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.

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

US$ in thousands

	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Current content liabilities	4,128,905)	4,393,681)	4,489,971)	4,391,437)	4,436,021)	4,466,470)	4,259,582)	4,440,412)	4,344,580)	4,480,150)	4,225,890)	4,174,966)	4,066,289)	4,292,967)	4,110,962)	4,197,874)	4,297,957)	4,429,536)	4,599,654)	4,664,733)	4,761,585)
Accounts payable	614,489)	899,909)	641,953)	598,557)	607,348)	747,412)	534,429)	615,374)	591,987)	671,513)	560,156)	504,278)	617,202)	837,483)	643,059)	622,931)	532,942)	656,183)	541,298)	446,668)	545,488)
Accrued expenses and other liabilities	2,359,518)	2,156,544)	2,241,758)	1,876,244)	1,977,428)	1,803,960)	1,838,908)	1,908,714)	1,718,069)	1,514,650)	1,803,555)	1,596,035)	1,817,117)	1,449,351)	1,413,120)	1,125,591)	1,291,812)	1,102,196)	1,259,124)	986,595)	1,061,090)
Deferred revenue	1,609,726)	1,520,813)	1,513,048)	1,473,720)	1,469,484)	1,442,969)	1,306,185)	1,311,918)	1,262,271)	1,264,661)	1,176,323)	1,224,743)	1,239,048)	1,209,342)	1,182,632)	1,187,364)	1,140,271)	1,117,992)	1,040,202)	1,029,261)	986,753)
Short-term debt	1,005,881)	1,784,453)	1,820,396)	1,800,041)	798,936)	399,844)	399,614)	399,387)	399,163)	—)	—)	—)	—)	699,823)	699,473)	699,128)	698,788)	499,878)	499,517)	499,161)	498,809)
Current liabilities	9,718,519)	10,755,400)	10,707,126)	10,139,999)	9,289,217)	8,860,655)	8,338,718)	8,675,805)	8,316,070)	7,930,974)	7,765,924)	7,500,022)	7,739,656)	8,488,966)	8,049,246)	7,832,888)	7,961,770)	7,805,785)	7,939,795)	7,626,418)	7,853,725)
Non-current content liabilities	1,696,662)	1,780,806)	1,918,089)	2,028,782)	2,370,692)	2,578,173)	2,668,472)	2,849,387)	2,908,029)	3,081,277)	2,955,368)	2,989,961)	2,945,221)	3,094,213)	2,301,026)	2,265,286)	2,465,626)	2,618,084)	2,926,574)	3,208,164)	3,206,051)
Long-term debt	14,011,037)	13,798,351)	14,160,932)	12,180,024)	13,217,038)	14,143,417)	13,900,754)	14,070,151)	14,037,965)	14,353,076)	13,888,117)	14,233,303)	14,534,561)	14,693,072)	14,793,691)	14,926,889)	14,860,552)	15,809,095)	15,547,616)	15,294,998)	14,170,692)
Other non-current liabilities	2,633,353)	2,552,250)	2,774,961)	2,637,397)	2,585,364)	2,561,434)	2,486,215)	2,389,915)	2,400,085)	2,452,040)	2,424,637)	2,551,675)	2,567,427)	2,459,164)	2,281,277)	2,082,035)	1,950,986)	1,982,155)	1,875,235)	1,710,948)	1,420,148)
Non-current liabilities	18,341,052)	18,131,407)	18,853,982)	16,846,203)	18,173,094)	19,283,024)	19,055,441)	19,309,453)	19,346,079)	19,886,393)	19,268,122)	19,774,939)	20,047,209)	20,246,449)	19,375,994)	19,274,210)	19,277,164)	20,409,334)	20,349,425)	20,214,110)	18,796,891)
Total liabilities	28,059,571)	28,886,807)	29,561,108)	26,986,202)	27,462,311)	28,143,679)	27,394,159)	27,985,258)	27,662,149)	27,817,367)	27,034,046)	27,274,961)	27,786,865)	28,735,415)	27,425,240)	27,107,098)	27,238,934)	28,215,119)	28,289,220)	27,840,528)	26,650,616)
Common stock, $0.001 par value	6,677,469)	6,252,126)	5,887,903)	5,680,061)	5,489,850)	5,145,172)	5,011,427)	4,874,208)	4,762,395)	4,637,601)	4,473,962)	4,316,870)	4,155,580)	4,024,561)	3,852,531)	3,721,246)	3,600,084)	3,447,698)	3,303,482)	3,127,813)	2,935,532)
Treasury stock at cost	(16,754,929)	(13,171,638)	(12,254,855)	(10,547,055)	(8,934,056)	(6,922,200)	(4,399,677)	(1,876,753)	(1,228,920)	(824,190)	(824,190)	(824,190)	(824,190)	(824,190)	(600,022)	(500,022)	—)	—)	—)	—)	—)
Accumulated other comprehensive income (loss)	(85,735)	362,162)	(344,622)	(89,114)	(111,879)	(223,945)	(155,571)	(139,266)	(191,695)	(217,306)	(247,643)	(144,476)	(74,170)	(40,495)	(19,835)	9,775)	4,137)	44,398)	(1,147)	(34,072)	(47,054)
Retained earnings	34,191,268)	31,300,917)	29,432,310)	27,068,801)	24,921,495)	22,589,286)	21,651,448)	19,974,026)	18,486,416)	17,181,296)	17,126,012)	15,727,770)	14,286,819)	12,689,372)	12,081,943)	10,632,872)	9,279,859)	7,573,144)	7,030,988)	6,241,012)	5,520,816)
Stockholders’ equity	24,028,073)	24,743,567)	22,720,736)	22,112,693)	21,365,410)	20,588,313)	22,107,627)	22,832,215)	21,828,196)	20,777,401)	20,528,141)	19,075,974)	17,544,039)	15,849,248)	15,314,617)	13,863,871)	12,884,080)	11,065,240)	10,333,323)	9,334,753)	8,409,294)
Total liabilities and stockholders’ equity	52,087,644)	53,630,374)	52,281,844)	49,098,895)	48,827,721)	48,731,992)	49,501,786)	50,817,473)	49,490,345)	48,594,768)	47,562,187)	46,350,935)	45,330,904)	44,584,663)	42,739,857)	40,970,969)	40,123,014)	39,280,359)	38,622,543)	37,175,281)	35,059,910)

Current content liabilities: Current content liabilities show a gradual decline from March 2020 through most of 2021, dropping from about 4.76 billion USD to approximately 4.11 billion USD by September 2021. However, from that point onwards, there is some fluctuation with an increase during the last quarter of 2021 and a general rise into 2022, peaking near 4.48 billion USD by December 2022. The figures then again show variable decreases and increases through 2023 and early 2024, ending at approximately 4.13 billion USD by March 2025.
Accounts payable: Accounts payable fluctuates moderately across the periods, initially decreasing sharply from 545 million USD in March 2020 to a low near 447 million USD in June 2020, then rising again to a peak near 837 million USD in December 2021. After this peak, the value shows volatility but maintains a pattern between roughly 500 million and 900 million USD, highlighting varying supplier obligations over time.
Accrued expenses and other liabilities: This item generally exhibits an upward trend, starting from a value slightly over 1.06 billion USD in March 2020, with consistent increases peaking above 2.35 billion USD by March 2025. Despite some minor quarterly fluctuations, the overall rise suggests growing accrued obligations and other accrued expenses over the five-year span.
Deferred revenue: Deferred revenue mostly trends upward from just under 1 billion USD in early 2020 to above 1.6 billion USD by March 2025. This steady growth indicates increasing advance payments or subscription income recognized over the periods, with only slight quarterly variations.
Short-term debt: Short-term debt remains relatively stable around 499 million USD during 2020, then it increases significantly in 2021, reaching about 699 million USD. Some quarters in 2022 lack data, but from late 2022 onward, short-term debt shows volatility with a marked surge reaching nearly 1.8 billion USD by September 2024, before declining to just over 1 billion USD by March 2025. This suggests changing reliance on short-term borrowing.
Current liabilities: Current liabilities experience modest fluctuations, with values ranging between approximately 7.5 billion USD and 8.9 billion USD over the period. The highest levels appear around late 2023 and early 2024, indicating increasing short-term obligations, followed by a decrease in early 2025.
Non-current content liabilities: Non-current content liabilities decline steadily from over 3.2 billion USD in early 2020 to about 1.7 billion USD by March 2025. This consistent reduction points to diminishing long-term content-related obligations or amortization of related costs during the period.
Long-term debt: Long-term debt fluctuates between approximately 13.3 billion USD and 15.8 billion USD, peaking during late 2020, then decreasing through 2022 and 2023. A slight increase is visible in late 2024 and early 2025, indicating possible refinancing or borrowing activities adjusting the long-term debt portfolio.
Other non-current liabilities: These liabilities increase gradually from about 1.42 billion USD at the start of 2020 to a peak around 2.78 billion USD by late 2024, though some decline occurs in early 2025. The general trend reflects slowly growing obligations not classified elsewhere in non-current liabilities.
Non-current liabilities: Non-current liabilities demonstrate a peak around 20.4 billion USD in 2020, followed by a gradual decrease and some volatility settling near 18.3 billion USD by March 2025. This trend corresponds with the declines seen in non-current content liabilities and long-term debt, suggesting overall deleveraging or changes in long-term obligations.
Total liabilities: Total liabilities peak around late 2021 to early 2022, reaching nearly 29.5 billion USD, then decline roughly to 28.0 billion USD by March 2025 with some fluctuations. This pattern indicates an initial build-up of liabilities followed by stabilization or reduction in the most recent periods.
Common stock, $0.001 par value: Common stock shows a consistent and steady increase from approximately 2.9 billion USD in early 2020 to about 6.7 billion USD by March 2025, reflecting new issuances or equity growth over time.
Treasury stock at cost: Treasury stock data is sparse early on but starting mid-2021 reveals increasing negative values, reaching over -16.7 billion USD by March 2025. This trend indicates large stock repurchases or treasury stock accumulation over the later periods.
Accumulated other comprehensive income (loss): This balance fluctuates considerably, moving from a slight loss near -47 million USD in early 2020 to large negative swings nearing -344 million USD by September 2024, before partially recovering to -85 million USD in March 2025. The volatility reflects changing unrealized gains or losses on investments or foreign currency translation adjustments.
Retained earnings: Retained earnings exhibit a steady and substantial increase, rising from 5.5 billion USD in early 2020 to over 34.1 billion USD by March 2025. This denotes ongoing profitability and earnings retention over the period.
Stockholders’ equity: Stockholders' equity rises consistently from approximately 8.4 billion USD in early 2020 to exceed 24 billion USD by March 2025, despite a dip around late 2023. This growth aligns with increases in common stock and retained earnings, offset partially by growing treasury stock balances.
Total liabilities and stockholders’ equity: The total of liabilities and stockholders’ equity grows steadily from about 35.1 billion USD in March 2020 to a peak just over 53.6 billion USD by late 2024, followed by a slight decline to approximately 52.1 billion USD by March 2025. This reflects overall expansion in the company's balance sheet size over the five-year period with minor contraction at the end.

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Netflix Inc. (NASDAQ:NFLX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data