Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Netflix Inc., liquidity ratios (quarterly data)
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).
The liquidity profile exhibits a pattern of cyclical volatility between March 2022 and June 2026, characterized by fluctuating capacity to meet short-term obligations. While the metrics generally remain within a stable range, there are distinct periods of contraction and expansion in solvency margins.
- Current Ratio
- The current ratio fluctuates between a minimum of 0.95 in June 2024 and a peak of 1.41 in March 2026. An upward trend is observed through the first half of 2023, reaching 1.33, followed by a decline that dipped the ratio below the 1.0 threshold in mid-2024. A subsequent recovery period led to a secondary peak in early 2026 before a final contraction to 1.14 by June 2026.
- Quick and Cash Ratios
- The quick ratio and cash ratio are identical throughout the entire reporting period, indicating that liquid assets are composed entirely of cash and cash equivalents, with no significant contribution from accounts receivable or other quick assets. These ratios demonstrate a similar volatility pattern to the current ratio, ranging from a low of 0.66 in June 2024 to a high of 1.01 in March 2026. The consistency between these two metrics suggests a highly concentrated liquidity structure.
A strong positive correlation exists between all three liquidity metrics, as they move in synchronization across the observed quarters. The recurring dips in mid-2024 and mid-2026 suggest seasonal or periodic shifts in working capital management. The convergence of the quick and cash ratios highlights a reliance on immediate cash availability rather than a diversified portfolio of short-term liquid assets.
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Current Ratio
Netflix Inc., current ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Current assets | 13,853,303) | 17,070,982) | 13,020,191) | 12,962,935) | 11,993,106) | 11,697,632) | 13,100,379) | 12,129,099) | 9,615,553) | 9,921,313) | 9,918,133) | 10,779,474) | 11,506,336) | 10,482,623) | 9,266,473) | 8,816,903) | 7,840,778) | 8,098,015) | ||||||
| Current liabilities | 12,134,898) | 12,131,578) | 10,980,930) | 9,731,859) | 8,942,335) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.14 | 1.41 | 1.19 | 1.33 | 1.34 | 1.20 | 1.22 | 1.13 | 0.95 | 1.07 | 1.12 | 1.29 | 1.33 | 1.26 | 1.17 | 1.14 | 1.05 | 1.05 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 2.72 | 1.92 | 2.01 | 1.75 | 1.90 | 1.77 | 1.84 | 1.95 | 2.08 | 2.15 | 2.10 | 2.04 | 2.17 | 2.35 | 2.38 | 2.52 | 2.81 | 2.87 | ||||||
| Comcast Corp. | 0.80 | 0.87 | 0.88 | 0.88 | 0.91 | 0.65 | 0.68 | 0.72 | 0.66 | 0.59 | 0.60 | 0.70 | 0.76 | 0.69 | 0.78 | 0.84 | 0.88 | 0.86 | ||||||
| Meta Platforms Inc. | 2.23 | 2.35 | 2.60 | 1.98 | 1.97 | 2.66 | 2.98 | 2.73 | 2.83 | 2.68 | 2.67 | 2.57 | 2.32 | 2.07 | 2.20 | 2.57 | 2.52 | 2.81 | ||||||
| Trade Desk Inc. | — | 1.68 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 | 1.87 | 1.87 | 1.90 | 1.90 | 1.91 | 1.92 | 1.91 | ||||||
| Walt Disney Co. | 0.68 | 0.67 | 0.71 | 0.72 | 0.67 | 0.68 | 0.73 | 0.72 | 0.75 | 0.84 | 1.05 | 1.07 | 1.01 | 0.99 | 1.00 | 1.02 | 1.06 | 1.10 | ||||||
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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,853,303 ÷ 12,134,898 = 1.14
2 Click competitor name to see calculations.
The liquidity position exhibits a general trend of stability with periodic fluctuations in the current ratio, reflecting a dynamic relationship between short-term assets and liabilities over the analyzed period.
- Current Ratio Performance
- The current ratio remained above 1.0 for the majority of the observed timeframe, indicating a general capacity to cover short-term obligations with short-term assets. An initial improvement phase is noted from March 2022 through June 2023, during which the ratio rose from 1.05 to a peak of 1.33.
- A period of liquidity tightening occurred between September 2023 and June 2024, where the ratio declined from 1.29 to 0.95. This represents the only interval in the data where current liabilities exceeded current assets, signaling a temporary reduction in short-term solvency.
- A subsequent recovery trend is observed from June 2024 through March 2026, culminating in the period's highest ratio of 1.41. This peak was followed by a correction to 1.14 by June 30, 2026.
- Asset and Liability Dynamics
- Current assets displayed a long-term growth trajectory, increasing from approximately 8.1 billion US dollars in March 2022 to a peak of approximately 17.1 billion US dollars in March 2026. Notable volatility is evident in the 2024-2026 window, characterized by significant quarterly fluctuations.
- Current liabilities showed a steady and consistent increase, rising from approximately 7.7 billion US dollars in March 2022 to approximately 12.1 billion US dollars by June 2026. The growth in liabilities appears more linear compared to the more volatile growth seen in current assets.
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Quick Ratio
Netflix Inc., quick ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Cash and cash equivalents | 9,099,232) | 12,259,772) | 9,033,681) | 9,287,287) | 8,177,405) | 7,199,848) | 7,804,733) | 7,457,025) | 6,624,939) | 7,024,766) | 7,116,913) | 7,353,245) | 7,662,788) | 6,714,594) | 5,147,176) | 6,113,733) | 5,819,449) | 6,008,946) | ||||||
| Short-term investments | 28,678) | 28,678) | 28,678) | 37,105) | 213,115) | 1,171,142) | 1,779,006) | 1,766,902) | 30,973) | 20,973) | 20,973) | 514,201) | 914,201) | 1,112,910) | 911,276) | —) | —) | —) | ||||||
| Total quick assets | 9,127,910) | 12,288,450) | 9,062,359) | 9,324,392) | 8,390,520) | 8,370,990) | 9,583,739) | 9,223,927) | 6,655,912) | 7,045,739) | 7,137,886) | 7,867,446) | 8,576,989) | 7,827,504) | 6,058,452) | 6,113,733) | 5,819,449) | 6,008,946) | ||||||
| Current liabilities | 12,134,898) | 12,131,578) | 10,980,930) | 9,731,859) | 8,942,335) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.75 | 1.01 | 0.83 | 0.96 | 0.94 | 0.86 | 0.89 | 0.86 | 0.66 | 0.76 | 0.81 | 0.94 | 0.99 | 0.94 | 0.76 | 0.79 | 0.78 | 0.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 2.47 | 1.71 | 1.85 | 1.56 | 1.72 | 1.60 | 1.66 | 1.76 | 1.90 | 1.98 | 1.94 | 1.87 | 2.02 | 2.20 | 2.22 | 2.29 | 2.62 | 2.72 | ||||||
| Comcast Corp. | 0.65 | 0.71 | 0.70 | 0.69 | 0.71 | 0.51 | 0.53 | 0.60 | 0.54 | 0.49 | 0.50 | 0.56 | 0.61 | 0.55 | 0.62 | 0.63 | 0.68 | 0.71 | ||||||
| Meta Platforms Inc. | 1.99 | 2.11 | 2.42 | 1.67 | 1.71 | 2.50 | 2.82 | 2.57 | 2.69 | 2.55 | 2.55 | 2.43 | 2.20 | 1.91 | 2.01 | 2.34 | 2.34 | 2.62 | ||||||
| Trade Desk Inc. | — | 1.64 | 1.55 | 1.64 | 1.68 | 1.79 | 1.83 | 1.81 | 1.75 | 1.77 | 1.69 | 1.84 | 1.84 | 1.87 | 1.87 | 1.88 | 1.87 | 1.85 | ||||||
| Walt Disney Co. | 0.55 | 0.54 | 0.55 | 0.57 | 0.54 | 0.55 | 0.54 | 0.53 | 0.57 | 0.69 | 0.85 | 0.87 | 0.83 | 0.83 | 0.83 | 0.87 | 0.91 | 0.98 | ||||||
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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 9,127,910 ÷ 12,134,898 = 0.75
2 Click competitor name to see calculations.
The quick ratio exhibits a pattern of periodic volatility between March 2022 and June 2026, reflecting shifting balances between liquid assets and short-term obligations. While the ratio fluctuates, it predominantly remains below 1.00, indicating that current liabilities frequently exceed the most liquid assets available for immediate settlement.
- Liquidity Trends and Volatility
- A period of relative stability is observed throughout 2022, with the ratio maintained between 0.76 and 0.79. A significant improvement occurred in the first half of 2023, reaching a peak of 0.99 by June 30, 2023. This positive trend was subsequently reversed, leading to a cyclical low of 0.66 on June 30, 2024, marking the point of highest liquidity pressure within the observed period.
- Asset and Liability Correlation
- Total quick assets demonstrated a general growth trajectory, rising from approximately 6.01 billion USD in March 2022 to a peak of 12.29 billion USD in March 2026. However, this growth was mirrored by a consistent increase in current liabilities, which rose from 7.74 billion USD to 12.13 billion USD by June 2026. The simultaneous expansion of both assets and liabilities contributed to the sustained volatility of the quick ratio.
- Analysis of Peak and Recent Decline
- A recovery phase is evident from late 2024 through the first quarter of 2026, culminating in a ratio of 1.01 on March 31, 2026. This represents the only instance in the dataset where liquid assets fully covered current liabilities. This peak was followed by a sharp contraction to 0.75 by June 30, 2026, driven by a reduction in total quick assets to 9.13 billion USD while liabilities remained elevated at 12.13 billion USD.
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Cash Ratio
Netflix Inc., cash ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Cash and cash equivalents | 9,099,232) | 12,259,772) | 9,033,681) | 9,287,287) | 8,177,405) | 7,199,848) | 7,804,733) | 7,457,025) | 6,624,939) | 7,024,766) | 7,116,913) | 7,353,245) | 7,662,788) | 6,714,594) | 5,147,176) | 6,113,733) | 5,819,449) | 6,008,946) | ||||||
| Short-term investments | 28,678) | 28,678) | 28,678) | 37,105) | 213,115) | 1,171,142) | 1,779,006) | 1,766,902) | 30,973) | 20,973) | 20,973) | 514,201) | 914,201) | 1,112,910) | 911,276) | —) | —) | —) | ||||||
| Total cash assets | 9,127,910) | 12,288,450) | 9,062,359) | 9,324,392) | 8,390,520) | 8,370,990) | 9,583,739) | 9,223,927) | 6,655,912) | 7,045,739) | 7,137,886) | 7,867,446) | 8,576,989) | 7,827,504) | 6,058,452) | 6,113,733) | 5,819,449) | 6,008,946) | ||||||
| Current liabilities | 12,134,898) | 12,131,578) | 10,980,930) | 9,731,859) | 8,942,335) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.75 | 1.01 | 0.83 | 0.96 | 0.94 | 0.86 | 0.89 | 0.86 | 0.66 | 0.76 | 0.81 | 0.94 | 0.99 | 0.94 | 0.76 | 0.79 | 0.78 | 0.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | 1.92 | 1.14 | 1.23 | 0.99 | 1.09 | 1.04 | 1.07 | 1.15 | 1.29 | 1.40 | 1.36 | 1.39 | 1.52 | 1.67 | 1.64 | 1.76 | 2.04 | 2.16 | ||||||
| Comcast Corp. | 0.23 | 0.28 | 0.28 | 0.29 | 0.30 | 0.20 | 0.18 | 0.23 | 0.17 | 0.16 | 0.15 | 0.19 | 0.22 | 0.17 | 0.17 | 0.20 | 0.25 | 0.30 | ||||||
| Meta Platforms Inc. | 1.60 | 1.74 | 1.95 | 1.20 | 1.26 | 2.07 | 2.32 | 2.13 | 2.15 | 2.07 | 2.05 | 2.00 | 1.79 | 1.48 | 1.51 | 1.84 | 1.82 | 2.08 | ||||||
| Trade Desk Inc. | — | 0.49 | 0.40 | 0.48 | 0.57 | 0.65 | 0.67 | 0.66 | 0.60 | 0.62 | 0.55 | 0.71 | 0.70 | 0.73 | 0.71 | 0.74 | 0.73 | 0.71 | ||||||
| Walt Disney Co. | 0.16 | 0.15 | 0.17 | 0.16 | 0.17 | 0.16 | 0.17 | 0.17 | 0.20 | 0.23 | 0.46 | 0.41 | 0.37 | 0.31 | 0.40 | 0.42 | 0.45 | 0.48 | ||||||
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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 9,127,910 ÷ 12,134,898 = 0.75
2 Click competitor name to see calculations.
The liquidity position from March 2022 to June 2026 is characterized by periodic fluctuations in the cash ratio, reflecting a dynamic relationship between liquid asset accumulation and the growth of short-term obligations.
- Cash Asset Trends
- Total cash assets exhibited a general long-term upward trajectory, increasing from approximately $6.01 billion in March 2022 to a peak of $12.29 billion in March 2026. This growth was non-linear, with notable volatility observed particularly between June 2024 and December 2025, where assets fluctuated between $6.66 billion and $9.58 billion.
- Current Liability Expansion
- Current liabilities demonstrated a consistent and steady increase over the analyzed period. Obligations rose from $7.74 billion in March 2022 to $12.13 billion by June 2026. This steady climb indicates a proportional increase in short-term financial commitments over time.
- Cash Ratio Volatility
- The cash ratio fluctuated between a minimum of 0.66 and a maximum of 1.01. A period of relative stability was observed throughout 2022, with the ratio holding between 0.76 and 0.79. A peak in liquidity was reached in June 2023 at 0.99, followed by a decline to a period low of 0.66 in June 2024. A subsequent recovery led to a peak of 1.01 in March 2026, marking the only instance where cash assets fully covered current liabilities, before returning to 0.75 in June 2026.
The analysis suggests a strategic pattern of liquidity management where the cash ratio predominantly remains between 0.75 and 0.95. The alignment of the peak cash ratio in March 2026 with the highest recorded cash asset balance indicates a temporary surge in liquidity that deviated from the typical operating range.
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