Stock Analysis on Net
Stock Analysis on Net
Stock Analysis on Net without ads!

Netflix Inc. (NASDAQ:NFLX)

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

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

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 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
Current content liabilities 6.62 6.64 7.35 7.47 7.71 7.93 8.19 8.59 8.94 9.09 9.17 8.60 8.74 8.78 9.22 8.88 9.01 8.97 9.63 9.62 10.25 10.71
Accounts payable 1.39 1.47 1.62 1.44 1.19 1.18 1.68 1.23 1.22 1.24 1.53 1.08 1.21 1.20 1.38 1.18 1.09 1.36 1.88 1.50 1.52 1.33
Accrued expenses and other liabilities 5.43 7.28 5.79 5.66 4.69 4.53 4.02 4.29 3.82 4.05 3.70 3.71 3.76 3.47 3.12 3.79 3.44 4.01 3.25 3.31 2.75 3.22
Deferred revenue 3.08 2.86 3.19 3.14 3.25 3.09 2.84 2.89 3.00 3.01 2.96 2.64 2.58 2.55 2.60 2.47 2.64 2.73 2.71 2.77 2.90 2.84
Short-term debt 4.25 1.64 1.80 0.00 0.00 1.93 3.33 3.48 3.67 1.64 0.82 0.81 0.79 0.81 0.00 0.00 0.00 0.00 1.57 1.64 1.71 1.74
Current liabilities 20.76% 19.88% 19.75% 17.72% 16.84% 18.66% 20.05% 20.48% 20.65% 19.02% 18.18% 16.85% 17.07% 16.80% 16.32% 16.33% 16.18% 17.07% 19.04% 18.83% 19.12% 19.84%
Non-current content liabilities 2.78 2.67 2.84 2.90 3.03 3.26 3.32 3.67 4.13 4.86 5.29 5.39 5.61 5.88 6.34 6.21 6.45 6.50 6.94 5.38 5.53 6.15
Long-term debt 20.23 21.90 24.22 26.33 27.22 26.90 25.73 27.09 24.81 27.07 29.02 28.08 27.69 28.37 29.54 29.20 30.71 32.06 32.96 34.61 36.43 37.04
Other non-current liabilities 4.64 4.54 5.32 5.81 5.92 5.06 4.76 5.31 5.37 5.29 5.26 5.02 4.70 4.85 5.05 5.10 5.51 5.66 5.52 5.34 5.08 4.86
Non-current liabilities 27.65% 29.10% 32.38% 35.04% 36.17% 35.21% 33.81% 36.06% 34.31% 37.22% 39.57% 38.49% 38.00% 39.09% 40.92% 40.51% 42.66% 44.22% 45.41% 45.33% 47.04% 48.05%
Total liabilities 48.41% 48.99% 52.13% 52.75% 53.01% 53.87% 53.86% 56.54% 54.96% 56.24% 57.75% 55.34% 55.07% 55.89% 57.24% 56.84% 58.84% 61.30% 64.45% 64.17% 66.16% 67.89%
Common stock, $0.001 par value 13.12 12.26 13.11 12.89 13.06 12.82 11.66 11.26 11.57 11.24 10.56 10.12 9.59 9.62 9.54 9.41 9.31 9.17 9.03 9.01 9.08 8.97
Treasury stock at cost -48.57 -38.81 -40.24 -36.90 -34.64 -32.17 -24.56 -23.44 -21.48 -18.30 -14.20 -8.89 -3.69 -2.48 -1.70 -1.73 -1.78 -1.82 -1.85 -1.40 -1.22 0.00
Accumulated other comprehensive income (loss) -0.17 -0.39 -1.04 -1.31 -1.70 -0.16 0.68 -0.66 -0.18 -0.23 -0.46 -0.31 -0.27 -0.39 -0.45 -0.52 -0.31 -0.16 -0.09 -0.05 0.02 0.01
Retained earnings 87.20 77.95 76.05 72.57 70.28 65.64 58.36 56.30 55.13 51.04 46.35 43.74 39.31 37.35 35.36 36.01 33.93 31.52 28.46 28.27 25.95 23.13
Stockholders’ equity 51.59% 51.01% 47.87% 47.25% 46.99% 46.13% 46.14% 43.46% 45.04% 43.76% 42.25% 44.66% 44.93% 44.11% 42.76% 43.16% 41.16% 38.70% 35.55% 35.83% 33.84% 32.11%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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).

A significant structural shift in the capital composition is observed over the analyzed period, characterized by a transition from a liability-heavy balance sheet to one increasingly supported by stockholders' equity. Total liabilities decreased from 67.89% of total liabilities and stockholders' equity in March 2021 to 48.41% by June 2026. This indicates a strategic deleveraging process and a reduced reliance on external borrowing to fund operations and content acquisition.

Long-term Debt and Non-current Liabilities
A consistent downward trend is evident in long-term debt, which fell from 37.04% in March 2021 to 20.23% in June 2026. Non-current liabilities as a whole followed this trajectory, declining from 48.05% to 27.65%. This suggests a systematic reduction in long-term financial obligations.
Content-Related Obligations
Both current and non-current content liabilities show a marked decline. Current content liabilities decreased from 10.71% to 6.62%, while non-current content liabilities dropped from 6.15% to 2.78%. The combined reduction suggests that content obligations are occupying a smaller proportion of the total capital structure over time.
Current Liabilities and Short-term Debt
Current liabilities remained relatively stable, fluctuating between 16% and 21%, ending at 20.76% in June 2026. Short-term debt exhibited higher volatility, with values absent in some periods and peaking at 4.25% in the final quarter, suggesting intermittent use of short-term credit facilities.

The growth in stockholders' equity, which rose from 32.11% in March 2021 to 51.59% in June 2026, reflects a strengthening of the internal capital base. This growth is driven by two primary opposing forces: a massive increase in retained earnings and an aggressive share repurchase program.

Retained Earnings Growth
Retained earnings experienced an exponential increase, rising from 23.13% in March 2021 to 87.20% by June 2026. This trajectory indicates strong cumulative profitability and a significant accumulation of earnings within the company.
Treasury Stock Activity
The proportion of treasury stock at cost increased significantly in negative terms, moving from -1.22% in June 2021 to -48.57% in June 2026. This indicates that a substantial portion of the equity base is being utilized to repurchase shares, which partially offsets the increase in retained earnings.
Common Stock and Other Equity
Common stock remained relatively stable as a percentage of the total, moving from 8.97% to 13.12%, while accumulated other comprehensive income remained a negligible factor throughout the period.

AI Ask an analyst for more