207,161 $2,102,310 
Current operating lease liabilities$460,475 $428,482 
Non-current operating lease liabilities2,052,526 1,983,688 
Total operating lease liabilities$2,513,001 $2,412,170 
Weighted-average remaining lease term7.0 years6.9 years
Weighted-average discount rate3.8 %3.5 %
Schedule of Maturities of Lease Liabilities
Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):
Due in 12 month period ended December 31,
2026$555,684 
2027481,542 
2028422,982 
2029351,107 
2030292,154 
Thereafter782,470 
2,885,939 
Less imputed interest(372,938)
Total operating lease liabilities$2,513,001 
Schedule of Other Current Assets
Other current assets consisted of the following:
As of
December 31,
2025		December 31,
2024
(in thousands)
Trade receivables
$2,031,476 $1,335,304 
Prepaid expenses
498,054 431,924 
Other(1)
1,428,302 1,749,412 
Total other current assets
$3,957,832 $3,516,640 
(1) $552 million and $653 million of receivables related to tax incentives earned on production spend are included in Other as of December 31, 2025 and 2024, respectively.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of December 31, 2025 and December 31, 2024:

Principal Amount at ParLevel 2 Fair Value as of
December 31,
2025		December 31,
2024		Issuance DateMaturityDecember 31,
2025		December 31,
2024
(in millions)(in millions)
5.875% Senior Notes
— 800 February 2015February 2025— 801 
3.000% Senior Notes(1)
— 487 April 2020June 2025— 487 
3.625% Senior Notes
— 500 April 2020June 2025— 497 
4.375% Senior Notes
1,000 1,000 October 2016November 20261,006 998 
3.625% Senior Notes(1)
1,526 1,346 May 2017May 20271,550 1,375 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,634 1,607 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,998 1,970 
4.625% Senior Notes(1)
1,292 1,139 October 2018May 20291,363 1,220 
6.375% Senior Notes
800 800 October 2018May 2029857 848 
3.875% Senior Notes(1)
1,409 1,242 April 2019November 20291,455 1,293 
5.375% Senior Notes
900 900 April 2019November 2029939 918 
3.625% Senior Notes(1)
1,292 1,139 October 2019June 20301,322 1,174 
4.875% Senior Notes
1,000 1,000 October 2019June 20301,025 996 
4.900% Senior Notes
1,000 1,000 August 2024August 20341,025 982 
5.400% Senior Notes
800 800 August 2024August 2054777 782 
$14,519 $15,653 $14,951 $15,948 
(1) The following Senior Notes have a principal amount denominated in Euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
v3.25.4
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of December 31,
20252024
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$21,066,760 $18,508,390 
Fair value hedges2,884,792 3,819,817 
Derivatives not designated as hedging instruments:
Foreign exchange contracts
1,555,502 1,432,136 
Total
$25,507,054 $23,760,343 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

 As of 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 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
 As of December 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$580,065 $406,677 $303,425 $83 
Derivatives not designated as hedging instruments:
Foreign exchange contracts16,211 — 14,492 — 
Total$596,276 $406,677 $317,917 $83 
Schedule of Offsetting Derivative Assets and Liabilities
The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

 As of 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 

 As of December 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$1,002,953 $— $1,002,953 $(316,320)$(1,800)$684,833 
Derivative liabilities318,000 — 318,000 (316,320)— 1,680 
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Year Ended December 31,
202520242023
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$(1,393,364)$1,195,738 $(155,730)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(71,999)(14,334)— 
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness(144,656)32,400 — 
Total$(1,610,019)$1,213,804 $(155,730)
Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations
The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$45,183,036 $23,275,329 $172,459 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (470,441)
Derivatives designated as hedging instruments— — 481,416 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (97,865)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$39,000,966 $21,038,464 $266,776 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI124,010 1,629 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — 196,660 
Derivatives designated as hedging instruments— — (201,239)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (23,567)
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts— — 63,291 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Expected Timing of Payments for Streaming Content Obligations
The expected timing of payments for these content obligations is as follows:
As of December 31,
20252024
 (in thousands)
Less than one year$11,528,030 $11,424,696 
Due after one year and through three years8,376,160 8,113,910 
Due after three years and through five years3,041,538 2,809,834 
Due after five years1,093,500 900,491 
Total content obligations$24,039,228 $23,248,931 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Activity Related to Stock Option
The following table summarizes the activities related to the Company’s stock options, as adjusted for the Stock Split:
 
 Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per share)		Weighted- Average Remaining Contractual Term (in years)Aggregate
Intrinsic Value
(in thousands)
Balances as of December 31, 2022198,968,610 $24.22 
Granted17,292,180 37.25 
Exercised(19,265,980)8.73 
Expired(43,720)3.64 
Balances as of December 31, 2023196,951,090 $26.89 
Granted5,758,560 62.09 
Exercised(48,460,480)17.22 
Expired(59,150)5.61 
Balances as of December 31, 2024154,190,020 $31.25 
Granted4,171,629 108.79 
Exercised(30,638,245)21.73 
Expired(43,600)9.11 
Balances as of December 31, 2025127,679,804 $36.07 4.79$7,430,160 
Vested and exercisable as of December 31, 2025
127,679,804 $36.07 4.79$7,430,160 
Schedule of Amounts Related to Option Exercises
A summary of the amounts related to option exercises, is as follows:
Year Ended December 31,
202520242023
(in thousands)
Total intrinsic value of options exercised$2,560,914 $2,352,829 $610,594 
Cash received from options exercised666,965 832,887 169,990 
Schedule of Unvested RSUs and PSUs
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs, as adjusted for the Stock Split:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023— $— 
Granted
1,599,780 68.64
Vested
(266,600)56.20 
Forfeited— — 
Balances as of December 31, 20241,333,180 $71.12 
Granted(1)
1,227,850 111.18
Vested(1)
(959,450)76.48 
Forfeited(16,320)93.12 
Balances as of December 31, 20251,585,260 $98.68 
(1) Amounts exclude 264,300 incremental PSU awards that will be granted and 528,600 incremental PSU awards that will vest based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but have not been settled as of December 31, 2025.
Schedule of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense and the related income tax impact:
Year Ended December 31,
202520242023
(in thousands)
Total stock-based compensation expense$368,449 $272,588 $339,368 
Total income tax impact on provision54,338 43,876 61,588 
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss):
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $— $— $— $(217,306)
Other comprehensive income (loss) before reclassifications
113,384 — (155,730)— — 35,707 (6,639)
Amounts reclassified from accumulated other comprehensive income (loss)
— — — — — — — 
Net change in accumulated other comprehensive income (loss)
113,384 — (155,730)— — 35,707 (6,639)
Balances as of December 31, 2023(103,922)— (155,730)— — 35,707 (223,945)
Other comprehensive income (loss) before reclassifications
(272,911)32,400 1,195,738 (14,334)3,260 (279,408)664,745 
Amounts reclassified from accumulated other comprehensive income (loss)
— — (125,639)23,567 — 23,434 (78,638)
Net change in accumulated other comprehensive income (loss)
(272,911)32,400 1,070,099 9,233 3,260 (255,974)586,107 
Balances as of December 31, 2024(376,833)32,400 914,369 9,233 3,260 (220,267)362,162 
Other comprehensive income (loss) before reclassifications
183,218 (144,656)(1,393,364)(71,999)(3,139)373,107 (1,056,833)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 89,706 59,201 (121)(34,497)114,289 
Net change in accumulated other comprehensive income (loss)
183,218 (144,656)(1,303,658)(12,798)(3,260)338,610 (942,544)
Balances as of December 31, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(23)$98 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 20,744 (68,962)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)13,776 (45,425)
Total$(91,143)$1,437 $(59,080)$34,497 $(114,289)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$124,010 $1,629 $— $(28,844)$96,795 
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— — (23,567)5,410 (18,157)
Total$124,010 $1,629 $(23,567)$(23,434)$78,638 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income before provision for income taxes was as follows:
 Year Ended December 31,
 202520242023
 (in thousands)
United States$12,198,273 $9,101,391 $5,602,762 
Foreign524,279 864,266 602,643 
Income before income taxes$12,722,552 $9,965,657 $6,205,405 
Schedule of Components of Provision for Income Taxes
The components of provision for income taxes for all periods presented were as follows:
 Year Ended December 31,
 202520242023
 (in thousands)
Current tax provision:
Federal$1,317,011 $1,093,667 $854,170 
State311,863 214,814 181,684 
Foreign561,577 536,915 304,539 
Total current2,190,451 1,845,396 1,340,393 
Deferred tax provision:
Federal(155,477)(520,510)(412,760)
State(34,115)(41,700)(55,475)
Foreign(259,508)(29,160)(74,743)
Total deferred(449,100)(591,370)(542,978)
Provision for income taxes$1,741,351 $1,254,026 $797,415 
Schedule of Reconciliation of Provision for Income Taxes
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
 Year Ended December 31,
 2025
 (in thousands)Percent
Tax at U.S. Statutory Rate$2,671,734 21.0 %
State and Local Income Taxes(1)
191,271 1.5 %
Foreign Tax Effects
Brazil
Withholding tax on services238,233 1.9 %
Others(77,189)(0.6)%
Other foreign jurisdictions23,290 0.2 %
Effect of Cross-Border Tax Laws
Foreign-derived intangible income(656,828)(5.2)%
Foreign tax credit for withholding taxes(292,148)(2.3)%
Other32,815 0.3 %
Tax Credits
Research and development tax credits(184,709)(1.5)%
Other(9,748)(0.1)%
Changes in Valuation Allowances(8,615)(0.1)%
Nontaxable and Nondeductible items
Share-based payment awards(393,156)(3.1)%
Others80,904 0.6 %
Changes in Unrecognized Tax Benefits130,400 1.0 %
Other Adjustments(4,903)0.1 %
Effective Tax Rate$1,741,351 13.7 %
(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York state and city, California, Illinois, New Jersey, and New Mexico.


A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:
 Year Ended December 31,
 20242023
 (in thousands)
Expected tax expense at U.S. federal statutory tax rate$2,092,710 $1,303,123 
State income taxes, net of federal income tax effect166,311 104,717 
Foreign earnings at other than U.S. rates13,909 (32,292)
Research and development tax credit(185,312)(87,036)
Excess tax benefits on stock-based compensation(435,909)(119,043)
Foreign-derived intangible income deduction(502,968)(426,597)
Nontaxable and nondeductible items70,386 41,782 
Other34,899 12,761 
Provision for income taxes$1,254,026 $797,415 
Effective Tax Rate13 %13 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
 
 As of December 31,
 20252024
 (in thousands)
Deferred tax assets:
Stock-based compensation$438,684 $440,889 
Tax credits and net operating loss carryforwards835,529 834,402 
Capitalized research expenses969,243 1,075,474 
Accruals and reserves370,568 152,142 
Operating lease liabilities520,170 522,489 
OCI hedging losses116,492 — 
Unrealized losses41,988 12,157 
Other29,426 18,197 
Total deferred tax assets3,322,100 3,055,750 
Valuation allowance(617,575)(540,272)
Net deferred tax assets2,704,525 2,515,478 
Deferred tax liabilities:
Depreciation & amortization(32,780)(370,709)
Operating right-of-use lease assets(448,313)(449,661)
OCI hedging gains— (220,009)
       Acquired intangibles(261,493)(282,187)
       Other(7,136)(15,354)
Total deferred tax liabilities(749,722)(1,337,920)
Net deferred tax assets$1,954,803 $1,177,558 
The following table shows the deferred tax assets and liabilities within our Consolidated Balance Sheets:
 As of December 31,
 20252024
 (in thousands)
Total deferred tax assets:
Other non-current assets$2,062,078 $1,290,160 
Total deferred tax liabilities:
Other non-current liabilities(107,275)(112,602)
Net deferred tax assets$1,954,803 $1,177,558 
Schedule of Changes in Unrecognized Tax Benefits The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows:
 
As of December 31,
202520242023
(in thousands)
Balance at the beginning of the year$432,280 $327,105 $226,977 
Increases related to tax positions taken during the current period96,108 93,325 65,630 
Increases related to tax positions taken during prior periods50,285 15,751 76,794 
Decreases related to tax positions taken during prior periods(3,195)(3,901)(10,117)
Decreases related to settlements with taxing authorities(9,115)— (32,179)
Decreases related to expiration of statute of limitations— — — 
Balance at the end of the year$566,363 $432,280 $327,105 
Schedule of Income Taxes Paid
The amounts of cash income taxes paid by the Company were as follows:
Year Ended December 31,
2025
(in thousands)
Federal$1,120,172 
State and local273,976 
Foreign
Brazil275,106 
Korea195,302 
All other foreign355,828 
Income taxes, net of amounts refunded$2,220,384 
v3.25.4
Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Company Contributions to Pension and Health Plans
The following table summarizes the Company's contributions to multiemployer pension and health plans for the years ended December 31, 2025, 2024 and 2023, respectively:
 Year Ended December 31,
 202520242023
 (in thousands)
Pension benefits$92,643 $89,707 $57,285 
Health benefits127,671 134,079 85,157 
Total contributions$220,314 $223,786 $142,442 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Financial Information, by Segment
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
 202520242023
(in thousands)
Revenues$45,183,036 $39,000,966 $33,723,297 
Less:
Content amortization16,422,166 15,301,517 14,197,437 
Other cost of revenues6,853,163 5,736,947 5,517,931 
Sales and marketing
3,301,306 2,917,554 2,657,883 
Technology and development3,391,390 2,925,295 2,675,758 
General and administrative1,888,408 1,702,039 1,720,285 
Operating income13,326,603 10,417,614 6,954,003 
Operating margin29.5 %26.7 %20.6 %
Other income (expense)
Interest expense(776,510)(718,733)(699,826)
Interest and other income (expense)(1)
172,459 266,776 (48,772)
Income before income taxes12,722,552 9,965,657 6,205,405 
Provision for income taxes(1,741,351)(1,254,026)(797,415)
Net income$10,981,201 $8,711,631 $5,407,990 
(1) Includes interest income of $295 million, $294 million and $281 million for the years ended December 31, 2025, 2024 and 2023, respectively.
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 were located as follows:
As of December 31,
20252024
(in thousands)
United States$3,075,477 $2,769,828 
International1,136,034 926,238 
v3.25.4
Organization and Summary of Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Nov. 14, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]        
Stock split ratio 10      
Content assets amortization period cap   10 years    
Average produced content asset amortization percentage (over)   90.00%    
Average produced content asset amortization period (in years)   4 years    
Advertising expense   $ 2,001,000 $ 1,779,000 $ 1,732,000
Foreign currency remeasurement loss on debt   $ 72,348 (121,539) 176,296
Cash flow hedges | Derivatives designated as hedging instruments:        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Derivative, term of contract   36 months    
Interest and Other Income (Expense)        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Foreign currency remeasurement loss on debt   $ 123,000 $ 18,000 $ 293,000
Maximum        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful life (in years)   30 years    
v3.25.4
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Hedging gains $ (91,000) $ 124,000 $ 0
Deferred revenue $ 1,775,730 1,520,813  
Increase in deferred revenue   $ 255,000  
v3.25.4
Revenue Recognition - Schedule of Streaming Revenues by Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues $ 45,183,036 $ 39,000,966 $ 33,723,297
Streaming      
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues 45,183,036 39,000,966 33,640,458
Streaming | United States and Canada (UCAN)      
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues 19,957,152 17,359,369 14,873,783
Streaming | Europe, Middle East, and Africa (EMEA)      
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues 14,514,646 12,387,035 10,556,487
Streaming | Latin America (LATAM)      
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues 5,357,521 4,839,816 4,446,461
Streaming | Asia-Pacific (APAC)      
Disaggregation of Revenue [Line Items]      
Total Streaming Revenues $ 5,353,717 $ 4,414,746 $ 3,763,727
v3.25.4
Earnings Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic earnings per share:      
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Weighted-average shares of common stock outstanding (in shares) 4,249,512 4,295,191 4,415,712
Basic earnings per share (in USD per share) $ 2.58 $ 2.03 $ 1.22
Diluted earnings per share:      
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Shares used in computation:      
Weighted-average shares of common stock outstanding (in shares) 4,249,512 4,295,191 4,415,712
Effect of dilutive stock-based awards (in shares) 94,351 97,417 79,254
Weighted-average number of shares (in shares) 4,343,863 4,392,608 4,494,966
Diluted earnings per share (in USD per share) $ 2.53 $ 1.98 $ 1.20
v3.25.4
Earnings Per Share - Schedule of Potential Common Shares Excluded from Diluted Calculation (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Stock-based awards (in shares) 818 2,432 41,091
v3.25.4
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 9,067,872 $ 9,583,083
Gross Unrealized Gains 0 3,260
Gross Unrealized Losses 0 0
Estimated Fair Value 9,067,872 9,586,343
Cash and cash equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 9,033,681 7,804,733
Short-term investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 28,678 1,779,006
Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 5,369 2,472
Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 144 132
Cash    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 5,214,163 4,866,753
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 5,214,163 4,866,753
Cash | Cash and cash equivalents    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 5,208,710 4,864,207
Cash | Short-term investments    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Cash | Other Current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 5,369 2,472
Cash | Non-current Assets    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 84 74
Money market funds | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 3,259,240 2,676,314
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 3,259,240 2,676,314
Money market funds | Cash and cash equivalents | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 3,259,180 2,676,256
Money market funds | Short-term investments | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Other Current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Money market funds | Non-current Assets | Level 1 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 60 58
Time Deposits | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 594,469 301,374
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 594,469 301,374
Time Deposits | Cash and cash equivalents | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 565,791 264,270
Time Deposits | Short-term investments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 28,678 37,104
Time Deposits | Other Current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments 0 0
Time Deposits | Non-current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments $ 0 0
Government securities | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Amortized Cost   1,738,642
Gross Unrealized Gains   3,260
Gross Unrealized Losses  
Estimated Fair Value   1,741,902
Government securities | Cash and cash equivalents | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   0
Government securities | Short-term investments | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   1,741,902
Government securities | Other Current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   0
Government securities | Non-current Assets | Level 2 securities:    
Cash and Cash Equivalents [Line Items]    
Cash, cash equivalents, and short-term investments   $ 0
v3.25.4
Balance Sheet Components - Schedule of Components of Content Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Content assets, net $ 32,778,392 $ 32,452,462
Licensed content, net    
Finite-Lived Intangible Assets [Line Items]    
Content assets, net 12,138,578 12,422,309
Produced content, net    
Finite-Lived Intangible Assets [Line Items]    
Released, less amortization 10,687,444 10,151,543
In production 9,210,735 9,317,367
In development and pre-production 741,635 561,243
Content assets, net $ 20,639,814 $ 20,030,153
v3.25.4
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net content $ 32,778,392 $ 32,452,462
Licensed content    
Finite-Lived Intangible Assets [Line Items]    
Unamortized cost in year one 6,381,000  
Unamortized cost in year two 2,280,000  
Unamortized cost in year three 1,469,000  
Net content 12,138,578 12,422,309
Produced content    
Finite-Lived Intangible Assets [Line Items]    
Unamortized cost in year one 4,309,000  
Unamortized cost in year two 2,784,000  
Unamortized cost in year three 1,840,000  
Net content 20,639,814 20,030,153
Released, less amortization $ 10,687,444 $ 10,151,543
v3.25.4
Balance Sheet Components - Schedule of Amortization of Content Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization of content assets $ 16,422,166 $ 15,301,517 $ 14,197,437
Tax incentives resulting in lower content amortization 1,000,000 899,000 835,000
Licensed content      
Finite-Lived Intangible Assets [Line Items]      
Amortization of content assets 8,713,558 7,689,014 7,145,446
Produced content      
Finite-Lived Intangible Assets [Line Items]      
Amortization of content assets $ 7,708,608 $ 7,612,503 $ 7,051,991
v3.25.4
Balance Sheet Components - Schedule of Property and Equipment and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,101,241 $ 2,511,293
Less: Accumulated depreciation (1,096,891) (917,537)
Property and equipment, net $ 2,004,350 1,593,756
Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 30 years  
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 155,664 85,000
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 537,082 475,684
Estimated Useful Lives (in Years) 30 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,263,051 1,026,593
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 157,984 134,987
Estimated Useful Lives (in Years) 3 years  
Information technology    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 572,407 446,419
Information technology | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 3 years  
Information technology | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 5 years  
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 99,164 99,175
Corporate aircraft | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 8 years  
Corporate aircraft | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 10 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 30,879 15,135
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 3 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (in Years) 5 years  
Capital work-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 285,010 $ 228,300
v3.25.4
Balance Sheet Components - Schedule of Leases (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
option
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]      
Number of renewal options (or more) | option 1    
Lease Cost:      
Operating lease cost $ 503,637 $ 468,282 $ 430,856
Short-term lease cost 207,324 197,691 207,822
Total lease cost 710,961 665,973 638,678
Cash paid for operating lease liabilities 506,624 509,296 451,525
Right-of-use assets obtained in exchange for new operating lease obligations 465,420 442,391 $ 196,639
Operating lease right-of-use assets, net $ 2,207,161 $ 2,102,310  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets  
Current operating lease liabilities $ 460,475 $ 428,482  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued Liabilities, Current Accrued Liabilities, Current  
Non-current operating lease liabilities $ 2,052,526 $ 1,983,688  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other non-current liabilities Other non-current liabilities  
Total operating lease liabilities $ 2,513,001 $ 2,412,170  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Liabilities Liabilities  
Weighted-average remaining lease term 7 years 6 years 10 months 24 days  
Weighted-average discount rate 3.80% 3.50%  
Minimum      
Lessee, Lease, Description [Line Items]      
Lease term of contract (in years) 1 year    
Lease renewal term (in years) 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term of contract (in years) 15 years    
Lease renewal term (in years) 20 years    
v3.25.4
Balance Sheet Components - Schedule of Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
2026 $ 555,684  
2027 481,542  
2028 422,982  
2029 351,107  
2030 292,154  
Thereafter 782,470  
Total lease liabilities 2,885,939  
Less imputed interest (372,938)  
Total operating lease liabilities $ 2,513,001 $ 2,412,170
v3.25.4
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Trade receivables $ 2,031,476 $ 1,335,304
Prepaid expenses 498,054 431,924
Other 1,428,302 1,749,412
Total other current assets 3,957,832 3,516,640
Tax incentives $ 552,000 $ 653,000
v3.25.4
Acquisitions (Details)
$ in Millions
 1 Months Ended
Dec. 31, 2025
USD ($)
Other Business Combination  
Business Combination [Line Items]  
Business combination, purchase price $ 28
v3.25.4
Debt - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Debt Instrument [Line Items]            
Aggregate outstanding notes $ 14,463,000   $ 15,583,000      
Debt issuance costs 56,000   70,000      
Long-term notes denominated in foreign currency 14,519,000   15,653,000      
Foreign currency remeasurement loss on debt 72,348   (121,539) $ 176,296    
Senior Notes            
Debt Instrument [Line Items]            
Long-term notes denominated in foreign currency | €         € 4,700,000,000  
Foreign currency remeasurement loss on debt $ 72,000          
Redemption price, percent of outstanding principal 101.00% 101.00%        
Senior Notes | 5.875% Senior Notes            
Debt Instrument [Line Items]            
Long-term notes denominated in foreign currency $ 0   $ 800,000      
Repayments of senior debt $ 800,000          
Interest rate 5.875%   5.875%   5.875% 5.875%
Senior Notes | 3.000% Senior Notes            
Debt Instrument [Line Items]            
Long-term notes denominated in foreign currency $ 0   $ 487,000   € 470,000,000 € 470,000,000
Repayments of senior debt | €   € 470,000,000        
Interest rate 3.00%   3.00%   3.00% 3.00%
Senior Notes | 3.625% Senior Notes            
Debt Instrument [Line Items]            
Long-term notes denominated in foreign currency $ 0   $ 500,000      
Repayments of senior debt $ 500,000          
Interest rate 3.625%   3.625%   3.625% 3.625%
v3.25.4
Debt - Schedule of Long-term Debt (Details)
$ in Millions
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Face amount   $ 14,519   $ 15,653
Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 14,951   $ 15,948
Senior Notes        
Debt Instrument [Line Items]        
Face amount | € € 4,700,000,000      
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 0   $ 800
Senior Notes | 5.875% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 0   $ 801
Senior Notes | 3.000% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.00% 3.00% 3.00% 3.00%
Face amount € 470,000,000 $ 0 € 470,000,000 $ 487
Senior Notes | 3.000% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 0   $ 487
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount   $ 0   $ 500
Senior Notes | 3.625% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 0   $ 497
Senior Notes | 4.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.375% 4.375% 4.375% 4.375%
Face amount   $ 1,000   $ 1,000
Senior Notes | 4.375% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,006   $ 998
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,300,000,000 $ 1,526 € 1,300,000,000 $ 1,346
Senior Notes | 3.625% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,550   $ 1,375
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,600   $ 1,600
Senior Notes | 4.875% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,634   $ 1,607
Senior Notes | 5.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.875% 5.875% 5.875% 5.875%
Face amount   $ 1,900   $ 1,900
Senior Notes | 5.875% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,998   $ 1,970
Senior Notes | 4.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.625% 4.625% 4.625% 4.625%
Face amount € 1,100,000,000 $ 1,292 € 1,100,000,000 $ 1,139
Senior Notes | 4.625% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,363   $ 1,220
Senior Notes | 6.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 6.375% 6.375% 6.375% 6.375%
Face amount   $ 800   $ 800
Senior Notes | 6.375% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 857   $ 848
Senior Notes | 3.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.875% 3.875% 3.875% 3.875%
Face amount € 1,200,000,000 $ 1,409 € 1,200,000,000 $ 1,242
Senior Notes | 3.875% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,455   $ 1,293
Senior Notes | 5.375% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.375% 5.375% 5.375% 5.375%
Face amount   $ 900   $ 900
Senior Notes | 5.375% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 939   $ 918
Senior Notes | 3.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 3.625% 3.625% 3.625% 3.625%
Face amount € 1,100,000,000 $ 1,292 € 1,100,000,000 $ 1,139
Senior Notes | 3.625% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,322   $ 1,174
Senior Notes | 4.875% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.875% 4.875% 4.875% 4.875%
Face amount   $ 1,000   $ 1,000
Senior Notes | 4.875% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,025   $ 996
Senior Notes | 4.900% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 4.90% 4.90% 4.90% 4.90%
Face amount   $ 1,000   $ 1,000
Senior Notes | 4.900% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 1,025   $ 982
Senior Notes | 5.400% Senior Notes        
Debt Instrument [Line Items]        
Interest rate 5.40% 5.40% 5.40% 5.40%
Face amount   $ 800   $ 800
Senior Notes | 5.400% Senior Notes | Level 2        
Debt Instrument [Line Items]        
Long-term debt, fair value   $ 777   $ 782
v3.25.4
Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
 12 Months Ended
Dec. 19, 2025
Apr. 12, 2024
Dec. 31, 2025
Dec. 31, 2023
Line of Credit Facility [Line Items]        
Amount borrowed     $ 0  
Minimum | Alternate Base Rate | 2Y DDTL Facility        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate 0.00%      
Minimum | Alternate Base Rate | 3Y DDTL Facility        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate 0.00%      
Maximum | Alternate Base Rate | 2Y DDTL Facility        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate 0.125%      
Maximum | Alternate Base Rate | 3Y DDTL Facility        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate 0.25%      
Unsecured Debt        
Line of Credit Facility [Line Items]        
Credit facility, agreement term   5 years    
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 | 2Y DDTL Facility        
Line of Credit Facility [Line Items]        
Credit facility, agreement term 2 years      
Credit facility, maximum borrowing capacity $ 10,000,000,000      
Unsecured Debt | 3Y DDTL Facility        
Line of Credit Facility [Line Items]        
Credit facility, agreement term 3 years      
Credit facility, maximum borrowing capacity $ 10,000,000,000      
Unsecured Debt | Delayed Draw Term Loan Credit Agreement        
Line of Credit Facility [Line Items]        
Debt instrument, consolidated EBITDA to consolidated interest expense 3.0      
Unsecured Debt | Minimum | Alternate Base Rate        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate   0.00%    
Unsecured Debt | Minimum | SOFR        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate   0.75%    
Unsecured Debt | Maximum | Alternate Base Rate        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate   0.25%    
Unsecured Debt | Maximum | SOFR        
Line of Credit Facility [Line Items]        
Applicable margin on variable rate   1.25%    
v3.25.4
Debt - Commercial Paper (Details) - Commercial Paper - USD ($)
Dec. 31, 2025
May 31, 2025
Line of Credit Facility [Line Items]    
Credit facility, maximum borrowing capacity   $ 3,000,000,000
Credit facility, amount outstanding $ 0  
v3.25.4
Debt - WBD Financing (Details) - USD ($)
Dec. 19, 2025
Apr. 12, 2024
Dec. 31, 2025
Dec. 04, 2025
Dec. 31, 2023
Bridge Term Loan Facility | Warner Bros. Discovery, Inc. Financing | Senior Notes          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity     $ 34,000,000,000 $ 59,000,000,000  
Revolving Credit Facility | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity   $ 3,000,000,000     $ 1,000,000,000
Debt instrument, consolidated EBITDA to consolidated interest expense   3.0      
Credit facility, agreement term   5 years      
Revolving Credit Facility | Unsecured Debt | Minimum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate   0.00%      
Revolving Credit Facility | Unsecured Debt | Maximum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate   0.25%      
Revolving Credit Facility | Transactions Revolving Credit Agreement | Senior Notes          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity $ 5,000,000,000        
Debt instrument, consolidated EBITDA to consolidated interest expense 3.0        
Revolving Credit Facility | Transactions Revolving Credit Agreement | Senior Notes | Minimum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.00%        
Revolving Credit Facility | Transactions Revolving Credit Agreement | Senior Notes | Minimum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.60%        
Revolving Credit Facility | Transactions Revolving Credit Agreement | Senior Notes | Maximum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.10%        
Revolving Credit Facility | Transactions Revolving Credit Agreement | Senior Notes | Maximum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 1.10%        
Revolving Credit Facility | 2Y DDTL Facility | Minimum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.00%        
Revolving Credit Facility | 2Y DDTL Facility | Minimum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.85%        
Revolving Credit Facility | 2Y DDTL Facility | Maximum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.125%        
Revolving Credit Facility | 2Y DDTL Facility | Maximum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 1.125%        
Revolving Credit Facility | 2Y DDTL Facility | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity $ 10,000,000,000        
Credit facility, agreement term 2 years        
Revolving Credit Facility | 3Y DDTL Facility | Minimum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.00%        
Revolving Credit Facility | 3Y DDTL Facility | Minimum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.95%        
Revolving Credit Facility | 3Y DDTL Facility | Maximum | Alternate Base Rate          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 0.25%        
Revolving Credit Facility | 3Y DDTL Facility | Maximum | SOFR          
Line of Credit Facility [Line Items]          
Applicable margin on variable rate 1.25%        
Revolving Credit Facility | 3Y DDTL Facility | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity $ 10,000,000,000        
Credit facility, agreement term 3 years        
v3.25.4
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amount of Derivative Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 25,507,054 $ 23,760,343
Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 1,555,502 1,432,136
Foreign exchange contracts | Cash flow hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total 21,066,760 18,508,390
Foreign exchange contracts | Fair value hedges | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total $ 2,884,792 $ 3,819,817
v3.25.4
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain on foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months $ 275  
Senior Notes    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Long-term debt designated as a hedge, foreign exchange risk, fair value 1,900 $ 1,000
Long-term debt designated as a hedge, fair value $ 2,900 $ 3,600
v3.25.4
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivative Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets $ 285,276 $ 1,002,953
Derivative Liabilities 652,619 318,000
Other current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 196,291 596,276
Other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 192,828 580,065
Other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 3,463 16,211
Other non-current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 88,985 406,677
Other non-current assets | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 88,985 406,677
Other non-current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Assets 0 0
Accrued expenses and other liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 438,045 317,917
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 426,341 303,425
Accrued expenses and other liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 11,704 14,492
Other non-current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 214,574 83
Other non-current liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities 214,574 83
Other non-current liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liabilities $ 0 $ 0
v3.25.4
Derivative Financial Instruments and Hedging Activities - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 285,276 $ 1,002,953
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 285,276 1,002,953
Financial Instruments (282,469) (316,320)
Collateral Received and Posted 0 (1,800)
Net Amount $ 2,807 $ 684,833
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Derivative assets Derivative assets
Derivative liabilities    
Gross Amount Recognized in the Consolidated Balance Sheets $ 652,619 $ 318,000
Gross Amount Offset in the Consolidated Balance Sheets 0 0
Net Amount Presented in the Consolidated Balance Sheets 652,619 318,000
Financial Instruments (282,469) (316,320)
Collateral Received and Posted 0 0
Net Amount $ 370,150 $ 1,680
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Derivative liabilities Derivative liabilities
v3.25.4
Derivative Financial Instruments and Hedging Activities - Schedule of Effect of Derivative Instruments on Consolidated Financial Statements (Details) - Foreign exchange contracts - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Total $ (1,610,019) $ 1,213,804 $ (155,730)
Cash flow hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount included in the assessment of effectiveness (1,393,364) 1,195,738 (155,730)
Fair value hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount excluded from the assessment of effectiveness (71,999) (14,334) 0
Net investment hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount included in the assessment of effectiveness $ (144,656) $ 32,400 $ 0
v3.25.4
Derivative Financial Instruments and Hedging Activities - Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Total amounts presented in the Consolidated Statements of Operations $ 45,183,036 $ 39,000,966 $ 33,723,297
Total amounts presented in the Consolidated Statements of Operations 23,275,329 21,038,464 19,715,368
Total amounts presented in the Consolidated Statements of Operations 172,459 266,776 (48,772)
Amount of gains (losses) reclassified from AOCI (91,000) 124,000 $ 0
Foreign exchange contracts | Revenues      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of gains (losses) reclassified from AOCI (91,143) 124,010  
Hedged items 0 0  
Derivatives designated as hedging instruments 0 0  
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach 0 0  
Foreign exchange contracts 0 0  
Foreign exchange contracts | Cost of Revenues      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of gains (losses) reclassified from AOCI 1,437 1,629  
Hedged items 0 0  
Derivatives designated as hedging instruments 0 0  
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach 0 0  
Foreign exchange contracts 0 0  
Foreign exchange contracts | Interest and other income (expense)      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of gains (losses) reclassified from AOCI 0 0  
Hedged items (470,441) 196,660  
Derivatives designated as hedging instruments 481,416 (201,239)  
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach (59,201) (23,567)  
Foreign exchange contracts $ (97,865) $ 63,291  
v3.25.4
Commitments and Contingencies - Streaming Content (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Contractual Obligation [Line Items]    
Total streaming content obligations $ 24,039,228 $ 23,248,931
Current content liabilities 4,084,854 4,393,681
Non-current content liabilities 1,579,476 1,780,806
Unrecorded streaming obligations 18,400,000 17,000,000
Non-income Tax Assessments | Brazilian Tax Authorities    
Contractual Obligation [Line Items]    
Indemnification guarantee accrual 619,000  
Current Content Liabilities    
Contractual Obligation [Line Items]    
Current content liabilities 4,100,000 4,400,000
Non-current Content Liabilities    
Contractual Obligation [Line Items]    
Non-current content liabilities $ 1,600,000 $ 1,800,000
v3.25.4
Commitments and Contingencies - Schedule of Expected Timing of Payments for Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Less than one year $ 11,528,030 $ 11,424,696
Due after one year and through three years 8,376,160 8,113,910
Due after three years and through five years 3,041,538 2,809,834
Due after five years 1,093,500 900,491
Total content obligations $ 24,039,228 $ 23,248,931
v3.25.4
Commitments and Contingencies - Acquisition (Details) - Warner Bros. Discovery, Inc. - USD ($)
$ / shares in Units, $ in Billions
Jan. 19, 2026
Dec. 04, 2025
Business Combination [Line Items]    
Definitive agreement and plan of merger, consideration transferred, equity value   $ 72.0
Definitive agreement and plan of merger, consideration transferred   $ 82.7
Subsequent Event    
Business Combination [Line Items]    
Business combination, termination fee $ 5.8  
Cash | Subsequent Event    
Business Combination [Line Items]    
Definitive agreement and plan of merger, price per share (in dollars per share) $ 27.75  
v3.25.4
Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other commitment $ 0
v3.25.4
Stockholders' Equity - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
vote
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Nov. 14, 2025
shares
Nov. 13, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of voting rights per share | vote 1        
Common stock, shares authorized (in shares) | shares 49,900,000,000 49,900,000,000   49,900,000,000 4,990,000,000
Fair value of stock options that vested | $ $ 251 $ 242 $ 311    
Total unrecognized compensation cost related to nonvested stock options | $ $ 47        
Unrecognized compensation, weighted-average recognition period (in years) 1 year 6 months 10 days        
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years) 3 years        
Fair value of awards vested during the period | $ $ 52 $ 15      
Granted (in shares) | shares 1,227,850 1,599,780 0    
PSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) | shares 264,300   0    
PSUs | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years) 1 year        
PSUs | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years) 3 years        
v3.25.4
Stockholders' Equity - Schedule of Activity Related to Stock Option (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Beginning balance (in shares) 154,190,020 196,951,090 198,968,610
Granted (in shares) 4,171,629 5,758,560 17,292,180
Exercised (in shares) (30,638,245) (48,460,480) (19,265,980)
Expired (in shares) (43,600) (59,150) (43,720)
Ending balance (in shares) 127,679,804 154,190,020 196,951,090
Vested and exercisable (in shares) 127,679,804    
Weighted- Average Exercise Price (per share)      
Beginning balance (in USD per share) $ 31.25 $ 26.89 $ 24.22
Granted (in USD per share) 108.79 62.09 37.25
Exercised (in USD per share) 21.73 17.22 8.73
Expired (in USD per share) 9.11 5.61 3.64
Ending balance (in USD per share) 36.07 $ 31.25 $ 26.89
Vested and exercisable (in USD per share) $ 36.07    
Weighted- Average Remaining Contractual Term (in years)      
Ending balance (in years) 4 years 9 months 14 days    
Vested and exercisable 4 years 9 months 14 days    
Aggregate Intrinsic Value (in thousands)      
Aggregate intrinsic value $ 7,430,160    
Vested and exercisable $ 7,430,160    
v3.25.4
Stockholders' Equity - Schedule of Amounts Related to Option Exercises (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Total intrinsic value of options exercised $ 2,560,914 $ 2,352,829 $ 610,594
Cash received from options exercised $ 666,965 $ 832,887 $ 169,990
v3.25.4
Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
RSUs      
Number of Shares      
Beginning balance (in shares) 1,333,180 0  
Granted (in shares) 1,227,850 1,599,780 0
Vested (in shares) (959,450) (266,600)  
Forfeited (in shares) (16,320) 0  
Ending balance (in shares) 1,585,260 1,333,180 0
Weighted- Average Grant-Date Fair Value (per share)      
Beginning balance (in USD per share) $ 71.12 $ 0  
Granted (in USD per share) 111.18 68.64  
Vested (in USD per share) 76.48 56.20  
Forfeited (in USD per share) 93.12 0  
Ending balance (in USD per share) $ 98.68 $ 71.12 $ 0
Vested (in shares) 959,450 266,600  
PSUs      
Number of Shares      
Granted (in shares) 264,300   0
Vested (in shares) (528,600)    
Weighted- Average Grant-Date Fair Value (per share)      
Vested (in shares) 528,600    
v3.25.4
Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Total stock-based compensation expense $ 368,449 $ 272,588 $ 339,368
Total income tax impact on provision $ 54,338 $ 43,876 $ 61,588
v3.25.4
Stockholders' Equity - Stock Repurchases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2023
Stockholders' Equity Note [Abstract]      
Common stock authorized to be repurchased   $ 15,000,000,000 $ 10,000,000,000
Stock repurchased (in shares) 86,536,215    
Repurchases of common stock, excluding excise tax $ 9,100,000,000    
Remaining authorized repurchase amount $ 8,000,000,000    
v3.25.4
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 24,743,567 $ 20,588,313 $ 20,777,401
Other comprehensive income (loss) before reclassifications (1,056,833) 664,745 (6,639)
Amounts reclassified from accumulated other comprehensive income (loss) 114,289 (78,638) 0
Total other comprehensive income (loss) (942,544) 586,107 (6,639)
Ending balance 26,615,488 24,743,567 20,588,313
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (376,833) (103,922) (217,306)
Other comprehensive income (loss) before reclassifications 183,218 (272,911) 113,384
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0
Total other comprehensive income (loss) 183,218 (272,911) 113,384
Ending balance (193,615) (376,833) (103,922)
Net Investment Hedge Gains (Losses)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 32,400 0 0
Other comprehensive income (loss) before reclassifications (144,656) 32,400 0
Amounts reclassified from accumulated other comprehensive income (loss) 0 0 0
Total other comprehensive income (loss) (144,656) 32,400 0
Ending balance (112,256) 32,400 0
Change in Unrealized Gains (Losses) on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 914,369 (155,730) 0
Other comprehensive income (loss) before reclassifications (1,393,364) 1,195,738 (155,730)
Amounts reclassified from accumulated other comprehensive income (loss) 89,706 (125,639) 0
Total other comprehensive income (loss) (1,303,658) 1,070,099 (155,730)
Ending balance (389,289) 914,369 (155,730)
Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 9,233 0 0
Other comprehensive income (loss) before reclassifications (71,999) (14,334) 0
Amounts reclassified from accumulated other comprehensive income (loss) 59,201 23,567 0
Total other comprehensive income (loss) (12,798) 9,233 0
Ending balance (3,565) 9,233 0
Change in Unrealized Gains (Losses) on AFS Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 3,260 0 0
Other comprehensive income (loss) before reclassifications (3,139) 3,260 0
Amounts reclassified from accumulated other comprehensive income (loss) (121) 0 0
Total other comprehensive income (loss) (3,260) 3,260 0
Ending balance 0 3,260 0
Tax (Expense) Benefit      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (220,267) 35,707 0
Other comprehensive income (loss) before reclassifications 373,107 (279,408) 35,707
Amounts reclassified from accumulated other comprehensive income (loss) (34,497) 23,434 0
Total other comprehensive income (loss) 338,610 (255,974) 35,707
Ending balance 118,343 (220,267) 35,707
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 362,162 (223,945) (217,306)
Total other comprehensive income (loss) (942,544) 586,107 (6,639)
Ending balance $ (580,382) $ 362,162 $ (223,945)
v3.25.4
Stockholders' Equity - Schedule of Amounts Reclassified from AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Revenues $ 45,183,036 $ 39,000,966 $ 33,723,297
Cost of Revenues (23,275,329) (21,038,464) (19,715,368)
Interest and other income (expense) 172,459 266,776 (48,772)
Provision for Income Taxes (1,741,351) (1,254,026) (797,415)
Total Reclassifications 10,981,201 8,711,631 5,407,990
Foreign exchange contracts      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amount of gains (losses) reclassified from AOCI     $ 0
Reclassification out of Accumulated Other Comprehensive Income      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Revenues (91,143) 124,010  
Cost of Revenues 1,437 1,629  
Interest and other income (expense) (59,080) (23,567)  
Provision for Income Taxes 34,497 (23,434)  
Total Reclassifications (114,289) 78,638  
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Revenues 0    
Cost of Revenues 0    
Interest and other income (expense) 121    
Provision for Income Taxes (23)    
Total Reclassifications 98    
Reclassification out of Accumulated Other Comprehensive Income | Amount of gains (losses) reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Revenues (91,143) 124,010  
Cost of Revenues 1,437 1,629  
Interest and other income (expense) 0 0  
Provision for Income Taxes 20,744 (28,844)  
Total Reclassifications (68,962) 96,795  
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  
Cost of Revenues 0 0  
Interest and other income (expense) (59,201) (23,567)  
Provision for Income Taxes 13,776 5,410  
Total Reclassifications $ (45,425) $ (18,157)  
v3.25.4
Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ 12,198,273 $ 9,101,391 $ 5,602,762
Foreign 524,279 864,266 602,643
Income before income taxes $ 12,722,552 $ 9,965,657 $ 6,205,405
v3.25.4
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax provision:      
Federal $ 1,317,011 $ 1,093,667 $ 854,170
State 311,863 214,814 181,684
Foreign 561,577 536,915 304,539
Total current 2,190,451 1,845,396 1,340,393
Deferred tax provision:      
Federal (155,477) (520,510) (412,760)
State (34,115) (41,700) (55,475)
Foreign (259,508) (29,160) (74,743)
Total deferred (449,100) (591,370) (542,978)
Provision for income taxes $ 1,741,351 $ 1,254,026 $ 797,415
v3.25.4
Income Taxes - Schedule of Reconciliation of Provision for Income Taxes After the Adoption (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Tax at U.S. Statutory Rate $ 2,671,734 $ 2,092,710 $ 1,303,123
State and Local Income Taxes 191,271 166,311 104,717
Foreign Tax Effects      
Withholding tax on services   13,909 (32,292)
Other Adjustments (4,903) 34,899 12,761
Effect of Cross-Border Tax Laws      
Foreign-derived intangible income (656,828) (502,968) (426,597)
Foreign tax credit for withholding taxes (292,148)    
Other 32,815    
Tax Credits      
Research and development tax credits (184,709) (185,312) (87,036)
Other (9,748)    
Changes in Valuation Allowances (8,615)    
Nontaxable and Nondeductible items      
Share-based payment awards (393,156) (435,909) (119,043)
Others 80,904    
Changes in Unrecognized Tax Benefits 130,400    
Other Adjustments (4,903) 34,899 12,761
Provision for income taxes $ 1,741,351 $ 1,254,026 $ 797,415
Percent      
Tax at U.S. Statutory Rate 21.00% 21.00% 21.00%
State and Local Income Taxes(1) 1.50%    
Foreign Tax Effects      
Others 0.10%    
Effect of Cross-Border Tax Laws      
Foreign-derived intangible income (5.20%)    
Foreign tax credit for withholding taxes (2.30%)    
Other 0.30%    
Tax Credits      
Research and development tax credits (1.50%)    
Other (0.10%)    
Changes in Valuation Allowances (0.10%)    
Nontaxable and Nondeductible items      
Share-based payment awards (3.10%)    
Others 0.60%    
Changes in Unrecognized Tax Benefits 1.00%    
Other Adjustments 0.10%    
Effective Tax Rate 13.70% 13.00% 13.00%
Brazil      
Foreign Tax Effects      
Withholding tax on services $ 238,233    
Other Adjustments (77,189)    
Nontaxable and Nondeductible items      
Other Adjustments $ (77,189)    
Foreign Tax Effects      
Withholding tax on services 1.90%    
Others (0.60%)    
Other foreign jurisdictions 1.90%    
Nontaxable and Nondeductible items      
Other Adjustments (0.60%)    
Other foreign jurisdictions      
Foreign Tax Effects      
Other Adjustments $ 23,290    
Nontaxable and Nondeductible items      
Other Adjustments $ 23,290    
Foreign Tax Effects      
Others 0.20%    
Nontaxable and Nondeductible items      
Other Adjustments 0.20%    
v3.25.4
Income Taxes - Schedule of Reconciliation of Provision for Income Taxes Prior to the Adoption (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Expected tax expense at U.S. federal statutory tax rate $ 2,671,734 $ 2,092,710 $ 1,303,123
State income taxes, net of federal income tax effect 191,271 166,311 104,717
Foreign earnings at other than U.S. rates   13,909 (32,292)
Research and development tax credit (184,709) (185,312) (87,036)
Excess tax benefits on stock-based compensation (393,156) (435,909) (119,043)
Foreign-derived intangible income deduction (656,828) (502,968) (426,597)
Nontaxable and nondeductible items   70,386 41,782
Other (4,903) 34,899 12,761
Provision for income taxes $ 1,741,351 $ 1,254,026 $ 797,415
Effective Tax Rate 13.70% 13.00% 13.00%
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Stock-based compensation $ 438,684 $ 440,889
Tax credits and net operating loss carryforwards 835,529 834,402
Capitalized research expenses 969,243 1,075,474
Accruals and reserves 370,568 152,142
Operating lease liabilities 520,170 522,489
OCI hedging losses 116,492 0
Unrealized losses 41,988 12,157
Other 29,426 18,197
Total deferred tax assets 3,322,100 3,055,750
Valuation allowance (617,575) (540,272)
Net deferred tax assets 2,704,525 2,515,478
Deferred tax liabilities:    
Depreciation & amortization (32,780) (370,709)
Operating right-of-use lease assets (448,313) (449,661)
OCI hedging gains 0 (220,009)
Acquired intangibles (261,493) (282,187)
Other (7,136) (15,354)
Total deferred tax liabilities (749,722) (1,337,920)
Net deferred tax assets $ 1,954,803 $ 1,177,558
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities within our Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Total deferred tax assets:    
Other non-current assets $ 2,704,525 $ 2,515,478
Total deferred tax liabilities:    
Other non-current liabilities (749,722) (1,337,920)
Net deferred tax assets 1,954,803 1,177,558
Non-current Assets    
Total deferred tax assets:    
Other non-current assets 2,062,078 1,290,160
Other non-current liabilities    
Total deferred tax liabilities:    
Other non-current liabilities $ (107,275) $ (112,602)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]        
Tax at U.S. Statutory Rate 21.00% 21.00% 21.00%  
Tax credits and net operating loss carryforwards $ 823,000      
Operating loss carryforwards, state 1,018,000      
Deferred tax assets, tax credit carryforwards, foreign 48,000      
Valuation allowance 617,575 $ 540,272    
Unrecognized tax benefits 566,363 432,280 $ 327,105 $ 226,977
Reduction in provision for income taxes due to impact of effective tax rate 336,000 251,000    
Interest and penalties in the provision for income taxes 38,000 16,000 25,000  
Interest and penalties accrued 82,000 44,000    
Income taxes paid 2,220,384 $ 1,642,000 $ 1,155,000  
Foreign Tax Jurisdiction        
Effective Income Tax Rate Reconciliation [Line Items]        
Operating loss carryforwards, subject to expiration 190,000      
Operating loss carryforwards, not subject to expiration $ 51,000      
v3.25.4
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning Balance $ 432,280 $ 327,105 $ 226,977
Increases related to tax positions taken during the current period 96,108 93,325 65,630
Increases related to tax positions taken during prior periods 50,285 15,751 76,794
Decreases related to tax positions taken during prior periods (3,195) (3,901) (10,117)
Decreases related to settlements with taxing authorities (9,115) 0 (32,179)
Decreases related to expiration of statute of limitations 0 0 0
Ending Balance $ 566,363 $ 432,280 $ 327,105
v3.25.4
Income Taxes - Schedule of Cash Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 1,120,172    
State and local 273,976    
Foreign      
Income taxes, net of amounts refunded 2,220,384 $ 1,642,000 $ 1,155,000
Brazil      
Foreign      
Total foreign 275,106    
Korea      
Foreign      
Total foreign 195,302    
All other foreign      
Foreign      
Total foreign $ 355,828    
v3.25.4
Employee Benefit Plan - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Eligible employees maximum contribution percentage 80.00%    
Contributions by employer $ 144 $ 128 $ 114
v3.25.4
Employee Benefit Plan - Schedule of Multiemployer Pension and Health Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Multiemployer Plan [Line Items]      
Total contributions $ 220,314 $ 223,786 $ 142,442
Multiemployer Plan, Type [Extensible List] Other Pension, Postretirement and Supplemental Plans [Member]    
Pension benefits      
Multiemployer Plan [Line Items]      
Total contributions $ 92,643 89,707 57,285
Health benefits      
Multiemployer Plan [Line Items]      
Total contributions $ 127,671 $ 134,079 $ 85,157
v3.25.4
Segment and Geographic Information - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]      
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
Revenues | $ $ 45,183,036 $ 39,000,966 $ 33,723,297
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues | $ $ 18,500,000 $ 16,100,000 $ 13,800,000
v3.25.4
Segment and Geographic Information - Schedule of Segment Reporting Financial Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 45,183,036 $ 39,000,966 $ 33,723,297
Content amortization 16,422,166 15,301,517 14,197,437
Sales and marketing 3,301,306 2,917,554 2,657,883
Technology and development 3,391,390 2,925,295 2,675,758
General and administrative 1,888,408 1,702,039 1,720,285
Operating income $ 13,326,603 $ 10,417,614 $ 6,954,003
Operating margin 29.50% 26.70% 20.60%
Interest expense $ (776,510) $ (718,733) $ (699,826)
Interest and other income (expense) 172,459 266,776 (48,772)
Income before income taxes 12,722,552 9,965,657 6,205,405
Provision for income taxes (1,741,351) (1,254,026) (797,415)
Net income 10,981,201 8,711,631 5,407,990
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenues 45,183,036 39,000,966 33,723,297
Content amortization 16,422,166 15,301,517 14,197,437
Other cost of revenues 6,853,163 5,736,947 5,517,931
Sales and marketing 3,301,306 2,917,554 2,657,883
Technology and development 3,391,390 2,925,295 2,675,758
General and administrative 1,888,408 1,702,039 1,720,285
Operating income 13,326,603 10,417,614 6,954,003
Interest expense (776,510) (718,733) (699,826)
Interest and other income (expense) 172,459 266,776 (48,772)
Income before income taxes 12,722,552 9,965,657 6,205,405
Provision for income taxes (1,741,351) (1,254,026) (797,415)
Net income 10,981,201 8,711,631 5,407,990
Interest income $ 295,000 $ 294,000 $ 281,000
v3.25.4
Segment and Geographic Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 3,075,477 $ 2,769,828
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,136,034 $ 926,238
v3.25.4
Subsequent Event (Details) - Bridge Term Loan Facility - Warner Bros. Discovery, Inc. Financing - Senior Notes - USD ($)
$ in Billions
Jan. 19, 2026
Dec. 31, 2025
Dec. 04, 2025
Subsequent Event [Line Items]      
Credit facility, maximum borrowing capacity   $ 34.0 $ 59.0
Subsequent Event      
Subsequent Event [Line Items]      
Credit facility, maximum borrowing capacity $ 42.2