v3.26.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenues by region for the three and nine months ended September 30, 2026 and September 30, 2025. Total revenues are inclusive of hedging losses of $(1) million and $(181) million for the three and nine months ended September 30, 2026, respectively, and $(129) million and $(2) million for the three and nine months ended September 30, 2025, respectively. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
United States and Canada (UCAN)$5,628,215 $5,071,781 $16,305,180 $14,617,882 
Europe, Middle East, and Africa (EMEA)4,106,572 3,699,052 12,138,506 10,641,903 
Latin America (LATAM)1,602,603 1,370,913 4,683,951 3,939,582 
Asia-Pacific (APAC)1,536,786 1,368,561 4,556,234 3,932,907 
Total Revenues$12,874,176 $11,510,307 $37,683,871 $33,132,274 
Deferred revenue consists primarily of prepaid subscription fees for streaming plans that have been billed and not yet recognized as revenue, as well as gift cards that have not been fully redeemed. As of September 30, 2026, total deferred revenue was $1,780 million, the vast majority of which was related to prepaid subscription fees billed that are expected to be recognized as revenue within the next month. Deferred revenue balances relating to gift cards will be recognized over the service period following redemption, which is expected to occur over the next 12 months. Deferred revenue increased $4 million from $1,776 million as of December 31, 2025 to $1,780 million as of September 30, 2026. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our streaming plans.