Netflix

Liquidity and leverage are solid relative to cash generation.

As of September 30, 2025, cash, cash equivalents and short-term investments were about 9.33 billion dollars versus total debt of about 14.46 billion dollars, implying net debt near 5.1 billion dollars. 9M 2025 operating cash flow was 8.04 billion dollars and purchases of property and equipment 0.45 billion dollars.

This, plus TTM free cash flow of about 8.97 billion dollars, gives ample coverage for obligations and buybacks. The structural risk on the balance sheet is the multiyear content obligation stack of about 23.25 billion dollars at 2024 year end, much of which is off-balance sheet prior to title availability.

Still, the cash flow trajectory, unused credit facility, and laddered debt maturities mitigate near-term stress. FX remains a swing factor, and management hedges revenues where appropriate.