Common-Size Balance Sheet: Assets
Quarterly Data
Netflix Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 overall asset structure exhibits a gradual transition from a heavy concentration in content assets toward a more distributed allocation across other asset categories. While total assets serve as the constant baseline, the compositional weight of individual items shifted notably between March 2021 and September 2026.
- Liquidity and Current Asset Composition
- Cash and cash equivalents demonstrated significant volatility, declining from 20.94% in March 2021 to a low of 10.59% by December 2022, before rebounding to a peak of 20.09% in March 2026 and retreating to 13.96% by September 2026. Short-term investments were negligible or absent until late 2022, peaking at 3.38% in September 2024 before dropping to 0.05% from June 2025 onward. Conversely, other current assets maintained a consistent upward trajectory, increasing from 4.25% to 8.52% over the analysis period.
- Content Asset Concentration
- Content assets, net, remained the dominant component of the balance sheet throughout the period. This asset class peaked at 70.19% of total assets in June 2022. Following this peak, a steady downward trend is observed, with the concentration falling to 58.97% by September 2026. This reduction suggests a decrease in the relative proportion of capital tied to content compared to other asset growth.
- Long-Term Asset Evolution
- Property and equipment, net, represented a small portion of the asset base but grew steadily from 2.53% to 4.36%. A more pronounced increase is seen in other non-current assets, which rose from 7.37% in March 2021 to 14.13% by September 2026. While total non-current assets generally fluctuated between 72% and 83%, the internal composition shifted from being almost entirely driven by content to including a larger share of diversified non-current holdings.
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