Netflix, Inc.

NasdaqGS-NFLX

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	2,546.9	3,125.4	2,890.4	1,868.6	2,363.5	2,147.3
Net Income
Depreciation & Amortization	87.3	80	80.1	79.5	80.9	81.2
Amortization of DVD Content Assets
Depreciation and Amortization of Property, Equipment and Intangibles
Stock Based Compensation	81	80.9	72	61.8	65.7	68.8
Stock-Based Compensation Expense
Other Adjustments	4,163.9	3,871.7	3,802.5	4,166.3	3,731.4	3,656.2
Excess Tax Benefits from Stock-Based Compensation
Foreign Currency Remeasurement Gain on Debt
Other Non-Cash Items
Deferred Income Taxes
Amortization of Content Assets
Changes in Accounts Payable	139.5	11	-276.4	255.4	30.6	-19.4
Accounts Payable
Changes in Accrued Expenses	707.2	-267.2	306.4	-124.6	179	-114.3
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-3.7	118.6	88.9	7.8	39.3	4.2
Deferred Revenue
Changes in Other Operating Activities	-4,896.8	-4,597.2	-4,174.6	-4,778	-4,169.3	-4,533.2
Additions to Content Assets
Change in Content Liabilities
Other Current Assets
Other Non-Current Assets and Liabilities
Cash from Operating Activities	2,825.2	2,423.3	2,789.2	1,536.9	2,321.1	1,290.8
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-164.7	-155.9	-128.3	-158.7	-126.9	-78.3
Purchases of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Acquisition of DVD Content Assets
Purchases of Investments	-3.9	-1.7	-156	—	-1,742.2	—
Purchases of Investments
Proceeds from Sale of Investments	176.3	962.4	770	—	—	—
Proceeds from Maturities of Short-Term Investments
Proceeds from Maturities and Sales of Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisitions
Other Investing Activities	36.2	-36.2	—	—	—	—
Change in Other Assets
Other Investing Activities
Cash from Investing Activities	43.9	768.7	485.7	-158.7	-1,869.1	-78.3
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	—	1,794.5	—
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	—	-1,033.5	-800	—	—	—
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	-1,033.5	-800	—	1,794.5	—
Issuance of Common Shares	70.2	169.1	351.6	302	143.2	118.8
Proceeds from Issuance of Common Stock
Repurchases of Common Shares	-1,856.9	-1,654.3	-3,536.4	-963.7	-1,700	-1,600
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-1,786.7	-1,485.3	-3,184.8	-661.7	-1,556.8	-1,481.2
Other Financing Activities	49.6	15.8	-43.5	-17	-11.1	-8.1
Debt Issuance Costs
Excess Tax Benefits from Stock-Based Compensation
Taxes Paid Related to Net Share Settlement of Equity Awards
Other Financing Activities
Cash from Financing Activities	-1,737	-2,502.9	-4,028.3	-678.7	226.6	-1,489.4
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	2,660.5	2,267.4	2,660.9	1,378.2	2,194.2	1,212.6
NOPAT	2,660.6	3,248.5	3,010.2	1,989.9	2,544.1	2,223.3
Levered Free Cash Flow	-1,584.4	-2,718.6	-2,013.5	-2,849.9	191.6	-2,512.4
Unlevered Free Cash Flow	-1,470.7	-1,562.1	-1,093.7	-2,728.7	-1,422.3	-2,436.4
Net Change in Cash	1,132	689.1	-753.5	699.5	678.6	-276.8