Stock Analysis on Net
Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

Common-Size Balance Sheet: Assets 

Netflix Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 16.25 14.55 14.60 10.59 13.52
Short-term investments 0.05 3.32 0.04 1.88 0.00
Trade receivables 3.65 2.49 2.64 2.03 1.80
Prepaid expenses 0.90 0.81 0.84 0.81 0.73
Other 2.57 3.26 2.22 3.76 2.05
Other current assets 7.12% 6.56% 5.71% 6.60% 4.58%
Current assets 23.42% 24.43% 20.35% 19.07% 18.10%
Licensed content, net 21.83 23.16 26.11 26.20 30.95
Released, less amortization 19.22 18.93 20.20 18.75 15.43
In production 16.57 17.37 16.92 21.11 20.72
In development and pre-production 1.33 1.05 1.73 1.31 2.26
Produced content, net 37.12% 37.35% 38.86% 41.17% 38.40%
Content assets, net 58.96% 60.51% 64.96% 67.37% 69.35%
Property and equipment, net 3.61 2.97 3.06 2.88 2.97
Other non-current assets 14.02 12.09 11.62 10.69 9.58
Non-current assets 76.58% 75.57% 79.65% 80.93% 81.90%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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.