Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Netflix Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial information reveals a complex pattern of cash flows over the observed period. Net income demonstrates considerable fluctuation, peaking in the first quarter of 2025 before declining. A significant decrease in net income is observed in the fourth quarter of 2021 and the fourth quarter of 2023, followed by recovery. Additions to content assets consistently represent a substantial cash outflow throughout the period, generally exceeding net income. Changes in content liabilities show variability, sometimes offsetting content asset additions, but not consistently. Amortization of content assets remains a significant cash inflow, generally tracking with the level of content asset additions. Overall, operating activities demonstrate a generally positive cash flow, though with substantial quarterly variations.
- Operating Activities
- Net cash provided by operating activities exhibits significant volatility. While generally positive, a substantial outflow is noted in the fourth quarter of 2021 and the fourth quarter of 2024. The largest inflow occurs in the first quarter of 2025. Adjustments to reconcile net income to net cash provided by operating activities are consistently negative, indicating substantial non-cash expenses impacting the cash flow from operations. These adjustments are largely driven by additions to content assets and deferred income taxes.
- Investing Activities
- Investing activities consistently represent a cash outflow, primarily due to purchases of property and equipment and, more significantly, purchases of investments. A particularly large outflow is observed in the fourth quarter of 2022, driven by substantial investment purchases. Proceeds from maturities and sales of investments provide some offset, but are generally insufficient to counteract the outflows. Acquisitions also contribute to cash outflows in specific periods, notably the fourth quarter of 2022.
- Financing Activities
- Financing activities demonstrate a net cash outflow for much of the period. Repurchases of common stock are a major driver of this outflow, particularly in the later years of the observed period. Proceeds from the issuance of common stock provide some offsetting inflows, but are not consistently sufficient to cover the repurchases and debt repayments. Debt activity fluctuates, with both issuances and repayments occurring at different times. The fourth quarter of 2023 shows a particularly large net cash outflow from financing activities, largely due to significant stock repurchases.
- Cash Position
- The net increase or decrease in cash, cash equivalents, and restricted cash is highly variable. Periods of increase are interspersed with periods of substantial decrease. The effect of exchange rate changes on cash also contributes to the volatility, though generally represents a smaller impact than the core operating, investing, and financing activities. The largest increase in cash is observed in the first quarter of 2025, coinciding with the peak in net income and positive adjustments from operating activities.
In summary, the cash flow statement reflects a business model requiring substantial ongoing investment in content. While operating activities generally generate positive cash flow, significant outflows related to content acquisition and shareholder returns necessitate careful management of financing activities. The company’s cash position is subject to considerable quarterly fluctuation, influenced by a complex interplay of these factors.