Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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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., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
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 liabilities and stockholders’ equity of the company demonstrate several notable trends over the observed period from March 2021 to June 2025. Total liabilities generally increased throughout the period, with significant fluctuations observed in certain quarters. Stockholders’ equity also exhibited an overall upward trend, though with periods of decline, particularly in late 2022 and early 2023. A substantial increase in both total liabilities and stockholders’ equity is evident in the most recent quarters.
- Current Liabilities
- Current liabilities generally remained relatively stable between approximately $7.8 billion and $8.5 billion from March 2021 through December 2022. A marked increase began in March 2023, reaching nearly $12.2 billion by June 2025. This increase was driven by substantial growth in accrued expenses and other liabilities, as well as a significant rise in accounts payable, and short-term debt. The increase in short-term debt is particularly pronounced in the latter half of the period.
- Content Liabilities
- Current content liabilities remained relatively consistent, fluctuating between approximately $4.1 billion and $4.5 billion for most of the period. A slight decrease is observed towards the end of the period, falling to around $4.1 billion by June 2025. Non-current content liabilities decreased steadily from $3.1 billion in December 2021 to $1.6 billion in June 2025, indicating a potential shift in the timing of content obligation recognition.
- Debt Levels
- Long-term debt remained consistently high, generally between $13.8 billion and $14.9 billion from March 2021 through December 2022. It decreased to around $12.2 billion by June 2023, before increasing again to $14.5 billion by June 2025. Short-term debt was relatively stable until March 2023, when it began to increase significantly, reaching approximately $1.0 billion by June 2025. The combined effect of these trends is a substantial increase in overall debt obligations.
- Stockholders’ Equity
- Stockholders’ equity demonstrated an overall upward trend, increasing from $12.9 billion in March 2021 to approximately $31.1 billion by June 2025. However, a noticeable decline occurred between December 2022 and March 2023. This decline appears to be largely attributable to a significant increase in treasury stock, which offset gains in retained earnings and common stock. Retained earnings consistently increased throughout the period, reflecting profitability, but were partially offset by the treasury stock activity. Accumulated other comprehensive income (loss) remained relatively small and fluctuated, generally exhibiting a negative balance.
In summary, the company experienced a substantial increase in both liabilities and stockholders’ equity over the analyzed period. The growth in liabilities was primarily driven by increases in current liabilities, particularly accrued expenses, accounts payable, and short-term debt. Stockholders’ equity growth was supported by retained earnings, but tempered by significant treasury stock repurchases. The recent increase in both total liabilities and stockholders’ equity warrants further investigation to understand the underlying drivers and potential implications for the company’s financial health.