UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35727

Netflix, Inc.

(Exact name of Registrant as specified in its charter)


Delaware			77-0467272
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

121 Albright Way,	Los Gatos,	California	95032
(Address of principal executive offices)			(Zip Code)

(408) 540-3700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	NFLX	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~September~~March 3031, ~~2024~~2025, there were ~~427~~425,~~458~~683,~~114~~210 shares of the registrant’s common stock, par value $0.001, outstanding.

Table of Contents

		Page
	Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Consolidated Balance Sheets	6
	Consolidated Statements of Stockholders' Equity	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2422
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3630
Item 4.	Controls and Procedures	3731
	Part II. Other Information
Item 1.	Legal Proceedings	3731
Item 1A.	Risk Factors	3832
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3832
Item 5.	Other Information	3832
Item 6.	Exhibits	3833
Exhibit Index		3934
Signatures		3934

Table of Contents

NETFLIX, INC.

Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

Revenues

910,~~824~~542,~~703~~801

89,~~541~~370,~~668~~440

~~28,754,453~~

~~24,890,472~~

Cost of revenues

5,~~119~~263,~~884~~147

4,~~930~~977,~~788~~073

~~15,271,100~~

~~14,407,883~~

Marketing

642,926

558,736

1,941,350

1,741,266

Sales and marketing

688,370

654,340

Technology and development

~~735~~822,~~063~~823

~~657~~702,~~159~~473

~~2,148,790~~

~~2,002,417~~

General and administrative

~~417~~421,~~353~~462

~~478~~404,~~591~~020

~~1,248,365~~

~~1,281,012~~

Operating income

23,~~909~~346,~~477~~999

12,~~916~~632,~~394~~534

~~8,144,848~~

~~5,457,894~~

Other income (expense):

Interest expense

(184,~~830~~172)

(~~175~~173,~~563~~314)

~~(526,130)~~

~~(524,614)~~

Interest and other income (expense)

~~(21~~50,~~693)~~899

~~168~~155,~~218~~359

~~212,671~~

~~123,975~~

Income before income taxes

23,~~702~~213,~~954~~726

12,~~909~~614,~~049~~579

~~7,831,389~~

~~5,057,255~~

Provision for income taxes

(~~339~~323,~~445~~375)

(~~231~~282,~~627~~370)

~~(988,365)~~

~~(587,103)~~

Net income

2,~~363~~890,~~509~~351

12,~~677~~332,~~422~~209

~~6,843,024~~

~~4,470,152~~

Earnings per share:

Basic

56.5276

35.8040

~~15.91~~

~~10.08~~

Diluted

56.4061

35.7328

~~15.56~~

~~9.90~~

Weighted-average shares of common stock outstanding:

Basic

~~428~~427,~~239~~270

~~441~~432,~~537~~090

~~430,125~~

~~443,540~~

Diluted

~~437~~436,~~898~~962

~~450~~441,~~011~~654

~~439,757~~

~~451,319~~

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Comprehensive Income

(unaudited)

(in thousands)

	Three Months Ended				~~Nine Months Ended~~
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	March 31,2025		March 31,2024
Net income	$	2,~~363~~890,~~509~~351	$	12,~~677~~332,~~422~~209	$	~~6,843,024~~	$	~~4,470,152~~
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income tax benefit of $10 million, $0, $10 million, and $0, respectively	63,432		(94,157)		(84,866)		(16,117)
Foreign currency translation adjustments, net of income tax benefit of $10 million, and $0, respectively	56,915		(73,052)
Change in unrealized gains on available-for-sale securities, net of income tax expense of $1 million, $0, $1 million, and $0, respectively	4,290		—		4,290		—
Net change in unrealized gains (losses) on available-for-sale securities, net of income tax benefit of $1 million, and $0, respectively	(1,812)		—
Cash flow hedges:
Net unrealized gains (losses)	(~~285~~375,~~013~~172)		77176,~~852~~604		~~15,324~~		~~77,852~~
Reclassification of net gains included in net income	(37,365)		—		(54,573)		—
Reclassification of net (gains) losses included in net income	(125,161)		8,514
Net change, net of income tax benefit (expense) of $96 million, $(23) million, $12 million, and $(23) million, respectively	(322,378)		77,852		(39,249)		77,852
Net change, net of income tax benefit (expense) of $149 million, and $(55) million, respectively	(500,333)		185,118
Fair value hedges:
Net unrealized losses excluded from the assessment of effectiveness, net of income tax benefit of $0.3 million, $0, $0.3 million, and $0, respectively	(852)		—		(852)		—
Net change in unrealized gains (losses) excluded from the assessment of effectiveness, net of income tax benefit of $1 million, and $0, respectively	(2,667)		—
Total other comprehensive income (loss)	(~~255~~447,~~508~~897)		~~(16~~112,~~305)~~066		~~(120,677)~~		~~61,735~~
Comprehensive income	$	2,~~108~~442,~~001~~454	$	12,~~661~~444,~~117~~275	$	~~6,722,347~~	$	~~4,531,887~~

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

Cash flows from operating activities:

Net income

2,~~363~~890,~~509~~351

12,~~677~~332,~~422~~209

~~6,843,024~~

~~4,470,152~~

Adjustments to reconcile net income to net cash provided by operating activities:

Additions to content assets

(43,~~016~~549,~~396~~657)

(23,~~883~~728,~~839~~967)

~~(11,794,215)~~

~~(9,025,512)~~

Change in content liabilities

(83411,~~585~~253)

(~~325~~189,~~989~~441)

~~(639,598)~~

~~(634,661)~~

Amortization of content assets

3,~~699~~823,~~521~~112

3,~~573~~670,~~353~~805

~~11,140,016~~

~~10,443,358~~

Depreciation and amortization of property, equipment and intangibles

80,~~914~~067

9087,~~660~~234

~~249,375~~

~~270,380~~

Stock-based compensation expense

6571,~~650~~977

7976,~~720~~345

~~210,761~~

~~256,849~~

Foreign currency remeasurement loss (gain) on debt

~~104~~28,~~809~~547

(~~172~~130,~~678~~801)

~~(68,684)~~

~~(63,075)~~

Other non-cash items

~~128~~114,~~082~~730

~~115~~97,~~688~~181

~~363,851~~

~~357,179~~

Deferred income taxes

(~~200~~163,~~982~~928)

(86107,~~277~~077)

~~(517,446)~~

~~(288,231)~~

Changes in operating assets and liabilities:

Other current assets

54(131,~~956~~367)

~~103~~38,~~766~~049

~~64,046~~

~~(167,805)~~

Accounts payable

30(276,~~597~~426)

(68145,~~390~~265)

~~(134,026)~~

~~(119,726)~~

Accrued expenses and other liabilities

~~179~~306,~~011~~413

~~(65~~251,~~029)~~782

~~316,490~~

~~298,101~~

Deferred revenue

3988,~~328~~913

(526,~~733)~~515

~~70,079~~

~~41,524~~

Other non-current assets and liabilities

(~~124~~82,~~313~~280)

(4066,~~359~~047)

~~(279,203)~~

~~(227,246)~~

Net cash provided by operating activities

2,~~321~~789,~~101~~199

12,~~992~~212,~~315~~522

~~5,824,470~~

~~5,611,287~~

Cash flows from investing activities:

Purchases of property and equipment

(~~126~~128,~~863~~277)

(~~103~~75,~~929~~714)

~~(280,864)~~

~~(266,920)~~

Purchases of investments

(1156,~~742,246~~015)

—

~~(1,742,246)~~

~~(504,862)~~

Proceeds from maturities of investments

—

400,000

—

901,937

Proceeds from maturities and sales of investments

769,954

—

Net cash provided by (used in) investing activities

(1485,~~869,109)~~662

~~296~~(75,~~071~~714)

~~(2,023,110)~~

~~130,155~~

Cash flows from financing activities:

Proceeds from issuance of debt

1,794,460

—

1,794,460

—

Repayments of debt

(800,000)

(400,000)

Repayments of debt

—

(400,000)

—

Proceeds from issuance of common stock

351,602

268,881

Proceeds from issuance of common stock

143,244

57,818

530,875

118,563

Repurchases of common stock

(3,536,396)

(2,000,000)

Repurchases of common stock

(1,700,000)

(2,500,100)

(5,299,998)

(3,545,347)

Taxes paid related to net share settlement of equity awards

(27,870)

(1,825)

Taxes paid related to net share settlement of equity awards

(2,024)

—

(5,732)

—

Other financing activities

(15,652)

—

Other financing activities

(9,084)

(32,826)

(15,334)

(71,746)

Net cash used in financing activities

(4,028,316)

(2,132,944)

Net cash provided by (used in) financing activities

226,596

(2,475,108)

(3,395,729)

(3,498,530)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

150,146

(95,790)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

153,452

(122,707)

(65,061)

(56,658)

Net decrease in cash, cash equivalents and restricted cash

(603,309)

(91,926)

Net increase (decrease) in cash, cash equivalents and restricted cash

832,040

(309,429)

340,570

2,186,254

Cash, cash equivalents and restricted cash at beginning of period

7,807,337

7,118,515

Cash, cash equivalents and restricted cash at beginning of period

6,627,045

7,666,265

7,118,515

5,170,582

Cash, cash equivalents and restricted cash at end of period

7,204,028

7,026,589

Cash, cash equivalents and restricted cash at end of period

7,459,085

7,356,836

7,459,085

7,356,836

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Balance Sheets

(in thousands, except share and par value data)

	As of
	September 30,2024		December 31,2023
	March 31,2025		December 31,2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,~~457~~199,~~025~~848	$	7,~~116~~804,~~913~~733
Short-term investments	1,~~766~~171,~~902~~142		201,~~973~~779,006
Other current assets	23,~~905~~326,~~172~~642		23,~~780~~516,~~247~~640
Total current assets	1211,~~129~~697,~~099~~632		913,~~918~~100,~~133~~379
Content assets, net	32,~~175~~040,~~382~~839		3132,~~658~~452,~~056~~462
Property and equipment, net	1,~~568~~644,~~212~~346		1,~~491~~593,~~444~~756
Other non-current assets	6,~~409~~704,~~151~~827		56,~~664~~483,~~359~~777
Total assets	$	52,~~281~~087,~~844~~644	$	4853,~~731~~630,~~992~~374
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities	$	4,~~489~~128,~~971~~905	$	4,~~466~~393,~~470~~681
Accounts payable	~~641~~614,~~953~~489		~~747~~899,~~412~~909
Accrued expenses and other liabilities	2,~~241~~359,~~758~~518		12,~~803~~156,~~960~~544
Deferred revenue	1,~~513~~609,~~048~~726		1,~~442~~520,~~969~~813
Short-term debt	1,~~820~~005,~~396~~881		~~399~~1,~~844~~784,453
Total current liabilities	109,~~707~~718,~~126~~519		810,~~860~~755,~~655~~400
Non-current content liabilities	1,~~918~~696,~~089~~662		21,~~578~~780,~~173~~806
Long-term debt	14,~~160~~011,~~932~~037		1413,~~143~~798,~~417~~351
Other non-current liabilities	2,~~774~~633,~~961~~353		2,~~561~~552,~~434~~250
Total liabilities	2928,~~561~~059,~~108~~571		28,~~143~~886,~~679~~807
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at September 30, 2024 and December 31, 2023; 427,458,114 and 432,759,584 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	5,887,903		5,145,172
Common stock, $0.001 par value; 4,990,000,000 shares authorized at March 31, 2025 and December 31, 2024; 425,683,210 and 427,757,100 issued and outstanding at March 31, 2025 and December 31, 2024, respectively	6,677,469		6,252,126
Treasury stock at cost (24,784,254 and 16,078,268 shares at September 30, 2024 and December 31, 2023, respectively)	(12,254,855)		(6,922,200)
Treasury stock at cost (29,698,337 and 25,953,460 shares at March 31, 2025 and December 31, 2024, respectively)	(16,754,929)		(13,171,638)
Accumulated other comprehensive loss	(344,622)		(223,945)
Accumulated other comprehensive income (loss)	(85,735)		362,162
Retained earnings	2934,~~432~~191,~~310~~268		2231,~~589~~300,~~286~~917
Total stockholders’ equity	2224,~~720~~028,~~736~~073		2024,~~588~~743,~~313~~567
Total liabilities and stockholders’ equity	$	52,~~281~~087,~~844~~644	$	4853,~~731~~630,~~992~~374

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

Total stockholders' equity, beginning balances

2224,~~112~~743,~~693~~567

2220,~~832~~588,~~215~~313

~~20,588,313~~

~~20,777,401~~

Common stock and additional paid-in capital:

Beginning balances

56,~~680~~252,~~061~~126

45,~~874~~145,~~208~~172

~~5,145,172~~

~~4,637,601~~

Issuance of common stock

~~142~~353,~~192~~366

57268,~~499~~333

~~531,970~~

~~116,977~~

Stock-based compensation expense

6571,~~650~~977

7976,~~720~~345

~~210,761~~

~~256,849~~

Ending balances

56,~~887~~677,~~903~~469

5,~~011~~489,~~427~~850

~~5,887,903~~

~~5,011,427~~

Treasury stock:

Beginning balances

(1013,~~547~~171,~~055~~638)

(16,~~876~~922,~~753~~200)

~~(6,922,200)~~

~~(824,190)~~

Repurchases of common stock to be held as treasury stock

(13,~~707~~583,~~800~~291)

(2,~~522~~011,~~924~~856)

~~(5,332,655)~~

~~(3,575,487)~~

Ending balances

(1216,~~254~~754,~~855~~929)

(48,~~399~~934,~~677~~056)

~~(12,254,855)~~

~~(4,399,677)~~

Accumulated other comprehensive loss:

Accumulated other comprehensive income (loss):

Beginning balances

~~(89~~362,~~114)~~162

(~~139~~223,~~266~~945)

~~(223,945)~~

~~(217,306)~~

Other comprehensive income (loss)

(~~255~~447,~~508~~897)

~~(16~~112,~~305)~~066

~~(120,677)~~

~~61,735~~

Ending balances

(~~344~~85,~~622~~735)

(~~155~~111,~~571~~879)

~~(344,622)~~

~~(155,571)~~

Retained earnings:

Beginning balances

2731,~~068~~300,~~801~~917

1922,~~974~~589,~~026~~286

~~22,589,286~~

~~17,181,296~~

Net income

2,~~363~~890,~~509~~351

12,~~677~~332,~~422~~209

~~6,843,024~~

~~4,470,152~~

Ending balances

2934,~~432~~191,~~310~~268

2124,~~651~~921,~~448~~495

~~29,432,310~~

~~21,651,448~~

Total stockholders' equity, ending balances

2224,~~720~~028,~~736~~073

2221,~~107~~365,~~627~~410

~~22,720,736~~

~~22,107,627~~

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Notes to Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 filed with the Securities and Exchange Commission (the “SEC”) on January 2627, ~~2024~~2025. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.

The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024. Interim results are not necessarily indicative of the results for a full year.

~~The~~There ~~following~~have isbeen ~~provided~~no tomaterial ~~update~~changes in the Company’s significant accounting policies ~~previously~~as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

Derivative Financial Instruments and Hedging Activities

The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.

Cash flow hedges

The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 36 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.

The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.

In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.

Fair value hedges

The Company designates forward contracts as fair value hedges to manage the foreign exchange risk on its foreign-currency denominated debt. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge the full amount of its exposure. The gain or loss on derivative instruments designated as fair value hedges included in the assessment of hedge effectiveness is recognized in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. The Company excludes forward points from the assessment of hedge effectiveness and recognizes the initial value of the excluded component over the life of the hedging instrument in “Interest and other income (expense).” The difference between changes in fair value of the excluded component and the amount recognized in earnings is recognized as a component in

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AOCI. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by (used in) financing activities" on the Consolidated Statements of Cash Flows.

Net investment hedges

The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.

Derivative instruments not designated as hedging instruments

The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.

See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

Stock-based Compensation

The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.

Recently issued accounting pronouncements not yet adopted

In ~~November~~December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, which requires public entities, ~~to disclose information about their reportable segments’ significant expenses and other segment items~~ on an ~~interim and~~ annual basis., ~~Public~~to ~~entities~~provide ~~with~~disclosure aof ~~single~~specific ~~reportable~~categories ~~segment~~in ~~are required to apply~~ the ~~disclosure~~rate ~~requirements~~reconciliation ~~in ASU 2023-07~~table, as well as ~~all~~disclosure ~~existing~~of ~~segment~~income ~~disclosures~~taxes ~~and~~paid ~~reconciliation~~disaggregated ~~requirements~~by ~~in ASC 280 on an interim and annual basis~~jurisdiction. ASU 2023-0709 is effective for ~~fiscal~~the ~~years~~Company ~~beginning after December 15, 2023, and~~ for ~~interim~~the ~~periods within~~ fiscal ~~years~~year ~~beginning~~ending ~~after~~ December 1531, ~~2024, with early adoption permitted~~2025. The Company is currently evaluating the impact of adopting ASU 2023-0709.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosures~~Expenses, ~~which~~requiring ~~requires~~ public entities, ~~on an annual basis,~~ to ~~provide~~disclose ~~disclosure~~additional ofinformation about specific expense categories in the ~~rate~~notes ~~reconciliation,~~to asthe ~~well~~financial asstatements ~~disclosure~~on ofan ~~income~~interim ~~taxes~~and ~~paid~~annual ~~disaggregated by jurisdiction~~basis. ASU ~~2023~~2024-0903 is effective for fiscal years beginning after December 15, ~~2024~~2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU ~~2023~~2024-0903.

2. Revenue Recognition

The following ~~tables~~table ~~summarize~~summarizes ~~streaming~~ revenues, ~~paid net membership additions, and ending paid memberships~~ by region for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024, respectively. Hedging gains (losses) of $48165 million and $70(11) million are included in ~~“Streaming~~ revenues” for the three ~~and nine~~ months ended ~~September~~March 3031, 2025 and 2024, respectively. ~~No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year periods.~~ See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

United States and Canada (UCAN)


	Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands)
United States and Canada (UCAN)	$	4,617,098	$	4,224,315
Europe, Middle East, and Africa (EMEA)	3,404,676		2,958,193
Latin America (LATAM)	1,261,934		1,165,008
Asia-Pacific (APAC)	1,259,093		1,022,924
Total Revenues	$	10,542,801	$	9,370,440

9Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of March 31, 2025, total deferred revenue was $1,610 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. Deferred revenue increased $89 million from $1,521 million as of December 31, 2024 to $1,610

Table of Contents

	As of/Three Months Ended				As of/Nine Months Ended
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	(in thousands)
Streaming revenues	$	4,322,476	$	3,735,133	$	12,842,351	$	10,943,226
Paid net membership additions	694		1,750		4,675		3,025
Paid memberships at end of period (1)	84,803		77,321		84,803		77,321

million as of March 31, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.

Europe, Middle East, and Africa (EMEA)

	As of/Three Months Ended				As of/Nine Months Ended
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	(in thousands)
Streaming revenues	$	3,133,466	$	2,693,146	$	9,099,431	$	7,772,957
Paid net membership additions	2,167		3,953		7,318		7,031
Paid memberships at end of period (1)	96,131		83,760		96,131		83,760

Latin America (LATAM)

	As of/Three Months Ended				As of/Nine Months Ended
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	(in thousands)
Streaming revenues	$	1,240,892	$	1,142,811	$	3,610,045	$	3,290,438
Paid net membership additions (losses)	(68)		1,179		3,185		1,946
Paid memberships at end of period (1)	49,182		43,645		49,182		43,645

Asia-Pacific (APAC)

	As of/Three Months Ended				As of/Nine Months Ended
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	(in thousands)
Streaming revenues	$	1,127,869	$	948,216	$	3,202,626	$	2,801,012
Paid net membership additions	2,280		1,881		7,266		4,404
Paid memberships at end of period (1)	52,604		42,427		52,604		42,427

(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.

Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of September 30, 2024, total deferred revenue was $1,513 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $70 million increase in deferred revenue as compared to the balance of $1,443 million as of December 31, 2023 is a result of the increase in membership fees billed due to increased memberships and price increases.

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3. Earnings Per Share

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

(in thousands, except per share data)

Basic earnings per share:

Net income

2,~~363~~890,~~509~~351

12,~~677~~332,~~422~~209

~~6,843,024~~

~~4,470,152~~

Shares used in computation:

Weighted-average shares of common stock outstanding

~~428~~427,~~239~~270

~~441~~432,~~537~~090

~~430,125~~

~~443,540~~

Basic earnings per share

56.5276

35.8040

~~15.91~~

~~10.08~~

Diluted earnings per share:

Net income

2,~~363~~890,~~509~~351

12,~~677~~332,~~422~~209

~~6,843,024~~

~~4,470,152~~

Shares used in computation:

Weighted-average shares of common stock outstanding

~~428~~427,~~239~~270

~~441~~432,~~537~~090

~~430,125~~

~~443,540~~

Effect of dilutive stock-based awards

9,~~659~~692

89,~~474~~564

~~9,632~~

~~7,779~~

Weighted-average number of shares

~~437~~436,~~898~~962

~~450~~441,~~011~~654

~~439,757~~

~~451,319~~

Diluted earnings per share

56.4061

35.7328

~~15.56~~

~~9.90~~

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

(in thousands)

Stock-based awards

~~159~~36

~~3,147~~685

~~321~~

~~4,447~~

119

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4. Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale (“AFS”). The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.

The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	As of September 30, 2024
	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	4,~~809~~910,~~569~~386	$	—	$	—	$	4,~~809~~910,~~569~~386	$	4,~~807~~906,~~566~~264	$	—	$	14,~~923~~044	$	8078
Level 1 securities:
Money market funds	2,~~432~~054,~~077~~298		—		—		2,~~432~~054,~~077~~298		2,~~432~~054,~~020~~240		—		—		5758
Level 2 securities:
Time Deposits (1)	250,412		—		—		250,412		217,439		32,973		—		—
Time Deposits(1)	438,449		—		—		438,449		239,344		199,105		—		—
Government securities (2)	1,728,363		5,566		—		1,733,929		—		1,733,929		—		—
Government securities(2)	971,130		907		—		972,037		—		972,037		—		—
	$	98,~~220~~374,~~421~~263	$	~~5,566~~907	$	—	$	98,~~225~~375,~~987~~170	$	7,~~457~~199,~~025~~848	$	1,~~766~~171,~~902~~142	$	14,~~923~~044	$	~~137~~136

	As of December 31, 2023
	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	54,~~988~~866,~~176~~753	$	—	$	—	$	54,~~988~~866,~~176~~753	$	54,~~986~~864,~~629~~207	$	—	$	12,~~466~~472	$	8174
Level 1 securities:
Money market funds	~~925~~2,~~707~~676,314		—		—		~~925~~2,~~707~~676,314		~~925~~2,~~652~~676,256		—		—		5558
Level 2 securities:
Time Deposits (1)	225,605		—		—		225,605		204,632		20,973		—		—
Time Deposits(1)	301,374		—		—		301,374		264,270		37,104		—		—
	$	7,139,488	$	—	$	—	$	7,139,488	$	7,116,913	$	20,973	$	1,466	$	136
Government securities(2)	1,738,642		3,260		—		1,741,902		—		1,741,902		—		—
	$	9,583,083	$	3,260	$	—	$	9,586,343	$	7,804,733	$	1,779,006	$	2,472	$	132

(1) The majority of the Company's time deposits are international deposits, which mature within one year.

(2) The Company's government securities mature within one year.

Other current assets ~~include~~and non-current assets primarily consist of restricted cash for deposits related to self-insurance. ~~Non-current assets include restricted cash related to letter of credit agreements.~~ The fair value of available-for-sale securities, cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.

See Note 6 Debt and Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.

1210

5. Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:

	As of
	September 30,2024		December 31,2023
	March 31,2025		December 31,2024
	(in thousands)
Licensed content, net	$	12,~~307~~393,~~674~~120	$	12,~~722~~422,~~701~~309
Produced content, net
Released, less amortization	10,~~025~~366,~~304~~702		910,~~843~~151,~~150~~543
In production	98,~~197~~652,~~715~~278		89,~~247~~317,~~578~~367
In development and pre-production	~~644~~628,~~689~~739		~~844~~561,~~627~~243
	19,867,708		18,935,355
	19,647,719		20,030,153
Content assets, net	$	32,~~175~~040,~~382~~839	$	3132,~~658~~452,~~056~~462

AsThe offollowing ~~September 30,~~table ~~2024,~~summarizes the ~~amount~~amortization of ~~accrued~~content ~~participations and residuals was not material.~~assets:

The following table represents the amortization of content assets:


	Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands)
Licensed content	$	1,998,525	$	1,835,117
Produced content	1,824,587		1,835,688
Total	$	3,823,112	$	3,670,805

	Three Months Ended				Nine Months Ended
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	(in thousands)
Licensed content	$	1,814,040	$	1,777,701	$	5,533,648	$	5,280,700
Produced content	1,885,481		1,795,652		5,606,368		5,162,658
Total	$	3,699,521	$	3,573,353	$	11,140,016	$	10,443,358

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

As of

September 30,2024

December 31,2023

Estimated Useful Lives

March 31,2025

December 31,2024

Estimated Useful Lives

(in thousands)

Land

85,000

Buildings and improvements

~~471~~506,~~620~~775

~~154~~475,~~165~~684

30 years

Leasehold improvements

1,~~049~~048,~~510~~174

1,~~032~~026,~~492~~593

Over life of lease

Furniture and fixtures

137,~~468~~188

~~144~~134,~~737~~987

3 years

Information technology

~~432~~475,~~078~~503

~~414~~446,~~092~~419

3 years

Corporate aircraft

99,175

8-10 years

Machinery and equipment

1315,~~035~~016

1015,~~334~~135

3-5 years

Capital work-in-progress

~~202~~253,~~652~~720

~~406~~228,~~492~~300

Property and equipment, gross

2,~~490~~620,~~538~~551

2,~~346~~511,~~487~~293

Less: Accumulated depreciation

(~~922~~976,~~326~~205)

(~~855~~917,~~043~~537)

Property and equipment, net

1,~~568~~644,~~212~~346

1,~~491~~593,~~444~~756

1311

Leases

The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:

Three Months Ended

~~Nine Months Ended~~

September 30,2024

September 30,2023

September 30,2024

September 30,2023

March 31,2025

March 31,2024

(in thousands)

Cash paid for operating lease liabilities

~~128~~118,~~917~~347

~~110~~125,~~959~~306

~~384,327~~

~~339,126~~

Right-of-use assets obtained in exchange for new operating lease obligations

5172,~~587~~993

49183,~~238~~962

~~396,361~~

~~161,704~~

	As of
	September 30,2024		December 31,2023
	March 31,2025		December 31,2024
	(in thousands)
Operating lease right-of-use assets, net	$	2,~~214~~095,~~458~~247	$	2,~~076~~102,~~899~~310
Current operating lease liabilities	~~432~~437,~~661~~268		~~383~~428,~~312~~482
Non-current operating lease liabilities	21,~~094~~969,~~659~~301		21,~~046~~983,~~801~~688
Total operating lease liabilities	$	2,~~527~~406,~~320~~569	$	2,~~430~~412,~~113~~170

Other Current Assets

Other current assets consisted of the following:

As of

September 30,2024

December 31,2023

March 31,2025

December 31,2024

(in thousands)

Trade receivables

1,~~217~~447,~~659~~986

1,~~287~~335,~~054~~304

Prepaid expenses

~~435~~484,~~730~~369

~~408~~431,~~936~~924

Other

1,~~251~~394,~~783~~287

1,~~084~~749,~~257~~412

Total other current assets

23,~~905~~326,~~172~~642

23,~~780~~516,~~247~~640

1412

Table of Contents

6. Debt

As of ~~September~~March 3031, ~~2024~~2025, the Company had aggregate outstanding notes of $15,~~981~~017 million, net of $6867 million of issuance costs and ~~$6 million of~~ discounts, with varying maturities (the "Notes"). Of the outstanding balance, $1,~~820~~006 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, ~~2023~~2024, the Company had aggregate outstanding notes of $1415,~~543~~583 million, net of $6570 million of issuance costs. and discounts. Each of the Notes are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss, net of hedging impacts, totaling $~~105~~29 million for the three months ended ~~September~~March 3031, ~~2024 and remeasurement gain, net of hedging impacts, totaling $69 million for the nine months ended September 30, 2024~~2025). See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	Principal Amount at Par						Level 2 Fair Value as of
	September 30,2024		December 31,2023		Issuance Date	Maturity	September 30,2024		December 31,2023
	March 31,2025		December 31,2024		Issuance Date	Maturity	March 31,2025		December 31,2024
	(in millions)						(in millions)
5.750% Senior Notes	$	—	$	400	February 2014	March 2024	$	—	$	400
5.875% Senior Notes	$	—	$	800	February 2015	February 2025	$	—	$	801
5.875% Senior Notes	800		800		February 2015	February 2025	803		807
3.000% Senior Notes(1)	508		487		April 2020	June 2025	508		487
3.000% Senior Notes (1)	523		519		April 2020	June 2025	522		516
3.625% Senior Notes	500		500		April 2020	June 2025	499		497
3.625% Senior Notes	500		500		April 2020	June 2025	496		491
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,002		998
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,008		996
3.625% Senior Notes(1)	1,404		1,346		May 2017	May 2027	1,433		1,375
3.625% Senior Notes (1)	1,446		1,434		May 2017	May 2027	1,477		1,454
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,674		1,607
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,639		1,621
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	1,928		1,970
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	2,026		2,009
4.625% Senior Notes(1)	1,188		1,139		October 2018	May 2029	1,265		1,220
4.625% Senior Notes (1)	1,225		1,215		October 2018	May 2029	1,314		1,300
6.375% Senior Notes	800		800		October 2018	May 2029	857		848
6.375% Senior Notes	800		800		October 2018	May 2029	874		872
3.875% Senior Notes(1)	1,296		1,242		April 2019	November 2029	1,342		1,293
3.875% Senior Notes (1)	1,336		1,325		April 2019	November 2029	1,393		1,372
5.375% Senior Notes	900		900		April 2019	November 2029	930		918
5.375% Senior Notes	900		900		April 2019	November 2029	948		931
3.625% Senior Notes(1)	1,188		1,139		October 2019	June 2030	1,217		1,174
3.625% Senior Notes (1)	1,225		1,215		October 2019	June 2030	1,263		1,237
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,012		996
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,032		1,012
4.900% Senior Notes	1,000		1,000		August 2024	August 2034	1,002		982
4.900% Senior Notes	1,000		—		August 2024	August 2034	1,035		—
5.400% Senior Notes	800		800		August 2024	August 2054	787		782
5.400% Senior Notes	800		—		August 2024	August 2054	846		—
	$	15,084	$	15,653			$	15,456	$	15,948
	$	16,055	$	14,608			$	16,676	$	15,018

(1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.

In the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, the Company repaid upon maturity the $~~400~~800 million aggregate principal amount of its 5.~~750~~875% Senior Notes.

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens, and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company was in compliance with all related covenants.

1513

Table of Contents

Revolving Credit Facility

On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of ~~September~~March 3031, ~~2024~~2025, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.

The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company was in compliance with all related covenants and ratios.

7. Derivative Financial Instruments and Hedging Activities

Notional Amount of Derivative Contracts

The net notional amounts of the Company’s outstanding derivative instruments were as follows:

	As of
	September 30,2024		December 31,2023
	March 31,2025		December 31,2024
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	1718,~~786~~207,~~210~~861	$	818,~~783~~508,~~273~~390
Fair value hedges	3,~~834~~830,~~258~~227		—3,819,817
Derivatives not designated as hedging instruments:
Foreign exchange contracts	1,~~033~~493,~~077~~593		—1,432,136
Total	$	2223,~~653~~531,~~545~~681	$	823,~~783~~760,~~273~~343

As of ~~September~~March 3031, 2025 and December 31, 2024, approximately $1.1 billion and $1.0 billion, respectively, of the Company’s euro–denominated Senior Notes ~~was~~were designated as ahedges ~~hedge~~ of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries. ~~See Note 6 Debt for further information on the Company’s debt obligations.~~

As of March 31, 2025 and December 31, 2024, the carrying amount of the Company's euro-denominated Senior Notes (included in "Long-term debt" on the Company's Consolidated Balance Sheets), which were designated as the hedged items in fair value hedges, was approximately $3.7 billion and $3.6 billion, respectively.

Note 6 Debt for further information on the Company’s debt obligations.

Fair Value of Derivative Contracts

The fair value of the Company’s outstanding derivative instruments was as follows:

	As of September 30, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	136,211	$	5,080	$	196,622	$	120,764
Derivatives not designated as hedging instruments:
Foreign exchange contracts	14,713		—		18,765		—
Total	$	150,924	$	5,080	$	215,387	$	120,764

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As of December 31, 2023

As of March 31, 2025

Derivative Assets

Derivative Liabilities

Other current assets

Other non-current assets

Accrued expenses and other liabilities

Other non-current liabilities

(in thousands)

Derivatives designated as hedging instruments:

Foreign exchange contracts

26286,~~416~~746

4153,~~518~~540

~~140~~183,~~089~~101

4654,~~575~~518

Derivatives not designated as hedging instruments:

Foreign exchange contracts

—6,060

—

—10,408

—

Total

26292,~~416~~806

4153,~~518~~540

~~140~~193,~~089~~509

4654,~~575~~518


	As of December 31, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	580,065	$	406,677	$	303,425	$	83
Derivatives not designated as hedging instruments:
Foreign exchange contracts	16,211		—		14,492		—
Total	$	596,276	$	406,677	$	317,917	$	83

The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies.

As of ~~September~~March 3031, ~~2024~~2025, the pre-tax net accumulated ~~loss~~gain on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $~~135~~186 million.

Master Netting Agreements

In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets.

The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. Cash Nocollateral received is presented in “Accrued expenses and other liabilities” representing the Company’s obligation to return counterparty cash collateral. Cash ~~was~~collateral ~~received~~posted oris ~~posted~~presented byin “Other current assets,” representing the Company’s asright to reclaim the cash collateral. The Company does not offset the fair value of ~~September 30,~~its ~~2024~~derivative ~~and~~instruments ~~December 31,~~against ~~2023~~the fair value of cash collateral posted or received.

The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:

As of September 30, 2024

As of March 31, 2025

Gross Amount Not Offset in the Consolidated Balance Sheets

Gross Amount Recognized in the Consolidated Balance Sheets

Gross Amount Offset in the Consolidated Balance Sheets

Net Amount Presented in the Consolidated Balance Sheets

Financial Instruments

Collateral Received and Posted

Net Amount

(in thousands)

Derivative assets

~~156~~446,~~004~~346

—

~~156~~446,~~004~~346

(~~155~~230,~~428~~087)

—

~~576~~216,259

Derivative liabilities

~~336~~248,~~151~~027

—

~~336~~248,~~151~~027

(~~155~~230,~~428~~087)

—

~~180~~17,~~723~~940

	As of December 31, 2023
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	30,934	$	—	$	30,934	$	(27,246)	$	—	$	3,688
Derivative liabilities	186,664		—		186,664		(27,246)		—		159,418

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	As of December 31, 2024
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	1,002,953	$	—	$	1,002,953	$	(316,320)	$	(1,800)	$	684,833
Derivative liabilities	318,000		—		318,000		(316,320)		—		1,680

Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements

The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:

	Three Months Ended				~~Nine Months Ended~~
	September 30,2024		September 30,2023		September 30,2024		September 30,2023
	March 31,2025		March 31,2024
	(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness	$	(~~369~~486,~~805~~967)	$	~~101~~229,~~169~~144	$	~~19,883~~	$	~~101,169~~
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness	(1018,~~175~~031)		—		~~(10,175)~~		—
Net investment hedges:
Foreign currency-denominated debt	~~(42,000)~~		—		~~(45,400)~~		—
Total	$	(421,980)	$	101,169	$	(35,692)	$	101,169
Amount included in the assessment of effectiveness	(44,600)		—
Total	$	(549,598)	$	229,144

The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:

Three Months Ended

September 30, 2024

March 31, 2025

Revenues

Cost of Revenues

Interest and other income (expense)

(in thousands)

Total amounts presented in the Consolidated Statements of Operations

910,~~824~~542,~~703~~801

5,~~119~~263,~~884~~147

~~(21~~50,~~693)~~899

Gains on derivatives in cash flow hedging relationship

Gains (losses) on derivatives in cash flow hedging relationship

Foreign exchange contracts

Amount of gains reclassified from AOCI

48,184

297

—

Amount of gains (losses) reclassified from AOCI

164,796

(2,339)

—

Gains (losses) on derivatives in fair value hedging relationship

Foreign exchange contracts

Hedged items

—

(71153,~~673~~825)

Derivatives designated as hedging instruments

—

70157,~~332~~435

Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach

—

(914,~~069~~569)

Losses on derivatives not designated as hedging instruments

Foreign exchange contracts

—

(120,~~296~~950)

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Nine Months Ended

Three Months Ended

September 30, 2024

March 31, 2024

Revenues

Cost of Revenues

Interest and other income (expense)

(in thousands)

Total amounts presented in the Consolidated Statements of Operations

289,~~754~~370,~~453~~440

154,~~271~~977,~~100~~073

~~212~~155,~~671~~359

Gains on derivatives in cash flow hedging relationship

Gains (losses) on derivatives in cash flow hedging relationship

Foreign exchange contracts

Amount of gains reclassified from AOCI

70,244

564

—

Amount of gains (losses) reclassified from AOCI

(11,241)

194

—

Gains (losses) on derivatives in fair value hedging relationship

Foreign exchange contracts

Hedged items

—

~~(71,673)~~—

Derivatives designated as hedging instruments

—

~~70,332~~—

Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach

—

~~(9,069)~~—

Gains on derivatives not designated as hedging instruments

Foreign exchange contracts

—

124,~~767~~266

No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and nine months ended September 30, 2023.

8. Commitments and Contingencies

Content

As of ~~September~~March 3031, ~~2024~~2025, the Company had $2221.78 billion of obligations comprised of $4.51 billion included in "Current content liabilities" and $1.97 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.30 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.

As of December 31, ~~2023~~2024, the Company had $2123.72 billion of obligations comprised of $4.54 billion included in "Current content liabilities" and $21.68 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $1417.60 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.

The expected timing of payments for these content obligations is as follows:

	As of
	September 30,2024		December 31,2023
	March 31,2025		December 31,2024
	(in thousands)
Less than one year	$	1110,~~810~~977,~~836~~295	$	1011,~~328~~424,~~923~~696
Due after one year and through three years	87,~~062~~552,~~166~~902		8,~~784~~113,~~302~~910
Due after three years and through five years	2,~~277~~520,~~918~~879		2,~~016~~809,~~358~~834
Due after five years	~~547~~739,~~375~~567		~~583~~900,~~766~~491
Total content obligations	$	2221,~~698~~790,~~295~~643	$	2123,~~713~~248,~~349~~931

Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.

Legal Proceedings

19From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations.

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From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.

The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.

Non-Income Taxes

The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.

Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with Brazilian tax authorities regarding non-income tax assessments. Although the Company believes it has meritorious defenses to these matters, there is inherent complexity and uncertainty with respect to these matters, and the final outcome may be materially different from our expectations. The current potential exposure with respect to the various issues with Brazilian tax authorities regarding non-income tax assessments is estimated to be approximately $~~400~~500 million, which is expected to increase over time.

Guarantees— Indemnification Obligations

In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract.

The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.

It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

9. Stockholders’ Equity

Equity Incentive Plans

The Netflix, Inc. 2020 Stock Plan is a stockholder-approved plan that provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants.

Stock Option Activity

Stock options are generally vested in full upon the grant date and are exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers in fiscal years 2023 and 2024 vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date. All executive options subject to a one-year service period have vested as of March 31, 2025.

The following table summarizes the activities related to the Company’s stock options:

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	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price(per share)
Balances as of December 31, 2023	19,695,109	$	268.86
Balances as of December 31, 2024	15,419,002	$	312.48
Granted	~~465~~108,~~641~~387	~~583~~949.6665
Exercised	(31,~~384~~607,~~520~~290)	~~157~~219.1885
Expired	(41,~~324~~010)	5662.7210
Balances as of September 30, 2024	16,771,906	$	300.20
Balances as of March 31, 2025	13,919,089	$	328.16
Vested and expected to vest as of September 30, 2024	16,771,906	$	300.20
Vested and exercisable as of March 31, 2025	13,919,089	$	328.16
Exercisable as of September 30, 2024	16,694,821	$	299.59

Restricted Stock Unit Activity

The Company grants time-based restricted stock unit (“RSU”) awards and performance-based restricted stock unit (“PSU”) awards to certain executive officers. RSU awards vest quarterly over a three-year period subject to the executive’s continued employment or service with the Company through the vesting date. PSU awards have performance periods ranging from one to three years and vest depending on the Company’s achievement of predetermined market-based performance targets.

The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:

	Unvested Restricted Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value(per share)
Balances as of December 31, 2023	—	$	—
Balances as of December 31, 2024	133,318	$	711.23
Granted	159,978	686.36
Granted(1)	115,772	1,102.58
Vested	(19,996)	562.00
Vested(1)	(63,697)	782.18
Forfeited	—	—
Balances as of September 30, 2024	139,982	$	704.12
Balances as of March 31, 2025	185,393	$	931.23

(1) Amounts include 26,660 PSU awards that were granted and 53,320 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2024, but were settled in the three months ended March 31, 2025.

Stock-based Compensation

Total stock-based compensation expense was $6672 million and $~~211~~76 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024,~~2025 ~~respectively,~~ and ~~$80 million and $257 million for the three and nine months ended September 30~~2024, ~~2023,~~ respectively.

Stock Repurchases

In ~~March~~September ~~2021~~2023, the ~~Company’s~~ Board of Directors authorized the repurchase of up to $510 billion of ~~its~~the Company’s common stock, with no expiration date, and in ~~September~~December ~~2023~~2024, the Board of Directors increased the share repurchase authorization by an additional $1015 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, the Company repurchased 23,~~551~~713,~~039~~828 ~~and~~shares ~~8,696,108~~of ~~shares,~~common ~~respectively,~~stock for an aggregate amount of $13.~~7 billion and $~~5.3 billion~~, respectively~~. As of ~~September~~March 3031, ~~2024~~2025, $313.16 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of ~~September~~March 3031, ~~2024~~2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three ~~and nine~~ months ended ~~September~~March 3031, 2025 and 2024:

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	Foreign Currency TranslationAdjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges		Change in Unrealized Gains (Losses) on AFS Securities		Tax (Expense) Benefit		Total
	(in thousands)
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	—	$	—	$	(47,745)	$	(89,114)
Balances as of December 31, 2024	$	(376,833)	$	32,400	$	914,369	$	9,233	$	3,260	$	(220,267)	$	362,162
Other comprehensive income (loss) before reclassifications	9591,~~802~~276		(4244,~~000~~600)		(~~369~~486,~~805~~967)		(1018,~~175~~031)		5(2,~~566~~232)		95126,~~479~~687		(~~225~~333,~~133~~867)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(48162,~~481~~457)		914,~~069~~569		—(121)		933,~~037~~979		(30114,~~375~~030)
Net change in accumulated other comprehensive income (loss)	9591,~~802~~276		(4244,~~000~~600)		(~~418~~649,~~286~~424)		(13,~~106~~462)		5(2,~~566~~353)		~~104~~160,~~516~~666		(~~255~~447,~~508~~897)
Balances as of September 30, 2024	$	(153,798)	$	(45,400)	$	(206,655)	$	(1,106)	$	5,566	$	56,771	$	(344,622)
Balances as of March 31, 2025	$	(285,557)	$	(12,200)	$	264,945	$	5,771	$	907	$	(59,601)	$	(85,735)

	Foreign Currency TranslationAdjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges		Change in Unrealized Gains (Losses) on AFS Securities		Tax (Expense) Benefit		Total
	(in thousands)
Balances as of December 31, 2023	$	(103,922)	$	—	$	(155,730)	$	—	$	—	$	35,707	$	(223,945)
Other comprehensive income (loss) before reclassifications	(4973,~~876~~052)		~~(45,400)~~—		19229,~~883~~144		~~(10,175)~~—		~~5,566~~—		6(52,~~908~~540)		~~(73~~103,~~094)~~552
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		~~(70~~11,~~808)~~047		~~9,069~~—		—		14(2,~~156~~533)		~~(47~~8,~~583)~~514
Net change in accumulated other comprehensive income (loss)	(4973,~~876~~052)		~~(45,400)~~—		~~(50~~240,~~925)~~191		~~(1,106)~~—		~~5,566~~—		21(55,~~064~~073)		~~(120~~112,~~677)~~066
Balances as of September 30, 2024	$	(153,798)	$	(45,400)	$	(206,655)	$	(1,106)	$	5,566	$	56,771	$	(344,622)
Balances as of March 31, 2024	$	(176,974)	$	—	$	84,461	$	—	$	—	$	(19,366)	$	(111,879)

The following tables summarize the ~~changes~~amounts inreclassified ~~accumulated~~from ~~balances~~AOCI ofto ~~other~~the ~~comprehensive~~Consolidated ~~income~~Statement ~~(loss)~~of Operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2023~~2025 and 2024:

	Foreign Currency TranslationAdjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges		Change in Unrealized Gains (Losses) on AFS Securities		Tax (Expense) Benefit		Total
	Three Months Ended
	(in thousands)
	March 31, 2025
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	—	$	(139,266)
	Revenues		Cost of Revenues		Interest and other income (expense)		Provision for Income Taxes		Total Reclassifications
Other comprehensive income (loss) before reclassifications	(94,157)		—		101,169		—		—		(23,317)		(16,305)
	(in thousands)
Net change in accumulated other comprehensive income (loss)	(94,157)		—		101,169		—		—		(23,317)		(16,305)
Gains (losses) on available-for-sale securities
Balances as of September 30, 2023	$	(233,423)	$	—	$	101,169	$	—	$	—	$	(23,317)	$	(155,571)
Amount of gains (losses) reclassified from AOCI	$	—	$	—	$	121	$	(28)	$	93
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	164,796		(2,339)		—		(37,296)		125,161
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		(14,569)		3,345		(11,224)
Total	$	164,796	$	(2,339)	$	(14,448)	$	(33,979)	$	114,030

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	Foreign Currency TranslationAdjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges		Change in Unrealized Gains (Losses) on AFS Securities		Tax (Expense) Benefit		Total
	Three Months Ended
	(in thousands)
	March 31, 2024
Balances as of December 31, 2022	$	(217,306)	$	—	$	—	$	—	$	—	$	—	$	(217,306)
	Revenues		Cost of Revenues		Interest and other income (expense)		Provision for Income Taxes		Total Reclassifications
Other comprehensive income (loss) before reclassifications	(16,117)		—		101,169		—		—		(23,317)		61,735
	(in thousands)
Net change in accumulated other comprehensive income (loss)	(16,117)		—		101,169		—		—		(23,317)		61,735
Gains (losses) on available-for-sale securities
Balances as of September 30, 2023	$	(233,423)	$	—	$	101,169	$	—	$	—	$	(23,317)	$	(155,571)
Amount of gains (losses) reclassified from AOCI	$	—	$	—	$	—	$	—	$	—
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	(11,241)		194		—		2,533		(8,514)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		—		—		—
Total	$	(11,241)	$	194	$	—	$	2,533	$	(8,514)

The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:

	Three Months Ended
	September 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	48,184	$	297	$	—	$	(11,116)	$	37,365
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		(9,069)		2,079		(6,990)
Total	$	48,184	$	297	$	(9,069)	$	(9,037)	$	30,375

	Nine Months Ended
	September 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	70,244	$	564	$	—	$	(16,235)	$	54,573
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		(9,069)		2,079		(6,990)
Total	$	70,244	$	564	$	(9,069)	$	(14,156)	$	47,583

No amounts were reclassified from AOCI into the Consolidated Statements of Operations in the three and nine months ended September 30, 2023.

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10. Income Taxes

	Three Months Ended						~~Nine Months Ended~~
	September 30,2024			September 30,2023			September 30,2024			September 30,2023
	March 31,2025			March 31,2024
	(in thousands, except percentages)
Provision for income taxes	$	~~339~~323,~~445~~375		$	~~231~~282,~~627~~370		$	~~988,365~~		$	~~587,103~~
Effective tax rate	1310		%	1211		%	13		%	12		%

The effective tax ~~rates~~rate for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.

11. Segment and Geographic Information

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis. The ~~for~~CODM ~~the~~uses ~~purposes~~consolidated ofoperating ~~making~~margin ~~operating~~and ~~decisions,~~net ~~assessing~~income to assess financial performance and ~~allocating~~allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.

~~Total~~The ~~U.S.~~following ~~revenues~~table ~~were~~presents ~~$4.0~~selected ~~billion~~financial ~~and~~information ~~$11.9 billion,~~with ~~respectively,~~respect ~~for~~to the ~~three~~Company’s ~~and~~single ~~nine~~operating ~~months~~segment ~~ended September 30, 2024, and $3.5 billion and $10.1 billion, respectively,~~ for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2023.~~2025 ~~See~~and ~~Note 2 Revenue Recognition for additional information about streaming revenue by region.~~2024:

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, were located as follows:21

	As of
	September 30,2024		December 31,2023
	(in thousands)
United States	$	2,756,275	$	2,724,710
International	1,026,395		843,633

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	Three Months Ended
	March 31, 2025			March 31, 2024
	(in thousands)
Revenues	$	10,542,801		$	9,370,440
Less:
Content amortization	3,823,112			3,670,805
Other cost of revenues	1,440,035			1,306,268
Sales and marketing	688,370			654,340
Technology and development	822,823			702,473
General and administrative	421,462			404,020
Operating income	3,346,999			2,632,534
Operating margin	31.7		%	28.1		%

Other income (expense)
Interest expense	(184,172)			(173,314)
Interest and other income (expense)(1)	50,899			155,359
Income before income taxes	3,213,726			2,614,579
Provision for income taxes	(323,375)			(282,370)
Net income	$	2,890,351		$	2,332,209

(1) Includes interest income of $82 million and $67 million for the three months ended March 31, 2025 and 2024, respectively.

See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Total U.S. revenues were $4.3 billion and $3.9 billion for the three months ended March 31, 2025 and 2024, respectively. See Note 2 Revenue Recognition for additional information about revenues by region.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, were located as follows:


	As of
	March 31, 2025		December 31, 2024
	(in thousands)
United States	$	2,783,723	$	2,769,828
International	955,870		926,238

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding: our core strategy; our ability to improve our content offerings and service; our future financial performance, including expectations regarding revenues, deferred revenue, operating income and margin, net income, expenses, and profitability; liquidity, including the sufficiency of our capital resources, net cash provided by (used in) operating activities, ~~and~~ access to financing sources and free cash flows; capital allocation strategies, including any stock repurchases or repurchase programs; seasonality; stock price volatility; impact of foreign exchange rate fluctuations, including on net income, revenues ~~and average revenues per paying member~~; expectations regarding hedging activity; impact of interest rate fluctuations; adequacy of existing facilities; future regulatory changes and their impact on our business; intellectual property; cybersecurity; price changes and testing; accounting treatment for changes related to content assets; acquisitions; ~~membership~~actions ~~growth,~~by ~~including~~competitors; ~~impact~~partnerships; ofadvertising; ~~content~~multi-household ~~and~~usage; ~~pricing~~reporting ~~changes~~of on membership-related ~~growth~~data; member viewing patterns; dividends; future contractual obligations, including unknown content obligations and timing of payments; our global content and marketing investments, including investments in original programming, consumer products and live experiences; impact of work stoppages; content amortization; resolution of tax examinations; tax expense; unrecognized tax benefits; deferred tax assets; resolution of disputes and other proceedings; our ability to effectively manage change and growth.; our company culture; and our ability to attract and retain qualified employees and key personnel. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those included in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on January 26, 2024, in particular the risk factors discussed under the heading “Risk Factors” in Part I, Item 1A.

~~We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law.~~22

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~~post~~those ondiscussed ~~social~~in ~~media~~our ~~and~~Annual ~~blogs~~Report ~~could~~on beForm ~~deemed~~10-K tofor bethe ~~material~~year ~~information. Therefore~~ended December 31, we2024 ~~encourage~~filed ~~investors,~~with the ~~media,~~Securities and ~~others~~Exchange ~~interested~~Commission in(“SEC”) ~~our~~on ~~company~~January to27, ~~review~~2025, in particular the ~~information~~risk wefactors ~~post~~discussed onunder the ~~social~~heading ~~media~~“Risk ~~channels~~Factors” ~~and~~in ~~blogs~~Part ~~listed~~I, onItem ~~our investor relations website~~1A.

We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law.

Investors and others should note that we announce material financial and other information to our investors using our investor relations website (ir.netflix.net), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs to communicate with our members and the public about our company, our services and other issues. It is possible that the information we post on social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels and blogs listed on our investor relations website.

Overview

We are one of the world’s leading entertainment services ~~with~~offering ~~approximately 283 million paid memberships in over 190 countries enjoying~~ TV series, films and games across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.

Our core strategy is to grow our business globally within the parameters of our operating margin target. We strive to continuously improve our members’' experience by offering compelling content that delights them and attracts new members. We aim to offer a range of pricing plans, including our ad-supported subscription plan, to meet a variety of consumer needs. We seek to drive conversation around our content to further enhance member joy, and we are continuously enhancing our user interface to help our members more easily choose content that they will find enjoyable.

Our membership growth exhibits a seasonal pattern that reflects variations when consumers buy internet-connected screens and when they tend to increase their viewing. Historically, the fourth quarter represents our greatest streaming membership growth. In addition, our membership growth can be impacted by our content release schedule and changes to pricing and plans.

Results of Operations

The following represents our consolidated performance highlights(1):

	As of/Three Months Ended						Change
	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	March 31,2025			March 31,2024			Q1'25 vs. Q1'24
	(in thousands, except revenue per membership and percentages)
	(in thousands, except percentages)
Financial Results:
Streaming revenues	$	9,824,703		$	8,519,306		$	1,305,397		15	%
Revenues	$	10,542,801		$	9,370,440		$	1,172,361		13	%
DVD revenues (1)	—			22,362			(22,362)			(100)	%
Constant currency change in revenues(2)										16	%
Total revenues	$	9,824,703		$	8,541,668		$	1,283,035		15	%
Operating income	$	3,346,999		$	2,632,534		$	714,465		27	%
Operating income	$	2,909,477		$	1,916,394		$	993,083		52	%
Operating margin	31.7		%	28.1		%	3.6		%
Operating margin	29.6		%	22.4		%	7.2		%
Net income	$	2,890,351		$	2,332,209		$	558,142		24	%
Global Streaming Memberships:
Paid net membership additions	5,073			8,763			(3,690)			(42)	%
Paid memberships at end of period	282,720			247,153			35,567			14	%
Average paying memberships	280,184			242,772			37,412			15	%
Average monthly revenue per paying membership	$	11.69		$	11.70		$	(0.01)		—	%
Constant currency change (2)										5	%

(1) We have discontinued ~~our~~the ~~DVD-by-mail~~quarterly ~~service~~reporting inof ~~September~~membership ~~2023. The~~numbers, ~~discontinuance~~focusing ofinstead ~~our~~on ~~DVD~~revenue and operating margin as the primary financial metrics that we believe best represent our business ~~had~~performance. Therefore, aneffective ~~immaterial~~in ~~impact~~this Quarterly Report on ~~our~~Form ~~operations~~10-Q ~~and~~for ~~financial~~the ~~results~~quarter ended March 31, 2025, we are no longer reporting streaming membership metrics, including paid net membership additions (losses), paid memberships at end of period, average paying memberships or average monthly revenue per paying membership.

(2) WeSee ~~believe~~ the ~~non~~“Non-GAAP ~~financial~~Constant ~~measure~~Currency ~~of constant currency revenue is useful in analyzing the underlying trends in average monthly revenue per paying membership (“ARM~~Information”) ~~absent~~section ~~foreign~~below ~~currency fluctuations. However, this non-GAAP financial measure should be considered in addition to, not as a substitute~~ for, oradditional ~~superior~~details toon ~~other~~our ~~financial~~use ~~measures~~of ~~prepared~~constant incurrency ~~accordance with GAAP~~revenue.

InOperating ~~order~~margin tofor ~~exclude~~ the ~~effect~~three ofmonths ~~foreign~~ended ~~currency~~March ~~rate fluctuations on ARM~~31, we2025 ~~calculate~~increased ~~current~~approximately ~~period~~four revenue assuming foreign exchange rates had remained constant with foreign exchange rates from each of the corresponding months of the prior-year period and exclude the impact of hedging gains or losses realized as revenues. Constant currency percentage ~~change~~points ~~in ARM is calculated~~ as ~~the~~compared ~~percentage~~to ~~change between current period constant currency ARM and~~ the prior comparative period, ~~ARM.~~primarily ~~The~~due ~~impact~~to ofrevenues ~~hedging~~growing ~~gains~~at ora ~~losses~~faster israte ~~excluded~~as ~~from~~compared ~~both~~to the ~~current~~growth ~~and~~in ~~prior~~cost ~~periods.~~of ~~For the three and nine months ended September 30~~revenues, ~~2024,~~sales ~~our revenues would have been approximately $476 million~~ and $1marketing,~~177 million~~ ~~higher, respectively, excluding the impact of hedging~~ and ~~had~~general ~~foreign currency exchange rates remained constant with those for the three~~ and ~~nine~~administrative ~~months ended September 30, 2023~~expenses. ~~The unfavorable foreign exchange rate impacts in the three and nine months ended September 30, 2024 were primarily driven by the devaluation of the Argentine peso relative to the U.S. dollar.~~

~~Operating~~Net ~~margin~~income for the three months ended ~~September 30~~March 31, ~~2024~~2025 increased ~~seven~~$558 ~~percentage~~million ~~points~~ as compared to the prior comparative period, primarily due to a $714 million increase in operating income, driven by a $1,172 million increase in revenues ~~growing~~and atpartially offset by a ~~faster~~$286 ~~rate~~million asincrease ~~compared~~in cost of revenues primarily due to the ~~growth~~increase in ~~cost~~content amortization. The impact of ~~revenues~~higher ~~and~~operating ~~lower~~income ~~general~~was partially offset by a $130 million decrease in foreign exchange gains and ~~administrative~~losses ~~expenses~~and a $41 million increase in the provision for income taxes.

2523

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~~Streaming~~ Revenues

We primarily derive revenues from monthly membership fees for services related to streaming content to our members. We offer a variety of streaming membership plans, the price of which varies by country and the features of the plan. As of ~~September~~March 3031, ~~2024~~2025, pricing on our ~~paid~~ plans ranged from the U.S. dollar equivalent of $1 to $3331 per month, and pricing on our extra member sub accounts ranged from the U.S. dollar equivalent of $2 to $89 per month. We expect that from time to time the prices of our membership plans in each country may change and we may test other plan and price variations.

We also earn ~~revenue~~revenues from advertisements presented on our streaming service, consumer products, live ~~events~~experiences and various other sources. Revenues earned from sources other than monthly membership fees were not a material component of revenues for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended				Change
	March 31, 2025		March 31, 2024		Q1'25 vs. Q1'24
	(in thousands, except percentages)
Revenues	$	10,542,801	$	9,370,440	$	1,172,361	13	%

	Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except percentages)
Streaming revenues	$	9,824,703	$	8,519,306	$	1,305,397	15	%

Revenues for the three months ended March 31, 2025 increased 13% as compared to the three months ended March 31, 2024, primarily due to the growth in memberships and higher pricing, partially offset by unfavorable changes in foreign exchange rates, net of hedging.

~~Nine~~The following table summarizes revenue by region for the three months ended ~~September 30~~March 31, 2025 and 2024. Hedging asgains ~~compared~~(losses) toof $165 million and $(11) million are included in “Revenues” for the ~~nine~~three months ended ~~September~~March 3031, ~~2023~~2025 and 2024, respectively. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

	Nine Months Ended				Change
	Three Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	March 31,2025		March 31,2024		Q1'25 vs. Q1'24
	(in thousands, except percentages)
Streaming revenues	$	28,754,453	$	24,807,633	$	3,946,820	16	%
United States and Canada (UCAN)	$	4,617,098	$	4,224,315	$	392,783	9	%
Europe, Middle East, and Africa (EMEA)	3,404,676		2,958,193		446,483		15	%
Latin America (LATAM)	1,261,934		1,165,008		96,926		8	%
Asia-Pacific (APAC)	1,259,093		1,022,924		236,169		23	%
Total Revenues	$	10,542,801	$	9,370,440	$	1,172,361	13	%

~~Streaming~~Non-GAAP ~~revenues~~Constant ~~for~~Currency the three and nine months ended September 30, 2024 increased 15% and 16% as compared to the three and nine months ended September 30, 2023, respectively, primarily due to the growth in average paying memberships and price increases, partially offset by unfavorable changes in foreign exchange rates.Information

~~The~~We ~~following~~believe ~~tables summarize streaming revenue and other streaming membership information by region for~~ the ~~three~~non-GAAP ~~and~~financial ~~nine~~measure ~~months~~of ~~ended~~constant ~~September 30,~~currency ~~2024~~revenue ~~and~~is ~~2023. Hedging~~useful ~~gains~~in ofanalyzing ~~$48~~period-to-period ~~million~~comparisons ~~and $70 million are included~~ in ~~“Streaming~~ revenues” ~~for~~absent ~~the~~foreign ~~three~~currency ~~and nine months ended September 30, 2024, respectively~~fluctuations. NoHowever, ~~hedging~~this ~~gains~~non-GAAP ~~and~~financial ~~losses~~measure ~~were~~should ~~recognized~~be asconsidered ~~“Streaming revenues”~~ in ~~the~~addition ~~comparative~~to, ~~prior~~not ~~year~~as ~~period. See~~a ~~Note~~substitute 7for, ~~Derivative~~or ~~Financial~~superior ~~Instruments and Hedging Activities~~ to ~~the~~other ~~consolidated~~ financial ~~statements~~measures ~~for~~prepared ~~further~~in ~~information~~accordance ~~regarding~~with ~~the Company’s derivative and non-derivative financial instruments~~GAAP.

~~United~~In ~~States~~order to exclude the effect of foreign currency rate fluctuations on revenue, we calculate current period revenue assuming foreign exchange rates had remained constant with foreign exchange rates from each of the corresponding months of the prior-year period and ~~Canada~~exclude ~~(UCAN)~~the impact of hedging gains or losses realized as revenues. Constant currency percentage change in revenues is calculated as the percentage change between current period constant currency revenue and the prior comparative period revenue. The impact of hedging gains or losses is excluded from both the current and prior periods.

~~Three~~The table below summarizes constant currency revenues by region for the three months ended ~~September~~March 3031, ~~2024~~2025 and the constant currency percentage change in revenues by region for the three months ended March 31, 2025 as compared to the three months ended ~~September 30~~March 31, ~~2023~~2024:

	As of/Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	4,322,476	$	3,735,133	$	587,343	16	%
Paid net membership additions	694		1,750		(1,056)		(60)	%
Paid memberships at end of period	84,803		77,321		7,482		10	%
Average paying memberships	84,456		76,446		8,010		10	%
Average monthly revenue per paying membership	$	17.06	$	16.29	$	0.77	5	%
Constant currency change							5	%

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Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023


	Three Months Ended								Three Months Ended						Change
	March 31, 2025								March 31, 2024						Q1'25 vs. Q1'24
	As Reported		Constant Currency Adjustment		Hedging (Gains) Losses Included in Revenues		Constant Currency Revenues		As Reported		Hedging (Gains) Losses Included in Revenues		Revenues Less Hedging Impact		Reported Change		Constant Currency Change
	(in thousands, except percentages)
UCAN	$	4,617,098	$	23,338	$	(14,552)	$	4,625,884	$	4,224,315	$	831	$	4,225,146	9	%	9	%
EMEA	3,404,676		146,975		(105,225)		3,446,426		2,958,193		4,687		2,962,880		15	%	16	%
LATAM	1,261,934		243,068		(13,936)		1,491,066		1,165,008		6,266		1,171,274		8	%	27	%
APAC	1,259,093		62,243		(31,083)		1,290,253		1,022,924		(543)		1,022,381		23	%	26	%
Total Revenues	$	10,542,801	$	475,624	$	(164,796)	$	10,853,629	$	9,370,440	$	11,241	$	9,381,681	13	%	16	%

	As of/Nine Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	12,842,351	$	10,943,226	$	1,899,125	17	%
Paid net membership additions	4,675		3,025		1,650		55	%
Paid memberships at end of period	84,803		77,321		7,482		10	%
Average paying memberships	83,078		75,259		7,819		10	%
Average monthly revenue per paying membership	$	17.18	$	16.16	$	1.02	6	%
Constant currency change							6	%

Europe, Middle East, and Africa (EMEA)

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

	As of/Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	3,133,466	$	2,693,146	$	440,320	16	%
Paid net membership additions	2,167		3,953		(1,786)		(45)	%
Paid memberships at end of period	96,131		83,760		12,371		15	%
Average paying memberships	95,048		81,784		13,264		16	%
Average monthly revenue per paying membership	$	10.99	$	10.98	$	0.01	—	%
Constant currency change							1	%

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	As of/Nine Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	9,099,431	$	7,772,957	$	1,326,474	17	%
Paid net membership additions	7,318		7,031		287		4	%
Paid memberships at end of period	96,131		83,760		12,371		15	%
Average paying memberships	92,722		79,142		13,580		17	%
Average monthly revenue per paying membership	$	10.90	$	10.91	$	(0.01)	—	%
Constant currency change							1	%

Latin America (LATAM)

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

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	As of/Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	1,240,892	$	1,142,811	$	98,081	9	%
Paid net membership additions (losses)	(68)		1,179		(1,247)		(106)	%
Paid memberships at end of period	49,182		43,645		5,537		13	%
Average paying memberships	49,216		43,056		6,160		14	%
Average monthly revenue per paying membership	$	8.40	$	8.85	$	(0.45)	(5)	%
Constant currency change							27	%

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	As of/Nine Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	3,610,045	$	3,290,438	$	319,607	10	%
Paid net membership additions	3,185		1,946		1,239		64	%
Paid memberships at end of period	49,182		43,645		5,537		13	%
Average paying memberships	48,187		42,129		6,058		14	%
Average monthly revenue per paying membership	$	8.32	$	8.68	$	(0.36)	(4)	%
Constant currency change							23	%

Asia-Pacific (APAC)

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

	As of/Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	1,127,869	$	948,216	$	179,653	19	%
Paid net membership additions	2,280		1,881		399		21	%
Paid memberships at end of period	52,604		42,427		10,177		24	%
Average paying memberships	51,464		41,487		9,977		24	%
Average monthly revenue per paying membership	$	7.31	$	7.62	$	(0.31)	(4)	%
Constant currency change							(2)	%

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	As of/Nine Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	3,202,626	$	2,801,012	$	401,614	14	%
Paid net membership additions	7,266		4,404		2,862		65	%
Paid memberships at end of period	52,604		42,427		10,177		24	%
Average paying memberships	48,930		40,083		8,847		22	%
Average monthly revenue per paying membership	$	7.27	$	7.76	$	(0.49)	(6)	%
Constant currency change							(3)	%

Cost of Revenues

~~Amortization~~Cost of ~~content~~revenues ~~assets~~primarily ~~makes~~consists upof the ~~majority~~amortization of ~~cost~~content assets. Other costs of revenues~~. Expenses~~ include expenses associated with the acquisition, licensing and production of content ~~(such as payroll~~, ~~stock-based~~streaming ~~compensation,~~delivery ~~facilities~~costs, and other ~~related~~operating ~~personnel expenses,~~ costs ~~associated with~~ .

28Expenses related to the acquisition, licensing and production of content not included in content amortization may include payroll, stock-based compensation, facilities, and other personnel-related expenses, costs associated with obtaining rights to music included in our content, overall deals with talent, miscellaneous production-related costs and participations and residuals. Streaming delivery costs are primarily related to our global content delivery network (“Open Connect”). We have built our own Open Connect network to help us efficiently stream a high volume of content to our members over the internet. Delivery expenses, therefore, include equipment costs related to Open Connect, payroll and related personnel expenses and all third-party costs, such as cloud computing costs, associated with delivering content over the internet. Other operating costs include customer service and payment processing fees, including those we pay to our integrated payment partners, as well as other costs directly incurred in making our content available to members.


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Cost of revenues	$	5,263,147		$	4,977,073		$	286,074	6	%
As a percentage of revenues	50		%	53		%

The increase in cost of revenues was primarily due to a $152 million increase in content amortization relating to our existing and new content.

Sales and Marketing

Sales and marketing expenses consist primarily of expenses for promotional activities such as digital and television advertising, and certain payments made to marketing and advertising sales partners. Our marketing partners include consumer electronics manufacturers, multichannel video programming distributors, mobile operators, and internet service providers. Our advertising sales partners include advertising technology providers and advertising agencies. Sales and marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support advertising sales and marketing activities.


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Sales and marketing	$	688,370		$	654,340		$	34,030	5	%
As a percentage of revenues	7		%	7		%

The increase in sales and marketing expenses was primarily driven by a $33 million increase in personnel-related costs due to the growth in advertising sales headcount, coupled with a $23 million increase in expenses incurred in connection with our advertising offering, including increased payments to advertising sales partners and other advertising distribution expenses. The increase in expenses related to personnel and our advertising offering was partially offset by an $18 million decrease in other marketing expenses.

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obtaining rights to music included in our content, overall deals with talent, miscellaneous production related costs and participations and residuals), streaming delivery costs and other operations costs make up the remainder of cost of revenues. We have built our own global content delivery network (“Open Connect”) to help us efficiently stream a high volume of content to our members over the internet. Delivery expenses, therefore, include equipment costs related to Open Connect, payroll and related personnel expenses and all third-party costs, such as cloud computing costs, associated with delivering content over the internet. Other operations costs include customer service and payment processing fees, including those we pay to our integrated payment partners, as well as other costs incurred in making our content available to members.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Cost of revenues	$	5,119,884		$	4,930,788		$	189,096	4	%
As a percentage of revenues	52		%	58		%

The increase in cost of revenues was primarily due to a $126 million increase in content amortization relating to our existing and new content.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Cost of revenues	$	15,271,100		$	14,407,883		$	863,217	6	%
As a percentage of revenues	53		%	58		%

The increase in cost of revenues was primarily due to a $697 million increase in content amortization relating to our existing and new content.

Marketing

Marketing expenses consist primarily of advertising expenses and certain payments made to our marketing and advertising sales partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators, and internet service providers (“ISPs”). Advertising expenses include promotional activities such as digital and television advertising. Marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support advertising sales and marketing activities.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Marketing	$	642,926		$	558,736		$	84,190	15	%
As a percentage of revenues	7		%	7		%

The increase in marketing expenses was primarily due to a $50 million increase in advertising expenses, largely driven by the timing of content releases. In addition, personnel-related costs increased $25 million, driven by the growth in advertising sales headcount.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Marketing	$	1,941,350		$	1,741,266		$	200,084	11	%
As a percentage of revenues	7		%	7		%

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The increase in marketing expenses was primarily due to a $98 million increase in advertising expenses, largely driven the timing of content releases. In addition, personnel-related costs increased $79 million, driven by the growth in advertising sales headcount.

Technology and Development

Technology and development expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for technology personnel responsible for making improvements to our service offerings, including testing, maintaining and modifying our user interface, our recommendations, ~~merchandising~~ and infrastructure. Technology and development expenses also include costs associated with general use computer hardware and software.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Technology and development	$	822,823		$	702,473		$	120,350	17	%
As a percentage of revenues	8		%	7		%

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Technology and development	$	735,063		$	657,159		$	77,904	12	%
As a percentage of revenues	7		%	8		%

The increase in technology and development expenses was primarily due to a $116 million increase in personnel-related costs.

The increase in technology and development expenses was primarily due to a $70 million increase in personnel-related costs.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Technology and development	$	2,148,790		$	2,002,417		$	146,373	7	%
As a percentage of revenues	7		%	8		%

The increase in technology and development expenses was primarily due to a $122 million increase in personnel-related costs.

General and Administrative

General and administrative expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for corporate personnel. General and administrative expenses also include professional fees and other general corporate expenses.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
General and administrative	$	421,462		$	404,020		$	17,442	4	%
As a percentage of revenues	4		%	4		%

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
General and administrative	$	417,353		$	478,591		$	(61,238)	(13)	%
As a percentage of revenues	4		%	6		%

The increase in general and administrative expenses was primarily due to a $25 million increase in third-party expenses.

The decrease in general and administrative expenses was primarily due to a $38 million decrease in personnel-related costs and a $24 million decrease in third-party expenses.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
General and administrative	$	1,248,365		$	1,281,012		$	(32,647)	(3)	%
As a percentage of revenues	4		%	5		%

The decrease in general and administrative expenses was primarily due to a $27 million decrease in personnel-related costs as well as decreased spend on third-party expenses.

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Interest Expense

Interest expense consists primarily of the interest associated with our outstanding debt obligations, including the amortization of debt issuance costs. See Note 6 Debt in the accompanying notes to our consolidated financial statements for further detail on our debt obligations.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Interest expense	$	184,172		$	173,314		$	10,858	6	%
As a percentage of revenues	2		%	2		%

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Interest expense	$	184,830		$	175,563		$	9,267	5	%
As a percentage of revenues	2		%	2		%

Interest expense primarily consists of interest on our Notes of $184 million for the three months ended March 31, 2025. The increase in interest expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was due to the increase in debt.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Interest expense	$	526,130		$	524,614		$	1,516	—	%
As a percentage of revenues	2		%	2		%

Interest expense primarily consists of interest on our Notes of $185 million and $526 million for the three and nine months ended September 30, 2024. The increase in interest expense for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was due to the increase in debt. Interest expense for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 remained relatively flat.

Interest and Other Income (Expense)

Interest and other income (expense) consists primarily of foreign exchange gains and losses on foreign currency denominated balances, gains and losses on certain derivative instruments, and interest earned on cash, cash equivalents and short-term investments.

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Interest and other income (expense)	$	50,899		$	155,359		$	(104,460)	(67)	%
As a percentage of revenues	—		%	2		%

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Interest and other income (expense)	$	(21,693)		$	168,218		$	(189,911)	(113)	%
As a percentage of revenues	—		%	2		%

Interest and other income (expense) decreased in the three months ended September 30, 2024 primarily due to foreign exchange losses of $91 million, net of the impacts of derivatives and hedging, compared to gains of $89 million for the corresponding period in 2023. In the three months ended September 30, 2024, the foreign exchange losses were primarily driven by the non-cash loss of $105 million from the remeasurement of our €5,170 million Senior Notes, net of hedging impacts, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the three months ended September 30, 2023, the foreign exchange gains were primarily driven by the non-cash gains from the remeasurement of our €5,170 million Senior Notes of $173 million, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Interest and other income	$	212,671		$	123,975		$	88,696	72	%
As a percentage of revenues	1		%	—		%

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Interest and other income ~~increased~~(expense) decreased in the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 primarily due to foreign exchange ~~gains~~losses of $2436 million, net of the impacts of derivatives and hedging, compared to ~~losses~~gains of $4194 million for the corresponding period in ~~2023~~2024. In the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, the foreign exchange ~~gains~~losses were primarily driven by the non-cash ~~gain~~loss of $6929 million from the remeasurement of our €5,170 million Senior Notes, net of hedging impacts, ~~partially~~coupled ~~offset~~with by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the ~~nine~~three months ended ~~September~~March 3031, ~~2023~~2024, the foreign exchange ~~losses~~gains were primarily driven by the ~~remeasurement~~non-cash ofgains ~~cash~~from ~~and~~the ~~content~~remeasurement ~~liability~~of ~~positions~~our in€5,170 ~~currencies~~million ~~other~~Senior ~~than~~Notes ~~the~~of ~~functional~~$131 ~~currencies~~million, partially offset by the ~~non-cash~~remeasurement ~~gain~~of ~~from~~cash ~~the~~and ~~remeasurement~~content ofliability ~~our~~positions ~~€5,170~~in ~~million~~currencies ~~Senior~~other ~~Notes~~than ofthe ~~$63~~functional ~~million~~currencies.

Provision for Income Taxes

Three months ended September 30, 2024 as compared to the three months ended September 30, 2023


	Three Months Ended						Change
	March 31, 2025			March 31, 2024			Q1'25 vs. Q1'24
	(in thousands, except percentages)
Provision for income taxes	$	323,375		$	282,370		$	41,005	15	%
Effective tax rate	10		%	11		%

	Three Months Ended						Change
	September 30,2024			September 30,2023			Q3'24 vs. Q3'23
	(in thousands, except percentages)
Provision for income taxes	$	339,445		$	231,627		$	107,818	47	%
Effective tax rate	13		%	12		%

The decrease in the effective tax rate for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to higher excess tax benefits on stock-based compensation.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended						Change
	September 30,2024			September 30,2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Provision for income taxes	$	988,365		$	587,103		$	401,262	68	%
Effective tax rate	13		%	12		%

The increase in the effective tax rate for the three and nine months ended September 30, 2024, as compared to the same periods in 2023, was primarily due to an increase in foreign taxes, partially offset by higher excess tax benefits on stock-based compensation.

Liquidity and Capital Resources

As of

Change

September 30,2024

December 31,2023

September 30, 2024 vs. December 31, 2023

March 31,2025

December 31,2024

March 31, 2025 vs. December 31, 2024

(in thousands, except percentages)

Cash, cash equivalents, restricted cash and short-term investments

98,~~225~~375,~~987~~170

79,~~139~~586,~~488~~343

2(1,~~086~~211,~~499~~173)

29(13)

Short-term and long-term debt

15,~~981~~016,~~328~~918

1415,~~543~~582,~~261~~804

1(565,~~438,067~~886)

10(4)

Cash, cash equivalents, restricted cash and short-term investments ~~increased~~decreased $21,~~086~~211 million in the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 primarily due to ~~cash~~the ~~provided~~repurchase ~~by operations, issuance~~ of ~~debt,~~stock and ~~proceeds~~repayment ~~from issuance~~ of ~~common stock~~debt, partially offset by ~~the~~cash ~~repurchase~~provided ofby ~~stock~~operations and ~~repayment~~proceeds from issuance of ~~debt~~common stock.

Debt, net of debt issuance costs and discounts, ~~increased~~decreased $~~1,438~~566 million primarily due to the ~~issuance of debt and remeasurement of our euro-denominated notes, partially offset by the~~ repayment upon maturity of the $~~400~~800 million aggregate principal amount of our 5.~~750~~875% Senior Notes, partially offset by the remeasurement of our euro-denominated notes in the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025. The amount of principal and interest on our outstanding notes due in the next twelve months is $21,~~579~~697 million. As of ~~September~~March 3031, ~~2024~~2025, no amounts had been borrowed under the $3 billion Revolving Credit Agreement. See Note 6 Debt in the accompanying notes to our consolidated financial statements.

We anticipate that we may periodically raise additional debt capital. Our ability to obtain this or any additional financing that we may choose or need, including for the refinancing of upcoming maturities or potential strategic acquisitions and investments, will depend on, among other things, our development efforts, business plans, operating performance and the condition of the capital markets at the time we seek financing. We may not be able to obtain such financing on terms acceptable to us or at all. If we raise additional funds through the issuance of equity or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, and our stockholders may experience dilution.

In ~~March~~September ~~2021~~2023, ~~our~~the Board of Directors authorized the repurchase of up to $510 billion of our common stock, with no expiration date, and in ~~September~~December ~~2023~~2024, the Board of Directors increased the share repurchase authorization by an additional $1015 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. We are not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including our stock price, general economic, business and market conditions, and alternative investment opportunities. We may discontinue any repurchases of our common stock at any time without prior notice. During the three months ended March 31, 2025, the Company repurchased 3,713,828 shares of common stock for an aggregate amount of $3.5 billion. As of March 31, 2025, $13.6 billion remains available for repurchases.

32Our primary uses of cash include the acquisition, licensing and production of content, marketing programs, streaming delivery, and personnel-related costs. Cash payment terms for non-original content have historically been in line with the amortization period. Investments in original content, and in particular content that we produce and own, require more cash upfront relative to licensed content. For example,

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~~Stock~~production ~~repurchases~~costs ~~may~~are bepaid ~~effected~~as ~~through open market repurchases in compliance with Rule 10b-18 under~~ the ~~Exchange~~content ~~Act~~is created, ~~including~~well ~~through~~in ~~the~~advance ~~use~~ of ~~trading~~when ~~plans~~the ~~intended~~content tois ~~qualify~~available ~~under~~on ~~Rule 10b5-1 under~~ the ~~Exchange~~service ~~Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques~~ and ~~in such amounts as management deems appropriate~~amortized. We ~~are~~expect ~~not~~to ~~obligated~~continue to ~~repurchase~~significantly ~~any~~invest ~~specific~~in ~~number~~global ~~of shares~~content, ~~and~~particularly ~~the~~in ~~timing~~original ~~and~~content, ~~actual~~which ~~number of shares repurchased~~ will ~~depend~~impact onour aliquidity. Our ~~variety~~other uses of ~~factors,~~cash ~~including~~include ~~our~~strategic ~~stock~~acquisitions ~~price, general economic, business~~ and ~~market conditions~~investments, ~~and~~as ~~alternative~~well ~~investment~~as ~~opportunities~~share repurchases. We ~~may~~currently ~~discontinue~~anticipate ~~any~~that ~~repurchases~~cash offlows ~~our~~from ~~common~~operations, ~~stock~~available atfunds ~~any~~and ~~time~~access ~~without~~to ~~prior~~financing ~~notice. During the nine months ended September 30~~sources, ~~2024,~~including ~~the~~our ~~Company~~revolving ~~repurchased~~credit 8facility,~~696,108~~ ~~shares~~will ofcontinue ~~common~~to ~~stock~~be ~~for~~sufficient anto ~~aggregate~~meet ~~amount~~our ofcash ~~$5.3~~needs ~~billion. As~~for ofthe ~~September 30,~~next ~~2024,~~twelve ~~$3.1 billion~~months ~~remains~~and ~~available for repurchases~~beyond.

Our ~~primary~~material ~~uses of~~ cash ~~include~~requirements ~~the~~from ~~acquisition,~~known ~~licensing~~contractual and ~~production~~other ofobligations ~~content,~~primarily ~~marketing~~relate ~~programs,~~to ~~streaming~~our ~~delivery and personnel-related costs~~content, asdebt ~~well as strategic acquisitions~~ and ~~investments. Cash~~lease ~~payment terms for non-original content have historically been in line with the amortization period~~obligations. ~~Investments~~ inAs ~~original~~of ~~content~~March 31, ~~and in particular content that we produce and own~~2025, ~~require~~the ~~more~~expected ~~cash~~timing ~~upfront~~of ~~relative~~those topayments ~~licensed content. For example, production costs~~ are ~~paid~~ as the content is created, well in advance of when the content is available on the service and amortized. We expect to continue to significantly invest in global content, particularly in original content, which will impact our liquidity. We currently anticipate that cash flows from operations, available funds and access to financing sources, including our revolving credit facility, will continue to be sufficient to meet our cash needs for the next twelve months and beyond.follows:

Our material cash requirements from known contractual and other obligations primarily relate to our content, debt and lease obligations. As of September 30, 2024, the expected timing of those payments are as follows:


	Payments due by Period
Contractual obligations (in thousands):	Total		Next 12 Months		Beyond 12 Months
Content obligations (1)	$	21,790,643	$	10,977,295	$	10,813,348
Debt (2)	19,242,462		1,697,194		17,545,268
Operating lease obligations (3)	2,833,759		530,875		2,302,884

Total	$	43,866,864	$	13,205,364	$	30,661,500

	Payments due by Period
Contractual obligations (in thousands):	Total		Next 12 Months		Beyond 12 Months
Content obligations (1)	$	22,698,295	$	11,810,836	$	10,887,459
Debt (2)	20,639,869		2,578,818		18,061,051
Operating lease obligations (3)	2,912,299		515,614		2,396,685
Total	$	46,250,463	$	14,905,268	$	31,345,195

(1)As of March 31, 2025, content obligations were comprised of $4.1 billion included in “Current content liabilities” and $1.7 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $16.0 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not then meet the criteria for recognition.

(1)As of September 30, 2024, content obligations were comprised of $4.5 billion included in “Current content liabilities” and $1.9 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $16.3 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not then meet the criteria for recognition.

The material cash requirements above do not include any estimated obligation for the unknown future titles, payment for which could range from less than one year to more than five years. However, these unknown obligations are expected to be significant and we believe could include approximately $1 billion to $4 billion over the next three years, with the payments for the vast majority of such amounts expected to occur after the next twelve months. The foregoing range is based on considerable management judgments and the actual amounts may differ. Once we know the title that we will receive and the license fees, we include the amount in the contractual obligations table above.

(2)Debt obligations include our Notes consisting of principal and interest payments. See Note 6 Debt to the consolidated financial statements for further details.

(3)Operating lease obligations are comprised of operating lease liabilities included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Consolidated Balance Sheets, inclusive of imputed interest. Operating lease obligations also include additional obligations that are not reflected on the Consolidated Balance Sheets as they did not meet the criteria for recognition. See Note 5 Balance Sheet Components in the accompanying notes to our consolidated financial statements for further details regarding leases.

In addition to the material cash requirements summarized in the table above, we may be required to pay deposits of approximately $900 million related to certain direct and indirect taxes in the next twelve months, which are in excess of our typical annual obligations.

Cash Flows

The following ~~tables~~table ~~summarize~~summarizes our cash flows:


	Three Months Ended				Change
	March 31, 2025		March 31, 2024		Q1'25 vs. Q1'24
	(in thousands, except percentages)
Net cash provided by operating activities	$	2,789,199	$	2,212,522	$	576,677	26	%
Net cash provided by (used in) investing activities	485,662		(75,714)		561,376		741	%
Net cash used in financing activities	(4,028,316)		(2,132,944)		1,895,372		89	%

Net cash provided by operating activities for the three months ended March 31, 2025 increased $577 million as compared to the corresponding period in 2024, primarily driven by a $558 million or 24% increase in net income, an increase in adjustments for non-cash expenses, partially offset by unfavorable changes in working capital and a $43 million increase in payments for content assets.

Net cash provided by (used in) investing activities for the three months ended March 31, 2025 increased $561 million as compared to the corresponding period in 2024, primarily due to net cash inflows of $614 million from maturities, sales and purchases of investments in the three

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~~Three~~ months ended ~~September~~March 3031, ~~2024~~2025 as compared to ~~the~~no ~~three~~cash ~~months~~flows ~~ended~~related ~~September~~to 30investments in the corresponding period in 2024, ~~2023~~partially offset by a $53 million increase in purchases of property and equipment.

	Three Months Ended				Change
	September 30,2024		September 30,2023		Q3'24 vs. Q3'23
	(in thousands, except percentages)
Net cash provided by operating activities	$	2,321,101	$	1,992,315	$	328,786	17	%
Net cash provided by (used in) investing activities	(1,869,109)		296,071		(2,165,180)		(731)	%
Net cash provided by (used in) financing activities	226,596		(2,475,108)		2,701,704		109	%

Net cash used in financing activities for the three months ended March 31, 2025 increased $1,895 million as compared to the corresponding period in 2024, primarily driven by a $1,536 million increase in repurchases of common stock, coupled with a $400 million increase in repayments of debt due to the repayment upon maturity of the $800 million aggregate principal amount of our 5.875% Senior Notes in the three months ended March 31, 2025 as compared to the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the three months ended March 31, 2024.

Net cash provided by operating activities for the three months ended September 30, 2024 increased $329 million as compared to the corresponding period in 2023, primarily driven by a $686 million or 41% increase in net income, an increase in adjustments for non-cash expenses, and favorable changes in working capital, mainly due to the timing of payments for taxes. These cash inflows were partially offset by an increase in payments for content assets. The payments for content assets increased $890 million, from $3,210 million to $4,100 million, or 28%.

Net cash provided by (used in) investing activities for the three months ended September 30, 2024 decreased $2,165 million as compared to the corresponding period in 2023, primarily due to purchases of investments of $1.7 billion, coupled with there being no proceeds from maturities of investments in the three months ended September 30, 2024, as compared to proceeds from maturities of investments of $400 million in the three months ended September 30, 2023.

Net cash provided by (used in) financing activities for the three months ended September 30, 2024 increased $2,702 million as compared to the corresponding period in 2023, primarily due to proceeds from the issuance of debt of $1,794 million, coupled with an $800 million decrease in the repurchases of common stock from $2.5 billion in the three months ended September 30, 2023 to $1.7 billion in the three months ended September 30, 2024.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

	Nine Months Ended				Change
	September 30,2024		September 30,2023		YTD'24 vs. YTD'23
	(in thousands, except percentages)
Net cash provided by operating activities	$	5,824,470	$	5,611,287	$	213,183	4	%
Net cash provided by (used in) investing activities	(2,023,110)		130,155		(2,153,265)		(1,654)	%
Net cash used in financing activities	(3,395,729)		(3,498,530)		(102,801)		(3)	%

Net cash provided by operating activities for the nine months ended September 30, 2024 increased $213 million as compared to the corresponding period in 2023, primarily driven by a $2,373 million or 53% increase in net income, an increase in adjustments for non-cash expenses, and favorable changes in working capital, partially offset by an increase in payments for content assets. The payments for content assets increased $2,774 million, from $9,660 million to $12,434 million, or 29%.

Net cash provided by (used in) investing activities for the nine months ended September 30, 2024 decreased $2,153 million as compared to the corresponding period in 2023, primarily due to purchases of investments for an aggregate amount of $1.7 billion in the nine months ended September 30, 2024 as compared to purchases of investments for an aggregate amount of $505 million in the nine months ended September 30, 2023, coupled with there being no maturities of investments in the nine months ended September 30, 2024, as compared to maturities of investments of $902 million in the nine months ended September 30, 2023.

Net cash used in financing activities for the nine months ended September 30, 2024 decreased $103 million as compared to the corresponding period in 2023, primarily due to proceeds from the issuance of debt of $1,794 million in the nine months ended September 30, 2024 and a $412 million increase in the proceeds from the issuance of common stock from $119 million in the nine months ended September 30, 2023 to $531 million in the nine months ended September 30, 2024. These cash inflows were partially offset by a $1.8 billion increase in the repurchases of common stock from an aggregate amount of $3.5 billion of repurchases in the nine months ended September 30, 2023 to $5.3 billion in the nine months ended September 30, 2024, coupled with the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the nine months ended September 30, 2024 as compared to no repayments of debt in the corresponding period in 2023.

Indemnification

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The information set forth under Note 8 Commitments and Contingencies to the consolidated financial statements under the caption “Indemnification” is incorporated herein by reference.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” of the Notes to consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, describe the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates included in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk

~~For~~We ~~financial~~are exposed to market risks related to ~~changes in~~ interest ~~rates~~rate changes, ~~reference~~which isaffect ~~made~~the tomarket ~~Item 7A~~values ~~“Quantitative and Qualitative Disclosures About Market Risk” contained in Part II~~ of our ~~Annual~~investments ~~Report~~and ~~on Form 10-K for the year ended December 31~~debt, ~~2023. Our~~as ~~exposure~~well toas ~~market~~foreign ~~risk~~currency ~~has not changed significantly since December 31, 2023~~fluctuations.

Interest Rate Risk

AsAt ~~of September~~March 3031, ~~2024~~2025, our cash equivalents were generally invested in money market funds and time deposits. Interest paid on such funds fluctuates with the prevailing interest rate. Our short-term investments are primarily comprised of investments in government securities. These securities are classified as available-for-sale and are recorded at fair value with unrealized gains and losses, net of tax, included in accumulated other comprehensive income (“AOCI”) within Stockholders' equity in the Consolidated Balance Sheets. Changes in interest rates could adversely affect the market value of these securities.

As of ~~September~~March 3031, ~~2024~~2025, we had $1615.1 billion of debt, consisting of fixed rate unsecured debt in ~~fifteen~~fourteen tranches due between 2025 and 2054. Refer to Note 6 Debt to the consolidated financial statements for details about all issuances. The fair value of our debt will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest. The fair value of our debt will also fluctuate based on changes in foreign currency rates, as discussed below.

Foreign Currency Risk

We operate our business globally and transact in multiple currencies. Currencies denominated in other than the U.S. dollar accounted for 5655% of revenue and 3029% of operating expenses for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025. We therefore have foreign currency risk related to these currencies, which are primarily the euro, the British pound, the Brazilian real, ~~Argentine~~the Mexican peso, and the ~~Mexican~~Canadian ~~peso~~dollar.

Accordingly, volatility in exchange rates, and, in particular, a weakening of foreign currencies relative to the U.S. dollar may negatively affect our revenue and operating income as expressed in U.S. dollars. Excluding the impact of hedging gains or losses realized as revenues, our revenues for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 would have been approximately $~~1,177~~311 million higher had foreign currency exchange rates remained constant with those ~~for the nine months ended September 30, 2023. The unfavorable foreign exchange rate impact~~ in the ~~nine~~same ~~months~~period ~~ended September 30, 2024 was primarily driven by the devaluation~~ of ~~the Argentine peso relative to the U~~2024.~~S. dollar.~~ See Part III, Item 72, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for further information regarding our non-GAAP financial measure of constant currency.

We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted U.S. dollar-equivalent revenues from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges of forecasted foreign currency revenue and initially record the gains or losses on these derivative instruments as a component of AOCI and reclassify the amounts into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. If the U.S. dollar weakened by 10% as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the ~~amounts~~amount recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $1.9,908 ~~billion~~million and $~~958~~1,850 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying forecasted revenues when recognized in earnings.

We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted and firmly committed U.S. dollar-equivalent transactions related to the licensing and production of content assets from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges and initially record the gains or losses on these derivative instruments as a component of AOCI and reclassify the amounts into “Cost of Revenues” to offset the hedged exposures as they affect earnings, which occurs as the underlying hedged content assets are amortized. If the U.S. dollar strengthened by 10% as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the ~~amounts~~amount recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $~~133~~201 million and $71187 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying exposures when recognized in earnings.

We use non-derivative instruments to mitigate foreign exchange risk related to our net investments in certain foreign subsidiaries. These non-derivative instruments may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate a portion of our foreign currency-denominated Senior Notes in euros as net investment hedges and the gains or losses on these non-derivative instruments are reported as a component of AOCI and remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.

We have also experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on the settlement and the remeasurement of monetary assets and liabilities denominated in currencies that are not the functional currency. InWe ~~the~~enter ~~nine months ended September 30, 2024, we began entering~~ into foreign exchange forward contracts to mitigate the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. Certain contracts are not designated as hedging instruments and the gains or losses on these derivative instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. We also designate certain contracts as fair value hedges to mitigate the foreign exchange risk on the remeasurement of our foreign-currency denominated debt. The gains or losses on these derivative instruments included in the assessment of hedge effectiveness are recorded in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. If an adverse change in exchange rates of 10% was applied to our monetary assets and liabilities denominated in

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value hedges to mitigate the foreign exchange risk on the remeasurement of our foreign-currency denominated debt. The gains or losses on these derivative instruments included in the assessment of hedge effectiveness are recorded in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. If an adverse change in exchange rates of 10% was applied to our monetary assets and liabilities denominated in currencies other than the functional currencies as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, income before income taxes would have been approximately $2246 million and $~~516~~38 million lower, respectively, after considering the offsetting impact of the foreign currency exchange contracts and our net investment hedges. The decrease in the hypothetical adverse change in income before taxes from $516 million as of December 31, 2023 to $22 million as of September 30, 2024 is primarily driven by our use of non-derivative and derivative instruments to mitigate foreign exchange risk related to the remeasurement of foreign-currency denominated balances during the nine months ended September 30, 2024.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q were effective in providing reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Our management, including our co-Chief Executive Officers and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended ~~September~~March 3031, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.Legal Proceedings

The information set forth under Note 8 Commitments and Contingencies in the notes to the consolidated financial statements under the caption “Legal Proceedings” is incorporated herein by reference.

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Item 1A.Risk Factors

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Company Purchases of Equity Securities

Stock repurchases during the three months ended ~~September~~March 3031, ~~2024~~2025 were as follows:

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
					(in thousands)
July 1 - 31, 2024	943,075	$	656.47	943,075	$	4,135,755
January 1 - 31, 2025	703,147	$	866.91	703,147	$	16,534,209
August 1 - 31, 2024	884,428	$	655.59	884,428	$	3,555,932
February 1 - 28, 2025	1,354,600	$	1,007.46	1,354,600	$	15,169,503
September 1 - 30, 2024	723,536	$	692.53	723,536	$	3,054,860
March 1 - 31, 2025	1,656,081	$	943.27	1,656,081	$	13,607,380
Total	23,~~551~~713,~~039~~828			23,~~551~~713,~~039~~828

(1) In ~~March~~September ~~2021~~2023, the Company’s Board of Directors authorized the repurchase of up to $510 billion of its common stock, with no expiration date, and in ~~September~~December ~~2023~~2024, the Board of Directors increased the share repurchase authorization by an additional $1015 billion, also with no expiration date. For further information regarding stock repurchase activity, see Note 9 Stockholders’ Equity to the consolidated financial statements in this Quarterly Report. (2) Average price paid per share includes costs associated with the repurchases but excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.

Item 5.Other Information

Rule 10b5-1 Trading Plans

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended ~~September~~March 3031, ~~2024~~2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

Name

Title

Action

Date Adopted

Expiration Date

Aggregate # of Securities to be Purchased/Sold

Richard Barton (1)

Director

Adoption

7/26/2024

12/31/2025

12,062

Jay Hoag (1)

Director

Adoption

1/28/2025

1/30/2026

127,000

Timothy Haley (2)

Director

Adoption

8/6/2024

11/6/2025

11,737

Ann Mather (2)

Director

Adoption

2/7/2025

12/31/2025

2,448

Strive Masiyiwa (3)

Director

Adoption

2/10/2025

12/31/2025

1,292

Brad Smith (4)

Director

Adoption

2/10/2025

6/18/2026

10,697

Leslie Kilgore (5)

Director

Adoption

1/22/2025

4/30/2026

3,430

(1) ~~Richard~~Jay ~~Barton~~Hoag, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on ~~July~~January 2628, ~~2024~~2025. MrThe plan provides for the potential sale of up to 127,000 shares of Netflix common stock. ~~Barton~~The plan expires on January 30, 2026, or upon the earlier completion of all authorized transactions under the plan. (2) Ann Mather, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on February 7, 2025. Ms. Mather's plan provides for the potential exercise of vested stock options and the associated sale of up to 122,~~062~~448 shares of Netflix common stock. The plan expires on December 31, 2025, or upon the earlier completion of all authorized transactions under the plan. (23) ~~Timothy~~Strive ~~Haley~~Masiyiwa, a member of the Board of Directors, ~~trusts~~entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on February 10, 2025. Mr. Masiyiwa's plan provides for ~~which~~the hepotential ~~serves~~exercise asof avested ~~trustee~~stock options and the associated sale of up to 1,292 shares of Netflix common stock. The plan expires on December 31, 2025, or upon the earlier completion of all authorized transactions under the plan. (4) Brad Smith, a ~~partnership~~member ~~for~~of ~~which~~the heBoard ~~serves~~of asDirectors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on February 10, 2025. Mr. Smith's plan provides for the ~~sole~~potential ~~general~~exercise ~~partner~~of vested stock options and ~~limited~~the ~~partner~~associated sale of up to 10,697 shares of Netflix common stock. The plan expires on June 18, 2026, or upon the earlier completion of all authorized transactions under the plan. (5) Leslie Kilgore, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on ~~August~~January 622, ~~2024~~2025. ~~The~~Ms. Kilgore's plan provides for the potential exercise of vested stock options and the associated sale of up to 113,~~737~~430 shares of Netflix common stock. The plan expires on ~~November~~April 630, ~~2025~~2026, or upon the earlier completion of all authorized transactions under the plan.

Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

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Item 6.Exhibits

(a) Exhibits:

See Exhibit Index immediately following the signature page of this Quarterly Report on Form 10-Q.

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EXHIBIT INDEX

Exhibit Number

Exhibit Description

Incorporated by Reference

Filed Herewith

Form

File No.

Exhibit

Filing Date

3.1

Restated Certificate of Incorporation

8-K

001-35727

3.1

June 8, 2022

3.2

Amended and Restated Bylaws

8-K

001-35727

3.2

February 24, 2023

4.1

Indenture, dated as of July 29, 2024, by and between the Company and Computershare Trust Company, National Association, as Trustee.

S-3

333-281071

4.1

July 29, 2024

4.2

Supplemental Indenture, dated as of August 1, 2024, by and between the Company and Computershare Trust Company, National Association, as Trustee.

8-K

001-35727

4.2

August 1, 2024

31.1

Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.3

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*

Certifications of Co-Chief Executive Officers and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags

104

The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in Inline XBRL

* These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		NETFLIX, INC.
Dated:	April 18, 2025	By:	/s/ Ted Sarandos
			Ted Sarandos Co-Chief Executive Officer (Principal executive officer)

Dated:	April 18, 2025	By:	/s/ Greg Peters
			Greg Peters Co-Chief Executive Officer (Principal executive officer)

Dated:	April 18, 2025	By:	/s/ Jeffrey Karbowski
			Jeffrey Karbowski Chief Accounting Officer (Principal accounting officer)

~~Table of Contents~~34

		NETFLIX, INC.
Dated:	October 18, 2024	By:	/s/ Ted Sarandos
			Ted SarandosCo-Chief Executive Officer(Principal executive officer)
Dated:	October 18, 2024	By:	/s/ Greg Peters
			Greg PetersCo-Chief Executive Officer(Principal executive officer)
Dated:	October 18, 2024	By:	/s/ Jeffrey Karbowski
			Jeffrey KarbowskiChief Accounting Officer(Principal accounting officer)

Filing Compare · NETFLIX INC