Stock Analysis on Net
Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Netflix Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Current content liabilities
Accounts payable
Accrued expenses and other liabilities
Deferred revenue
Short-term debt
Current liabilities
Non-current content liabilities
Long-term debt
Other non-current liabilities
Non-current liabilities
Total liabilities
Preferred stock, $0.001 par value; no shares issued and outstanding
Common stock, $0.001 par value
Treasury stock at cost
Accumulated other comprehensive income (loss)
Retained earnings
Stockholders’ equity
Total liabilities and stockholders’ equity

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 liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, a decrease in the proportion of total liabilities is observed, coupled with a corresponding increase in stockholders’ equity. This suggests a strengthening of the company’s financial position over the analyzed period.

Current Liabilities
Current liabilities as a percentage of the total decreased from 19.04% in 2021 to 16.32% in 2022, then increased to 20.05% in 2024 before settling at 19.75% in 2025. Within current liabilities, current content liabilities consistently represent the largest portion, declining from 9.63% to 7.35% over the period. Accounts payable remained relatively stable, while accrued expenses and other liabilities demonstrated an increasing trend, particularly from 2023 to 2025, rising from 3.70% to 5.79%. Short-term debt fluctuated, with a notable increase in 2024.
Non-Current Liabilities
Non-current liabilities decreased steadily from 45.41% in 2021 to 32.38% in 2025. Long-term debt, the largest component of non-current liabilities, followed a similar downward trend, decreasing from 32.96% to 24.22%. Non-current content liabilities also decreased, though at a slower rate, from 6.94% to 2.84%. Other non-current liabilities remained relatively stable, fluctuating between 5.05% and 5.52%.
Stockholders’ Equity
Stockholders’ equity increased significantly as a percentage of the total, rising from 35.55% in 2021 to 47.87% in 2025. This increase is primarily driven by substantial growth in retained earnings, which more than doubled from 28.46% to 76.05%. Common stock also increased, from 9.03% to 13.11%. However, treasury stock experienced a significant negative trend, increasing from -1.85% to -40.24%, indicating substantial share repurchases. Accumulated other comprehensive income (loss) fluctuated, ending at -1.04% in 2025.

The reduction in both current and non-current liabilities, combined with the growth in stockholders’ equity, particularly retained earnings, suggests improved financial health and a shift towards funding operations through equity rather than debt. The aggressive share repurchase program, as evidenced by the increasing negative balance in treasury stock, likely contributed to the increase in retained earnings and the overall growth in stockholders’ equity.