Common-Size Balance Sheet: Assets
Quarterly Data
Netflix Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the asset composition over multiple quarterly periods reveals several noteworthy trends in the financial structure:
- Cash and Cash Equivalents
- This category as a percentage of total assets experienced a peak around mid-2020, reaching over 21%, followed by a gradual decrease until late 2022, dipping to near 10.6%. Since then, there has been some recovery and stabilization fluctuating around 14% to 16% through subsequent periods up to mid-2025. This pattern suggests an initial accumulation of liquid assets during early crisis periods, followed by strategic utilization or investment and a subsequent moderate rebuilding of cash reserves.
- Short-term Investments
- Data for short-term investments begins from late 2022, showing minor fluctuations between approximately 0.04% and 3.38%. The values suggest that short-term investments form a small, variable portion of total assets, with occasional increases in certain quarters but no clear long-term upward or downward trend.
- Other Current Assets
- This asset subgroup exhibits a steady upward trend from roughly 3.7% in early 2020 to around 6.6% by early 2025. The gradual increase indicates a growing proportion of liquid or short-term receivables/assets aside from cash and short-term investments, which could be related to business operations or slight changes in working capital management.
- Current Assets
- Overall current assets moved consistently between roughly 18% and 25% of total assets with a peak near 25% around early 2021. After a decrease during the late 2021 period, current assets again showed moderate improvement through 2023, stabilizing in the low-20% range by 2025. This indicates that the company maintains a balanced approach in managing its short-term asset liquidity relative to total asset size.
- Content Assets, Net
- Representing the largest single asset percentage, the net content assets generally declined from about 72% at the start of 2020 down to approximately 59% by 2025. The decline was gradual and steady with some quarterly fluctuations, pointing toward a slow reduction in the relative size of content assets within the total asset base, potentially due to amortization, asset sales, or slower additions compared to overall asset growth.
- Property and Equipment, Net
- This category showed a slow but steady increase in proportion, rising from around 1.9% in early 2020 to approximately 3.3% by mid-2025. The steady upward movement may reflect incremental capital investments in fixed assets or a relative increase in property and equipment compared to other asset classes.
- Other Non-current Assets
- Other non-current assets grew moderately from about 7.7% to nearing 13.7% of total assets across the full timeline. This upward trend reflects an increasing allocation toward longer-term assets beyond content and fixed property, which may include intangible assets, investments, or deferred costs.
- Non-current Assets
- The overall non-current asset proportion remained dominant, fluctuating mostly between 75% and 82%. It peaked in late 2021 at nearly 82% but showed signs of gradual decline afterward, settling close to 76% by mid-2025. This stability indicates a consistently asset-heavy balance sheet mainly composed of long-term holdings rather than short-term assets.
In summary, the financial asset structure shows a consistent emphasis on non-current assets, especially content-related assets, with modest reductions over time. Liquidity indicators such as cash equivalents and other current assets show an adaptive pattern, increasing sharply in early stress periods followed by stabilization. Incremental growth in property, equipment, and other non-current assets suggests ongoing investments in the operational infrastructure. Overall, the asset mix highlights stability in long-term asset commitment with balanced liquidity management over the observed periods.