Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35727

Netflix, Inc.

(Exact name of Registrant as specified in its charter)


Delaware			77-0467272
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

121 Albright Way,	Los Gatos,	California	95032
(Address of principal executive offices)			(Zip Code)

(408) 540-3700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	NFLX	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2024, there were 429,164,615 shares of the registrant’s common stock, par value $0.001, outstanding.

Table of Contents


		Page
	Part I. Financial Information
Item 1.	Consolidated Financial Statements

	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Consolidated Balance Sheets	6
	Consolidated Statements of Stockholders' Equity	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35
	Part II. Other Information
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	36
Exhibit Index		37
Signatures		37

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NETFLIX, INC.

Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Revenues	$	9,559,310	$	8,187,301	$	18,929,750	$	16,348,804
Cost of revenues	5,174,143		4,673,470		10,151,216		9,477,095
Marketing	644,084		627,168		1,298,424		1,182,530
Technology and development	711,254		657,983		1,413,727		1,345,258
General and administrative	426,992		401,497		831,012		802,421
Operating income	2,602,837		1,827,183		5,235,371		3,541,500
Other income (expense):
Interest expense	(167,986)		(174,812)		(341,300)		(349,051)
Interest and other income (expense)	79,005		26,961		234,364		(44,243)
Income before income taxes	2,513,856		1,679,332		5,128,435		3,148,206
Provision for income taxes	(366,550)		(191,722)		(648,920)		(355,476)
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730

Earnings per share:
Basic	$	4.99	$	3.35	$	10.39	$	6.28
Diluted	$	4.88	$	3.29	$	10.16	$	6.18
Weighted-average shares of common stock outstanding:
Basic	430,065		443,881		431,078		444,559
Diluted	439,739		451,572		440,697		451,990

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Comprehensive Income

(unaudited)

(in thousands)


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Other comprehensive income:
Foreign currency translation adjustments	(75,246)		52,429		(148,298)		78,040
Cash flow hedges:
Net unrealized gains	123,733		—		300,337		—
Reclassification of net gains included in net income	(25,722)		—		(17,208)		—
Net change, net of income tax expense of $29 million, $0, $84 million, and $0, respectively	98,011		—		283,129		—
Total other comprehensive income	22,765		52,429		134,831		78,040
Comprehensive income	$	2,170,071	$	1,540,039	$	4,614,346	$	2,870,770

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Cash flows from operating activities:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(4,048,852)		(3,683,007)		(7,777,819)		(6,141,673)
Change in content liabilities	(366,572)		46,119		(556,013)		(308,672)
Amortization of content assets	3,769,690		3,410,021		7,440,495		6,870,005
Depreciation and amortization of property, equipment and intangibles	81,227		89,385		168,461		179,720
Stock-based compensation expense	68,766		78,030		145,111		177,129
Foreign currency remeasurement loss (gain) on debt	(42,692)		28,952		(173,493)		109,603
Other non-cash items	138,588		121,483		235,769		241,491
Deferred income taxes	(209,387)		(103,172)		(316,464)		(201,954)
Changes in operating assets and liabilities:
Other current assets	(28,959)		(183,049)		9,090		(271,571)
Accounts payable	(19,358)		38,332		(164,623)		(51,336)
Accrued expenses and other liabilities	(114,303)		177,831		137,479		363,130
Deferred revenue	4,236		49,647		30,751		47,257
Other non-current assets and liabilities	(88,843)		(117,950)		(154,890)		(186,887)
Net cash provided by operating activities	1,290,847		1,440,232		3,503,369		3,618,972
Cash flows from investing activities:
Purchases of property and equipment	(78,287)		(100,972)		(154,001)		(162,991)


Purchases of short-term investments	—		(303,228)		—		(504,862)
Proceeds from maturities of short-term investments	—		501,937		—		501,937
Net cash provided by (used in) investing activities	(78,287)		97,737		(154,001)		(165,916)
Cash flows from financing activities:


Repayments of debt	—		—		(400,000)		—
Proceeds from issuance of common stock	118,750		34,717		387,631		60,745
Repurchases of common stock	(1,599,998)		(645,146)		(3,599,998)		(1,045,247)
Taxes paid related to net share settlement of equity awards	(1,883)		—		(3,708)		—
Other financing activities	(6,250)		(38,920)		(6,250)		(38,920)
Net cash used in financing activities	(1,489,381)		(649,349)		(3,622,325)		(1,023,422)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(122,723)		39,626		(218,513)		66,049
Net increase (decrease) in cash, cash equivalents and restricted cash	(399,544)		928,246		(491,470)		2,495,683
Cash, cash equivalents and restricted cash at beginning of period	7,026,589		6,738,019		7,118,515		5,170,582
Cash, cash equivalents and restricted cash at end of period	$	6,627,045	$	7,666,265	$	6,627,045	$	7,666,265

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Balance Sheets

(in thousands, except share and par value data)


	As of
	June 30, 2024		December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	6,624,939	$	7,116,913
Short-term investments	30,973		20,973
Other current assets	2,959,641		2,780,247
Total current assets	9,615,553		9,918,133
Content assets, net	31,927,355		31,658,056
Property and equipment, net	1,510,958		1,491,444
Other non-current assets	6,045,029		5,664,359
Total assets	$	49,098,895	$	48,731,992
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities	$	4,391,437	$	4,466,470
Accounts payable	598,557		747,412
Accrued expenses and other liabilities	1,876,244		1,803,960
Deferred revenue	1,473,720		1,442,969
Short-term debt	1,800,041		399,844
Total current liabilities	10,139,999		8,860,655
Non-current content liabilities	2,028,782		2,578,173
Long-term debt	12,180,024		14,143,417
Other non-current liabilities	2,637,397		2,561,434
Total liabilities	26,986,202		28,143,679
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2024 and December 31, 2023; 429,164,615 and 432,759,584 issued and outstanding at June 30, 2024 and December 31, 2023, respectively	5,680,061		5,145,172
Treasury stock at cost (22,229,834 and 16,078,268 shares at June 30, 2024 and December 31, 2023, respectively)	(10,547,055)		(6,922,200)
Accumulated other comprehensive loss	(89,114)		(223,945)
Retained earnings	27,068,801		22,589,286
Total stockholders’ equity	22,112,693		20,588,313
Total liabilities and stockholders’ equity	$	49,098,895	$	48,731,992

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Total stockholders' equity, beginning balances	$	21,365,410	$	21,828,196	$	20,588,313	$	20,777,401

Common stock and additional paid-in capital:
Beginning balances	$	5,489,850	$	4,762,395	$	5,145,172	$	4,637,601
Issuance of common stock	121,445		33,783		389,778		59,478
Stock-based compensation expense	68,766		78,030		145,111		177,129
Ending balances	$	5,680,061	$	4,874,208	$	5,680,061	$	4,874,208

Treasury stock:
Beginning balances	$	(8,934,056)	$	(1,228,920)	$	(6,922,200)	$	(824,190)
Repurchases of common stock to be held as treasury stock	(1,612,999)		(647,833)		(3,624,855)		(1,052,563)
Ending balances	$	(10,547,055)	$	(1,876,753)	$	(10,547,055)	$	(1,876,753)

Accumulated other comprehensive loss:
Beginning balances	$	(111,879)	$	(191,695)	$	(223,945)	$	(217,306)
Other comprehensive income	22,765		52,429		134,831		78,040
Ending balances	$	(89,114)	$	(139,266)	$	(89,114)	$	(139,266)

Retained earnings:
Beginning balances	$	24,921,495	$	18,486,416	$	22,589,286	$	17,181,296
Net income	2,147,306		1,487,610		4,479,515		2,792,730
Ending balances	$	27,068,801	$	19,974,026	$	27,068,801	$	19,974,026

Total stockholders' equity, ending balances	$	22,112,693	$	22,832,215	$	22,112,693	$	22,832,215

See accompanying notes to the consolidated financial statements.

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NETFLIX, INC.

Notes to Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2024. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.

The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year.

The following is provided to update the Company’s significant accounting policies previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Derivative Financial Instruments and Hedging Activities

The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy.

Cash flow hedges

The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures.

The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.

In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation.

Net investment hedges

The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.

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Derivative instruments not designated as hedging instruments

The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.

See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

Stock-based Compensation

The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

2. Revenue Recognition

The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the three and six months ended June 30, 2024 and June 30, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three and six months ended June 30, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

United States and Canada (UCAN)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	4,295,560	$	3,599,448	$	8,519,875	$	7,208,093
Paid net membership additions	1,451		1,173		3,981		1,275
Paid memberships at end of period (1)	84,109		75,571		84,109		75,571

Europe, Middle East, and Africa (EMEA)

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	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	3,007,772	$	2,562,170	$	5,965,965	$	5,079,811
Paid net membership additions	2,235		2,434		5,151		3,078
Paid memberships at end of period (1)	93,964		79,807		93,964		79,807

Latin America (LATAM)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,204,145	$	1,077,435	$	2,369,153	$	2,147,627
Paid net membership additions	1,530		1,217		3,253		767
Paid memberships at end of period (1)	49,250		42,466		49,250		42,466

Asia-Pacific (APAC)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,051,833	$	919,273	$	2,074,757	$	1,852,796
Paid net membership additions	2,829		1,068		4,986		2,523
Paid memberships at end of period (1)	50,324		40,546		50,324		40,546


(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.

Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of June 30, 2024, total deferred revenue was $1,474 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $31 million increase in deferred revenue as compared to the balance of $1,443 million as of December 31, 2023 is a result of the increase in membership fees billed due to increased memberships and price increases.

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3. Earnings Per Share

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Basic earnings per share	$	4.99	$	3.35	$	10.39	$	6.28

Diluted earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Effect of dilutive stock-based awards	9,674		7,691		9,619		7,431
Weighted-average number of shares	439,739		451,572		440,697		451,990
Diluted earnings per share	$	4.88	$	3.29	$	10.16	$	6.18

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

Six Months Ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

(in thousands)

Stock-based awards

118

4,348

402

5,097

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4. Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.

The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	6,005,440	$	—	$	1,973	$	77	$	6,007,490
Level 1 securities:
Money market funds	356,346		—		—		56		356,402
Level 2 securities:
Time Deposits (1)	263,153		30,973		—		—		294,126

	$	6,624,939	$	30,973	$	1,973	$	133	$	6,658,018


	As of December 31, 2023
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	5,986,629	$	—	$	1,466	$	81	$	5,988,176
Level 1 securities:
Money market funds	925,652		—		—		55		925,707
Level 2 securities:
Time Deposits (1)	204,632		20,973		—		—		225,605

	$	7,116,913	$	20,973	$	1,466	$	136	$	7,139,488

(1) The majority of the Company's time deposits are international deposits, which mature within one year.

Other current assets include restricted cash for deposits related to self-insurance. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.

See Note 6 Debt and Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.

5. Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Licensed content, net	$	12,358,540	$	12,722,701

Produced content, net
Released, less amortization	10,033,753		9,843,150
In production	8,810,544		8,247,578
In development and pre-production	724,518		844,627
	19,568,815		18,935,355

Content assets, net	$	31,927,355	$	31,658,056

As of June 30, 2024, the amount of accrued participations and residuals was not material.

The following table represents the amortization of content assets:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Licensed content	$	1,884,491	$	1,779,321	$	3,719,608	$	3,502,999
Produced content	1,885,199		1,630,700		3,720,887		3,367,006
Total	$	3,769,690	$	3,410,021	$	7,440,495	$	6,870,005

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:


	As of
	June 30, 2024		December 31, 2023		Estimated Useful Lives
	(in thousands)
Land	$	85,000	$	85,000
Buildings and improvements	384,312		154,165		30 years
Leasehold improvements	1,048,874		1,032,492		Over life of lease
Furniture and fixtures	144,030		144,737		3 years
Information technology	411,448		414,092		3 years
Corporate aircraft	99,175		99,175		8-10 years
Machinery and equipment	11,572		10,334		3-5 years
Capital work-in-progress	241,274		406,492
Property and equipment, gross	2,425,685		2,346,487
Less: Accumulated depreciation	(914,727)		(855,043)
Property and equipment, net	$	1,510,958	$	1,491,444

Leases

The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash paid for operating lease liabilities	$	130,104	$	114,760	$	255,410	$	228,167
Right-of-use assets obtained in exchange for new operating lease obligations	160,812		91,572		344,774		112,466


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease right-of-use assets, net	$	2,223,261	$	2,076,899

Current operating lease liabilities	417,009		383,312
Non-current operating lease liabilities	2,127,120		2,046,801
Total operating lease liabilities	$	2,544,129	$	2,430,113

Other Current Assets

Other current assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Trade receivables	$	1,276,359	$	1,287,054
Prepaid expenses	445,622		408,936
Other	1,237,660		1,084,257
Total other current assets	$	2,959,641	$	2,780,247

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6. Debt

As of June 30, 2024, the Company had aggregate outstanding notes of $13,980 million, net of $58 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $1,800 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2023, the Company had aggregate outstanding notes of $14,543 million, net of $65 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $43 million and $173 million, respectively, for the three and six months ended June 30, 2024). As of June 30, 2024, approximately $1 billion of the Company’s euro–denominated Senior Notes was designated as a hedge of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries. In the three and six months ended June 30, 2024, a pre-tax loss of $3 million on the Company’s euro-denominated Senior Notes designated as net investment hedges was recorded in AOCI. No amount of the Company’s euro-denominated Senior Notes was designated as a net investment hedge as of December 31, 2023 or in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2024 and December 31, 2023:


	Principal Amount at Par						Level 2 Fair Value as of
	June 30, 2024		December 31, 2023		Issuance Date	Maturity	June 30, 2024		December 31, 2023
	(in millions)						(in millions)
5.750% Senior Notes	$	—	$	400	February 2014	March 2024	$	—	$	400
5.875% Senior Notes	800		800		February 2015	February 2025	801		807
3.000% Senior Notes (1)	503		519		April 2020	June 2025	501		516
3.625% Senior Notes	500		500		April 2020	June 2025	491		491
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	982		996
3.625% Senior Notes (1)	1,394		1,434		May 2017	May 2027	1,399		1,454
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,591		1,621
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	1,959		2,009
4.625% Senior Notes (1)	1,178		1,215		October 2018	May 2029	1,233		1,300
6.375% Senior Notes	800		800		October 2018	May 2029	843		872
3.875% Senior Notes (1)	1,285		1,325		April 2019	November 2029	1,303		1,372
5.375% Senior Notes	900		900		April 2019	November 2029	909		931
3.625% Senior Notes (1)	1,178		1,215		October 2019	June 2030	1,176		1,237
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	985		1,012
	$	14,038	$	14,608			$	14,173	$	15,018

(1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.

In the six months ended June 30, 2024, the Company repaid upon maturity the $400 million aggregate principal amount of its 5.750% Senior Notes.

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants.

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Revolving Credit Facility

On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of June 30, 2024, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.

The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants and ratios.

7. Derivative Financial Instruments and Hedging Activities

Notional Amount of Derivative Contracts

The net notional amounts of the Company’s outstanding derivative instruments were as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	9,549,472	$	8,783,273
Derivatives not designated as hedging instruments:
Foreign exchange contracts	808,357		—
Total	$	10,357,829	$	8,783,273

Fair Value of Derivative Contracts

The fair value of the Company’s outstanding derivative instruments was as follows:


	As of June 30, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	197,119	$	41,085	$	26,586	$	3,176
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2,625		—		2,371		—
Total	$	199,744	$	41,085	$	28,957	$	3,176

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	As of December 31, 2023
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	26,416	$	4,518	$	140,089	$	46,575
Derivatives not designated as hedging instruments:
Foreign exchange contracts	—		—		—		—
Total	$	26,416	$	4,518	$	140,089	$	46,575

The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies.

As of June 30, 2024, the pre-tax net accumulated gain on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $174 million.

Master Netting Agreements

In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets.

The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. No cash collateral was received or posted by the Company as of June 30, 2024 and December 31, 2023.

The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:


	As of June 30, 2024
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	240,829	$	—	$	240,829	$	(32,133)	$	—	$	208,696
Derivative liabilities	32,133		—		32,133		(32,133)		—		—


	As of December 31, 2023
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	30,934	$	—	$	30,934	$	(27,246)	$	—	$	3,688
Derivative liabilities	186,664		—		186,664		(27,246)		—		159,418

Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements

The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows:

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	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness	$	160,544	$	—	$	389,688	$	—
Net investment hedges:
Foreign currency-denominated debt	(3,400)		—		(3,400)		—
Total	$	157,144	$	—	$	386,288	$	—

(1) No amounts were excluded from the assessment of effectiveness.

The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	9,559,310	$	5,174,143	$	79,005

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	33,301		73		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		9,797


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	18,929,750	$	10,151,216	$	234,364

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	22,060		267		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		14,063

No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

8. Commitments and Contingencies

Content

As of June 30, 2024, the Company had $23.3 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.0 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.9 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.

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As of December 31, 2023, the Company had $21.7 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.6 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.

The expected timing of payments for these content obligations is as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Less than one year	$	11,456,834	$	10,328,923
Due after one year and through three years	8,592,237		8,784,302
Due after three years and through five years	2,528,545		2,016,358
Due after five years	731,986		583,766
Total content obligations	$	23,309,602	$	21,713,349

Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant.

Legal Proceedings

From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations.

The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold.

Non-Income Taxes

The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.

Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with Brazilian tax authorities regarding non-income tax assessments. Although the Company believes it has meritorious defenses to these matters, there is inherent complexity and uncertainty with respect to these matters, and the final outcome may be materially different from our expectations. The current potential exposure with respect to the various issues with Brazilian tax authorities regarding non-income tax assessments is estimated to be approximately $300 million, which is expected to increase over time.

Guarantees— Indemnification Obligations

In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract.

The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its

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directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary.

It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

9. Stockholders’ Equity

Equity Incentive Plans

The Netflix, Inc. 2020 Stock Plan is a stockholder-approved plan that provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants.

Stock Option Activity

Stock options are generally vested in full upon grant date and exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date.

The following table summarizes the activities related to the Company’s stock options:


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price (per share)
Balances as of December 31, 2023	19,695,109	$	268.86
Granted	337,121	555.69
Exercised	(2,543,267)	153.25
Expired	(3,171)	53.41
Balances as of June 30, 2024	17,485,792	$	291.25
Vested and expected to vest as of June 30, 2024	17,485,792	$	291.25
Exercisable as of June 30, 2024	17,352,136	$	290.14

Restricted Stock Unit Activity

The Company grants time-based restricted stock unit (“RSU”) awards and performance-based restricted stock unit (“PSU”) awards to certain executive officers. RSU awards vest quarterly over a three-year period subject to the executive’s continued employment or service with the Company through the vesting date. PSU awards have performance periods ranging from one to three years and vest depending on the Company’s achievement of predetermined market-based performance targets.

The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:


	Unvested Restricted Stock Units
	Number of Shares	Weighted- Average Grant-Date Fair Value (per share)
Balances as of December 31, 2023	—	$	—
Granted	159,978	686.36
Vested	(13,330)	562.00
Forfeited	—	—
Balances as of June 30, 2024	146,648	$	697.66

Stock-based Compensation

Total stock-based compensation expense was $69 million and $145 million for the three and six months ended June 30, 2024, respectively, and $78 million and $177 million for the three and six months ended June 30, 2023, respectively.

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Stock Repurchases

In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the three and six months ended June 30, 2024, the Company repurchased 2,578,104 and 6,145,069 shares, respectively, for an aggregate amount of $1.6 billion and $3.6 billion, respectively. As of June 30, 2024, $4.8 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of June 30, 2024, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2024:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2024	$	(176,974)	$	—	$	84,461	$	(19,366)	$	—	$	(111,879)
Other comprehensive income (loss) before reclassifications	(72,626)		(3,400)		160,544		(36,811)		780		48,487
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(33,374)		7,652		—		(25,722)
Net change in accumulated other comprehensive income (loss)	(72,626)		(3,400)		127,170		(29,159)		780		22,765
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2023	$	(103,922)	$	—	$	(155,730)	$	35,707	$	—	$	(223,945)
Other comprehensive income (loss) before reclassifications	(145,678)		(3,400)		389,688		(89,351)		780		152,039
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(22,327)		5,119		—		(17,208)
Net change in accumulated other comprehensive income (loss)	(145,678)		(3,400)		367,361		(84,232)		780		134,831
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)

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The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2023	$	(191,695)	$	—	$	—	$	—	$	—	$	(191,695)
Other comprehensive income (loss) before reclassifications	52,429		—		—		—		—		52,429

Net change in accumulated other comprehensive income (loss)	52,429		—		—		—		—		52,429
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2022	$	(217,306)	$	—	$	—	$	—	$	—	$	(217,306)
Other comprehensive income (loss) before reclassifications	78,040		—		—		—		—		78,040

Net change in accumulated other comprehensive income (loss)	78,040		—		—		—		—		78,040
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)

The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	33,301	$	73	$	(7,652)	$	25,722


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	22,060	$	267	$	(5,119)	$	17,208

No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

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10. Income Taxes


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(in thousands, except percentages)
Provision for income taxes	$	366,550		$	191,722		$	648,920		$	355,476
Effective tax rate	15		%	11		%	13		%	11		%

The effective tax rates for the three and six months ended June 30, 2024 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.

11. Segment and Geographic Information

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.

Total U.S. revenues were $4.0 billion and $7.9 billion, respectively, for the three and six months ended June 30, 2024, and $3.3 billion and $6.6 billion, respectively, for the three and six months ended June 30, 2023. See Note 2 Revenue Recognition for additional information about streaming revenue by region.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, were located as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
United States	$	2,761,309	$	2,724,710
International	972,910		843,633

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding: our core strategy; our ability to improve our content offerings and service; our future financial performance, including expectations regarding revenues, deferred revenue, operating income and margin, net income, expenses, and profitability; liquidity, including the sufficiency of our capital resources, net cash provided by (used in) operating activities, and access to financing sources; capital allocation strategies, including any stock repurchases or repurchase programs; seasonality; impact of foreign exchange rate fluctuations, including on net income, revenues and average revenues per paying member; expectations regarding hedging activity; impact of interest rate fluctuations; adequacy of existing facilities; future regulatory changes and their impact on our business; intellectual property; price changes and testing; accounting treatment for changes related to content assets; acquisitions; membership growth, including impact of content and pricing changes on membership growth; member viewing patterns; future contractual obligations, including unknown content obligations and timing of payments; our global content and marketing investments, including investments in original programming; content amortization; resolution of tax examinations; tax expense; unrecognized tax benefits; deferred tax assets; and our ability to effectively manage change and growth. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those included in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on January 26, 2024, in particular the risk factors discussed under the heading “Risk Factors” in Part I, Item 1A.

We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law.

Investors and others should note that we announce material financial and other information to our investors using our investor relations website (ir.netflix.net), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs to communicate with our members and the public about our company, our services and other issues. It is possible that the information we

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post on social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels and blogs listed on our investor relations website.

Overview

We are one of the world’s leading entertainment services with over 277 million paid memberships in over 190 countries enjoying TV series, films and games across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.

Our core strategy is to grow our business globally within the parameters of our operating margin target. We strive to continuously improve our members’ experience by offering compelling content that delights them and attracts new members. We seek to drive conversation around our content to further enhance member joy, and we are continuously enhancing our user interface to help our members more easily choose content that they will find enjoyable.

Our membership growth exhibits a seasonal pattern that reflects variations when consumers buy internet-connected screens and when they tend to increase their viewing. Historically, the fourth quarter represents our greatest streaming membership growth. In addition, our membership growth can be impacted by our content release schedule and changes to pricing and plans.

Results of Operations

The following represents our consolidated performance highlights:


	As of/Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except revenue per membership and percentages)
Financial Results:
Streaming revenues	$	9,559,310		$	8,158,326		$	1,400,984		17	%
DVD revenues (1)	—			28,975			(28,975)			(100)	%
Total revenues	$	9,559,310		$	8,187,301		$	1,372,009		17	%

Operating income	$	2,602,837		$	1,827,183		$	775,654		42	%
Operating margin	27		%	22		%	5		%

Global Streaming Memberships:
Paid net membership additions	8,045			5,892			2,153			37	%
Paid memberships at end of period	277,647			238,390			39,257			16	%
Average paying memberships	273,625			235,444			38,181			16	%
Average monthly revenue per paying membership	$	11.65		$	11.55		$	0.10		1	%
Constant currency change (2)										5	%

(1) We discontinued our DVD-by-mail service in September 2023. The discontinuance of our DVD business had an immaterial impact on our operations and financial results.

(2) We believe the non-GAAP financial measure of constant currency revenue is useful in analyzing the underlying trends in average monthly revenue per paying membership (“ARM”) absent foreign currency fluctuations. However, this non-GAAP financial measure should be considered in addition to, not as a substitute for, or superior to other financial measures prepared in accordance with GAAP.

In order to exclude the effect of foreign currency rate fluctuations on ARM, we calculate current period revenue assuming foreign exchange rates had remained constant with foreign exchange rates from each of the corresponding months of the prior-year period and exclude the impact of hedging gains or losses realized as revenues. Constant currency percentage change in ARM is calculated as the percentage change between current period constant currency ARM and the prior comparative period ARM. The impact of hedging gains or losses is excluded from both the current and prior periods. For the three and six months ended June 30, 2024, our revenues would have been approximately $430 million and $701 million higher, respectively, excluding the impact of hedging and had foreign currency exchange rates remained constant with those for the three and six months ended June 30, 2023.

Operating margin for the three months ended June 30, 2024 increased five percentage points as compared to the prior comparative period, primarily due to revenues growing at a faster rate as compared to the growth in cost of revenues, marketing expenses, general and administrative expenses, and technology and development expenses.

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Streaming Revenues

We primarily derive revenues from monthly membership fees for services related to streaming content to our members. We offer a variety of streaming membership plans, the price of which varies by country and the features of the plan. As of June 30, 2024, pricing on our paid plans ranged from the U.S. dollar equivalent of $1 to $31 per month, and pricing on our extra member sub accounts ranged from the U.S. dollar equivalent of $2 to $8 per month. We expect that from time to time the prices of our membership plans in each country may change and we may test other plan and price variations.

We also earn revenue from advertisements presented on our streaming service, consumer products, live events and various other sources. Revenues earned from sources other than monthly membership fees were not material for the three and six months ended June 30, 2024 and June 30, 2023.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except percentages)
Streaming revenues	$	9,559,310	$	8,158,326	$	1,400,984	17	%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except percentages)
Streaming revenues	$	18,929,750	$	16,288,327	$	2,641,423	16	%

Streaming revenues for the three and six months ended June 30, 2024 increased 17% and 16% as compared to the three and six months ended June 30, 2023, respectively, primarily due to the growth in average paying memberships and price increases, partially offset by unfavorable changes in foreign exchange rates.

The following tables summarize streaming revenue and other streaming membership information by region for the three and six months ended June 30, 2024 and 2023. Hedging gains of $33 million and $22 million are included in “Streaming revenues” for the three and six months ended June 30, 2024, respectively. No hedging gains and losses were recognized as “Streaming revenues” in the comparative prior year period. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

United States and Canada (UCAN)

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	As of/Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	4,295,560	$	3,599,448	$	696,112	19	%
Paid net membership additions	1,451		1,173		278		24	%
Paid memberships at end of period	84,109		75,571		8,538		11	%
Average paying memberships	83,384		74,985		8,399		11	%
Average monthly revenue per paying membership	$	17.17	$	16.00	$	1.17	7	%
Constant currency change							7	%

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Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	As of/Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	8,519,875	$	7,208,093	$	1,311,782	18	%
Paid net membership additions	3,981		1,275		2,706		212	%
Paid memberships at end of period	84,109		75,571		8,538		11	%
Average paying memberships	82,389		74,666		7,723		10	%
Average monthly revenue per paying membership	$	17.24	$	16.09	$	1.15	7	%
Constant currency change							7	%

Europe, Middle East, and Africa (EMEA)

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	As of/Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	3,007,772	$	2,562,170	$	445,602	17	%
Paid net membership additions	2,235		2,434		(199)		(8)	%
Paid memberships at end of period	93,964		79,807		14,157		18	%
Average paying memberships	92,847		78,590		14,257		18	%
Average monthly revenue per paying membership	$	10.80	$	10.87	$	(0.07)	(1)	%
Constant currency change							1	%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	As of/Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	5,965,965	$	5,079,811	$	886,154	17	%
Paid net membership additions	5,151		3,078		2,073		67	%
Paid memberships at end of period	93,964		79,807		14,157		18	%
Average paying memberships	91,559		77,821		13,738		18	%
Average monthly revenue per paying membership	$	10.86	$	10.88	$	(0.02)	—	%
Constant currency change							—	%

Latin America (LATAM)

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023

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	As of/Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	1,204,145	$	1,077,435	$	126,710	12	%
Paid net membership additions	1,530		1,217		313		26	%
Paid memberships at end of period	49,250		42,466		6,784		16	%
Average paying memberships	48,485		41,858		6,627		16	%
Average monthly revenue per paying membership	$	8.28	$	8.58	$	(0.30)	(3)	%
Constant currency change							24	%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	As of/Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	2,369,153	$	2,147,627	$	221,526	10	%
Paid net membership additions	3,253		767		2,486		324	%
Paid memberships at end of period	49,250		42,466		6,784		16	%
Average paying memberships	47,672		41,666		6,006		14	%
Average monthly revenue per paying membership	$	8.28	$	8.59	$	(0.31)	(4)	%
Constant currency change							20	%

Asia-Pacific (APAC)

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	As of/Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	1,051,833	$	919,273	$	132,560	14	%
Paid net membership additions	2,829		1,068		1,761		165	%
Paid memberships at end of period	50,324		40,546		9,778		24	%
Average paying memberships	48,910		40,012		8,898		22	%
Average monthly revenue per paying membership	$	7.17	$	7.66	$	(0.49)	(6)	%
Constant currency change							(3)	%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	As of/Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except revenue per membership and percentages)
Streaming revenues	$	2,074,757	$	1,852,796	$	221,961	12	%
Paid net membership additions	4,986		2,523		2,463		98	%
Paid memberships at end of period	50,324		40,546		9,778		24	%
Average paying memberships	47,664		39,382		8,282		21	%
Average monthly revenue per paying membership	$	7.25	$	7.84	$	(0.59)	(8)	%
Constant currency change							(4)	%

Cost of Revenues

Amortization of content assets makes up the majority of cost of revenues. Expenses associated with the acquisition, licensing and production of content (such as payroll, stock-based compensation, facilities, and other related personnel expenses, costs associated with

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obtaining rights to music included in our content, overall deals with talent, miscellaneous production related costs and participations and residuals), streaming delivery costs and other operations costs make up the remainder of cost of revenues. We have built our own global content delivery network (“Open Connect”) to help us efficiently stream a high volume of content to our members over the internet. Delivery expenses, therefore, include equipment costs related to Open Connect, payroll and related personnel expenses and all third-party costs, such as cloud computing costs, associated with delivering content over the internet. Other operations costs include customer service and payment processing fees, including those we pay to our integrated payment partners, as well as other costs incurred in making our content available to members.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Cost of revenues	$	5,174,143		$	4,673,470		$	500,673	11	%
As a percentage of revenues	54		%	57		%

The increase in cost of revenues was primarily due to a $360 million increase in content amortization relating to our existing and new content.

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Cost of revenues	$	10,151,216		$	9,477,095		$	674,121	7	%
As a percentage of revenues	54		%	58		%

The increase in cost of revenues was primarily due to a $570 million increase in content amortization relating to our existing and new content.

Marketing

Marketing expenses consist primarily of advertising expenses and certain payments made to our marketing and advertising sales partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators, and internet service providers (“ISPs”). Advertising expenses include promotional activities such as digital and television advertising. Marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support sales and marketing activities.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Marketing	$	644,084		$	627,168		$	16,916	3	%
As a percentage of revenues	7		%	8		%

The increase in marketing expenses was primarily due to a $27 million increase in personnel-related costs, partially offset by a $17 million decrease in advertising expenses due to the timing of content releases.

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Marketing	$	1,298,424		$	1,182,530		$	115,894	10	%
As a percentage of revenues	7		%	7		%

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The increase in marketing expenses was primarily due to a $54 million increase in personnel-related costs, coupled with a $48 million increase in advertising expenses due to the timing of content releases.

Technology and Development

Technology and development expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for technology personnel responsible for making improvements to our service offerings, including testing, maintaining and modifying our user interface, our recommendations, merchandising and infrastructure. Technology and development expenses also include costs associated with general use computer hardware and software.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Technology and development	$	711,254		$	657,983		$	53,271	8	%
As a percentage of revenues	7		%	8		%

The increase in technology and development expenses was primarily due to a $43 million increase in personnel-related costs, coupled with an increase in infrastructure and general use computer hardware expenses.

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Technology and development	$	1,413,727		$	1,345,258		$	68,469	5	%
As a percentage of revenues	7		%	8		%

The increase in technology and development expenses was primarily due to a $52 million increase in personnel-related costs, coupled with an increase in infrastructure and general use computer hardware expenses.

General and Administrative

General and administrative expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for corporate personnel. General and administrative expenses also include professional fees and other general corporate expenses.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
General and administrative	$	426,992		$	401,497		$	25,495	6	%
As a percentage of revenues	4		%	5		%

The increase in general and administrative expenses was primarily due to a $9 million increase in personnel-related costs as well as increased spend on other corporate expenses.

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
General and administrative	$	831,012		$	802,421		$	28,591	4	%
As a percentage of revenues	4		%	5		%

The increase in general and administrative expenses was primarily due to an $11 million increase in personnel-related costs as well as increased spend on other corporate expenses.

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Interest Expense

Interest expense consists primarily of the interest associated with our outstanding debt obligations, including the amortization of debt issuance costs. See Note 6 Debt in the accompanying notes to our consolidated financial statements for further detail on our debt obligations.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Interest expense	$	167,986		$	174,812		$	(6,826)	(4)	%
As a percentage of revenues	2		%	2		%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Interest expense	$	341,300		$	349,051		$	(7,751)	(2)	%
As a percentage of revenues	2		%	2		%

Interest expense primarily consists of interest on our Notes of $168 million and $341 million for the three and six months ended June 30, 2024. The decrease in interest expense for the three and six months ended June 30, 2024 as compared to the three and six months ended June 30, 2023 was due to the lower average aggregate principal of interest bearing notes outstanding.

Interest and Other Income (Expense)

Interest and other income (expense) consists primarily of foreign exchange gains and losses on foreign currency denominated balances and interest earned on cash, cash equivalents and short-term investments.

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Interest and other income	$	79,005		$	26,961		$	52,044	193	%
As a percentage of revenues	1		%	—		%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Interest and other income (expense)	$	234,364		$	(44,243)		$	278,607	630	%
As a percentage of revenues	1		%	—		%

Interest and other income (expense) increased in the three and six months ended June 30, 2024 primarily due to foreign exchange gains of $21 million and $115 million, respectively, compared to losses of $23 million and $130 million, respectively, for the corresponding periods in 2023. In the three months ended June 30, 2024, the foreign exchange gains were primarily driven by the non-cash gain of $43 million from the remeasurement of our €5,170 million Senior Notes, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the six months ended June 30, 2024, the foreign exchange gains were primarily driven by the non-cash gain of $173 million from the remeasurement of our €5,170 million Senior Notes, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the three months ended June 30, 2023, the foreign exchange losses were primarily driven by the non-cash losses of $29 million from the remeasurement of our €5,170 million Senior Notes, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the six months ended June 30, 2023, the foreign exchange losses were primarily driven by the non-cash losses of $110 million from the remeasurement of our €5,170 million Senior Notes, coupled with the remeasurement of cash and content liability positions in currencies other than the functional currencies.

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Provision for Income Taxes

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended						Change
	June 30, 2024			June 30, 2023			Q2'24 vs. Q2'23
	(in thousands, except percentages)
Provision for income taxes	$	366,550		$	191,722		$	174,828	91	%
Effective tax rate	15		%	11		%

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended						Change
	June 30, 2024			June 30, 2023			YTD'24 vs. YTD'23
	(in thousands, except percentages)
Provision for income taxes	$	648,920		$	355,476		$	293,444	83	%
Effective tax rate	13		%	11		%

The increase in the effective tax rate for the three and six months ended June 30, 2024, as compared to the same periods in 2023, was primarily due to an increase in foreign taxes, partially offset by higher excess tax benefits on stock-based compensation.

Liquidity and Capital Resources


	As of				Change
	June 30, 2024		December 31, 2023		June 30, 2024 vs. December 31, 2023
	(in thousands, except percentages)
Cash, cash equivalents, restricted cash and short-term investments	$	6,658,018	$	7,139,488	$	(481,470)	(7)	%
Short-term and long-term debt	13,980,065		14,543,261		(563,196)		(4)	%

Cash, cash equivalents, restricted cash and short-term investments decreased $481 million in the six months ended June 30, 2024 primarily due to the repurchase of stock and repayment of debt, partially offset by cash provided by operations and proceeds from issuance of common stock.

Debt, net of debt issuance costs, decreased $563 million primarily due to the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the six months ended June 30, 2024, coupled with the remeasurement of our euro-denominated notes. The amount of principal and interest on our outstanding notes due in the next twelve months is $2,430 million. As of June 30, 2024, no amounts had been borrowed under the $3 billion Revolving Credit Agreement. See Note 6 Debt in the accompanying notes to our consolidated financial statements.

We anticipate that we may periodically raise additional debt capital. Our ability to obtain this or any additional financing that we may choose or need, including for the refinancing of upcoming maturities or potential strategic acquisitions and investments, will depend on, among other things, our development efforts, business plans, operating performance and the condition of the capital markets at the time we seek financing. We may not be able to obtain such financing on terms acceptable to us or at all. If we raise additional funds through the issuance of equity or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, and our stockholders may experience dilution.

In March 2021, our Board of Directors authorized the repurchase of up to $5 billion of our common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. We are not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including our stock price, general economic, business and market conditions, and alternative investment opportunities. We may discontinue any repurchases of our common stock at any time without prior notice. During the six months ended June 30, 2024, the Company repurchased 6,145,069 shares of common stock for an aggregate amount of $3.6 billion. As of June 30, 2024, $4.8 billion remains available for repurchases.

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Our primary uses of cash include the acquisition, licensing and production of content, marketing programs, streaming delivery and personnel-related costs, as well as strategic acquisitions and investments. Cash payment terms for non-original content have historically been in line with the amortization period. Investments in original content, and in particular content that we produce and own, require more cash upfront relative to licensed content. For example, production costs are paid as the content is created, well in advance of when the content is available on the service and amortized. We expect to continue to significantly invest in global content, particularly in original content, which will impact our liquidity. We currently anticipate that cash flows from operations, available funds and access to financing sources, including our revolving credit facility, will continue to be sufficient to meet our cash needs for the next twelve months and beyond.

Our material cash requirements from known contractual and other obligations primarily relate to our content, debt and lease obligations. As of June 30, 2024, the expected timing of those payments are as follows:


	Payments due by Period
Contractual obligations (in thousands):	Total		Next 12 Months		Beyond 12 Months
Content obligations (1)	$	23,309,602	$	11,456,834	$	11,852,768
Debt (2)	16,769,794		2,429,714		14,340,080
Operating lease obligations (3)	2,955,264		500,444		2,454,820

Total	$	43,034,660	$	14,386,992	$	28,647,668

(1)As of June 30, 2024, content obligations were comprised of $4.4 billion included in “Current content liabilities” and $2.0 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $16.9 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not then meet the criteria for recognition.

The material cash requirements above do not include any estimated obligation for the unknown future titles, payment for which could range from less than one year to more than five years. However, these unknown obligations are expected to be significant and we believe could include approximately $1 billion to $4 billion over the next three years, with the payments for the vast majority of such amounts expected to occur after the next twelve months. The foregoing range is based on considerable management judgments and the actual amounts may differ. Once we know the title that we will receive and the license fees, we include the amount in the contractual obligations table above.

(2)Debt obligations include our Notes consisting of principal and interest payments. See Note 6 Debt to the consolidated financial statements for further details.

(3)Operating lease obligations are comprised of operating lease liabilities included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Consolidated Balance Sheets, inclusive of imputed interest. Operating lease obligations also include additional obligations that are not reflected on the Consolidated Balance Sheets as they did not meet the criteria for recognition. See Note 5 Balance Sheet Components in the accompanying notes to our consolidated financial statements for further details regarding leases.

Cash Flows

The following tables summarize our cash flows:

Three months ended June 30, 2024 as compared to the three months ended June 30, 2023


	Three Months Ended				Change
	June 30, 2024		June 30, 2023		Q2'24 vs. Q2'23
	(in thousands, except percentages)
Net cash provided by operating activities	$	1,290,847	$	1,440,232	$	(149,385)	(10)	%
Net cash provided by (used in) investing activities	(78,287)		97,737		(176,024)		(180)	%
Net cash used in financing activities	(1,489,381)		(649,349)		840,032		129	%

Net cash provided by operating activities for the three months ended June 30, 2024 decreased $149 million as compared to the corresponding period in 2023, primarily driven by a $779 million or 21% increase in payments for content assets and unfavorable changes in working capital, partially offset by a $660 million or 44% increase in net income and adjustments for non-cash expenses.

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Net cash provided by (used in) investing activities for the three months ended June 30, 2024 decreased $176 million as compared to the corresponding period in 2023, primarily due to there being no proceeds or purchases of short-term investments in the three months ended June 30, 2024, as compared to proceeds from maturities of short-term investments of $502 million and purchases of short-term investments of $303 million in the three months ended June 30, 2023.

Net cash used in financing activities for the three months ended June 30, 2024 increased $840 million as compared to the corresponding period in 2023, primarily due to repurchases of common stock for an aggregate amount of $1.6 billion in the three months ended June 30, 2024 as compared to repurchases of common stock for an aggregate amount of $645 million in the three months ended June 30, 2023, partially offset by an $84 million increase in proceeds from the issuance of common stock due to an increase in employee stock options exercised in the three months ended June 30, 2024 as compared to the corresponding period in 2023.

Six months ended June 30, 2024 as compared to the six months ended June 30, 2023


	Six Months Ended				Change
	June 30, 2024		June 30, 2023		YTD'24 vs. YTD'23
	(in thousands, except percentages)
Net cash provided by operating activities	$	3,503,369	$	3,618,972	$	(115,603)	(3)	%
Net cash used in investing activities	(154,001)		(165,916)		(11,915)		(7)	%
Net cash used in financing activities	(3,622,325)		(1,023,422)		2,598,903		254	%

Net cash provided by operating activities for the six months ended June 30, 2024 decreased $116 million as compared to the corresponding period in 2023, primarily driven by a $1,883 million or 29% increase in payments for content assets and unfavorable changes in working capital, partially offset by a $1,687 million or 60% increase in net income and adjustments for non-cash expenses.

Net cash used in investing activities for the six months ended June 30, 2024 decreased $12 million as compared to the corresponding period in 2023, primarily due to decreased purchases of property and equipment, coupled with there being no purchases or maturities of short-term investments in the six months ended June 30, 2024, as compared to purchases of short-term investments of $505 million and maturities of short-term investments of $502 million in the six months ended June 30, 2023.

Net cash used in financing activities for the six months ended June 30, 2024 increased $2,599 million as compared to the corresponding period in 2023, primarily due to repurchases of common stock for an aggregate amount of $3.6 billion in the six months ended June 30, 2024 as compared to repurchases of common stock for an aggregate amount of $1.0 billion in the six months ended June 30, 2023, coupled with the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the six months ended June 30, 2024 as compared to no repayments of debt in the corresponding period in 2023. The increase in net cash used in financing activities was partially offset by the $327 million increase in proceeds from the issuance of common stock in the six months ended June 30, 2024 as compared to the corresponding period in 2023, due to an increase in employee stock options exercised.

Indemnification

The information set forth under Note 8 Commitments and Contingencies to the consolidated financial statements under the caption “Indemnification” is incorporated herein by reference.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” of the Notes to consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023, describe the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates included in our Annual Report on Form 10-K for the year ended December 31, 2023.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk

For financial market risks related to changes in interest rates, reference is made to Item 7A “Quantitative and Qualitative Disclosures About Market Risk” contained in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023. Our exposure to market risk has not changed significantly since December 31, 2023.

Interest Rate Risk

At June 30, 2024, our cash equivalents and short-term investments were generally invested in money market funds and time deposits. Interest paid on such funds fluctuates with the prevailing interest rate.

As of June 30, 2024, we had $14.0 billion of debt, consisting of fixed rate unsecured debt in thirteen tranches due between 2025 and 2030. Refer to Note 6 Debt to the consolidated financial statements for details about all issuances. The fair value of our debt will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest. The fair value of our debt will also fluctuate based on changes in foreign currency rates, as discussed below.

Foreign Currency Risk

We operate our business globally and transact in multiple currencies. Currencies denominated in other than the U.S. dollar accounted for 56% of revenue and 30% of operating expenses for the six months ended June 30, 2024. We therefore have foreign currency risk related to these currencies, which are primarily the euro, British pound, Brazilian real, Argentine peso, and the Mexican peso.

Accordingly, volatility in exchange rates, and in particular a weakening of foreign currencies relative to the U.S. dollar may negatively affect our revenue and operating income as expressed in U.S. dollars. Excluding the impact of hedging gains or losses realized as revenues, our revenues for the six months ended June 30, 2024 would have been approximately $701 million higher had foreign currency exchange rates remained constant with those for the six months ended June 30, 2023. See Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for further information regarding our non-GAAP financial measure of constant currency.

We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted U.S. dollar-equivalent revenues from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges of forecasted foreign currency revenue and initially record the gains or losses on these derivative instruments as a component of accumulated other comprehensive income (“AOCI”) and reclassify the amounts into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. If the U.S. dollar weakened by 10% as of June 30, 2024 and December 31, 2023, the amounts recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $1 billion and $958 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying forecasted revenues when recognized in earnings.

We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted and firmly committed U.S. dollar-equivalent transactions related to the licensing and production of content assets from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges and initially record the gains or losses on these derivative instruments as a component of AOCI and reclassify the amounts into “Cost of Revenues” to offset the hedged exposures as they affect earnings, which occurs as the underlying hedged content assets are amortized. If the U.S. dollar strengthened by 10% as of June 30, 2024 and December 31, 2023, the amounts recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $118 million and $71 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying exposures when recognized in earnings.

We use non-derivative instruments to mitigate foreign exchange risk related to our net investments in certain foreign subsidiaries. These non-derivative instruments may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate a portion of our foreign currency-denominated Senior Notes in euros as net investment hedges and the gains or losses on these non-derivative instruments are reported as a component of AOCI and remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.

We have also experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on the settlement and the remeasurement of monetary assets and liabilities denominated in currencies that are not the functional currency. In the six months ended June 30, 2024, we began entering into foreign exchange forward contracts to mitigate the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. If an adverse change in exchange rates of 10% was applied to our monetary assets and liabilities denominated in currencies other than the functional currencies as of June 30, 2024 and December 31, 2023, income before income taxes would have been approximately $305 million and $516 million lower, respectively, after considering the offsetting impact of the foreign currency exchange contracts. The hypothetical adverse change in income before taxes is primarily driven by foreign exchange losses on our Senior Notes denominated in euros which have not been designated as hedges of our net investment in certain foreign subsidiaries.

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Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q were effective in providing reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Our management, including our co-Chief Executive Officers and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.Legal Proceedings

The information set forth under Note 8 Commitments and Contingencies in the notes to the consolidated financial statements under the caption “Legal Proceedings” is incorporated herein by reference.

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Item 1A.Risk Factors

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Company Purchases of Equity Securities

Stock repurchases during the three months ended June 30, 2024 were as follows:


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
					(in thousands)
April 1 - 30, 2024	795,124	$	600.38	795,124	$	5,877,477
May 1 - 31, 2024	1,032,742	$	609.73	1,032,742	$	5,247,780
June 1 - 30, 2024	750,238	$	657.02	750,238	$	4,754,859
Total	2,578,104			2,578,104


(1) In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. For further information regarding stock repurchase activity, see Note 9 Stockholders’ Equity to the consolidated financial statements in this Quarterly Report.
(2) Average price paid per share includes costs associated with the repurchases.

Item 5.Other Information

Rule 10b5-1 Trading Plans

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

Name

Title

Action

Date Adopted

Expiration Date

Aggregate # of Securities to be Purchased/Sold

David Hyman (1)

Chief Legal Officer

Adoption

5/7/2024

8/6/2025

44,973

Anne Sweeney (2)

Director

Adoption

5/9/2024

8/8/2025

1,190

Jay Hoag (3)

Director

Adoption

5/10/2024

5/12/2025

175,499


(1) David Hyman, Chief Legal Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 7, 2024. Mr. Hyman's plan provides for the potential exercise of vested stock options and the associated sale of up to 44,973 shares of Netflix common stock. The plan expires on August 6, 2025, or upon the earlier completion of all authorized transactions under the plan.
(2) Anne Sweeney, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 9, 2024. Ms. Sweeney's plan provides for the potential exercise of vested stock options and the associated sale of up to 1,190 shares of Netflix common stock. The plan expires on August 8, 2025, or upon the earlier completion of all authorized transactions under the plan.
(3) Jay Hoag, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 10, 2024. The plan provides for the potential sale of up to 175,499 shares of Netflix common stock. The plan expires on May 12, 2025, or upon the earlier completion of all authorized transactions under the plan.

Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

Item 6.Exhibits

(a) Exhibits:

See Exhibit Index immediately following the signature page of this Quarterly Report on Form 10-Q.

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EXHIBIT INDEX

Exhibit Number

Exhibit Description

Incorporated by Reference

Filed
Herewith

Form

File No.

Exhibit

Filing Date

3.1

Restated Certificate of Incorporation

8-K

001-35727

3.1

June 8, 2022

3.2

Amended and Restated Bylaws

8-K

001-35727

3.2

February 24, 2023

31.1

Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.3

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*

Certifications of Co-Chief Executive Officers and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags

104

The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL

* These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		NETFLIX, INC.
Dated:	July 19, 2024	By:	/s/ Ted Sarandos
			Ted Sarandos Co-Chief Executive Officer (Principal executive officer)

Dated:	July 19, 2024	By:	/s/ Greg Peters
			Greg Peters Co-Chief Executive Officer (Principal executive officer)

Dated:	July 19, 2024	By:	/s/ Jeffrey Karbowski
			Jeffrey Karbowski Chief Accounting Officer (Principal accounting officer)

EXHIBIT 31.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ted Sarandos, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Netflix, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 19, 2024

By:

/S/ TED SARANDOS

Ted Sarandos

Co-Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Greg Peters, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Netflix, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 19, 2024

By:

/S/ GREG PETERS

Greg Peters

Co-Chief Executive Officer

EXHIBIT 31.3

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Spencer Neumann, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Netflix, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 19, 2024

By:

/S/ SPENCER NEUMANN

Spencer Neumann

Chief Financial Officer

EXHIBIT 32.1

CERTIFICATIONS OF CO-CHIEF EXECUTIVE OFFICERS AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Ted Sarandos, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Netflix, Inc. for the quarter ended June 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Netflix, Inc.

Dated: July 19, 2024

By:

/S/ TED SARANDOS

Ted Sarandos

Co-Chief Executive Officer

I, Greg Peters, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Netflix, Inc. for the quarter ended June 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Netflix, Inc.

Dated: July 19, 2024

By:

/S/ GREG PETERS

Greg Peters

Co-Chief Executive Officer

I, Spencer Neumann, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Netflix, Inc. for the quarter ended June 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Netflix, Inc.

Dated: July 19, 2024

By:

/S/ SPENCER NEUMANN

Spencer Neumann

Chief Financial Officer

Cover	6 Months Ended
Cover	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35727
Entity Registrant Name	Netflix, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0467272
Entity Address, Address Line One	121 Albright Way,
Entity Address, City or Town	Los Gatos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	408
Local Phone Number	540-3700
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	429,164,615
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Cost of revenues	5,174,143	4,673,470	10,151,216	9,477,095
Marketing	644,084	627,168	1,298,424	1,182,530
Technology and development	711,254	657,983	1,413,727	1,345,258
General and administrative	426,992	401,497	831,012	802,421
Operating income	2,602,837	1,827,183	5,235,371	3,541,500
Other income (expense):
Interest expense	(167,986)	(174,812)	(341,300)	(349,051)
Interest and other income (expense)	79,005	26,961	234,364	(44,243)
Income before income taxes	2,513,856	1,679,332	5,128,435	3,148,206
Provision for income taxes	(366,550)	(191,722)	(648,920)	(355,476)
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Earnings per share:
Basic (in USD per share)	$ 4.99	$ 3.35	$ 10.39	$ 6.28
Diluted (in USD per share)	$ 4.88	$ 3.29	$ 10.16	$ 6.18
Weighted-average shares of common stock outstanding:
Basic (in shares)	430,065	443,881	431,078	444,559
Diluted (in shares)	439,739	451,572	440,697	451,990

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Other comprehensive income:
Foreign currency translation adjustments	(75,246)	52,429	(148,298)	78,040
Net unrealized gains	123,733	0	300,337	0
Reclassification of net gains included in net income	(25,722)	0	(17,208)	0
Net change, net of income tax expense of $29 million, $0, $84 million, and $0, respectively	98,011	0	283,129	0
Total other comprehensive income	22,765	52,429	134,831	78,040
Comprehensive income	$ 2,170,071	$ 1,540,039	$ 4,614,346	$ 2,870,770

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net change, income tax expense	$ 29	$ 0	$ 84	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(4,048,852)	(3,683,007)	(7,777,819)	(6,141,673)
Change in content liabilities	(366,572)	46,119	(556,013)	(308,672)
Amortization of content assets	3,769,690	3,410,021	7,440,495	6,870,005
Depreciation and amortization of property, equipment and intangibles	81,227	89,385	168,461	179,720
Stock-based compensation expense	68,766	78,030	145,111	177,129
Foreign currency remeasurement loss (gain) on debt	(42,692)	28,952	(173,493)	109,603
Other non-cash items	138,588	121,483	235,769	241,491
Deferred income taxes	(209,387)	(103,172)	(316,464)	(201,954)
Changes in operating assets and liabilities:
Other current assets	(28,959)	(183,049)	9,090	(271,571)
Accounts payable	(19,358)	38,332	(164,623)	(51,336)
Accrued expenses and other liabilities	(114,303)	177,831	137,479	363,130
Deferred revenue	4,236	49,647	30,751	47,257
Other non-current assets and liabilities	(88,843)	(117,950)	(154,890)	(186,887)
Net cash provided by operating activities	1,290,847	1,440,232	3,503,369	3,618,972
Cash flows from investing activities:
Purchases of property and equipment	(78,287)	(100,972)	(154,001)	(162,991)
Purchases of short-term investments	0	(303,228)	0	(504,862)
Proceeds from maturities of short-term investments	0	501,937	0	501,937
Net cash provided by (used in) investing activities	(78,287)	97,737	(154,001)	(165,916)
Cash flows from financing activities:
Repayments of debt	0	0	(400,000)	0
Proceeds from issuance of common stock	118,750	34,717	387,631	60,745
Repurchases of common stock	(1,599,998)	(645,146)	(3,599,998)	(1,045,247)
Taxes paid related to net share settlement of equity awards	(1,883)	0	(3,708)	0
Other financing activities	(6,250)	(38,920)	(6,250)	(38,920)
Net cash used in financing activities	(1,489,381)	(649,349)	(3,622,325)	(1,023,422)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(122,723)	39,626	(218,513)	66,049
Net increase (decrease) in cash, cash equivalents and restricted cash	(399,544)	928,246	(491,470)	2,495,683
Cash, cash equivalents and restricted cash at beginning of period	7,026,589	6,738,019	7,118,515	5,170,582
Cash, cash equivalents and restricted cash at end of period	$ 6,627,045	$ 7,666,265	$ 6,627,045	$ 7,666,265

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,624,939	$ 7,116,913
Short-term investments	30,973	20,973
Other current assets	2,959,641	2,780,247
Total current assets	9,615,553	9,918,133
Content assets, net	31,927,355	31,658,056
Property and equipment, net	1,510,958	1,491,444
Other non-current assets	6,045,029	5,664,359
Total assets	49,098,895	48,731,992
Current liabilities:
Current content liabilities	4,391,437	4,466,470
Accounts payable	598,557	747,412
Accrued expenses and other liabilities	1,876,244	1,803,960
Deferred revenue	1,473,720	1,442,969
Short-term debt	1,800,041	399,844
Total current liabilities	10,139,999	8,860,655
Non-current content liabilities	2,028,782	2,578,173
Long-term debt	12,180,024	14,143,417
Other non-current liabilities	2,637,397	2,561,434
Total liabilities	26,986,202	28,143,679
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2024 and December 31, 2023; 429,164,615 and 432,759,584 issued and outstanding at June 30, 2024 and December 31, 2023, respectively	5,680,061	5,145,172
Treasury stock at cost (22,229,834 and 16,078,268 shares at June 30, 2024 and December 31, 2023, respectively)	(10,547,055)	(6,922,200)
Accumulated other comprehensive loss	(89,114)	(223,945)
Retained earnings	27,068,801	22,589,286
Total stockholders’ equity	22,112,693	20,588,313
Total liabilities and stockholders’ equity	$ 49,098,895	$ 48,731,992

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (in shares)	429,164,615	432,759,584
Common stock, shares outstanding (in shares)	429,164,615	432,759,584
Treasury stock (in shares)	22,229,834	16,078,268

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock and additional paid-in capital:	Treasury stock:	Accumulated other comprehensive loss:	Retained earnings:
Beginning Balance at Dec. 31, 2022	$ 20,777,401	$ 4,637,601	$ (824,190)	$ (217,306)	$ 17,181,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		59,478
Stock-based compensation expense		177,129
Repurchases of common stock to be held as treasury stock			(1,052,563)
Other comprehensive income	78,040			78,040
Net income	2,792,730				2,792,730
Ending Balance at Jun. 30, 2023	22,832,215	4,874,208	(1,876,753)	(139,266)	19,974,026
Beginning Balance at Mar. 31, 2023	21,828,196	4,762,395	(1,228,920)	(191,695)	18,486,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		33,783
Stock-based compensation expense		78,030
Repurchases of common stock to be held as treasury stock			(647,833)
Other comprehensive income	52,429			52,429
Net income	1,487,610				1,487,610
Ending Balance at Jun. 30, 2023	22,832,215	4,874,208	(1,876,753)	(139,266)	19,974,026
Beginning Balance at Dec. 31, 2023	20,588,313	5,145,172	(6,922,200)	(223,945)	22,589,286
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		389,778
Stock-based compensation expense		145,111
Repurchases of common stock to be held as treasury stock			(3,624,855)
Other comprehensive income	134,831			134,831
Net income	4,479,515				4,479,515
Ending Balance at Jun. 30, 2024	22,112,693	5,680,061	(10,547,055)	(89,114)	27,068,801
Beginning Balance at Mar. 31, 2024	21,365,410	5,489,850	(8,934,056)	(111,879)	24,921,495
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		121,445
Stock-based compensation expense		68,766
Repurchases of common stock to be held as treasury stock			(1,612,999)
Other comprehensive income	22,765			22,765
Net income	2,147,306				2,147,306
Ending Balance at Jun. 30, 2024	$ 22,112,693	$ 5,680,061	$ (10,547,055)	$ (89,114)	$ 27,068,801

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2024. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year. The following is provided to update the Company’s significant accounting policies previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Derivative Financial Instruments and Hedging Activities The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. Cash flow hedges The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. Net investment hedges The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings. Derivative instruments not designated as hedging instruments The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments. Stock-based Compensation The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

United States and Canada (UCAN)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	4,295,560	$	3,599,448	$	8,519,875	$	7,208,093
Paid net membership additions	1,451		1,173		3,981		1,275
Paid memberships at end of period (1)	84,109		75,571		84,109		75,571

Europe, Middle East, and Africa (EMEA)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	3,007,772	$	2,562,170	$	5,965,965	$	5,079,811
Paid net membership additions	2,235		2,434		5,151		3,078
Paid memberships at end of period (1)	93,964		79,807		93,964		79,807

Latin America (LATAM)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,204,145	$	1,077,435	$	2,369,153	$	2,147,627
Paid net membership additions	1,530		1,217		3,253		767
Paid memberships at end of period (1)	49,250		42,466		49,250		42,466

Asia-Pacific (APAC)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,051,833	$	919,273	$	2,074,757	$	1,852,796
Paid net membership additions	2,829		1,068		4,986		2,523
Paid memberships at end of period (1)	50,324		40,546		50,324		40,546


(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Basic earnings per share	$	4.99	$	3.35	$	10.39	$	6.28

Diluted earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Effect of dilutive stock-based awards	9,674		7,691		9,619		7,431
Weighted-average number of shares	439,739		451,572		440,697		451,990
Diluted earnings per share	$	4.88	$	3.29	$	10.16	$	6.18

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

Six Months Ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

(in thousands)

Stock-based awards

118

4,348

402

5,097

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

6 Months Ended

Jun. 30, 2024

Short-Term Investments And Fair Value Measurement [Abstract]

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	6,005,440	$	—	$	1,973	$	77	$	6,007,490
Level 1 securities:
Money market funds	356,346		—		—		56		356,402
Level 2 securities:
Time Deposits (1)	263,153		30,973		—		—		294,126

	$	6,624,939	$	30,973	$	1,973	$	133	$	6,658,018


	As of December 31, 2023
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	5,986,629	$	—	$	1,466	$	81	$	5,988,176
Level 1 securities:
Money market funds	925,652		—		—		55		925,707
Level 2 securities:
Time Deposits (1)	204,632		20,973		—		—		225,605

	$	7,116,913	$	20,973	$	1,466	$	136	$	7,139,488

(1) The majority of the Company's time deposits are international deposits, which mature within one year.

Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Licensed content, net	$	12,358,540	$	12,722,701

Produced content, net
Released, less amortization	10,033,753		9,843,150
In production	8,810,544		8,247,578
In development and pre-production	724,518		844,627
	19,568,815		18,935,355

Content assets, net	$	31,927,355	$	31,658,056

As of June 30, 2024, the amount of accrued participations and residuals was not material.

The following table represents the amortization of content assets:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Licensed content	$	1,884,491	$	1,779,321	$	3,719,608	$	3,502,999
Produced content	1,885,199		1,630,700		3,720,887		3,367,006
Total	$	3,769,690	$	3,410,021	$	7,440,495	$	6,870,005

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:


	As of
	June 30, 2024		December 31, 2023		Estimated Useful Lives
	(in thousands)
Land	$	85,000	$	85,000
Buildings and improvements	384,312		154,165		30 years
Leasehold improvements	1,048,874		1,032,492		Over life of lease
Furniture and fixtures	144,030		144,737		3 years
Information technology	411,448		414,092		3 years
Corporate aircraft	99,175		99,175		8-10 years
Machinery and equipment	11,572		10,334		3-5 years
Capital work-in-progress	241,274		406,492
Property and equipment, gross	2,425,685		2,346,487
Less: Accumulated depreciation	(914,727)		(855,043)
Property and equipment, net	$	1,510,958	$	1,491,444

Leases

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash paid for operating lease liabilities	$	130,104	$	114,760	$	255,410	$	228,167
Right-of-use assets obtained in exchange for new operating lease obligations	160,812		91,572		344,774		112,466


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease right-of-use assets, net	$	2,223,261	$	2,076,899

Current operating lease liabilities	417,009		383,312
Non-current operating lease liabilities	2,127,120		2,046,801
Total operating lease liabilities	$	2,544,129	$	2,430,113

Other Current Assets

Other current assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Trade receivables	$	1,276,359	$	1,287,054
Prepaid expenses	445,622		408,936
Other	1,237,660		1,084,257
Total other current assets	$	2,959,641	$	2,780,247

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2024 and December 31, 2023:


	Principal Amount at Par						Level 2 Fair Value as of
	June 30, 2024		December 31, 2023		Issuance Date	Maturity	June 30, 2024		December 31, 2023
	(in millions)						(in millions)
5.750% Senior Notes	$	—	$	400	February 2014	March 2024	$	—	$	400
5.875% Senior Notes	800		800		February 2015	February 2025	801		807
3.000% Senior Notes (1)	503		519		April 2020	June 2025	501		516
3.625% Senior Notes	500		500		April 2020	June 2025	491		491
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	982		996
3.625% Senior Notes (1)	1,394		1,434		May 2017	May 2027	1,399		1,454
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,591		1,621
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	1,959		2,009
4.625% Senior Notes (1)	1,178		1,215		October 2018	May 2029	1,233		1,300
6.375% Senior Notes	800		800		October 2018	May 2029	843		872
3.875% Senior Notes (1)	1,285		1,325		April 2019	November 2029	1,303		1,372
5.375% Senior Notes	900		900		April 2019	November 2029	909		931
3.625% Senior Notes (1)	1,178		1,215		October 2019	June 2030	1,176		1,237
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	985		1,012
	$	14,038	$	14,608			$	14,173	$	15,018

In the six months ended June 30, 2024, the Company repaid upon maturity the $400 million aggregate principal amount of its 5.750% Senior Notes.

Revolving Credit Facility

Derivative Financial Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Notional Amount of Derivative Contracts

The net notional amounts of the Company’s outstanding derivative instruments were as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	9,549,472	$	8,783,273
Derivatives not designated as hedging instruments:
Foreign exchange contracts	808,357		—
Total	$	10,357,829	$	8,783,273

Fair Value of Derivative Contracts

The fair value of the Company’s outstanding derivative instruments was as follows:


	As of June 30, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	197,119	$	41,085	$	26,586	$	3,176
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2,625		—		2,371		—
Total	$	199,744	$	41,085	$	28,957	$	3,176


	As of December 31, 2023
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	26,416	$	4,518	$	140,089	$	46,575
Derivatives not designated as hedging instruments:
Foreign exchange contracts	—		—		—		—
Total	$	26,416	$	4,518	$	140,089	$	46,575

Master Netting Agreements

The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:


	As of June 30, 2024
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	240,829	$	—	$	240,829	$	(32,133)	$	—	$	208,696
Derivative liabilities	32,133		—		32,133		(32,133)		—		—


	As of December 31, 2023
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	30,934	$	—	$	30,934	$	(27,246)	$	—	$	3,688
Derivative liabilities	186,664		—		186,664		(27,246)		—		159,418

Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements

The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness	$	160,544	$	—	$	389,688	$	—
Net investment hedges:
Foreign currency-denominated debt	(3,400)		—		(3,400)		—
Total	$	157,144	$	—	$	386,288	$	—

(1) No amounts were excluded from the assessment of effectiveness.

The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	9,559,310	$	5,174,143	$	79,005

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	33,301		73		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		9,797


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	18,929,750	$	10,151,216	$	234,364

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	22,060		267		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		14,063

No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Content

The expected timing of payments for these content obligations is as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Less than one year	$	11,456,834	$	10,328,923
Due after one year and through three years	8,592,237		8,784,302
Due after three years and through five years	2,528,545		2,016,358
Due after five years	731,986		583,766
Total content obligations	$	23,309,602	$	21,713,349

Legal Proceedings

Non-Income Taxes

Guarantees— Indemnification Obligations

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Incentive Plans

Stock Option Activity

The following table summarizes the activities related to the Company’s stock options:


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price (per share)
Balances as of December 31, 2023	19,695,109	$	268.86
Granted	337,121	555.69
Exercised	(2,543,267)	153.25
Expired	(3,171)	53.41
Balances as of June 30, 2024	17,485,792	$	291.25
Vested and expected to vest as of June 30, 2024	17,485,792	$	291.25
Exercisable as of June 30, 2024	17,352,136	$	290.14

Restricted Stock Unit Activity

The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:


	Unvested Restricted Stock Units
	Number of Shares	Weighted- Average Grant-Date Fair Value (per share)
Balances as of December 31, 2023	—	$	—
Granted	159,978	686.36
Vested	(13,330)	562.00
Forfeited	—	—
Balances as of June 30, 2024	146,648	$	697.66

Stock-based Compensation

Stock Repurchases

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2024:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2024	$	(176,974)	$	—	$	84,461	$	(19,366)	$	—	$	(111,879)
Other comprehensive income (loss) before reclassifications	(72,626)		(3,400)		160,544		(36,811)		780		48,487
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(33,374)		7,652		—		(25,722)
Net change in accumulated other comprehensive income (loss)	(72,626)		(3,400)		127,170		(29,159)		780		22,765
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2023	$	(103,922)	$	—	$	(155,730)	$	35,707	$	—	$	(223,945)
Other comprehensive income (loss) before reclassifications	(145,678)		(3,400)		389,688		(89,351)		780		152,039
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(22,327)		5,119		—		(17,208)
Net change in accumulated other comprehensive income (loss)	(145,678)		(3,400)		367,361		(84,232)		780		134,831
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2023	$	(191,695)	$	—	$	—	$	—	$	—	$	(191,695)
Other comprehensive income (loss) before reclassifications	52,429		—		—		—		—		52,429

Net change in accumulated other comprehensive income (loss)	52,429		—		—		—		—		52,429
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2022	$	(217,306)	$	—	$	—	$	—	$	—	$	(217,306)
Other comprehensive income (loss) before reclassifications	78,040		—		—		—		—		78,040

Net change in accumulated other comprehensive income (loss)	78,040		—		—		—		—		78,040
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)

The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	33,301	$	73	$	(7,652)	$	25,722


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	22,060	$	267	$	(5,119)	$	17,208

No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(in thousands, except percentages)
Provision for income taxes	$	366,550		$	191,722		$	648,920		$	355,476
Effective tax rate	15		%	11		%	13		%	11		%

Segment and Geographic Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment and Geographic Information


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
United States	$	2,761,309	$	2,724,710
International	972,910		843,633

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Action

Date Adopted

Expiration Date

Aggregate # of Securities to be Purchased/Sold

David Hyman (1)

Chief Legal Officer

Adoption

5/7/2024

8/6/2025

44,973

Anne Sweeney (2)

Director

Adoption

5/9/2024

8/8/2025

1,190

Jay Hoag (3)

Director

Adoption

5/10/2024

5/12/2025

175,499


(1) David Hyman, Chief Legal Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 7, 2024. Mr. Hyman's plan provides for the potential exercise of vested stock options and the associated sale of up to 44,973 shares of Netflix common stock. The plan expires on August 6, 2025, or upon the earlier completion of all authorized transactions under the plan.
(2) Anne Sweeney, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 9, 2024. Ms. Sweeney's plan provides for the potential exercise of vested stock options and the associated sale of up to 1,190 shares of Netflix common stock. The plan expires on August 8, 2025, or upon the earlier completion of all authorized transactions under the plan.
(3) Jay Hoag, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 10, 2024. The plan provides for the potential sale of up to 175,499 shares of Netflix common stock. The plan expires on May 12, 2025, or upon the earlier completion of all authorized transactions under the plan.

Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

David Hyman [Member]

Trading Arrangements, by Individual

Name

David Hyman

Title

Chief Legal Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/7/2024

Arrangement Duration

456 days

Aggregate Available

44,973

Anne Sweeney [Member]

Trading Arrangements, by Individual

Name

Anne Sweeney

Title

Director

Rule 10b5-1 Arrangement Adopted

true

5/9/2024

456 days

1,190

Trading Arrangements, by Individual

Name

Jay Hoag

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/10/2024

Arrangement Duration

367 days

Aggregate Available

175,499

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. Cash flow hedges The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. Net investment hedges The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings. Derivative instruments not designated as hedging instruments The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments
Stock-based Compensation	Stock-based Compensation The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period.
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Streaming Revenue, Paid Net Membership Additions, and Ending Paid Memberships by Region

United States and Canada (UCAN)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	4,295,560	$	3,599,448	$	8,519,875	$	7,208,093
Paid net membership additions	1,451		1,173		3,981		1,275
Paid memberships at end of period (1)	84,109		75,571		84,109		75,571

Europe, Middle East, and Africa (EMEA)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	3,007,772	$	2,562,170	$	5,965,965	$	5,079,811
Paid net membership additions	2,235		2,434		5,151		3,078
Paid memberships at end of period (1)	93,964		79,807		93,964		79,807

Latin America (LATAM)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,204,145	$	1,077,435	$	2,369,153	$	2,147,627
Paid net membership additions	1,530		1,217		3,253		767
Paid memberships at end of period (1)	49,250		42,466		49,250		42,466

Asia-Pacific (APAC)


	As of/Three Months Ended				As of/Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Streaming revenues	$	1,051,833	$	919,273	$	2,074,757	$	1,852,796
Paid net membership additions	2,829		1,068		4,986		2,523
Paid memberships at end of period (1)	50,324		40,546		50,324		40,546


(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Earnings Per Share

The computation of earnings per share is as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Basic earnings per share	$	4.99	$	3.35	$	10.39	$	6.28

Diluted earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Effect of dilutive stock-based awards	9,674		7,691		9,619		7,431
Weighted-average number of shares	439,739		451,572		440,697		451,990
Diluted earnings per share	$	4.88	$	3.29	$	10.16	$	6.18

Schedule of Potential Common Shares Excluded from Diluted Calculation

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

Six Months Ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

(in thousands)

Stock-based awards

118

4,348

402

5,097

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)

6 Months Ended

Jun. 30, 2024

Short-Term Investments And Fair Value Measurement [Abstract]

Schedule of Cash, Restricted Cash and Short-term Investments

The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	6,005,440	$	—	$	1,973	$	77	$	6,007,490
Level 1 securities:
Money market funds	356,346		—		—		56		356,402
Level 2 securities:
Time Deposits (1)	263,153		30,973		—		—		294,126

	$	6,624,939	$	30,973	$	1,973	$	133	$	6,658,018


	As of December 31, 2023
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	5,986,629	$	—	$	1,466	$	81	$	5,988,176
Level 1 securities:
Money market funds	925,652		—		—		55		925,707
Level 2 securities:
Time Deposits (1)	204,632		20,973		—		—		225,605

	$	7,116,913	$	20,973	$	1,466	$	136	$	7,139,488

(1) The majority of the Company's time deposits are international deposits, which mature within one year.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule off Content Assets

Content assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Licensed content, net	$	12,358,540	$	12,722,701

Produced content, net
Released, less amortization	10,033,753		9,843,150
In production	8,810,544		8,247,578
In development and pre-production	724,518		844,627
	19,568,815		18,935,355

Content assets, net	$	31,927,355	$	31,658,056

Schedule of Amortization of Streaming Content Assets

The following table represents the amortization of content assets:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Licensed content	$	1,884,491	$	1,779,321	$	3,719,608	$	3,502,999
Produced content	1,885,199		1,630,700		3,720,887		3,367,006
Total	$	3,769,690	$	3,410,021	$	7,440,495	$	6,870,005

Schedule of Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:


	As of
	June 30, 2024		December 31, 2023		Estimated Useful Lives
	(in thousands)
Land	$	85,000	$	85,000
Buildings and improvements	384,312		154,165		30 years
Leasehold improvements	1,048,874		1,032,492		Over life of lease
Furniture and fixtures	144,030		144,737		3 years
Information technology	411,448		414,092		3 years
Corporate aircraft	99,175		99,175		8-10 years
Machinery and equipment	11,572		10,334		3-5 years
Capital work-in-progress	241,274		406,492
Property and equipment, gross	2,425,685		2,346,487
Less: Accumulated depreciation	(914,727)		(855,043)
Property and equipment, net	$	1,510,958	$	1,491,444

Schedule of Information on Right-of-Use Assets and Lease Liabilities

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash paid for operating lease liabilities	$	130,104	$	114,760	$	255,410	$	228,167
Right-of-use assets obtained in exchange for new operating lease obligations	160,812		91,572		344,774		112,466


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Operating lease right-of-use assets, net	$	2,223,261	$	2,076,899

Current operating lease liabilities	417,009		383,312
Non-current operating lease liabilities	2,127,120		2,046,801
Total operating lease liabilities	$	2,544,129	$	2,430,113

Schedule of Other Current Assets

Other current assets consisted of the following:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Trade receivables	$	1,276,359	$	1,287,054
Prepaid expenses	445,622		408,936
Other	1,237,660		1,084,257
Total other current assets	$	2,959,641	$	2,780,247

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2024 and December 31, 2023:


	Principal Amount at Par						Level 2 Fair Value as of
	June 30, 2024		December 31, 2023		Issuance Date	Maturity	June 30, 2024		December 31, 2023
	(in millions)						(in millions)
5.750% Senior Notes	$	—	$	400	February 2014	March 2024	$	—	$	400
5.875% Senior Notes	800		800		February 2015	February 2025	801		807
3.000% Senior Notes (1)	503		519		April 2020	June 2025	501		516
3.625% Senior Notes	500		500		April 2020	June 2025	491		491
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	982		996
3.625% Senior Notes (1)	1,394		1,434		May 2017	May 2027	1,399		1,454
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,591		1,621
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	1,959		2,009
4.625% Senior Notes (1)	1,178		1,215		October 2018	May 2029	1,233		1,300
6.375% Senior Notes	800		800		October 2018	May 2029	843		872
3.875% Senior Notes (1)	1,285		1,325		April 2019	November 2029	1,303		1,372
5.375% Senior Notes	900		900		April 2019	November 2029	909		931
3.625% Senior Notes (1)	1,178		1,215		October 2019	June 2030	1,176		1,237
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	985		1,012
	$	14,038	$	14,608			$	14,173	$	15,018

Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges

The net notional amounts of the Company’s outstanding derivative instruments were as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	9,549,472	$	8,783,273
Derivatives not designated as hedging instruments:
Foreign exchange contracts	808,357		—
Total	$	10,357,829	$	8,783,273

Schedule of Fair Value of Derivative Contracts

The fair value of the Company’s outstanding derivative instruments was as follows:


	As of June 30, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	197,119	$	41,085	$	26,586	$	3,176
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2,625		—		2,371		—
Total	$	199,744	$	41,085	$	28,957	$	3,176


	As of December 31, 2023
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	26,416	$	4,518	$	140,089	$	46,575
Derivatives not designated as hedging instruments:
Foreign exchange contracts	—		—		—		—
Total	$	26,416	$	4,518	$	140,089	$	46,575

Schedule of Offsetting Derivative Assets and Liabilities

The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:


	As of June 30, 2024
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	240,829	$	—	$	240,829	$	(32,133)	$	—	$	208,696
Derivative liabilities	32,133		—		32,133		(32,133)		—		—


	As of December 31, 2023
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	30,934	$	—	$	30,934	$	(27,246)	$	—	$	3,688
Derivative liabilities	186,664		—		186,664		(27,246)		—		159,418

Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI

The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness	$	160,544	$	—	$	389,688	$	—
Net investment hedges:
Foreign currency-denominated debt	(3,400)		—		(3,400)		—
Total	$	157,144	$	—	$	386,288	$	—

(1) No amounts were excluded from the assessment of effectiveness.

Schedule of Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations

The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	9,559,310	$	5,174,143	$	79,005

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	33,301		73		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		9,797


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	18,929,750	$	10,151,216	$	234,364

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	22,060		267		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		14,063

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Expected Timing of Payments for Streaming Content Obligations

The expected timing of payments for these content obligations is as follows:


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
Less than one year	$	11,456,834	$	10,328,923
Due after one year and through three years	8,592,237		8,784,302
Due after three years and through five years	2,528,545		2,016,358
Due after five years	731,986		583,766
Total content obligations	$	23,309,602	$	21,713,349

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Activity Related to Stock Option Plans

The following table summarizes the activities related to the Company’s stock options:


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price (per share)
Balances as of December 31, 2023	19,695,109	$	268.86
Granted	337,121	555.69
Exercised	(2,543,267)	153.25
Expired	(3,171)	53.41
Balances as of June 30, 2024	17,485,792	$	291.25
Vested and expected to vest as of June 30, 2024	17,485,792	$	291.25
Exercisable as of June 30, 2024	17,352,136	$	290.14

Schedule of Unvested Restricted Stock Units

The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:


	Unvested Restricted Stock Units
	Number of Shares	Weighted- Average Grant-Date Fair Value (per share)
Balances as of December 31, 2023	—	$	—
Granted	159,978	686.36
Vested	(13,330)	562.00
Forfeited	—	—
Balances as of June 30, 2024	146,648	$	697.66

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2024:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2024	$	(176,974)	$	—	$	84,461	$	(19,366)	$	—	$	(111,879)
Other comprehensive income (loss) before reclassifications	(72,626)		(3,400)		160,544		(36,811)		780		48,487
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(33,374)		7,652		—		(25,722)
Net change in accumulated other comprehensive income (loss)	(72,626)		(3,400)		127,170		(29,159)		780		22,765
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2023	$	(103,922)	$	—	$	(155,730)	$	35,707	$	—	$	(223,945)
Other comprehensive income (loss) before reclassifications	(145,678)		(3,400)		389,688		(89,351)		780		152,039
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(22,327)		5,119		—		(17,208)
Net change in accumulated other comprehensive income (loss)	(145,678)		(3,400)		367,361		(84,232)		780		134,831
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	(48,525)	$	780	$	(89,114)

The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023:


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of March 31, 2023	$	(191,695)	$	—	$	—	$	—	$	—	$	(191,695)
Other comprehensive income (loss) before reclassifications	52,429		—		—		—		—		52,429

Net change in accumulated other comprehensive income (loss)	52,429		—		—		—		—		52,429
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Tax (Expense) Benefit on Cash Flow Hedges		Tax (Expense) Benefit on Net Investment Hedges		Total
	(in thousands)
Balances as of December 31, 2022	$	(217,306)	$	—	$	—	$	—	$	—	$	(217,306)
Other comprehensive income (loss) before reclassifications	78,040		—		—		—		—		78,040

Net change in accumulated other comprehensive income (loss)	78,040		—		—		—		—		78,040
Balances as of June 30, 2023	$	(139,266)	$	—	$	—	$	—	$	—	$	(139,266)

The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:


	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	33,301	$	73	$	(7,652)	$	25,722


	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Provision for Income Taxes		Total Reclassifications
	(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI	$	22,060	$	267	$	(5,119)	$	17,208

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(in thousands, except percentages)
Provision for income taxes	$	366,550		$	191,722		$	648,920		$	355,476
Effective tax rate	15		%	11		%	13		%	11		%

Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Long-lived Assets by Geographic Areas


	As of
	June 30, 2024		December 31, 2023
	(in thousands)
United States	$	2,761,309	$	2,724,710
International	972,910		843,633

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Derivatives designated as hedging instruments: \| Cash flow hedges
Organization And Summary Of Significant Accounting Policies [Line Items]
Derivative, term of contract	24 months

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) membership	Jun. 30, 2023 USD ($) membership	Jun. 30, 2024 USD ($) membership	Jun. 30, 2023 USD ($) membership
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Streaming \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 4,295,560	$ 3,599,448	$ 8,519,875	$ 7,208,093
Paid net membership additions (in memberships)	1,451	1,173	3,981	1,275
Paid memberships at end of period (in memberships)	84,109	75,571	84,109	75,571
Streaming \| Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 3,007,772	$ 2,562,170	$ 5,965,965	$ 5,079,811
Paid net membership additions (in memberships)	2,235	2,434	5,151	3,078
Paid memberships at end of period (in memberships)	93,964	79,807	93,964	79,807
Streaming \| Latin America
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 1,204,145	$ 1,077,435	$ 2,369,153	$ 2,147,627
Paid net membership additions (in memberships)	1,530	1,217	3,253	767
Paid memberships at end of period (in memberships)	49,250	42,466	49,250	42,466
Streaming \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 1,051,833	$ 919,273	$ 2,074,757	$ 1,852,796
Paid net membership additions (in memberships)	2,829	1,068	4,986	2,523
Paid memberships at end of period (in memberships)	50,324	40,546	50,324	40,546

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,473,720	$ 1,442,969
Increase in deferred revenue	$ 31,000

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Weighted-average common shares outstanding (in shares)	430,065	443,881	431,078	444,559
Basic earnings per share (in USD per share)	$ 4.99	$ 3.35	$ 10.39	$ 6.28
Diluted earnings per share:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Shares used in computation:
Weighted-average common shares outstanding (in shares)	430,065	443,881	431,078	444,559
Effect of dilutive stock-based awards (in shares)	9,674	7,691	9,619	7,431
Weighted-average number of shares (in shares)	439,739	451,572	440,697	451,990
Diluted earnings per share (in USD per share)	$ 4.88	$ 3.29	$ 10.16	$ 6.18

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations (in shares)	118	4,348	402	5,097

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 6,658,018	$ 7,139,488
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,624,939	7,116,913
Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	30,973	20,973
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,973	1,466
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	133	136
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,007,490	5,988,176
Cash \| Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,005,440	5,986,629
Cash \| Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Cash \| Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,973	1,466
Cash \| Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	77	81
Money market funds \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	356,402	925,707
Money market funds \| Cash and cash equivalents \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	356,346	925,652
Money market funds \| Short-term investments \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Money market funds \| Other Current Assets \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Money market funds \| Non-current Assets \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	56	55
Time Deposits \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	294,126	225,605
Time Deposits \| Cash and cash equivalents \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	263,153	204,632
Time Deposits \| Short-term investments \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	30,973	20,973
Time Deposits \| Other Current Assets \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Time Deposits \| Non-current Assets \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 0	$ 0

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 31,927,355		$ 31,927,355		$ 31,658,056
Amortization of content assets	3,769,690	$ 3,410,021	7,440,495	$ 6,870,005
Licensed content
Finite-Lived Intangible Assets [Line Items]
Net content	12,358,540		12,358,540		12,722,701
Amortization of content assets	1,884,491	1,779,321	3,719,608	3,502,999
Produced content
Finite-Lived Intangible Assets [Line Items]
Net content	10,033,753		10,033,753		9,843,150
In production	8,810,544		8,810,544		8,247,578
In development and pre-production	724,518		724,518		844,627
Content assets, net	19,568,815		19,568,815		$ 18,935,355
Amortization of content assets	$ 1,885,199	$ 1,630,700	$ 3,720,887	$ 3,367,006

Balance Sheet Components - Property and Equipment and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,425,685	$ 2,346,487
Less: Accumulated depreciation	(914,727)	(855,043)
Property and equipment, net	1,510,958	1,491,444
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	85,000	85,000
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 384,312	154,165
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,048,874	1,032,492
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 144,030	144,737
Estimated Useful Lives	3 years
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 411,448	414,092
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 99,175	99,175
Corporate aircraft \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	8 years
Corporate aircraft \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,572	10,334
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 241,274	$ 406,492

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 130,104	$ 114,760	$ 255,410	$ 228,167
Right-of-use assets obtained in exchange for new operating lease obligations	160,812	$ 91,572	344,774	$ 112,466
Operating lease right-of-use assets, net	2,223,261		2,223,261		$ 2,076,899
Current operating lease liabilities	417,009		417,009		383,312
Non-current operating lease liabilities	2,127,120		2,127,120		2,046,801
Total operating lease liabilities	$ 2,544,129		$ 2,544,129		$ 2,430,113

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Trade receivables	$ 1,276,359	$ 1,287,054
Prepaid expenses	445,622	408,936
Other	1,237,660	1,084,257
Total other current assets	$ 2,959,641	$ 2,780,247

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 13,980,000,000		$ 13,980,000,000			$ 14,543,000,000
Debt issuance costs	58,000,000		58,000,000			65,000,000
Short-term debt	1,800,041,000		1,800,041,000			399,844,000
Long-term notes denominated in foreign currency	14,038,000,000		14,038,000,000			14,608,000,000
Foreign currency remeasurement gain on debt	42,692,000	$ (28,952,000)	173,493,000	$ (109,603,000)
Repayments of debt	0	$ 0	400,000,000	$ 0
Net investment hedges
Debt Instrument [Line Items]
Net investment hedge						0
Loss on euro-denominated Senior Notes	3,000,000		3,000,000
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency \| €					€ 5,170,000,000
Foreign currency remeasurement gain on debt	43,000,000		$ 173,000,000
Net investment hedge \| €					€ 1,000,000,000
Redemption price, percent of outstanding principal			101.00%
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency	$ 0		$ 0			$ 400,000,000
Interest rate	5.75%		5.75%		5.75%	5.75%
Repayments of debt			$ 400,000,000

Debt - Schedule of Long-term Debt (Details) $ in Millions	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Face amount		$ 14,038		$ 14,608
Long-term debt, fair value		$ 14,173		$ 15,018
Senior Notes
Debt Instrument [Line Items]
Face amount \| €	€ 5,170,000,000
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%	5.75%	5.75%
Face amount		$ 0		$ 400
Long-term debt, fair value		$ 0		$ 400
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 801		$ 807
Senior Notes \| 3.000% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%	3.00%	3.00%
Face amount	€ 470,000,000	$ 503	€ 470,000,000	$ 519
Long-term debt, fair value		$ 501		$ 516
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount		$ 500		$ 500
Long-term debt, fair value		$ 491		$ 491
Senior Notes \| 4.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%	4.375%	4.375%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 982		$ 996
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,300,000,000	$ 1,394	€ 1,300,000,000	$ 1,434
Long-term debt, fair value		$ 1,399		$ 1,454
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,600		$ 1,600
Long-term debt, fair value		$ 1,591		$ 1,621
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 1,900		$ 1,900
Long-term debt, fair value		$ 1,959		$ 2,009
Senior Notes \| 4.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%	4.625%	4.625%	4.625%
Face amount	€ 1,100,000,000	$ 1,178	€ 1,100,000,000	$ 1,215
Long-term debt, fair value		$ 1,233		$ 1,300
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	6.375%	6.375%	6.375%	6.375%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 843		$ 872
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%	3.875%	3.875%
Face amount	€ 1,200,000,000	$ 1,285	€ 1,200,000,000	$ 1,325
Long-term debt, fair value		$ 1,303		$ 1,372
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.375%	5.375%	5.375%	5.375%
Face amount		$ 900		$ 900
Long-term debt, fair value		$ 909		$ 931
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,100,000,000	$ 1,178	€ 1,100,000,000	$ 1,215
Long-term debt, fair value		$ 1,176		$ 1,237
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 985		$ 1,012

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)		6 Months Ended
	Apr. 12, 2024	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amount borrowed		$ 0
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit, agreement term	5 years
Line of credit facility, maximum borrowing capacity	$ 3,000,000,000		$ 1,000,000,000
Debt instrument, consolidated EBITDA to consolidated interest expense	3.0
Unsecured Debt \| Minimum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0.00%
Unsecured Debt \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0.75%
Unsecured Debt \| Maximum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0.25%
Unsecured Debt \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin on variable rate	1.25%

Derivative Financial Instruments and Hedging Activities - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 10,357,829	$ 8,783,273
Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	808,357	0
Foreign exchange contracts \| Cash flow hedges \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 9,549,472	$ 8,783,273

Derivative Financial Instruments and Hedging Activities - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 240,829	$ 30,934
Derivative Liabilities	32,133	186,664
Other current assets \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets		26,416
Other current assets \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	199,744
Other current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	197,119	26,416
Other current assets \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	2,625	0
Other non-current assets \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets		4,518
Other non-current assets \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	41,085
Other non-current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	41,085	4,518
Other non-current assets \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Accrued expenses and other liabilities \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities		140,089
Accrued expenses and other liabilities \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	28,957
Accrued expenses and other liabilities \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	26,586	140,089
Accrued expenses and other liabilities \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	2,371	0
Other non-current liabilities \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities		46,575
Other non-current liabilities \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	3,176
Other non-current liabilities \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	3,176	46,575
Other non-current liabilities \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	$ 0	$ 0

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months	$ 174

Derivative Financial Instruments and Hedging Activities - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amount Recognized in the Consolidated Balance Sheets	$ 240,829	$ 30,934
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amount Presented in the Consolidated Balance Sheets	240,829	30,934
Financial Instruments	(32,133)	(27,246)
Collateral Received and Posted	0	0
Net Amount	208,696	3,688
Derivative liabilities
Gross Amount Recognized in the Consolidated Balance Sheets	32,133	186,664
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amount Presented in the Consolidated Balance Sheets	32,133	186,664
Financial Instruments	(32,133)	(27,246)
Collateral Received and Posted	0	0
Net Amount	$ 0	$ 159,418

Derivative Financial Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency-denominated debt	$ (3,000)		$ (3,000)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount included in the assessment of effectiveness	157,144	$ 0	386,288	$ 0
Foreign exchange contracts \| Cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount included in the assessment of effectiveness	160,544	0	389,688	0
Foreign exchange contracts \| Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency-denominated debt	$ (3,400)	$ 0	$ (3,400)	$ 0

Derivative Financial Instruments and Hedging Activities - Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts presented in the Consolidated Statements of Operations	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Total amounts presented in the Consolidated Statements of Operations	5,174,143	4,673,470	10,151,216	9,477,095
Total amounts presented in the Consolidated Statements of Operations	79,005	$ 26,961	234,364	$ (44,243)
Foreign exchange contracts \| Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	33,301		22,060
Gains on derivatives not designated as hedging instruments	0		0
Foreign exchange contracts \| Cost of Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	73		267
Gains on derivatives not designated as hedging instruments	0		0
Foreign exchange contracts \| Interest and other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	0		0
Gains on derivatives not designated as hedging instruments	$ 9,797		$ 14,063

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contractual Obligation [Line Items]
Total streaming content obligations	$ 23,309,602	$ 21,713,349
Current content liabilities	4,391,437	4,466,470
Non-current content liabilities	2,028,782	2,578,173
Unrecorded streaming obligations	16,900,000	14,600,000
Non-income Tax Assessments \| Brazilian Tax Authorities
Contractual Obligation [Line Items]
Indemnification guarantee accrual	300,000
Current Content Liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,400,000	4,500,000
Non-current Content Liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,000,000	$ 2,600,000

Commitments and Contingencies - Expected Timing of Payments for Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 11,456,834	$ 10,328,923
Due after one year and through three years	8,592,237	8,784,302
Due after three years and through five years	2,528,545	2,016,358
Due after five years	731,986	583,766
Total content obligations	$ 23,309,602	$ 21,713,349

Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 0

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)			10 years
Foreign exchange contracts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of gains (losses) reclassified from AOCI	$ 25,722	$ 0	$ 17,208	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year

Stockholders' Equity - Schedule of Activity Related to Stock Option Plans (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, number of shares, beginning balance (in shares) \| shares	19,695,109
Options outstanding, number of shares granted (in shares) \| shares	337,121
Options outstanding, number of shares, exercised (in shares) \| shares	(2,543,267)
Options outstanding, number of shares expired (in shares) \| shares	(3,171)
Options outstanding, number of shares, ending balance (in shares) \| shares	17,485,792
Options outstanding, number of shares, vested and expected to vest (in shares) \| shares	17,485,792
Options outstanding, number of shares, exercisable (in shares) \| shares	17,352,136
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 268.86
Options outstanding, weighted-average exercise price, granted (in USD per share) \| $ / shares	555.69
Options outstanding, weighted-average exercise price, exercised (in USD per share) \| $ / shares	153.25
Options expired, weighted-average exercise price (in USD per share) \| $ / shares	53.41
Options outstanding, weighted-average exercise price, ending balance (in USD per share) \| $ / shares	291.25
Options outstanding, weighted-average exercise price, vested and expected to vest (in USD per share) \| $ / shares	291.25
Options outstanding, weighted-average exercise price, vested and exercisable (in USD per share) \| $ / shares	$ 290.14

Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Non-options outstanding, number of shares, beginning balance (in shares) \| shares	0
Non-options outstanding, number of shares, granted (in shares) \| shares	159,978
Non-options outstanding, number of shares, vested (in shares) \| shares	(13,330)
Non-options outstanding, number of shares forfeited (in shares) \| shares	0
Non-options outstanding, number of shares, ending balance (in shares) \| shares	146,648
Weighted- Average Grant-Date Fair Value (per share)
Non-options outstanding, weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 0
Non-options outstanding, weighted-average, granted (in USD per share) \| $ / shares	686.36
Non-options outstanding, weighted-average, vested (in USD per share) \| $ / shares	562.00
Non-options outstanding, weighted-average, forfeited (in USD per share) \| $ / shares	0
Non-options outstanding, weighted-average exercise price, ending balance (in USD per share) \| $ / shares	$ 697.66

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 68,766	$ 78,030	$ 145,111	$ 177,129

Stockholders' Equity - Stock Repurchases (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock authorized to be repurchased					$ 10,000,000,000	$ 5,000,000,000
Stock repurchased (in shares)	2,578,104		6,145,069
Payments for Repurchase of Common Stock	$ 1,599,998,000	$ 645,146,000	$ 3,599,998,000	$ 1,045,247,000
Remaining authorized repurchase amount	$ 4,800,000,000		$ 4,800,000,000

Stockholders' Equity Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 21,365,410	$ 21,828,196	$ 20,588,313	$ 20,777,401
Other comprehensive income (loss) before reclassifications	48,487	52,429	152,039	78,040
Amounts reclassified from accumulated other comprehensive income (loss)	(25,722)		(17,208)
Total other comprehensive income	22,765	52,429	134,831	78,040
Ending Balance	22,112,693	22,832,215	22,112,693	22,832,215
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(176,974)	(191,695)	(103,922)	(217,306)
Other comprehensive income (loss) before reclassifications	(72,626)	52,429	(145,678)	78,040
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	(72,626)	52,429	(145,678)	78,040
Ending Balance	(249,600)	(139,266)	(249,600)	(139,266)
Net Investment Hedge Gains (Losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0	0
Other comprehensive income (loss) before reclassifications	(3,400)	0	(3,400)	0
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	(3,400)	0	(3,400)	0
Ending Balance	(3,400)	0	(3,400)	0
Change in Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	84,461	0	(155,730)	0
Other comprehensive income (loss) before reclassifications	160,544	0	389,688	0
Amounts reclassified from accumulated other comprehensive income (loss)	(33,374)		(22,327)
Total other comprehensive income	127,170	0	367,361	0
Ending Balance	211,631	0	211,631	0
Tax (Expense) Benefit on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(19,366)	0	35,707	0
Other comprehensive income (loss) before reclassifications	(36,811)	0	(89,351)	0
Amounts reclassified from accumulated other comprehensive income (loss)	7,652		5,119
Total other comprehensive income	(29,159)	0	(84,232)	0
Ending Balance	(48,525)	0	(48,525)	0
Tax (Expense) Benefit on Net Investment Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0	0
Other comprehensive income (loss) before reclassifications	780	0	780	0
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	780	0	780	0
Ending Balance	780	0	780	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(111,879)	(191,695)	(223,945)	(217,306)
Total other comprehensive income	22,765	52,429	134,831	78,040
Ending Balance	$ (89,114)	$ (139,266)	$ (89,114)	$ (139,266)

Stockholders' Equity Stockholders' Equity - Summary of Amounts Reclassified from AOCI (Details) - Foreign exchange contracts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	$ 25,722	$ 0	$ 17,208	$ 0
Revenues
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	33,301		22,060
Cost of Revenues
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	73		267
Provision for Income Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	$ (7,652)		$ (5,119)

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 366,550	$ 191,722	$ 648,920	$ 355,476
Effective tax rate	15.00%	11.00%	13.00%	11.00%

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment			1
Revenues	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,000,000	$ 3,300,000	$ 7,900,000	$ 6,600,000

Segment and Geographic Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,761,309	$ 2,724,710
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 972,910	$ 843,633