Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

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:

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

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 obligations	11,237		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 liabilities	433,478		460,475
Non-current operating lease liabilities	1,948,206		2,052,526
Total operating lease liabilities	$	2,381,684	$	2,513,001

Other current assets consisted of the following: