Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

$24.99

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

Microsoft Excel
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
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
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-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
There is a consistent decline in the proportion of current content liabilities relative to total liabilities and stockholders’ equity, dropping from 13.58% in early 2020 to 7.93% by the first quarter of 2025. This indicates a gradual reduction in liabilities related to current content obligations over the observed period.
Accounts payable
Accounts payable fluctuates throughout the quarters, generally hovering between 1.0% and 1.9%, with a slight downward trend towards the end of the period, ending at 1.18%. The variability suggests some operational adjustments in managing payables, but no major directional shift.
Accrued expenses and other liabilities
This category shows moderate volatility but generally trends slightly upward, increasing from 3.03% in early 2020 to 4.53% in the first quarter of 2025. The rising proportion could reflect increasing liabilities not classified elsewhere, potentially due to growing operational complexities or accrued obligations.
Deferred revenue
Deferred revenue remains relatively stable, fluctuating around 2.5% to 3.1%. Minor increases are noted around 2024, but overall, this item maintains a consistent share of the total, indicating steady recognition of revenues received in advance.
Short-term debt
Short-term debt shows initial stability around 1.2%-1.7%, followed by missing data in mid-2021 to early 2022. From the fourth quarter of 2022 onwards, it reappears with a significant increase, peaking at 3.67% in mid-2024 before declining to 1.93% by Q1 2025. This pattern suggests fluctuations in short-term borrowing, with a notable spike and subsequent reduction towards the end of the period.
Current liabilities (total)
The aggregate current liabilities decline from 22.40% in early 2020 to a low of 16% in 2022, then rise again to about 20% in 2024, finishing at 18.66% by Q1 2025. This pattern indicates a temporary reduction in current liabilities with a rebound in more recent periods, suggesting changing short-term obligations or liquidity management strategies.
Non-current content liabilities
This liability type shows a consistent downward trend, decreasing from 9.14% in early 2020 to 3.26% by the first quarter of 2025. The reduction implies a diminished long-term content-related liability burden over time.
Long-term debt
Long-term debt steadily declines from 40.42% in early 2020 to around 26-29% after 2023, with minor fluctuations. There is a slight recovery in late 2023 and into 2025, but the overall trajectory indicates a reduction in long-term leverage relative to total financing.
Other non-current liabilities
Other non-current liabilities remain stable, fluctuating mildly around 4.0%-5.5%, without any significant trend, suggesting consistent non-current obligations outside of debt and content liabilities.
Non-current liabilities (total)
Non-current liabilities decrease from 53.61% in early 2020 to between 33% and 39% during 2024-2025, mirroring the reductions seen in long-term debt and non-current content liabilities. This downward trend highlights a notable shift from long-term liabilities over the period.
Total liabilities
Total liabilities as a percentage of total liabilities and stockholders’ equity show a significant decline from 76.01% in early 2020 to approximately 53.87% in early 2025. This decline reflects the combined impact of reducing both current and non-current liabilities relative to the company’s capital base.
Common stock, $0.001 par value
This item demonstrates a steady increase from 8.37% to 12.82% over the five-year period, indicating growth in the company's issued common stock or capital structure.
Treasury stock at cost
Treasury stock is recorded as negative and intensifies in magnitude over time, starting from zero and declining sharply to -32.17% by Q1 2025. This suggests significant repurchasing of shares or stock buybacks, affecting the equity composition.
Accumulated other comprehensive income (loss)
The values fluctuate close to zero, with minor gains and losses, mostly negative after mid-2020. There is no clear trend, reflecting typical variations in unrealized gains/losses or other comprehensive items.
Retained earnings
Retained earnings show a strong and consistent increase from 15.75% in early 2020 to 65.64% by Q1 2025, representing a significant accumulation of profits retained within the company over time.
Stockholders’ equity (total)
Stockholders’ equity rises steadily from 23.99% in early 2020 to 46.13% by early 2025, indicating overall strengthening of the company’s equity base as liabilities decrease and retained earnings grow substantially.
Total liabilities and stockholders’ equity
The sum remains constant at 100% by definition, serving as a reference for the relative proportions of the individual items described.