Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
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Netflix Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- Net income shows significant fluctuations across quarters, with notable peaks at multiple points such as March 31, 2021, and March 31, 2025. After a dip in December 2020 and December 2022, net income generally recovers strongly in subsequent quarters, reflecting variable profitability over the periods analyzed.
- Additions to Content Assets
- Additions to content assets reveal a generally high and volatile investment pattern, with large cash outflows each quarter. The peak outflows occurred in late 2021 and persisted through 2024-2025, indicating continuous substantial spending on content acquisition, crucial for sustaining future revenues.
- Change in Content Liabilities
- Content liabilities fluctuate notably, alternating between positive and negative changes. The pattern suggests dynamic adjustments in contractual obligations tied to content assets, with significant negative changes in some quarters (e.g., December 2020 and March 2022) and positive reversals in others, reflecting timing differences in payments or recognition of liabilities.
- Amortization of Content Assets
- The amortization expense displays an upward trend over the observed periods, peaking towards the end of 2022 and 2024, which aligns with high historical investments in content. This increasing amortization reflects the company's accounting for the consumption of content assets acquired over time.
- Depreciation and Amortization of Property, Equipment, and Intangibles
- This expense remains relatively stable with minor increases, indicating steady utilization and aging of physical and intangible assets outside of content libraries.
- Stock-Based Compensation Expense
- Stock-based compensation fluctuates moderately, with a peak in mid-2022 followed by a gradual decline through 2024, suggesting adjustments in employee compensation strategies or changes in share-based award grants.
- Foreign Currency Remeasurement (Gain) Loss on Debt
- There is considerable volatility in foreign currency effects on debt, with alternating gains and losses reflecting currency market fluctuations and debt denominated in foreign currencies. Notably large losses occur in late 2020 and gains in late 2022.
- Other Non-Cash Items
- Other non-cash items remain generally stable with intermittent increases, suggesting consistent recognition of various adjustments impacting net income without cash flow effects.
- Deferred Income Taxes
- Deferred income taxes show significant swings between positive and negative values, indicating changes in tax positions likely affected by varying profitability and tax planning strategies across quarters.
- Working Capital Accounts (Other Current Assets, Accounts Payable, Accrued Expenses, Deferred Revenue)
- These components exhibit marked volatility, indicating fluctuating operational dynamics and timing differences in receivables, payables, accrued liabilities, and revenue recognition. For example, accounts payable alternates between negative and positive values, reflecting changes in payments to suppliers, while accrued expenses and other liabilities show large swings indicative of changing accruals.
- Changes in Operating Assets and Liabilities
- Substantial quarterly variability is evident, suggesting the company experiences significant working capital adjustments and timing effects impacting cash from operations more than consistently.
- Net Cash Provided by Operating Activities
- Operating cash flow is generally positive and strong, with occasional dips into negative territory, notably in December 2020 and June 2021. The trend is upward overall, indicating strong core cash generation ability despite operational complexities.
- Investing Activities
- Investing cash outflows are consistently large, driven primarily by acquisitions, additions to content assets, and purchases of investments. The company made sizable acquisitions in late 2021 and 2022, resulting in significant cash usage. There are intermittent proceeds from sales and maturities of investments providing some inflows.
- Financing Activities
- Financing cash flows fluctuate widely, with notable inflows early on (Q2 2020) from debt issuance, offset by large and frequent stock repurchases starting mid-2021. Debt repayments occur sporadically with significant amounts in several quarters. Issuance of common stock occurs regularly but is overshadowed by repurchases in recent years. Other financing activities exhibit smaller, less consistent impacts.
- Effect of Exchange Rate Changes
- Cash flows from exchange rate effects are volatile, reflecting exposure to foreign currencies. Periods of both significant gains and losses are evidenced, contributing to variability in cash balances across quarters.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash position changes show high volatility, with large inflows in several quarters (notably Q2 2020, Q1 2023, and Q3 2025) counterbalanced by steep declines during others (late 2021, early 2024). This reflects the interaction of operational cash flow volatility, heavy investing activities, and fluctuating financing transactions.