v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net loss $ (2,906) $ (449)
Adjustments to reconcile net income to cash provided by operating activities:    
Content rights amortization and impairment 2,499 3,145
Depreciation and amortization 1,226 1,547
Deferred income taxes (513) (312)
Share-based compensation expense 152 123
Impairments and loss on dispositions 14 90
Netflix Termination Fee accrual (See Note 1) 2,800 0
Other, net 119 17
Changes in operating assets and liabilities, net of acquisitions and dispositions:    
Receivables, net 246 288
Film and television content rights, games, and production payables, net (2,603) (2,846)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities (1,033) (1,026)
Foreign currency, prepaid expenses and other assets, net (209) (24)
Cash (used in) provided by operating activities (208) 553
Investing Activities    
Purchases of property and equipment (268) (251)
Proceeds from sales of investments 0 11
Investments in and advances to equity investees (25) (14)
Proceeds from asset dispositions 0 66
Other investing activities, net 11 (7)
Cash used in investing activities (282) (195)
Financing Activities    
Principal repayments of debt, including premiums and discounts to par value (123) (3,665)
Borrowings from debt, net of discount and issuance costs (16) 1,500
Distributions to noncontrolling interests and redeemable noncontrolling interests (129) (157)
Proceeds for the formation of music catalog joint venture 0 601
Borrowings under commercial paper program and revolving credit facility 261 695
Repayments under commercial paper program and revolving credit facility (261) (695)
Cash paid to settle share-based awards, net (422) (117)
Other financing activities, net (66) (57)
Cash used in financing activities (756) (1,895)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (56) 95
Net change in cash, cash equivalents, and restricted cash (1,302) (1,442)
Cash, cash equivalents, and restricted cash, beginning of period 4,570 5,416
Cash, cash equivalents, and restricted cash, end of period $ 3,268 $ 3,974