Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Netflix Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	9,033,681)	7,804,733)	7,116,913)	5,147,176)	6,027,804)
Short-term investments	28,678)	1,779,006)	20,973)	911,276)	—)
Trade receivables	2,031,476)	1,335,304)	1,287,054)	988,898)	804,320)
Prepaid expenses	498,054)	431,924)	408,936)	392,735)	323,818)
Other	1,428,302)	1,749,412)	1,084,257)	1,826,388)	913,883)
Other current assets	3,957,832)	3,516,640)	2,780,247)	3,208,021)	2,042,021)
Current assets	13,020,191)	13,100,379)	9,918,133)	9,266,473)	8,069,825)
Licensed content, net	12,138,578)	12,422,309)	12,722,701)	12,732,549)	13,799,221)
Released, less amortization	10,687,444)	10,151,543)	9,843,150)	9,110,518)	6,877,743)
In production	9,210,735)	9,317,367)	8,247,578)	10,255,940)	9,235,975)
In development and pre-production	741,635)	561,243)	844,627)	637,706)	1,006,600)
Produced content, net	20,639,814)	20,030,153)	18,935,355)	20,004,164)	17,120,318)
Content assets, net	32,778,392)	32,452,462)	31,658,056)	32,736,713)	30,919,539)
Property and equipment, net	2,004,350)	1,593,756)	1,491,444)	1,398,257)	1,323,453)
Other non-current assets	7,794,060)	6,483,777)	5,664,359)	5,193,325)	4,271,846)
Non-current assets	42,576,802)	40,529,995)	38,813,859)	39,328,295)	36,514,838)
Total assets	55,596,993)	53,630,374)	48,731,992)	48,594,768)	44,584,663)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a generally increasing trend over the five-year period, rising from US$44.58 billion in 2021 to US$55.59 billion in 2025. However, the rate of growth was not consistent throughout the period. A slight deceleration in asset growth is observed between 2023 and 2024, followed by a resumption of growth in 2025.

Current Assets: Current assets increased significantly from 2021 to 2024, growing from US$8.07 billion to US$13.10 billion. This growth was primarily driven by increases in trade receivables and other current assets. However, current assets decreased slightly in 2025 to US$13.02 billion, indicating a potential shift in working capital management. Cash and cash equivalents demonstrated a fluctuating pattern, decreasing initially, then increasing substantially in 2023 and 2024, and continuing to rise in 2025. Short-term investments were largely absent until 2022, then decreased significantly in subsequent years.
Content Assets: Content assets, representing the largest portion of total assets, remained relatively stable between US$30.92 billion and US$32.78 billion throughout the period. Licensed content experienced a slight decrease from 2021 to 2023, followed by stabilization. Produced content, net, showed a more pronounced increase, rising from US$17.12 billion in 2021 to US$20.64 billion in 2025, suggesting an increased investment in original productions. The composition within content assets is shifting towards produced content.
Non-Current Assets: Non-current assets also demonstrated an overall upward trend, increasing from US$36.51 billion in 2021 to US$42.58 billion in 2025. Property and equipment, net, experienced consistent growth throughout the period, albeit at a slower pace than other asset categories. Other non-current assets showed a substantial increase, contributing significantly to the overall growth in non-current assets. This suggests potential investments in intangible assets or long-term strategic initiatives.

The increases in trade receivables and other current assets, coupled with the growth in produced content and other non-current assets, indicate a strategic focus on content creation, expansion of the subscriber base, and potential long-term investments. The fluctuations in cash and cash equivalents and short-term investments suggest active cash management practices. The slight decrease in current assets in 2025 warrants further investigation to determine the underlying causes and potential implications.

Netflix Inc. (NASDAQ:NFLX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items