Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Netflix Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Current Content Liabilities
- The proportion of current content liabilities relative to total liabilities and stockholders’ equity exhibited a consistent decline from 13.58% in March 2020 to 7.71% by June 2025. This trend indicates a gradual reduction in short-term obligations related to content over the analyzed period.
- Accounts Payable
- Accounts payable as a percentage of total liabilities and equity fluctuated within a narrow band, starting at 1.56% in March 2020 and ending at 1.19% in June 2025, with occasional peaks such as 1.88% in December 2020 and 1.68% in March 2025. Overall, this suggests relative stability in payables maintenance.
- Accrued Expenses and Other Liabilities
- This item demonstrated some variability but an overall upward trend, rising from 3.03% in March 2020 to 4.69% by June 2025. The increase points to a growing proportion of accrued or other liabilities relative to the capital structure over time.
- Deferred Revenue
- Deferred revenue remained fairly steady, fluctuating around the 2.5% to 3.1% range, with a slight increase towards the end of the period, reaching 3.25% in June 2025. Stability in this figure suggests steady advance customer payments.
- Short-term Debt
- Short-term debt showed initial stability around 1.3% to 1.7% up to December 2021, followed by missing data, then a resurgence and a sharp increase to 3.67% by June 2024 before declining to 1.93% in March 2025. This volatility indicates periods of increased short-term borrowing followed by reduction.
- Current Liabilities
- Current liabilities as a percentage of the total liabilities and equity consistently decreased from 22.40% in March 2020 to a low of 16.18% in June 2022, then showed fluctuations and a mild increase up to 20.65% in June 2024 before a decline to 16.84% in June 2025. The trend suggests an overall reduction in short-term obligations relative to the capital base, with cyclical increases.
- Non-Current Content Liabilities
- The ratio of non-current content liabilities steadily declined from 9.14% in March 2020 to 3.03% in June 2025, reflecting a marked decrease in long-term content-related obligations within the capital structure.
- Long-term Debt
- Long-term debt diminished from 40.42% in March 2020 to a trough near 24.81% in June 2024, followed by somewhat fluctuating percentages around the high 20s through June 2025. This declining pattern indicates ongoing debt reduction or refinancing within long-term liabilities.
- Other Non-current Liabilities
- Other non-current liabilities remained relatively stable, mostly hovering around 4.5% to 5.9% during the period, with no significant trend observed, suggesting stable long-term miscellaneous obligations.
- Non-current Liabilities
- The overall share of non-current liabilities decreased from above 53% in early 2020 to approximately 36% by mid-2025, signaling reduced long-term liabilities as a portion of the total capital structure.
- Total Liabilities
- Total liabilities showed a clear downward trend from 76.01% in March 2020 to around 53% in mid-2025, indicating an increasing proportion of equity financing relative to debt and other liabilities over time.
- Common Stock
- The common stock component steadily increased from 8.37% in March 2020 to 13.06% in June 2025, reflecting greater equity issuance or capital appreciation contributing to the total capital base.
- Treasury Stock at Cost
- Treasury stock, presented as a negative percentage, expanded significantly over the period, from negligible or absent levels prior to mid-2020 to -34.64% by June 2025. This substantial increase in treasury stock cost suggests aggressive share repurchases or stock buyback programs.
- Accumulated Other Comprehensive Income (Loss)
- This item varied around zero, relatively small in magnitude throughout, with some fluctuations indicating occasional gains and losses. The lack of a distinct trend suggests minimal impact on the overall equity structure.
- Retained Earnings
- Retained earnings showed a strong and steady increase throughout the timeline, rising from 15.75% in March 2020 to 70.28% by June 2025. This substantial growth indicates consistent profitability and reinvestment of earnings back into the company.
- Stockholders’ Equity
- Stockholders’ equity increased from 23.99% in early 2020 to nearly 47% by mid-2025. This growth, combined with rising retained earnings and common stock, points to strengthening equity financing relative to liabilities.
- Total Liabilities and Stockholders’ Equity
- The total always sums to 100%, confirming the proportions represent a complete capital structure.