Analysis of Debt
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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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Total Debt (Carrying Amount)
Netflix Inc., balance sheet: debt
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total senior Notes (carrying amount) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt exhibited fluctuations over the five-year period. A review of the components reveals differing trends in short-term and long-term obligations. Overall, the total senior notes demonstrate a moderate level of volatility.
- Short-Term Debt
- Short-term debt experienced significant variability. It decreased from approximately US$699.8 million in 2021, was not reported in 2022, then rose to US$399.8 million in 2023. A substantial increase was observed in 2024, reaching US$1,784.5 million, followed by a decrease to US$998.9 million in 2025. This suggests a reliance on short-term financing that is actively managed, potentially linked to operational cash flow needs or strategic funding decisions.
- Long-Term Debt
- Long-term debt demonstrated a consistent, albeit gradual, downward trend throughout the period. Beginning at approximately US$14.69 billion in 2021, it decreased to US$14.14 billion in 2023 and further to US$13.46 billion in 2025. This indicates a deliberate strategy of reducing long-term financial obligations.
- Total Senior Notes (Carrying Amount)
- The total senior notes carrying amount initially decreased from US$15.39 billion in 2021 to US$14.35 billion in 2022, aligning with the reduction in long-term debt. An increase to US$15.58 billion was noted in 2024, likely driven by the significant rise in short-term debt. The value then decreased to US$14.46 billion in 2025, reflecting the combined effect of decreasing long-term debt and a reduction in short-term debt from the 2024 peak. The overall trend suggests a dynamic debt structure influenced by both long-term repayment strategies and short-term funding adjustments.
The fluctuations in short-term debt warrant further investigation to understand the underlying reasons and potential risks associated with this component of the debt structure. The consistent decline in long-term debt suggests a commitment to strengthening the balance sheet over time.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Total senior Notes (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =