Common-Size Balance Sheet: Assets
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Netflix Inc., common-size consolidated balance sheet: assets
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 composition of assets has shifted considerably over the five-year period. A notable trend is the decreasing proportion of content assets relative to total assets, while other asset categories demonstrate varying degrees of change. Current assets as a percentage of total assets initially increased before declining in the most recent year.
- Liquidity & Current Assets
- Current assets increased as a percentage of total assets from 18.10% in 2021 to a peak of 24.43% in 2024, before decreasing to 23.42% in 2025. This increase was primarily driven by growth in other current assets and trade receivables. Cash and cash equivalents fluctuated, starting at 13.52% in 2021, decreasing to 10.59% in 2022, then increasing to 16.25% in 2025. Short-term investments were minimal in most years, with a peak of 1.88% in 2022 and a decline to 0.05% in 2025.
- Content Assets
- Content assets, representing the largest portion of total assets, decreased steadily from 69.35% in 2021 to 58.96% in 2025. This decline was observed across all content categories. Licensed content decreased from 30.95% to 21.83%, while produced content decreased from 38.40% to 37.12%. The 'in production' category experienced the most significant percentage point decrease, falling from 20.72% to 16.57%.
- Long-Term Assets
- Non-current assets, excluding content, experienced a slight decrease from 81.90% in 2021 to 75.57% in 2024, before increasing to 76.58% in 2025. Property and equipment, net, showed a gradual increase from 2.97% to 3.61%. Other non-current assets increased consistently from 9.58% to 14.02%, representing a significant portion of the change within the non-current asset category.
- Overall Asset Composition
- The shift away from content assets towards other current and non-current assets suggests a potential strategic change in asset allocation. The increase in other non-current assets warrants further investigation to understand the underlying investments driving this trend. The fluctuation in cash and cash equivalents may reflect changes in operating cash flow and investment activities.