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Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity 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.
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 2025127,679,804 $36.07 
Granted
1,893,388 89.73
Exercised
(3,784,575)13.66 
Expired
(23,270)9.82 
Balances as of March 31, 2026125,765,347 $37.56 
Vested and exercisable as of March 31, 2026125,765,347 $37.56 

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, 20251,585,260 $98.68 
Granted(1)
1,245,383 82.91
Vested(1)
(673,360)79.43 
Forfeited
— — 
Balances as of March 31, 20262,157,283 $95.59 
(1) Amounts include 264,300 PSU awards that were granted and 528,600 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but were settled in the first quarter of 2026.

Stock-Based Compensation
Total stock-based compensation expense was $140 million and $72 million for the three months ended March 31, 2026 and 2025, respectively.
Stock Repurchases
In September 2023, the Board of Directors authorized the repurchase of up to $10 billion of the Company’s common stock, with no expiration date, and in December 2024, the Board of Directors increased the share repurchase authorization by an additional $15 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 months ended March 31, 2026, the Company repurchased 13,497,098 shares of common stock for an aggregate amount of $1.3 billion. As of March 31, 2026, $6.8 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of March 31, 2026, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2026 and 2025:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
Other comprehensive income (loss) before reclassifications
(80,940)36,503 385,230 (12,094)— (94,723)233,976 
Amounts reclassified from accumulated other comprehensive income (loss)
— — 131,613 13,263 — (33,501)111,375 
Net change in accumulated other comprehensive income (loss)(80,940)36,503 516,843 1,169 — (128,224)345,351 
Balances as of March 31, 2026$(274,555)$(75,753)$127,554 $(2,396)$— $(9,881)$(235,031)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2024$(376,833)$32,400 $914,369 $9,233 $3,260 $(220,267)$362,162 
Other comprehensive income (loss) before reclassifications
91,276 (44,600)(486,967)(18,031)(2,232)126,687 (333,867)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (162,457)14,569 (121)33,979 (114,030)
Net change in accumulated other comprehensive income (loss)91,276 (44,600)(649,424)(3,462)(2,353)160,666 (447,897)
Balances as of March 31, 2025$(285,557)$(12,200)$264,945 $5,771 $907 $(59,601)$(85,735)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(132,517)904 — 30,434 (101,179)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (13,263)3,067 (10,196)
Total$(132,517)$904 $(13,263)$33,501 $(111,375)
Three Months Ended
March 31, 2025
RevenuesCost of RevenuesInterest and Other Income (Expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(28)$93 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI164,796 (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