v3.26.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:        
Net income $ 3,663,927 $ 2,546,916 $ 12,348,132 $ 8,562,680
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (5,159,790) (4,653,935) (14,934,230) (12,039,405)
Change in content liabilities 93,508 24,262 (43,070) (601,043)
Amortization of content assets 4,235,454 4,002,744 12,764,663 11,657,930
Depreciation and amortization of property, equipment and intangibles 107,100 87,326 306,205 247,406
Stock-based compensation expense 133,723 80,986 405,440 233,825
Foreign currency remeasurement loss (gain) on debt (9,162) (1,707) (28,085) 82,078
Other non-cash items 119,748 142,293 459,331 377,162
Deferred income taxes 182,054 20,539 322,133 (279,144)
Changes in operating assets and liabilities:        
Other current assets (136,415) (169,597) (729,342) (477,647)
Accounts payable 46,211 139,451 (111,032) (125,929)
Accrued expenses and other liabilities 85,509 707,151 131,620 746,329
Deferred revenue (17,823) (3,686) 3,903 203,862
Other non-current assets and liabilities (181,765) (97,569) (699,372) (550,473)
Net cash provided by operating activities 3,162,279 2,825,174 10,196,296 8,037,631
Cash flows from investing activities:        
Purchases of property and equipment (278,766) (164,719) (693,540) (448,885)
Acquisitions 0 0 (585,744) 0
Purchases of investments (52,545) (3,850) (52,545) (161,515)
Proceeds from maturities and sales of investments 0 176,250 0 1,908,617
Other investing activities 0 36,190 0 0
Net cash provided by (used in) investing activities (331,311) 43,871 (1,331,829) 1,298,217
Cash flows from financing activities:        
Proceeds from issuance of debt 992,550 0 992,550 0
Repayments of debt 0 0 0 (1,833,450)
Proceeds from issuance of common stock 74,674 70,215 183,964 590,883
Repurchases of common stock (4,796,725) (1,856,885) (10,781,716) (7,047,608)
Taxes paid related to net share settlement of equity awards (5,165) (6,196) (41,026) (40,180)
Other financing activities (20,306) 55,837 (9,185) 62,142
Net cash used in financing activities (3,754,972) (1,737,029) (9,655,413) (8,268,213)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 18,995 (21,721) (50,471) 415,896
Net increase (decrease) in cash, cash equivalents and restricted cash (905,009) 1,110,295 (841,417) 1,483,531
Cash, cash equivalents and restricted cash at beginning of period 9,102,786 8,180,573 9,039,194 7,807,337
Cash, cash equivalents and restricted cash at end of period $ 8,197,777 $ 9,290,868 $ 8,197,777 $ 9,290,868