v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 5,282,791 $ 2,890,351
Adjustments to reconcile net income to net cash provided by operating activities:    
Additions to content assets (4,846,917) (3,549,657)
Change in content liabilities 45,216 (411,253)
Amortization of content assets 4,217,900 3,823,112
Depreciation and amortization of property, equipment and intangibles 98,575 80,067
Stock-based compensation expense 140,405 71,977
Foreign currency remeasurement loss (gain) on debt (10,110) 28,547
Other non-cash items 198,227 114,730
Deferred income taxes 58,819 (163,928)
Changes in operating assets and liabilities:    
Other current assets (704,640) (131,367)
Accounts payable 154 (276,426)
Accrued expenses and other liabilities 1,295,904 306,413
Deferred revenue (32,282) 88,913
Other non-current assets and liabilities (453,837) (82,280)
Net cash provided by operating activities 5,290,205 2,789,199
Cash flows from investing activities:    
Purchases of property and equipment (196,130) (128,277)
Acquisitions (585,744) 0
Purchases of investments 0 (156,015)
Proceeds from maturities and sales of investments 0 769,954
Net cash provided by (used in) investing activities (781,874) 485,662
Cash flows from financing activities:    
Repayments of debt 0 (800,000)
Proceeds from issuance of common stock 49,310 351,602
Repurchases of common stock (1,270,588) (3,536,396)
Taxes paid related to net share settlement of equity awards (29,230) (27,870)
Other financing activities 19,694 (15,652)
Net cash used in financing activities (1,230,814) (4,028,316)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (49,838) 150,146
Net increase (decrease) in cash, cash equivalents and restricted cash 3,227,679 (603,309)
Cash, cash equivalents and restricted cash at beginning of period 9,039,194 7,807,337
Cash, cash equivalents and restricted cash at end of period $ 12,266,873 $ 7,204,028