Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Netflix Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
Operational cash flow demonstrates a significant upward trajectory over the analyzed period, evolving from a volatile state in 2021 to a position of substantial and consistent strength by 2026. While early quarters exhibited fluctuations, including periods of negative net cash from operations, the latter half of the sequence shows a marked increase in the ability to generate cash from core business activities, peaking at approximately 5.29 billion USD in the first quarter of 2026.
- Net Income and Operating Cash Flow Conversion
- Net income shows a general long-term growth trend, though characterized by quarterly seasonality and volatility. A notable acceleration in profitability is observed starting in 2024, with quarterly figures frequently exceeding 2 billion USD. This growth in net income is closely mirrored by the increase in net cash provided by operating activities, suggesting a strong conversion rate from accounting profit to actual liquidity.
- Content Investment and Amortization Cycle
- Cash outflows for content asset additions remain a primary driver of expenditure, consistently ranging between 3 billion and 5 billion USD per quarter. This indicates a sustained and aggressive investment strategy in original programming. Simultaneously, the amortization of content assets has trended upward, rising from approximately 2.7 billion USD in early 2021 to over 4.3 billion USD by mid-2026, reflecting the expanding scale of the content library being recognized as an expense over time.
- Investing Activities and Capital Expenditure
- Investing activities are primarily characterized by steady expenditures on property and equipment, which generally trended upward from approximately 81 million USD in early 2021 to over 200 million USD by 2026. Periodic large-scale outflows are observed due to strategic acquisitions and the purchase of investments, most notably a significant investment outflow in the third quarter of 2024.
- Financing Strategy and Shareholder Returns
- A fundamental shift in financing activities is evident, with an aggressive pivot toward shareholder returns via common stock repurchases. Starting in 2023, repurchases became a dominant quarterly cash outflow, frequently exceeding 2 billion USD. This buyback activity is partially offset by proceeds from the issuance of common stock and intermittent debt repayments. The scale of stock repurchases in the final quarters indicates a strategy of returning significant excess capital to shareholders.
- Liquidity and Cash Position
- The net change in cash, cash equivalents, and restricted cash remains highly variable due to the timing of large content payments, stock buybacks, and investment cycles. However, the overarching trend shows that the increasing strength of operating cash flows has provided the necessary liquidity to fund both heavy content production and substantial share repurchase programs without relying heavily on new debt issuance in the later periods.