Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Revenues
- Analysis of Debt
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Netflix Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates a decreasing proportion of total liabilities relative to stockholders’ equity, particularly in the later periods. Several specific liability accounts demonstrate distinct patterns, while stockholders’ equity components also reveal significant changes.
- Current Liabilities
- Current liabilities, representing a substantial portion of total obligations, initially decreased from 19.84% in March 2021 to a low of 16.18% in June 2022. However, they experienced a resurgence, peaking at 20.65% in March 2024, before declining to 19.75% by December 2025. Within current liabilities, current content liabilities remained relatively stable, fluctuating between approximately 8.19% and 10.71% of the total. Accounts payable showed more volatility, increasing from 1.33% to 1.88% in late 2021, then fluctuating before reaching 1.62% in December 2025. Accrued expenses and other liabilities demonstrated a consistent upward trend, rising significantly from 3.22% in March 2021 to 7.28% in December 2023, and continuing to 5.79% in December 2025. Deferred revenue remained relatively consistent, generally between 2.47% and 3.25%.
- Non-Current Liabilities
- Non-current liabilities generally decreased over the period. The proportion of non-current liabilities decreased from 48.05% in March 2021 to 29.10% in December 2025. Long-term debt exhibited a consistent decline, falling from 37.04% to 21.90% over the same period. Other non-current liabilities also decreased, though less dramatically, from 4.86% to 4.54%. Non-current content liabilities showed a similar decreasing trend, from 6.15% to 2.67%.
- Stockholders’ Equity
- Stockholders’ equity increased as a percentage of the total, moving from 32.11% in March 2021 to 51.01% in December 2025. Common stock experienced a gradual increase, rising from 8.97% to 13.11%. Treasury stock showed a significant negative impact, starting at zero and becoming increasingly negative, reaching -40.24% in December 2025, indicating substantial share repurchases. Accumulated other comprehensive income (loss) fluctuated, beginning near zero, becoming negative, and ending at -1.04%. Retained earnings demonstrated a substantial increase, rising from 23.13% to 76.05% in December 2025, representing a significant accumulation of profits.
The observed trends suggest a shift in the company’s financing structure. The reduction in long-term debt and non-current content liabilities, coupled with the increase in retained earnings, indicates a move towards funding operations through internally generated funds rather than external borrowing. The substantial share repurchase program, as evidenced by the increasing negative balance in treasury stock, suggests a belief in the company’s future prospects and a desire to return capital to shareholders. The growth in accrued expenses and other liabilities warrants further investigation to understand the underlying drivers of this increase.