v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net income $ 3,401,414 $ 3,125,413 $ 8,684,205 $ 6,015,764
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (4,927,523) (3,835,813) (9,774,440) (7,385,470)
Change in content liabilities (181,794) (214,052) (136,578) (625,305)
Amortization of content assets 4,311,309 3,832,074 8,529,209 7,655,186
Depreciation and amortization of property, equipment and intangibles 100,530 80,013 199,105 160,080
Stock-based compensation expense 131,312 80,862 271,717 152,839
Foreign currency remeasurement loss (gain) on debt (8,813) 55,238 (18,923) 83,785
Other non-cash items 141,356 120,139 339,583 234,869
Deferred income taxes 81,260 (135,755) 140,079 (299,683)
Changes in operating assets and liabilities:        
Other current assets 111,713 (176,683) (592,927) (308,050)
Accounts payable (157,397) 11,046 (157,243) (265,380)
Accrued expenses and other liabilities (1,249,793) (267,235) 46,111 39,178
Deferred revenue 54,008 118,635 21,726 207,548
Other non-current assets and liabilities (63,770) (370,624) (517,607) (452,904)
Net cash provided by operating activities 1,743,812 2,423,258 7,034,017 5,212,457
Cash flows from investing activities:        
Purchases of property and equipment (218,644) (155,889) (414,774) (284,166)
Acquisitions 0 0 (585,744) 0
Purchases of investments 0 (1,650) 0 (157,665)
Proceeds from maturities and sales of investments 0 962,413 0 1,732,367
Other investing activities 0 (36,190) 0 (36,190)
Net cash provided by (used in) investing activities (218,644) 768,684 (1,000,518) 1,254,346
Cash flows from financing activities:        
Repayments of debt 0 (1,033,450) 0 (1,833,450)
Proceeds from issuance of common stock 59,980 169,066 109,290 520,668
Repurchases of common stock (4,714,403) (1,654,327) (5,984,991) (5,190,723)
Taxes paid related to net share settlement of equity awards (6,631) (6,114) (35,861) (33,984)
Other financing activities (8,573) 21,957 11,121 6,305
Net cash used in financing activities (4,669,627) (2,502,868) (5,900,441) (6,531,184)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (19,628) 287,471 (69,466) 437,617
Net increase (decrease) in cash, cash equivalents and restricted cash (3,164,087) 976,545 63,592 373,236
Cash, cash equivalents and restricted cash at beginning of period 12,266,873 7,204,028 9,039,194 7,807,337
Cash, cash equivalents and restricted cash at end of period $ 9,102,786 $ 8,180,573 $ 9,102,786 $ 8,180,573