v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
March 31,
2026		December 31,
2025
(in thousands)
Licensed content, net
$12,268,097 $12,138,578 
Produced content, net
Released, less amortization
10,311,881 10,687,444 
In production
10,006,694 9,210,735 
In development and pre-production
789,623 741,635 
21,108,198 20,639,814 

Content assets, net
$33,376,295 $32,778,392 
The following table summarizes the amortization of content assets:
Three Months Ended
 March 31,
2026		March 31,
2025
(in thousands)
Licensed content$2,285,813 $1,998,525 
Produced content1,932,087 1,824,587 
Total$4,217,900 $3,823,112 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
March 31,
2026		December 31,
2025		Estimated Useful Lives
(in thousands)
Land
$154,986 $155,664 
Buildings and improvements
538,654 537,082 30 years
Leasehold improvements
1,343,717 1,263,051 Over life of lease
Furniture and fixtures
166,873 157,984 
3 years
Information technology
600,663 572,407 
3-5 years
Corporate aircraft
160,116 99,164 
8-10 years
Machinery and equipment
32,183 30,879 
3-5 years
Capital work-in-progress
306,721 285,010 
Property and equipment, gross
3,303,913 3,101,241 
Less: Accumulated depreciation
(1,156,084)(1,096,891)
Property and equipment, net
$2,147,829 $2,004,350 
    
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
March 31,
2026		March 31,
2025
(in thousands)
Cash paid for operating lease liabilities$148,341 $118,347 
Right-of-use assets obtained in exchange for new operating lease obligations11,237 72,993 
As of
March 31,
2026		December 31,
2025
(in thousands)
Operating lease right-of-use assets, net$2,100,470 $2,207,161 
Current operating lease liabilities433,478 460,475 
Non-current operating lease liabilities1,948,206 2,052,526 
Total operating lease liabilities$2,381,684 $2,513,001 

Other Current Assets
Other current assets consisted of the following:
As of
March 31,
2026		December 31,
2025
(in thousands)
Trade receivables
$2,003,720 $2,031,476 
Prepaid expenses
601,821 498,054 
Other
2,176,991 1,428,302 
Total other current assets
$4,782,532 $3,957,832