Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Financial Information, by Segment

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026			March 31, 2025
	(in thousands)
Revenues	$	12,249,757		$	10,542,801
Less:
Content amortization	4,217,900			3,823,112
Other cost of revenues	1,670,338			1,440,035
Sales and marketing	842,217			688,370
Technology and development	959,696			822,823
General and administrative	602,609			421,462
Operating income	3,956,997			3,346,999
Operating margin	32.3		%	31.7		%

Other income (expense)
Interest expense	(262,077)			(184,172)
Interest and other income (expense)(1)	2,852,166			50,899
Income before income taxes	6,547,086			3,213,726
Provision for income taxes	(1,264,295)			(323,375)
Net income	$	5,282,791		$	2,890,351

(1) Includes a $2.8 billion termination fee received in connection with the termination of the WBD transaction during the three months ended March 31, 2026, as well as interest income of $70 million and $82 million for the three months ended March 31, 2026 and 2025, respectively.

Schedule of Long-lived Assets by Geographic Areas

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, were located as follows:


	As of
	March 31, 2026		December 31, 2025
	(in thousands)
United States	$	3,126,487	$	3,075,477
International	1,121,812		1,136,034