Netflix, Inc. (NFLX) Balance Sheet
NFLX balance sheet, 2025
December 31, 2025 · U.S. dollars$55.60B assets = $28.98B liabilities + $26.62B equity
Both columns are drawn to the same scale: what NFLX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NFLX financial health
Descriptive bands, not a rating. Fiscal 2025.
NFLX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.59B2016 | $55.60B2025 | +16.9%/yr | |
| Total liabilities | $10.91B2016 | $28.98B2025 | +11.5%/yr | |
| Shareholders’ equity | $2.68B2016 | $26.62B2025 | +29.1%/yr | |
| Cash & short-term investments | $1.73B2016 | $9.06B2025 | +20.2%/yr | |
| Total debt | $3.56B2016 | $14.46B2025 | +16.8%/yr | |
| Net cash (debt) | −$1.83B2016 | −$5.40B2025 | −$3.6B | |
| Working capital | $1.13B2016 | $2.04B2025 | +$905.6M | |
| Book value per share | $0.612016 | $6.132025 | +29.2%/yr | |
| Current ratio | 1.252016 | 1.192025 | −0.06 | |
| Debt / equity | 1.332016 | 0.542025 | −0.79 | |
| Shares outstanding | 4.39B2016 | 4.34B2025 | −0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NFLX assets
NFLX liabilities and equity
NFLX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NFLX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $9.06B | $9.58B | $7.14B | $6.06B | $6.03B | $8.21B | $5.02B | $3.79B | $2.82B | $1.73B |
| Cash & equivalents | $9.03B | $7.80B | $7.12B | $5.15B | $6.03B | $8.21B | $5.02B | $3.79B | $2.82B | $1.47B |
| Short-term investments | $28.7M | $1.78B | $21.0M | $911.3M | — | — | — | — | $0 | $266.2M |
| Receivables | $2.58B | $1.99B | $1.84B | $1.59B | $804.3M | $610.8M | $979.1M | $5.51B | $4.31B | $3.73B |
| Inventory | $0 | $0 | $408.9M | $392.7M | $323.8M | $203.0M | $181.0M | $178.8M | $0 | $0 |
| Other current assets | $1.37B | $1.53B | $529.3M | $1.23B | $913.9M | $742.2M | $0 | $206.9M | $536.2M | $260.2M |
| Total current assets | $13.02B | $13.10B | $9.92B | $9.27B | $8.07B | $9.76B | $6.18B | $9.69B | $7.67B | $5.72B |
| Property, plant & equipment (net) | $2.00B | $1.59B | $1.49B | $1.40B | $1.32B | $960.2M | $565.2M | $418.3M | $319.4M | $250.4M |
| Goodwill & intangible assets | $32.78B | $32.45B | $31.66B | $32.74B | $30.92B | $25.38B | $24.50B | $14.96B | $10.37B | $7.27B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M | $1.3M | $1.5M |
| Other non-current assets | $7.79B | $6.48B | $5.66B | $5.19B | $4.27B | $3.17B | $2.73B | $899.7M | $651.0M | $339.9M |
| Total assets | $55.60B | $53.63B | $48.73B | $48.59B | $44.58B | $39.28B | $33.98B | $25.97B | $19.01B | $13.59B |
| Liabilities | ||||||||||
| Accounts payable | $900.6M | $899.9M | $747.4M | $671.5M | $837.5M | $656.2M | $674.3M | $563.0M | $359.6M | $312.8M |
| Short-term debt | $998.9M | $1.78B | $783.2M | $0 | $699.8M | $499.9M | $843.0M | $477.4M | $315.1M | $197.6M |
| Deferred revenue | $1.78B | $1.52B | $1.44B | $1.26B | $1.21B | $1.12B | $924.7M | $760.9M | $618.6M | $443.5M |
| Total current liabilities | $10.98B | $10.76B | $8.86B | $7.93B | $8.49B | $7.81B | $6.86B | $6.49B | $5.47B | $4.59B |
| Long-term debt | $13.46B | $13.80B | $14.14B | $14.35B | $14.69B | $15.81B | $14.76B | $10.36B | $6.50B | $3.36B |
| Other long-term liabilities | $4.54B | $4.33B | $5.14B | $5.53B | $5.55B | $4.60B | $4.78B | $3.89B | $3.47B | $2.96B |
| Total liabilities | $28.98B | $28.89B | $28.14B | $27.82B | $28.74B | $28.22B | $26.39B | $20.74B | $15.43B | $10.91B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.29B | $6.25B | $5.15B | $4.64B | $4.02B | $3.45B | $2.79B | $2.32B | $1.87B | $1.60B |
| Retained earnings (deficit) | $42.28B | $31.30B | $22.59B | $17.18B | $12.69B | $7.57B | $4.81B | $2.94B | $1.73B | $1.13B |
| Treasury stock | — | — | — | — | −$824.2M | — | — | — | — | — |
| Accumulated other comprehensive income | −$580.4M | $362.2M | −$223.9M | −$217.3M | −$40.5M | $44.4M | −$23.5M | −$19.6M | −$20.6M | −$48.6M |
| Total shareholders' equity | $26.62B | $24.74B | $20.59B | $20.78B | $15.85B | $11.07B | $7.58B | $5.24B | $3.58B | $2.68B |
| Key figures | ||||||||||
| Total debt | $14.46B | $15.58B | $16.97B | $14.35B | $15.39B | $16.31B | $15.60B | $10.84B | $6.81B | $3.56B |
| Net cash (debt) | −$5.40B | −$6.00B | −$9.84B | −$8.29B | −$9.37B | −$8.10B | −$10.58B | −$7.04B | −$3.99B | −$1.83B |
| Working capital | $2.04B | $2.34B | $1.06B | $1.34B | −$419.1M | $1.96B | −$677.2M | $3.21B | $2.20B | $1.13B |
| Tangible book value | −$6.16B | −$7.71B | −$11.07B | −$11.96B | −$15.07B | −$14.32B | −$16.92B | −$9.72B | −$6.79B | −$4.59B |
| Book value per share | $6.13 | $5.63 | $4.58 | $4.60 | $3.48 | $2.44 | $1.68 | $1.16 | $0.80 | $0.61 |
| Shares outstanding | 4.34B | 4.39B | 4.49B | 4.51B | 4.55B | 4.54B | 4.52B | 4.51B | 4.47B | 4.39B |
| Current ratio | 1.19 | 1.22 | 1.12 | 1.17 | 0.95 | 1.25 | 0.90 | 1.49 | 1.40 | 1.25 |
| Quick ratio | 1.06 | 1.08 | 1.01 | 0.96 | 0.80 | 1.13 | 0.87 | 1.43 | 1.31 | 1.19 |
| Debt / equity | 0.54 | 0.63 | 0.82 | 0.69 | 0.97 | 1.47 | 2.06 | 2.07 | 1.90 | 1.33 |
| Equity / assets | 47.9% | 46.1% | 42.2% | 42.8% | 35.5% | 28.2% | 22.3% | 20.2% | 18.8% | 19.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $9.13B | $12.29B | $9.06B | $9.33B | $8.39B | $8.37B | $9.58B | $9.22B | $6.66B | $7.05B | $7.14B | $7.87B |
| Cash & equivalents | $9.10B | $12.26B | $9.03B | $8.72B | $8.18B | $7.20B | $7.80B | $7.46B | $6.62B | $7.02B | $7.12B | $7.35B |
| Short-term investments | $28.7M | $28.7M | $28.7M | $603.0M | $213.1M | $1.17B | $1.78B | $1.77B | $31.0M | $21.0M | $21.0M | $514.2M |
| Receivables | $2.00B | $2.00B | $2.58B | $1.69B | $1.58B | $1.45B | $1.99B | $1.22B | $1.28B | $1.23B | $1.84B | $1.14B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $437.7M | $1 | −$31.66B | $408.9M | $482.4M |
| Other current assets | $2.72B | $2.78B | $1.37B | $1.95B | $2.02B | $1.88B | $1.53B | $1.25B | $1.68B | $33.31B | $529.3M | $1.29B |
| Total current assets | $13.85B | $17.07B | $13.02B | $12.96B | $11.99B | $11.70B | $13.10B | $12.13B | $9.62B | $9.92B | $9.92B | $10.78B |
| Property, plant & equipment (net) | $2.40B | $2.15B | $2.00B | $1.84B | $1.74B | $1.64B | $1.59B | $1.57B | $1.51B | $1.50B | $1.49B | $1.50B |
| Goodwill & intangible assets | $33.84B | $33.38B | $32.78B | $32.64B | $32.09B | $32.04B | $32.45B | $32.18B | $31.93B | $31.66B | $31.66B | $31.75B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.36B | $8.42B | $7.79B | $7.49B | $7.27B | $6.70B | $6.48B | $6.41B | $6.05B | $5.74B | $5.66B | $5.47B |
| Total assets | $58.45B | $61.02B | $55.60B | $54.93B | $53.10B | $52.09B | $53.63B | $52.28B | $49.10B | $48.83B | $48.73B | $49.50B |
| Liabilities | ||||||||||||
| Accounts payable | $814.6M | $894.7M | $900.6M | $793.2M | $632.7M | $614.5M | $899.9M | $642.0M | $598.6M | $607.3M | $747.4M | $534.4M |
| Short-term debt | $2.48B | $999.2M | $998.9M | $998.9M | $453.9M | $1.44B | $1.78B | $2.25B | $2.22B | $1.20B | $783.2M | $777.0M |
| Deferred revenue | $1.80B | $1.74B | $1.78B | $1.72B | $1.73B | $1.61B | $1.52B | $1.51B | $1.47B | $1.47B | $1.44B | $1.31B |
| Total current liabilities | $12.13B | $12.13B | $10.98B | $9.73B | $8.94B | $9.72B | $10.76B | $10.71B | $10.14B | $9.29B | $8.86B | $8.34B |
| Long-term debt | $11.83B | $13.36B | $13.46B | $14.46B | $14.45B | $14.01B | $13.80B | $14.16B | $12.18B | $13.22B | $14.14B | $13.90B |
| Other long-term liabilities | $4.34B | $4.40B | $4.54B | $4.79B | $4.75B | $4.33B | $4.33B | $4.69B | $4.67B | $4.96B | $5.14B | $5.15B |
| Total liabilities | $28.30B | $29.89B | $28.98B | $28.98B | $28.15B | $28.06B | $28.89B | $29.56B | $26.99B | $27.46B | $28.14B | $27.39B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.67B | $7.48B | $7.29B | $7.08B | $6.93B | $6.68B | $6.25B | $5.89B | $5.68B | $5.49B | $5.15B | $5.01B |
| Retained earnings (deficit) | $50.97B | $47.56B | $42.28B | $39.86B | $37.32B | $34.19B | $31.30B | $29.43B | $27.07B | $24.92B | $22.59B | $21.65B |
| Accumulated other comprehensive income | −$97.1M | −$235.0M | −$580.4M | −$719.3M | −$904.7M | −$85.7M | $362.2M | −$344.6M | −$89.1M | −$111.9M | −$223.9M | −$155.6M |
| Total shareholders' equity | $30.15B | $31.13B | $26.62B | $25.95B | $24.95B | $24.03B | $24.74B | $22.72B | $22.11B | $21.37B | $20.59B | $22.11B |
| Key figures | ||||||||||||
| Total debt | $14.31B | $14.36B | $14.46B | $16.63B | $16.93B | $17.42B | $15.58B | $18.51B | $16.52B | $16.51B | $16.97B | $16.76B |
| Net cash (debt) | −$5.18B | −$2.07B | −$5.40B | −$7.30B | −$8.54B | −$9.05B | −$6.00B | −$9.28B | −$9.87B | −$9.47B | −$9.84B | −$8.90B |
| Working capital | $1.72B | $4.94B | $2.04B | $3.23B | $3.05B | $1.98B | $2.34B | $1.42B | −$524.4M | $632.1M | $1.06B | $2.44B |
| Tangible book value | −$3.69B | −$2.25B | −$6.16B | −$6.69B | −$7.14B | −$8.01B | −$7.71B | −$9.45B | −$9.81B | −$10.30B | −$11.07B | −$9.64B |
| Book value per share | $7.08 | $7.24 | $6.17 | $5.96 | $5.72 | $5.50 | $5.65 | $5.19 | $5.03 | $4.84 | $4.58 | $4.91 |
| Shares outstanding | 4.26B | 4.30B | 4.32B | 4.35B | 4.36B | 4.37B | 4.38B | 4.38B | 4.40B | 4.42B | 4.49B | 4.50B |
| Current ratio | 1.14 | 1.41 | 1.19 | 1.33 | 1.34 | 1.20 | 1.22 | 1.13 | 0.95 | 1.07 | 1.12 | 1.29 |
| Quick ratio | 0.92 | 1.18 | 1.06 | 1.13 | 1.12 | 1.01 | 1.08 | 0.98 | 0.78 | 0.89 | 1.01 | 1.08 |
| Debt / equity | 0.47 | 0.46 | 0.54 | 0.64 | 0.68 | 0.73 | 0.63 | 0.81 | 0.75 | 0.77 | 0.82 | 0.76 |
| Equity / assets | 51.6% | 51.0% | 47.9% | 47.2% | 47.0% | 46.1% | 46.1% | 43.5% | 45.0% | 43.8% | 42.2% | 44.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 23, 2026); data from EODHD.
NFLX financial position
At the end of fiscal 2025 (December 31, 2025), Netflix had total assets of $55.6 billion (up 3.7% from a year earlier), total liabilities of $29.0 billion and shareholders' equity of $26.6 billion. It held $9.1 billion in cash and short-term investments against $14.5 billion of debt, net debt of $5.4 billion. Its current ratio was 1.19. In the latest quarter (ended June 30, 2026) total assets were $58.5 billion and equity $30.2 billion.
Related: NFLX income statement, NFLX cash flow statement, NFLX key metrics. See the NFLX stock overview for the latest quote and news.
NFLX balance sheet FAQ
What are Netflix's total assets?
Netflix reported total assets of $55.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $53.6 billion a year earlier.
How much debt does Netflix have?
Netflix had $14.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.54.
How much cash does Netflix have?
Netflix held $9.1 billion in cash and short-term investments at the end of fiscal 2025; with $14.5 billion of debt that is net debt of $5.4 billion.
What is Netflix's book value?
Netflix's shareholders' equity (book value) was $26.6 billion at the end of fiscal 2025, or $6.13 per share.
What is Netflix's current ratio?
Netflix had current assets of $13.0 billion and current liabilities of $11.0 billion, a current ratio of 1.19 (it can cover its short-term obligations).
How much goodwill does Netflix have?
Netflix carried $32.8 billion of goodwill and intangible assets, 59.0% of total assets, at the end of fiscal 2025.