Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Netflix Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 key liability accounts demonstrate distinct patterns, while stockholders’ equity components also reveal significant changes.
- Current Liabilities
- Current liabilities, as a percentage of the total, 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 8.60% and 10.71% of the total. Accounts payable showed more volatility, increasing from 1.33% to 1.88% in late 2021, then decreasing to 1.09% in June 2022, and rising again to 1.62% by December 2025. Accrued expenses and other liabilities demonstrated a consistent upward trend, increasing from 3.22% to 5.79% by December 2025, suggesting a growing reliance on these obligations. Deferred revenue remained relatively consistent, fluctuating between 2.47% and 3.25%.
- Non-Current Liabilities
- Non-current liabilities generally decreased as a percentage of the total, moving from 48.05% in March 2021 to 32.38% in December 2025. Long-term debt exhibited a significant decline, decreasing from 37.04% to 24.22% over the period. Other non-current liabilities also showed a decreasing trend, though less pronounced, falling from 4.86% to 5.32%. The reduction in long-term debt suggests a deliberate strategy to reduce financial leverage.
- Stockholders’ Equity
- Stockholders’ equity increased as a percentage of the total, rising from 32.11% in March 2021 to 47.87% in December 2025. Common stock experienced a gradual increase, moving from 8.97% to 13.11%. Treasury stock, initially absent, became a significant negative component, decreasing from 0% to -40.24% by December 2025, indicating substantial share repurchases. Accumulated other comprehensive income (loss) fluctuated, starting at 0.01% and ending at -1.04%, suggesting unrealized gains or losses impacting equity. Retained earnings demonstrated a consistent upward trend, increasing from 23.13% to 76.05%, reflecting accumulated profits not distributed as dividends. The substantial growth in retained earnings is a primary driver of the overall increase in stockholders’ equity.
Overall, the balance sheet composition shifted towards a greater reliance on equity financing and a reduction in long-term debt. The increasing proportion of retained earnings suggests strong profitability and a conservative approach to dividend payouts. The significant share repurchase program, as evidenced by the growing negative balance in treasury stock, further contributed to the changes in equity structure. The increase in accrued expenses and other liabilities warrants further investigation to understand the underlying drivers of this trend.