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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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Netflix Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- Net income exhibits considerable volatility over the analyzed quarters. A peak appears around early 2021 with values exceeding 1.7 billion USD, followed by a decline toward the end of 2022, where it nearly reaches a low point close to 55 million USD. Recovery occurs subsequently with net income rising above 2.8 billion USD in the first quarter of 2025, indicating a strong profit rebound.
- Additions to Content Assets
- Investment in content assets consistently remains substantial and negative, reflecting significant cash outflows. The amounts fluctuated notably, peaking in the final quarter of 2021 with additions exceeding 5.6 billion USD, then generally oscillating around 3.5 to 4.4 billion USD in later periods, signaling persistent capital allocation to content growth.
- Change in Content Liabilities
- Changes in content liabilities present irregular behavior, alternating between positive and negative values. The data does not demonstrate a clear trend but shows considerable quarterly variability, pointing to shifting payment obligations or recognized liabilities over time.
- Amortization of Content Assets
- Amortization expenses have steadily increased over time, starting from approximately 2.48 billion USD in early 2020 and rising to over 4.1 billion USD by late 2024. This upward trend reflects ongoing recognition of content costs over their useful lives, consistent with increasing content investments.
- Depreciation and Amortization of Property, Equipment, and Intangibles
- These amortization and depreciation costs show moderate growth over the period analyzed, moving upwards from about 28 million USD to a peak close to 93 million USD during 2022, then stabilizing around the 80 million USD range towards 2025, indicating consistent asset base usage and amortization schedules.
- Stock-based Compensation Expense
- Stock-based compensation expenses present a fluctuating pattern, peaking near 153 million USD in 2022 but subsequently declining to levels around 65 to 76 million USD in the latest quarters, suggesting adjustments in equity remuneration practices or employee compensation structures.
- Foreign Currency Remeasurement (Gain) Loss on Debt
- This item reflects considerable volatility, with notable gains and losses throughout the periods, indicating exposure to currency exchange risk on debt positions. Significant swings underscore sensitivity to currency fluctuations affecting financial results.
- Other Non-Cash Items
- Other non-cash adjustments remain relatively stable, with occasional spikes, indicating routine accounting adjustments without major dramatic impacts on cash flow.
- Deferred Income Taxes
- Deferred income taxes have variable values, alternating between positive and negative amounts. This pattern signals changing tax positions or timing differences between book and tax income over reporting periods.
- Other Current Assets and Liabilities
- Other current asset balances demonstrate erratic movement with no discernible trend, including significant negative balances at times, reflecting volatile working capital components. Conversely, accounts payable show inconsistent trends with alternating increases and decreases, indicating variability in short-term obligations.
- Accrued Expenses and Other Liabilities
- Accrued expenses display significant swings between positive and negative values, reflecting shifting accruals and liabilities that impact operating cash flow unpredictably.
- Deferred Revenue
- Deferred revenue balances are also unstable, alternating between positive and negative amounts, which may reflect variability in subscription billing or revenue recognition timing.
- Changes in Operating Assets and Liabilities
- This line shows inconsistent quarterly changes, alternating between inflows and outflows, indicating fluctuating working capital dynamics affecting operating cash flows.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- Non-cash adjustments tend to be negative with large fluctuations, highlighting the complexity and variability in reconciling accounting profit to cash flows from operations, with some quarters showing positive adjustments.
- Net Cash Provided by Operating Activities
- Operating cash flow demonstrates a general upward trend, despite some quarters of negative cash flow. Notably, there is a large negative swing in Q4 2020, followed by substantial positive values in subsequent periods, reaching nearly 2.8 billion USD by Q1 2025, indicating improving operational cash generation capacity.
- Purchases of Property and Equipment
- Capital expenditures on property and equipment fluctuate moderately within a range of approximately 60 million to 160 million USD quarterly, reflecting steady investments in fixed assets throughout the periods.
- Change in Other Assets
- Limited data with small values indicates minor fluctuations, not implying substantial impact on overall financial position.
- Acquisitions
- Acquisition activity is evident with significant cash outflows notably around late 2021 and early 2022, including substantial expenditures exceeding 700 million USD, demonstrating strategic investments through business combinations.
- Purchases and Proceeds from Investments
- Investments fluctuate, with large purchase amounts in mid-2020s and proceeds realizing hundreds of millions USD, indicating active portfolio management or treasury activities related to short-term or strategic investments.
- Net Cash Used in Investing Activities
- Investing cash flows mostly represent outflows, with sizable negative amounts during acquisition-heavy periods and large content investments, peaking at nearly 1.6 billion USD outflows in late 2022. Some quarters show positive investing cash flow suggesting asset disposals or investment maturities.
- Proceeds from Issuance of Debt and Repayments
- Debt issuance is episodic with large proceeds reported in limited periods, e.g., 1.79 billion USD in mid-2024, contrasted by significant repayments in multiple quarters that regularly reach several hundred million dollars, indicating active debt management and refinancing activities.
- Proceeds and Repurchases of Common Stock
- Stock issuance occurs sporadically, mostly representing cash inflows in tens to hundreds of millions USD, while repurchases show substantial cash outflows exceeding several billion USD in periods around 2021-2024, reflecting aggressive share buyback strategies and returning capital to shareholders.
- Taxes Paid Related to Net Share Settlement of Equity Awards
- These payments appear intermittently and remain relatively small compared to other items, indicating minor cash outflows linked to equity compensation settlements.
- Other Financing Activities
- Amounts are relatively minor negative cash flows in recent periods, possibly representing fees or smaller financing adjustments.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows alternate between positive and negative amounts, heavily influenced by stock repurchases and debt issuance or repayment activities. Notably, substantial negative cash flows occur from 2021 onward related to large share repurchases and debt repayments, indicating net cash use in financing after a positive infusion in early 2020.
- Effect of Exchange Rate Changes on Cash
- Foreign exchange impacts on cash balances fluctuate significantly quarter-to-quarter, with gains and losses measured in tens to hundreds of millions USD, underlining exposure to currency risk in cash holdings and operations.
- Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
- Cash levels demonstrate wide fluctuation with both large positive and negative changes over quarters. Positive spikes occur periodically, such as early 2021 and during 2023-2024, while significant declines are evident in late 2021 and parts of 2022-2023, reflecting the combined influences of operating, investing, and financing activities and exchange rate effects.