Companion to the investment report | Fiscal year ended December 31, 2025
Sources, abbreviated in every table:
All amounts are in US$ millions unless stated otherwise. The company reports in thousands, and the conversions here are rounded to one decimal. Share and per-share amounts reflect the ten-for-one stock split of November 14, 2025, which the 10-K FY25 applies retroactively to all periods. "IS" = statement of operations, "BS" = balance sheet, "CF" = statement of cash flows, "SE" = statement of stockholders' equity.
| Line | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Revenues | 45,183.0 | 39,001.0 | 33,723.3 | IS |
| of which streaming | 45,183.0 | 39,001.0 | 33,640.5 | MD&A, Note 2 |
| of which DVD | — | — | 82.8 | MD&A |
| Cost of revenues | 23,275.3 | 21,038.5 | 19,715.4 | IS |
| of which content amortization | 16,422.2 | 15,301.5 | 14,197.4 | Note 13, Note 5 |
| of which other cost of revenues | 6,853.2 | 5,736.9 | 5,517.9 | Note 13 |
| Revenues less cost of revenues (not a reported line) | 21,907.7 | 17,962.5 | 14,007.9 | calculated |
| Sales and marketing | 3,301.3 | 2,917.6 | 2,657.9 | IS |
| Technology and development | 3,391.4 | 2,925.3 | 2,675.8 | IS |
| General and administrative | 1,888.4 | 1,702.0 | 1,720.3 | IS |
| Operating income | 13,326.6 | 10,417.6 | 6,954.0 | IS |
| Interest expense | (776.5) | (718.7) | (699.8) | IS |
| Interest and other income (expense) | 172.5 | 266.8 | (48.8) | IS |
| of which interest income | 295 | 294 | 281 | Note 13 footnote |
| Income before income taxes | 12,722.6 | 9,965.7 | 6,205.4 | IS |
| Provision for income taxes | (1,741.4) | (1,254.0) | (797.4) | IS |
| Net income | 10,981.2 | 8,711.6 | 5,408.0 | IS |
| EPS basic (US$) | 2.58 | 2.03 | 1.22 | IS |
| EPS diluted (US$) | 2.53 | 1.98 | 1.20 | IS |
| Weighted-average shares, basic (mn) | 4,249.5 | 4,295.2 | 4,415.7 | IS, Note 3 |
| Weighted-average shares, diluted (mn) | 4,343.9 | 4,392.6 | 4,495.0 | IS, Note 3 |
| Anti-dilutive awards excluded (mn) | 0.8 | 2.4 | 41.1 | Note 3 |
| Advertising expense (inside S&M) | 2,001 | 1,779 | 1,732 | Note 1 |
| Stock-based compensation | 368.4 | 272.6 | 339.4 | CF, Note 10 |
| Non-income tax charge, Brazil (cumulative, recognized Q3 2025, inside other cost of revenues) | approx. 619 | — | — | Note 9 |
| Tax incentives that reduced produced-content amortization | approx. 1,000 | approx. 899 | approx. 835 | Note 5 |
| Full-time employees at year end | approx. 16,000 | approx. 14,000 | not available | 10-K FY25 Item 1; 10-K FY24 Item 1 |
The company reports a single operating segment (Note 13). There is no segment operating income; consolidated operating income is the only profit measure the chief operating decision maker uses, according to Note 13.
| Region | FY2025 | Share | FY2024 | Share | FY2023 | Change 25/24 | Constant-currency change (MD&A) |
|---|---|---|---|---|---|---|---|
| United States and Canada (UCAN) | 19,957.2 | 44.2% | 17,359.4 | 44.5% | 14,873.8 | +15.0% | +15% |
| Europe, Middle East and Africa (EMEA) | 14,514.6 | 32.1% | 12,387.0 | 31.8% | 10,556.5 | +17.2% | +16% |
| Latin America (LATAM) | 5,357.5 | 11.9% | 4,839.8 | 12.4% | 4,446.5 | +10.7% | +23% |
| Asia-Pacific (APAC) | 5,353.7 | 11.8% | 4,414.7 | 11.3% | 3,763.7 | +21.3% | +22% |
| Total streaming | 45,183.0 | 100.0% | 39,001.0 | 100.0% | 33,640.5 | +15.9% | +17% |
Hedging gains (losses) included in revenue: (91.1) in FY2025, 124.0 in FY2024, none in FY2023 (Note 2). U.S. revenue: 18.5 bn, 16.1 bn and 13.8 bn (Note 13). Currencies other than the U.S. dollar: 56% of revenue and 31% of operating expenses in FY2025 (Item 7A).
The 10-K FY25 states that membership reporting was discontinued during FY2025. The last published figures are FY2024's.
| FY2024 | UCAN | EMEA | LATAM | APAC | Global |
|---|---|---|---|---|---|
| Paid memberships at year end (thousands) | 89,625 | 101,133 | 53,327 | 57,541 | 301,626 |
| Average paying memberships (thousands) | 84,112 | 94,200 | 48,954 | 50,466 | 277,730 |
| Average monthly revenue per paying membership (US$) | 17.20 | 10.96 | 8.24 | 7.29 | 11.70 |
| FY2025 equivalent | not available | not available | not available | not available | not available |
| Line | Dec 31, 2025 | % of assets | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|
| Cash and cash equivalents | 9,033.7 | 16.2% | 7,804.7 | 7,116.9 |
| Short-term investments | 28.7 | 0.1% | 1,779.0 | 21.0 |
| Other current assets | 3,957.8 | 7.1% | 3,516.6 | 2,780.2 |
| Total current assets | 13,020.2 | 23.4% | 13,100.4 | 9,918.1 |
| Content assets, net | 32,778.4 | 59.0% | 32,452.5 | 31,658.1 |
| Property and equipment, net | 2,004.4 | 3.6% | 1,593.8 | 1,491.4 |
| Other non-current assets | 7,794.1 | 14.0% | 6,483.8 | 5,664.4 |
| Total assets | 55,597.0 | 100.0% | 53,630.4 | 48,732.0 |
| Current content liabilities | 4,084.9 | 7.3% | 4,393.7 | 4,466.5 |
| Accounts payable | 900.6 | 1.6% | 899.9 | 747.4 |
| Accrued expenses and other liabilities | 3,220.9 | 5.8% | 2,156.5 | 1,804.0 |
| Deferred revenue | 1,775.7 | 3.2% | 1,520.8 | 1,443.0 |
| Short-term debt | 998.9 | 1.8% | 1,784.5 | 399.8 |
| Total current liabilities | 10,980.9 | 19.8% | 10,755.4 | 8,860.7 |
| Non-current content liabilities | 1,579.5 | 2.8% | 1,780.8 | 2,578.2 |
| Long-term debt | 13,464.0 | 24.2% | 13,798.4 | 14,143.4 |
| Other non-current liabilities | 2,957.1 | 5.3% | 2,552.3 | 2,561.4 |
| Total liabilities | 28,981.5 | 52.1% | 28,886.8 | 28,143.7 |
| Common stock and additional paid-in capital | 7,286.4 | 6,252.1 | 5,145.2 | |
| Treasury stock at cost | (22,372.7) | (13,171.6) | (6,922.2) | |
| Accumulated other comprehensive income (loss) | (580.4) | 362.2 | (223.9) | |
| Retained earnings | 42,282.1 | 31,300.9 | 22,589.3 | |
| Total stockholders' equity | 26,615.5 | 47.9% | 24,743.6 | 20,588.3 |
| Non-controlling interests | not applicable | not applicable | not applicable | |
| Shares outstanding at year end (mn) | 4,222.2 | 4,277.6 | 4,327.6 | |
| Treasury shares (mn) | 346.5 | 259.5 | not extracted |
Gross debt (short-term plus long-term, carrying value): 14,462.8 / 15,582.8 / 14,543.3. Operating lease liabilities, outside debt: 2,513.0 / 2,412.2 / 2,430.1 (Note 5; 10-K FY24 Note 5).
| Line | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Net income | 10,981.2 | 8,711.6 | 5,408.0 |
| Additions to content assets | (17,096.6) | (16,223.6) | (12,554.7) |
| Change in content liabilities | (610.8) | (779.1) | (585.6) |
| Amortization of content assets | 16,422.2 | 15,301.5 | 14,197.4 |
| Depreciation and amortization of property, equipment and intangibles | 333.4 | 328.9 | 356.9 |
| Stock-based compensation | 368.4 | 272.6 | 339.4 |
| Foreign currency remeasurement loss (gain) on debt | 72.3 | (121.5) | 176.3 |
| Other non-cash items | 577.5 | 494.8 | 512.1 |
| Deferred income taxes | (442.1) | (590.7) | (459.4) |
| Other current assets | (790.7) | 22.2 | (181.0) |
| Accounts payable | (8.0) | 121.4 | 93.5 |
| Accrued expenses and other liabilities | 881.2 | 191.9 | 103.6 |
| Deferred revenue | 254.9 | 77.8 | 178.7 |
| Other non-current assets and liabilities | (793.7) | (446.4) | (310.9) |
| Net cash provided by operating activities | 10,149.3 | 7,361.4 | 7,274.3 |
| Purchases of property and equipment | (688.2) | (439.5) | (348.6) |
| Acquisitions | (17.2) | — | — |
| Purchases of investments | (170.0) | (1,742.2) | (504.9) |
| Proceeds from maturities and sales of investments | 1,917.1 | — | 1,395.2 |
| Net cash from investing activities | 1,041.7 | (2,181.8) | 541.8 |
| Proceeds from issuance of debt | — | 1,794.5 | — |
| Repayments of debt | (1,833.5) | (400.0) | — |
| Proceeds from issuance of common stock | 667.0 | 832.9 | 170.0 |
| Repurchases of common stock | (9,127.2) | (6,263.7) | (6,045.3) |
| Taxes paid on net share settlement | (46.2) | (8.3) | — |
| Other financing | (5.8) | (29.7) | (75.4) |
| Net cash used in financing activities | (10,345.6) | (4,074.4) | (5,950.8) |
| Effect of exchange rates | 386.5 | (416.3) | 82.7 |
| Net increase in cash, cash equivalents and restricted cash | 1,231.9 | 688.8 | 1,947.9 |
| Interest paid | 718.6 | 674.5 | 684.5 |
| Income taxes paid, net of refunds | 2,220.4 | 1,642 | 1,155 |
| Dividends paid | none | none | none |
| Free cash flow (operating cash flow minus purchases of property and equipment) | 9,461.1 | 6,921.8 | 6,925.7 |
Income taxes (Note 11). Effective tax rate 13.7% (FY2024: 12.6%; FY2023: 12.9%). Reconciliation, FY2025 (ASU 2023-09 format, applied for the first time): tax at 21% statutory rate 2,671.7 (21.0%); state and local 191.3 (+1.5%); Brazil withholding tax on services 238.2 (+1.9%); Brazil other (77.2) (−0.6%); other foreign 23.3 (+0.2%); foreign-derived intangible income (656.8) (−5.2%); foreign tax credit for withholding taxes (292.1) (−2.3%); other cross-border 32.8 (+0.3%); research and development credits (184.7) (−1.5%); other credits (9.7) (−0.1%); change in valuation allowance (8.6) (−0.1%); share-based payment awards (393.2) (−3.1%); other non-deductible 80.9 (+0.6%); change in unrecognized tax benefits 130.4 (+1.0%); other adjustments (4.9) (+0.1% as printed). Current provision 2,190.5; deferred (449.1). Income before taxes: U.S. 12,198.3, foreign 524.3. Deferred tax assets 3,322.1 gross, valuation allowance (617.6), deferred tax liabilities (749.7), net deferred tax assets 1,954.8 (FY2024: 1,177.6). Main deferred tax assets: capitalized research 969.2, tax credits and NOLs 835.5, operating lease liabilities 520.2, stock-based compensation 438.7, accruals and reserves 370.6 (FY2024: 152.1). Gross unrecognized tax benefits 566.4 (FY2024: 432.3), of which 336 would lower the effective rate if recognized; accrued interest and penalties 82 (FY2024: 44). IRS examination of 2016-2022 in progress. Carryforwards: California R&D credits 823 (indefinite), state NOLs 1,018 (from 2029), U.S. foreign tax credits 48 (from 2033), foreign NOLs 190 (from 2026). Cash taxes paid, FY2025: federal 1,120.2, state 274.0, Brazil 275.1, Korea 195.3, other foreign 355.8, total 2,220.4.
Debt (Note 7, MD&A). Senior unsecured fixed-rate notes, twelve tranches, principal 14,519 (FY2024: 15,653), carrying value 14,462.8 net of 56 of issuance costs, Level 2 fair value 14,951. Euro-denominated principal €4,700 mn. Principal by maturity year: 2026 1,000; 2027 1,526; 2028 3,500; 2029 4,401; 2030 2,292; 2034 1,000; 2054 800. Coupons from 3.625% to 6.375%; principal-weighted coupon 4.75% (calculated, A.7). Repaid in FY2025: US$800 mn 5.875% notes, €470 mn 3.000% notes, US$500 mn 3.625% notes. Principal and interest due in the next twelve months: 1,690.4. Change-of-control put at 101%. Covenants: liens, mergers and, on some notes, sale-leasebacks and subsidiary debt; in compliance. Undrawn facilities at December 31, 2025: revolving credit 3,000 (matures April 2029, minimum EBITDA/interest 3.0x); commercial paper programme 3,000; Transactions revolving credit 5,000; delayed-draw term loans 20,000 (two-year 10,000, three-year 10,000); bridge commitments 34,000, raised to 42,200 on January 19, 2026 (Note 14). No convertible instruments.
Stock-based compensation and shares (Note 10, SE). Expense 368.4; related income tax impact 54.3. Unrecognized cost on RSUs and PSUs 47, over 1.53 years. Options outstanding 127.7 mn, all vested, weighted-average exercise price US$36.07, aggregate intrinsic value 7,430.2. Options exercised 30.6 mn, intrinsic value 2,560.9, cash received 667.0. Shares issued 31.6 mn; withheld 0.5 mn; repurchased 86.5 mn at a cost of 9,154.9 (SE) and a cash outflow of 9,127.2 (CF). Average price paid, Q4 2025: October US$117.27, November US$108.53, December US$103.89 (Item 5). Remaining authorization 8.0 bn (FY2024: 17.1 bn). Unvested RSUs and PSUs 1.59 mn, plus 0.26 mn incremental PSUs to be granted for the period ended December 31, 2025.
Revenue (Note 1, Note 2). Recognized ratably over each monthly membership period; members billed in advance. Deferred revenue 1,775.7 at year end, up 254.9; most of it is recognized within the next month. Non-membership revenue (advertising, consumer products, live experiences): "not a material component" in each year. Remaining performance obligations: not disclosed beyond deferred revenue.
Contingencies (Note 9). Brazil non-income tax: cumulative loss of approx. 619 recognized as an operating expense in Q3 2025, after "developments in another taxpayer's judicial proceedings". Expected deposits approx. 700 (MD&A). 10-K FY24 had estimated the exposure at approx. 400, "expected to increase over time". Other litigation: no specific proceeding named as material; nothing accrued is disclosed apart from Brazil. Indemnifications: no amount accrued. WBD termination fee: 5,800, payable in specified circumstances.
Goodwill and intangibles. Not disclosed as separate lines. The only quantified reference is a deferred tax liability on "acquired intangibles" of 261.5 (Note 11). Business acquisition in December 2025: approx. 28, cash (Note 6). Impairment test: not described.
Fair value (Note 4, Note 8). Cash 5,214.2; money market funds (Level 1) 3,259.2; time deposits (Level 2) 594.5; total 9,067.9 including restricted cash 5.5. Derivative assets 285.3 and liabilities 652.6 (Level 2). Notional amounts of derivatives 25,507.1. Pre-tax accumulated loss on cash flow hedges expected to reach earnings within 12 months: 275. No unlisted equity investments disclosed.
Receivables and other current assets (Note 5). Trade receivables 2,031.5 (FY2024: 1,335.3; FY2023: 1,287.1). Prepaid expenses 498.1. Other 1,428.3, including tax-incentive receivables of 552 (FY2024: 653). Allowance for credit losses: not disclosed.
Inventory. Not applicable.
Content assets (Note 5). Licensed, net 12,138.6; produced released 10,687.4; in production 9,210.7; in development 741.6; produced total 20,639.8. Amortization: licensed 8,713.6 (FY2024: 7,689.0), produced 7,708.6 (FY2024: 7,612.5). Expected amortization over the next three years: licensed 6,381 / 2,280 / 1,469 of 12,139; produced released 4,309 / 2,784 / 1,840 of 10,687. Content obligations 24,039.2, of which 18.4 bn are not on the balance sheet. Timing: under one year 11,528.0; one to three years 8,376.2; three to five years 3,041.5; beyond five years 1,093.5. Unknown future titles: approx. 1 to 4 bn over three years, not included. No impairment indicator identified to date.
Leases and commitments (Note 5, MD&A). Operating lease liabilities 2,513.0 (current 460.5); right-of-use assets 2,207.2; weighted remaining term 7.0 years; discount rate 3.8%. Lease cost 711.0, including short-term leases of 207.3. Operating lease obligations, undiscounted, including leases not yet commenced: 2,898.0. Guarantees: indemnifications, not estimable.
Pensions (Note 12). No defined-benefit plans. Multiemployer pension contributions 92.6; health 127.7; 401(k) match 144.
Auditor (10-K FY25, Proxy 2026). Ernst & Young LLP, auditor since 2012. Unqualified opinion on the statements and on internal control, January 23, 2026. One Critical Audit Matter: content amortization. Fees: audit 8.5, audit-related 0.4, tax 3.0, total 11.9 (Proxy 2026). No restatement. No change in internal control reported in Q4.
Related parties (Proxy 2026). A co-CEO's son was engaged as an editor on productions, with compensation above US$120,000. A co-CEO's wife was engaged as producer on two productions, eligible for up to US$0.5 mn and US$0.8 mn contingent on milestones, with US$6,250 received to date.
Other items cited in the report (10-K FY25 unless stated). Price range of paid plans at December 31, 2025: US$1 to US$37 per month (10-K FY24: US$1 to US$32). Revenue at constant currency would have been approx. 271 higher (Item 7A). Foreign exchange losses in interest and other income: 123 (FY2024: 18). WBD-related amortization of financing fees in interest expense: approx. 60. Direct-tax deposits paid in FY2025 beyond recurring obligations: approx. 200. WBD consideration: US$27.75 cash per WBD share; equity value approx. 72.0 bn and enterprise value approx. 82.7 bn as of December 4, 2025; expected closing 12-18 months from that date. Accumulated cash flow hedge loss in AOCI, pre-tax: (389.3) (Note 10). Multiemployer pension and health contributions: 220.3. Content assets in production: 9,210.7 (FY2024: 9,317.4). Q4 2025 repurchases: 18.9 mn shares. The FY2024 10-K risk factors were compared heading by heading with the FY2025 ones.
Proxy items (Proxy 2026, step 1). Beneficial ownership at April 6, 2026: R. Hastings 37.8 mn including 16.6 mn options; T. Sarandos 5.72 mn including 5.38 mn options; G. Peters 2.75 mn including 2.57 mn options. 10b5-1 plan adopted by G. Peters on October 30, 2025: possible sale of up to 2.95 mn shares through December 31, 2029 (10-K FY25 Item 9B). Summary compensation 2025: T. Sarandos US$53.9 mn, G. Peters US$53.2 mn, of which stock awards US$41.4 mn each. Bonus metrics: F/X-neutral revenue (35%), certified at approx. US$44.53 bn; F/X-neutral operating margin (65%), certified at approx. 28.10%; payout 117.57% of target. PSUs: three-year relative total shareholder return against the S&P 500. Executive severance plan amended effective January 1, 2026. J. Hoag did not receive a majority of votes cast at the 2025 meeting; the board rejected his resignation on June 22, 2025. The proxy describes the WBD acquisition as "previously proposed" without further detail.
Subsequent events (Note 14). Amended and restated WBD merger agreement and bridge commitments increased to 42.2 bn, both January 19, 2026.
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Depreciation and amortization (PP&E and intangibles) | 333.4 | 328.9 | 356.9 | CF |
| Inventory | not applicable | not applicable | not applicable | |
| Trade receivables (gross = net; allowance not disclosed) | 2,031.5 | 1,335.3 | 1,287.1 | Note 5 |
| Accounts payable | 900.6 | 899.9 | 747.4 | BS |
| Working-capital change as presented in CF (sum of five lines) | (456.2) | (33.1) | (116.1) | CF |
| Acquisitions, net of cash | 17.2 | — | — | CF |
| PP&E gross / accumulated depreciation | 3,101.2 / (1,096.9) | 2,511.3 / (917.5) | 2,346.5 / (855.0) | Note 5; 10-K FY24 |
| Capital work-in-progress | 285.0 | 228.3 | 406.5 | Note 5; 10-K FY24 |
| Capitalized content in the year (additions to content assets) | 17,096.6 | 16,223.6 | 12,554.7 | CF |
| Cash paid for content (additions plus decrease in content liabilities) | 17,707.5 | 17,002.8 | 13,140.3 | CF, calculated |
| Content assets in production and development | 9,952.4 | 9,878.6 | 9,092.2 | Note 5; 10-K FY24 |
| Research and development | not separately disclosed (technology and development: 3,391.4) | 2,925.3 | 2,675.8 | IS |
| Shares issued / repurchased (mn) | 31.6 / 86.5 | 48.7 / 98.6 | 19.3 / 145.1 | SE |
| Debt issued / repaid | 0 / 1,833.5 | 1,794.5 / 400.0 | 0 / 0 | CF |
| Goodwill and intangibles | not disclosed | not disclosed | not disclosed | |
| Dividend per share | none | none | none | Item 5 |
| Right-of-use assets obtained for new leases | 465.4 | 442.4 | 196.6 | Note 5 |
| Per share (US$) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | 10.40 | 8.88 | 7.50 |
| Net income (reported diluted EPS) | 2.53 | 1.98 | 1.20 |
| Free cash flow | 2.18 | 1.58 | 1.54 |
| Operating cash flow | 2.34 | 1.68 | 1.62 |
| Stockholders' equity | 6.13 | 5.63 | 4.58 |
| Diluted share count change | −1.11% | −2.28% |
| Returns (our constructions, see A.7) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Invested capital (equity + gross debt − cash and short-term investments), year end | 32,016.0 | 30,742.6 | 27,993.7 |
| NOPAT (operating income × (1 − effective tax rate)) | 11,502.6 | 9,106.7 | 6,060.4 |
| Return on average invested capital | 36.7% | 31.0% | not calculated (no 2022 balance sheet) |
| Incremental return, FY2023 to FY2025 | 135.3% (two increments) | ||
| Return on average equity | 42.8% | 38.4% | |
| Return on average equity with treasury stock added back | 25.3% | 26.6% | |
| Reinvestment rate | 18.2% | ||
| Implied growth (reinvestment rate × return on capital) | 6.7% | ||
| Operating income growth realized | 27.9% | 49.8% |
The price is the closing price on December 31, 2025, the last trading day of the fiscal year, supplied with the request. It has not been updated. The share count is the year-end count from the 10-K cover page.
| Item | Value |
|---|---|
| Price (US$, Dec 31, 2025) | 93.76 |
| Shares outstanding (Dec 31, 2025) | 4,222,162,150 |
| Market capitalization | 395,869.9 |
| Gross debt (carrying) | 14,462.8 |
| Cash and short-term investments (excluding 5.5 of restricted cash) | 9,062.4 |
| Enterprise value (leases excluded) | 401,270.4 |
| Price / diluted EPS | 37.1x |
| Market capitalization / free cash flow | 41.8x |
| Price / free cash flow per diluted share | 43.0x |
| Enterprise value / operating income | 30.1x |
| Operating income / enterprise value | 3.32% |
| Enterprise value / (operating income + Brazil charge of approx. 619) | 28.8x |
| Market capitalization / book equity | 14.9x |
| Average price paid for repurchases, FY2025 / FY2024 / FY2023 (US$) | 105.79 / 63.29 / 42.02 |
| Repurchase price / FCF per diluted share, same year | 48.6x / 40.2x / 27.3x |
| Check | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue − cost of revenues − S&M − T&D − G&A = operating income | 13,326.6 = reported: yes | 10,417.6: yes | 6,954.0: yes |
| Content amortization + other cost of revenues = cost of revenues | yes | yes | yes |
| Operating income − interest expense + other income = income before taxes | yes | yes | yes |
| Income before taxes − provision = net income | yes | yes | yes |
| Sum of regions = total revenue | 45,183.0: yes | 39,001.0: yes | 33,640.5 = streaming; total includes DVD 82.8: yes |
| Regional shares sum to 100% | 100.0%: yes | 100.0%: yes | |
| Short-term + long-term debt = gross debt | 14,462.8: yes | 15,582.8: yes | 14,543.3: yes |
| Note principals by tranche sum to the total | 14,519: yes | 15,653: yes | |
| Operating cash flow − capex = free cash flow | 9,461.1: yes | 6,921.8: yes | 6,925.7: yes |
| Net income + CF adjustments = operating cash flow | 10,149.3: yes | 7,361.4: yes | 7,274.3: yes |
| Total liabilities + equity = total assets | yes | yes | yes |
| Segment operating income − unallocated = consolidated | not applicable (one segment) | ||
| Contractual obligations table: content + debt + leases = total | 45,029.1: yes |
Section 1
Section 3
Section 4
Section 5
Section 6
Section 8
Section 10