Common-Size Balance Sheet: Assets
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Netflix Inc., common-size consolidated balance sheet: assets (quarterly data)
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 composition of assets has shifted notably over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A significant portion of assets consistently resides in content assets, net, and non-current assets, while current assets represent a smaller, though fluctuating, percentage of the total.
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets demonstrated a consistent decline from 20.94% in March 2021 to 16.25% in December 2023. A subsequent increase is observed, reaching 16.91% in September 2025, and further increasing to 16.25% in December 2025. This suggests periods of liquidity utilization followed by rebuilding of cash reserves.
- Short-Term Investments
- Short-term investments were largely absent as a component of total assets until December 2021, when they represented 1.88% of the total. This percentage fluctuated, peaking at 3.38% in September 2024, before declining to a minimal 0.05% by December 2025. This indicates a strategic, and potentially opportunistic, use of short-term investments.
- Current Assets
- Current assets exhibited a general downward trend from 25.19% in March 2021 to a low of 18.10% in December 2021. They then experienced a recovery, peaking at 22.64% in June 2023, before declining again to 23.42% in December 2025. The fluctuations within current assets are likely driven by changes in cash, short-term investments, and other current assets.
- Content Assets, Net
- Content assets, net, consistently constituted the largest portion of total assets, ranging from approximately 64.91% to 70.19% throughout the period. A gradual decline is apparent from 69.35% in December 2021 to 58.96% in December 2025, suggesting a potential shift in asset allocation strategy or amortization of content value.
- Property and Equipment, Net
- Property and equipment, net, remained relatively stable as a percentage of total assets, generally fluctuating between 2.53% and 3.61%. A slight upward trend is observed towards the end of the period, increasing from 2.97% in December 2024 to 3.61% in December 2025, potentially indicating increased investment in fixed assets.
- Other Non-Current Assets
- Other non-current assets demonstrated an increasing trend over the analyzed period, rising from 7.37% in March 2021 to 14.02% in December 2025. This represents a significant shift in the asset structure, suggesting growing investments in long-term, less liquid assets.
- Non-Current Assets
- Non-current assets consistently represented the majority of total assets, generally exceeding 74.81%. A slight decline is observed from 81.90% in December 2021 to 76.58% in December 2025, coinciding with the increase in current assets and the decline in content assets.
Overall, the asset composition indicates a strategic evolution, with a decreasing reliance on content assets and a growing investment in other non-current assets. Fluctuations in current assets suggest active liquidity management. The trend in short-term investments indicates a flexible approach to capital deployment.