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.

Netflix Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2025	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
Net income	3,125,413)	2,890,351)	1,868,607)	2,363,509)	2,147,306)	2,332,209)	937,838)	1,677,422)	1,487,610)	1,305,120)	55,284)	1,398,242)	1,440,951)	1,597,447)	607,429)	1,449,071)	1,353,013)	1,706,715)	542,156)	789,976)	720,196)	709,067)
Additions to content assets	(3,835,813)	(3,549,657)	(4,429,402)	(4,016,396)	(4,048,852)	(3,728,967)	(3,529,191)	(2,883,839)	(3,683,007)	(2,458,666)	(3,985,192)	(4,582,671)	(4,687,011)	(3,584,164)	(5,654,639)	(4,666,237)	(4,096,750)	(3,284,576)	(3,320,341)	(2,653,886)	(2,510,782)	(3,294,275)
Change in content liabilities	(214,052)	(411,253)	(139,537)	(83,585)	(366,572)	(189,441)	49,059)	(325,989)	46,119)	(354,791)	274,364)	60,867)	191,228)	(347,149)	840,392)	(29,246)	(312,208)	(266,040)	(528,488)	(379,458)	(108,432)	258,945)
Amortization of content assets	3,832,074)	3,823,112)	4,161,501)	3,699,521)	3,769,690)	3,670,805)	3,754,079)	3,573,353)	3,410,021)	3,459,984)	3,944,827)	3,653,592)	3,261,348)	3,166,365)	3,741,317)	2,963,051)	2,806,803)	2,719,196)	2,982,625)	2,733,743)	2,607,159)	2,483,385)
Depreciation and amortization of property, equipment and intangibles	80,013)	80,067)	79,539)	80,914)	81,227)	87,234)	86,567)	90,660)	89,385)	90,335)	93,387)	85,188)	83,505)	74,602)	63,984)	70,253)	38,434)	35,741)	31,943)	28,589)	26,661)	28,517)
Stock-based compensation expense	80,862)	71,977)	61,827)	65,650)	68,766)	76,345)	82,519)	79,720)	78,030)	99,099)	153,789)	152,062)	150,392)	119,209)	99,329)	95,078)	101,583)	107,230)	107,594)	106,357)	104,210)	97,019)
Foreign currency remeasurement (gain) loss on debt	55,238)	28,547)	(52,855)	104,809)	(42,692)	(130,801)	239,371)	(172,678)	28,952)	80,651)	461,681)	(348,458)	(304,513)	(161,821)	(103,917)	(136,488)	63,074)	(253,330)	257,983)	249,194)	119,161)	(93,060)
Other non-cash items	120,139)	114,730)	130,927)	128,082)	138,588)	97,181)	154,896)	115,688)	121,483)	120,008)	123,688)	102,513)	205,374)	101,968)	93,806)	102,211)	108,103)	72,657)	73,526)	83,851)	70,301)	65,448)
Deferred income taxes	(135,755)	(163,928)	(73,252)	(200,982)	(209,387)	(107,077)	(171,128)	(86,277)	(103,172)	(98,782)	75,973)	(57,797)	(115,820)	(68,906)	(62,279)	50,967)	51,127)	159,733)	(159,584)	(40,277)	223,308)	46,619)
Other current assets	(176,683)	(131,367)	(41,866)	54,956)	(28,959)	38,049)	(13,198)	103,766)	(183,049)	(88,522)	(398,319)	(120,071)	123,399)	41,157)	(608)	(95,145)	(52,373)	(221,555)	(40,362)	(22,974)	3,066)	(127,353)
Accounts payable	11,046)	(276,426)	255,379)	30,597)	(19,358)	(145,265)	213,228)	(68,390)	38,332)	(89,668)	125,074)	53,875)	(122,048)	(215,444)	185,279)	24,836)	72,313)	(137,313)	107,898)	111,677)	(112,027)	(149,153)
Accrued expenses and other liabilities	(267,235)	306,413)	(124,591)	179,011)	(114,303)	251,782)	(194,536)	(65,029)	177,831)	185,299)	(379,629)	212,072)	(238,719)	350,763)	(95,903)	269,774)	(171,430)	177,897)	(176,585)	266,027)	(105,450)	214,191)
Deferred revenue	118,635)	88,913)	7,765)	39,328)	4,236)	26,515)	137,184)	(5,733)	49,647)	(2,390)	69,409)	(48,420)	(10,376)	16,743)	26,710)	(4,732)	47,093)	22,279)	77,790)	10,941)	42,508)	62,008)
Other non-current assets and liabilities	(370,624)	(82,280)	(167,148)	(124,313)	(88,843)	(66,047)	(83,674)	(40,359)	(117,950)	(68,937)	(170,478)	(4,184)	125,040)	(167,931)	(144,174)	(11,014)	(72,543)	(61,368)	(93,827)	(19,999)	(38,803)	(41,446)
Changes in operating assets and liabilities	(684,861)	(94,747)	(70,461)	179,579)	(247,227)	105,034)	59,004)	(75,745)	(35,189)	(64,218)	(753,943)	93,272)	(122,704)	25,288)	(28,696)	183,719)	(176,940)	(220,060)	(125,086)	345,672)	(210,706)	(41,753)
Adjustments to reconcile net income to net cash provided by operating activities	(702,155)	(101,152)	(331,713)	(42,408)	(856,459)	(119,687)	725,176)	314,893)	(47,378)	873,620)	388,574)	(841,432)	(1,338,201)	(674,608)	(1,010,703)	(1,366,692)	(1,416,774)	(929,449)	(679,828)	473,785)	320,880)	(449,155)
Net cash provided by operating activities	2,423,258)	2,789,199)	1,536,894)	2,321,101)	1,290,847)	2,212,522)	1,663,014)	1,992,315)	1,440,232)	2,178,740)	443,858)	556,810)	102,750)	922,839)	(403,274)	82,379)	(63,761)	777,266)	(137,672)	1,263,761)	1,041,076)	259,912)
Purchases of property and equipment	(155,889)	(128,277)	(158,674)	(126,863)	(78,287)	(75,714)	(81,632)	(103,929)	(100,972)	(62,019)	(111,593)	(84,960)	(90,018)	(121,158)	(165,979)	(167,327)	(110,278)	(81,001)	(148,356)	(109,811)	(141,741)	(98,015)
Change in other assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(21,304)	(1,000)	(4,615)	1,957)	(8,840)	(260)	(288)
Acquisitions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(563,990)	—)	(68,876)	(124,521)	(788,349)	—)	—)	—)	—)	—)	—)	—)
Purchases of investments	(1,650)	(156,015)	—)	(1,742,246)	—)	—)	—)	—)	(303,228)	(201,634)	(911,276)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from maturities and sales of investments	962,413)	769,954)	—)	—)	—)	—)	493,228)	400,000)	501,937)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	(36,190)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	768,684)	485,662)	(158,674)	(1,869,109)	(78,287)	(75,714)	411,596)	296,071)	97,737)	(263,653)	(1,586,859)	(84,960)	(158,894)	(245,679)	(954,328)	(188,631)	(111,278)	(85,616)	(146,399)	(118,651)	(142,001)	(98,303)
Proceeds from issuance of debt	—)	—)	—)	1,794,460)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,009,464)	—)
Debt issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(7,559)	—)
Repayments of debt	(1,033,450)	(800,000)	—)	—)	—)	(400,000)	—)	—)	—)	—)	—)	—)	—)	(700,000)	—)	—)	—)	(500,000)	—)	—)	—)	—)
Proceeds from issuance of common stock	169,066)	351,602)	302,012)	143,244)	118,750)	268,881)	51,427)	57,818)	34,717)	26,028)	6,705)	4,113)	11,250)	13,678)	88,149)	18,445)	19,749)	48,071)	33,987)	68,665)	89,060)	43,694)
Repurchases of common stock	(1,654,327)	(3,536,396)	(963,748)	(1,700,000)	(1,599,998)	(2,000,000)	(2,500,000)	(2,500,100)	(645,146)	(400,101)	—)	—)	—)	—)	—)	(100,000)	(500,022)	—)	—)	—)	—)	—)
Taxes paid related to net share settlement of equity awards	(6,114)	(27,870)	(2,553)	(2,024)	(1,883)	(1,825)	—)	—)	—)	—)	—)	—)	—)	—)	(224,168)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	21,957)	(15,652)	(14,409)	(9,084)	(6,250)	—)	(3,700)	(32,826)	(38,920)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(2,502,868)	(4,028,316)	(678,698)	226,596)	(1,489,381)	(2,132,944)	(2,452,273)	(2,475,108)	(649,349)	(374,073)	6,705)	4,113)	11,250)	(686,322)	(136,019)	(81,555)	(480,273)	(451,929)	33,987)	68,665)	1,090,965)	43,694)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	287,471)	150,146)	(351,270)	153,452)	(122,723)	(95,790)	139,342)	(122,707)	39,626)	26,423)	166,564)	(180,058)	(145,198)	(11,448)	(4,236)	(63,843)	23,477)	(42,138)	66,674)	28,459)	11,819)	(70,902)
Net increase (decrease) in cash, cash equivalents and restricted cash	976,545)	(603,309)	348,252)	832,040)	(399,544)	(91,926)	(238,321)	(309,429)	928,246)	1,567,437)	(969,732)	295,905)	(190,092)	(20,610)	(1,497,857)	(251,650)	(631,835)	197,583)	(183,410)	1,242,234)	2,001,859)	134,401)

The financial data exhibits several notable dynamics across the reported periods. Net income displays a generally increasing trend with some variability, peaking notably at the end of the quarters in March 2025 and June 2025, indicating strong profitability growth in the latest periods despite fluctuations in earlier quarters. The pattern shows that while net income was strong in mid-2020 and early 2021, it experienced dips toward the end of 2021 and early 2022, before recovering and achieving new highs in 2023 through 2025.

Additions to content assets consistently represent a significant cash outflow, with substantial quarterly investments in content throughout the entire timeline. The values fluctuate but remain at high absolute levels, indicating a sustained strategic focus on content acquisition or production, with the highest additions observed around late 2021 and mid-2024. This considerable content investment is a key factor influencing the company's operational expenses and cash flow.

The amortization of content assets steadily increases over time, reflecting the ongoing expense recognition related to the previously capitalized content costs. This increasing amortization expense aligns with the continued heavy investment in content assets. Depreciation and amortization of property, equipment, and intangibles also trend upward, albeit at much lower absolute values compared to content amortization, showing ongoing capital asset usage and aging.

Stock-based compensation expense shows moderate fluctuations, with peaks in the quarters around mid-2022 and gradual reductions thereafter, possibly indicating changes in employee incentives or compensation structures over time. Foreign currency remeasurement gains and losses are volatile, with pronounced swings from gains to losses in certain quarters, reflecting exposure to currency exchange rate fluctuations which can significantly impact financial results.

Operating assets and liabilities exhibit considerable variability, with changes in accounts payable, accrued expenses, and deferred revenue fluctuating substantially. These areas indicate active management of working capital components, with some quarters showing increases and others decreases, contributing to the overall cash flow volatility.

Net cash provided by operating activities shows robust positive cash generation, especially from early 2023 onwards, achieving peak cash inflows in several recent quarters. This improvement suggests enhanced operational efficiency or improved earnings quality leading to strong cash inflows from core operations.

Investing activities consistently show cash outflows driven primarily by purchases of content assets and property and equipment. The data also indicates intermittent acquisition and investment purchase activities with large amounts of cash used for acquisitions and investments in certain quarters, balanced partially by proceeds from sales or maturities of investments, particularly in 2023 and 2024.

Financing activities present a mixed picture with periods of significant debt issuance and repayment, illustrating an active approach to capital structure management. Proceeds from the issuance of common stock occur sporadically, while stock repurchases escalate sharply in later years, particularly throughout 2023 to 2025, suggesting a strategic shift toward returning capital to shareholders. This is confirmed by the large and increasing values of repurchases, which peak dramatically in the most recent quarters.

Overall, the net increase or decrease in cash and cash equivalents reflects the interplay of strong operating cash flows, significant investment outlays, and substantial financing activity, with large positive cash flow impacts from operating activities often offset by heavy investing and financing cash uses. Exchange rate effects introduce additional variability, sometimes significantly boosting or reducing cash balances due to foreign exchange movements.

Profitability: Net income displays a strong upward trend with notable peaks in the latest quarters, indicating improved earnings performance despite interim volatility.
Content Investment: Continuous and substantial additions to content assets are evident, accompanied by increasing amortization related to these assets, reflecting sustained strategic investment in content.
Cash Flows: Operating cash flow strengthens markedly from 2023 onwards, while investing activities consistently consume cash primarily due to content investments and acquisitions. Financing activities reflect active debt management and increasing stock repurchases in recent years.
Working Capital: Changes in operating assets and liabilities are highly variable, indicating dynamic working capital management that contributes to cash flow fluctuations.
Foreign Exchange: Currency remeasurement gains and losses are volatile, impacting net income and cash flow in multiple quarters.
Shareholder Returns: Significant uptrend in share repurchases from mid-2022 onwards signals a focus on returning capital to shareholders, supported by occasional stock issuance and debt activity.

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Netflix Inc. (NASDAQ:NFLX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data