Stock Analysis on Net
Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

Common-Size Balance Sheet: Assets 
Quarterly Data

Netflix Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents 15.40 13.82 14.55 14.26 13.49 14.39 14.60 14.85 15.08 13.57 10.59 12.85 12.56 13.26 13.52 17.61 18.98 20.94 20.89 21.73 19.24 14.69
Short-term investments 0.40 2.25 3.32 3.38 0.06 0.04 0.04 1.04 1.80 2.25 1.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 6.78 6.39 6.56 5.56 6.03 5.89 5.71 5.88 5.76 5.36 6.60 5.68 4.36 4.61 4.58 4.42 4.46 4.25 3.96 3.71 3.80 3.70
Current assets 22.59% 22.46% 24.43% 23.20% 19.58% 20.32% 20.35% 21.78% 22.64% 21.18% 19.07% 18.54% 16.92% 17.86% 18.10% 22.03% 23.44% 25.19% 24.85% 25.44% 23.04% 18.39%
Content assets, net 60.43 61.51 60.51 61.54 65.03 64.84 64.96 64.14 64.00 65.36 67.37 68.91 70.19 68.81 69.35 67.79 66.61 64.91 64.62 64.90 67.67 72.07
Property and equipment, net 3.28 3.16 2.97 3.00 3.08 3.07 3.06 3.03 2.90 2.86 2.88 2.89 2.94 3.05 2.97 2.85 2.70 2.53 2.44 2.14 2.02 1.86
Other non-current assets 13.70 12.87 12.09 12.26 12.31 11.76 11.62 11.06 10.47 10.60 10.69 9.66 9.96 10.27 9.58 7.32 7.24 7.37 8.08 7.51 7.27 7.69
Non-current assets 77.41% 77.54% 75.57% 76.80% 80.42% 79.68% 79.65% 78.22% 77.36% 78.82% 80.93% 81.46% 83.08% 82.14% 81.90% 77.97% 76.56% 74.81% 75.15% 74.56% 76.96% 81.61%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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).

Cash and cash equivalents
The proportion of cash and cash equivalents as a percentage of total assets exhibited notable fluctuations over the observed periods. Starting from 14.69% in March 2020, it peaked at 21.73% in September 2020 before experiencing a gradual decline until December 2022, reaching a low of 10.59%. Subsequently, there was a recovery phase with values stabilizing around 14-15% through early 2025, indicating improved liquidity management in recent quarters.
Short-term investments
This category shows sporadic data initially but emerges more consistently from December 2022 onwards, ranging between 0.04% and 3.38%. The values demonstrate variability with occasional spikes and declines, suggesting a strategic but fluctuating allocation toward short-term securities or similar assets within the total asset mix.
Other current assets
Other current assets as a percentage of total assets displayed a gradual upward trend. Starting from 3.7% in March 2020, this component increased to reach around 6.78% by the most recent period in June 2025. This trend points to an expanding share of miscellaneous current assets relative to the total asset base over time.
Current assets
Current assets overall represented a significant and variable share of total assets. The data shows an initial increase from 18.39% to a peak of 25.44% in September 2020, followed by a decline to around 16.92% in mid-2022. Post-2022, the ratio tends to fluctuate between 20% and 24%, indicating varying liquidity levels and the company's focus on maintaining a balance between current and non-current assets.
Content assets, net
Content assets consistently constituted the largest portion of total assets, ranging between approximately 60.43% and 72.07%. There is a general downward trend from early 2020 values around 72%, decreasing steadily to about 60% by mid-2025. This reduction may suggest amortization effects, content consumption, or changes in content acquisition strategy impacting the net book value of content assets.
Property and equipment, net
Property and equipment showed a slight but steady increase in their share of total assets, moving from 1.86% in Q1 2020 to about 3.28% in Q2 2025. This gradual growth could reflect ongoing investments in physical assets and infrastructure supporting operations.
Other non-current assets
Other non-current assets exhibited a clear rising trend, increasing from 7.69% of total assets in March 2020 to 13.7% by June 2025. This steady growth indicates rising investments in long-term asset categories other than content and property/equipment, potentially including intangible assets or investments in affiliates.
Non-current assets
Non-current assets overall composed the majority of total assets, fluctuating between roughly 74.56% and 81.9% earlier in the period. After a high in December 2021, there was a gradual decrease to around 75.57%-77.54% range by the early-to-mid 2025 quarters. The composition balance between non-current and current assets suggests a long-term asset-heavy structure, albeit with slight recent shifts towards a marginally higher current asset share.
Total assets
By definition, total assets remain constant at 100%, serving as the baseline for the proportions analyzed across all categories.