Netflix debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

—

Cash & equivalents

USD millions

$9,099.232M

Net debt

USD millions

—

Debt / equity

—

Debt / assets

—

Net debt / EBITDA

× · TTM

—

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

16.94×

Current ratio

1.14×

Diluted shares

Million shares

4,261.3M shares

Basic shares

Million shares

4,189.3M shares

Share count growth

-1.48%

Share repurchases

USD millions

$4,714.403M

Quarterly data

Netflix capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	—	9,099.23	—	—	—	—	—	16.94×	1.14×	4,261.3	4,189.3	-1.48%	4,714.4
FY 2026 Q1	Mar 31, 2026	—	12,259.77	—	—	—	—	—	16.31×	1.41×	4,298.44	4,222.79	-1.17%	1,270.59
FY 2025 Q4	Dec 31, 2025	—	9,033.68	—	—	—	—	—	17.16×	1.19×	4,317.22	4,229.22	-1.12%	2,079.56
FY 2025 Q3	Sep 30, 2025	—	9,287.29	—	—	—	—	—	17.21×	1.33×	4,340.39	4,244.55	-0.88%	1,856.89
FY 2025 Q2	Jun 30, 2025	—	8,177.41	—	—	—	—	—	16.53×	1.34×	4,348.83	4,252.11	-1.13%	1,654.33
FY 2025 Q1	Mar 31, 2025	—	7,199.85	—	—	—	—	—	15.26×	1.2×	4,369.62	4,272.7	-1.12%	3,536.4
FY 2024 Q4	Dec 31, 2024	—	7,804.73	—	—	—	—	—	14.49×	1.22×	4,377.84	4,277.14	-1.84%	963.75
FY 2024 Q3	Sep 30, 2024	—	7,457.03	—	—	—	—	—	13.75×	1.13×	4,378.98	4,282.39	-3.01%	1,700
FY 2024 Q2	Jun 30, 2024	—	6,624.94	—	—	—	—	—	12.5×	0.95×	4,397.39	4,300.65	-3.11%	1,600
FY 2024 Q1	Mar 31, 2024	—	7,024.77	—	—	—	—	—	11.26×	1.07×	4,416.54	4,320.9	-2.95%	2,000
FY 2023 Q4	Dec 31, 2023	—	7,116.91	—	—	—	—	—	9.94×	1.12×	4,440.94	4,357.28	-2.13%	2,500
FY 2023 Q3	Sep 30, 2023	—	7,353.25	—	—	—	—	—	8.64×	1.29×	4,500.11	4,415.37	-0.75%	2,500.1
FY 2023 Q2	Jun 30, 2023	—	7,662.79	—	—	—	—	—	8.13×	1.33×	4,515.72	4,438.81	-0.15%	645.15
FY 2023 Q1	Mar 31, 2023	—	6,714.59	—	—	—	—	—	7.76×	1.26×	4,524.17	4,452.44	0.25%	400.1
FY 2022 Q4	Dec 31, 2022	—	5,147.18	—	—	—	—	—	7.98×	1.17×	4,516.52	4,451.99	0.39%	0
FY 2022 Q3	Sep 30, 2022	—	6,113.73	—	—	—	—	—	7.88×	1.14×	4,503.44	4,448.78	0.47%	0
FY 2022 Q2	Jun 30, 2022	—	5,819.45	—	—	—	—	—	7.99×	1.05×	4,501.69	4,445.57	0.32%	0
FY 2022 Q1	Mar 31, 2022	—	6,008.95	—	—	—	—	—	8.18×	1.05×	4,529.84	4,441.46	0.21%	0
FY 2021 Q4	Dec 31, 2021	—	6,027.8	—	—	—	—	—	8.09×	0.95×	4,557.93	4,434.61	0.28%	0
FY 2021 Q3	Sep 30, 2021	21,235.21	7,526.68	13,708.53	1.39×	49.68%	2.05×	140.4×	8.43×	1.17×	4,549.25	4,427.78	0.28%	100
FY 2021 Q2	Jun 30, 2021	21,422.27	7,777.53	13,644.74	1.55×	52.29%	2.2×	15.41×	7.79×	1.23×	4,551.29	4,431.59	0.59%	500.02
FY 2021 Q1	Mar 31, 2021	21,699.57	8,403.71	13,295.87	1.68×	54.08%	2.33×	8.81×	7.18×	1.27×	4,556.41	4,432.24	0.88%	—
FY 2020 Q4	Dec 31, 2020	22,356.97	8,205.55	14,151.42	2.02×	56.92%	3.01×	11.59×	5.97×	1.25×	4,552.86	4,422.21	0.84%	0
FY 2020 Q3	Sep 30, 2020	22,382.51	8,392.39	13,990.12	2.17×	57.95%	3.33×	34.68×	5.47×	1.24×	4,550.88	4,415.26	0.78%	0
FY 2020 Q2	Jun 30, 2020	22,076.26	7,153.25	14,923.02	2.36×	59.38%	3.86×	—	5.28×	1.12×	4,539.45	4,405.69	0.68%	0
FY 2020 Q1	Mar 31, 2020	21,086.46	5,151.88	15,934.58	2.51×	60.14%	4.96×	—	4.6×	0.82×	4,524.94	4,393.52	0.55%	—
FY 2019 Q4	Dec 31, 2019	20,723.44	5,018.44	15,705	2.73×	60.99%	5.8×	—	4.16×	0.9×	4,513.76	4,385.47	0.5%	—
FY 2019 Q3	Sep 30, 2019	17,647.32	4,435.02	13,212.3	2.57×	57.03%	5.37×	—	4.09×	0.73×	4,515.52	4,380.9	0.52%	—
FY 2019 Q2	Jun 30, 2019	17,909.13	5,004.25	12,904.88	2.93×	59.36%	6.6×	—	3.54×	0.85×	4,521.95	4,375.87	0.57%	—
FY 2019 Q1	Mar 31, 2019	14,768.15	3,348.56	11,419.59	2.59×	54.26%	6.7×	—	3.41×	0.61×	4,519.22	4,369.47	0.64%	—
FY 2018 Q4	Dec 31, 2018	14,873.2	3,794.48	11,078.71	2.84×	57.26%	6.56×	—	3.82×	1.49×	4,511.28	4,363.86	0.76%	—
FY 2018 Q3	Sep 30, 2018	11,834.96	3,067.53	8,767.43	2.36×	50.65%	5.12×	—	4.45×	1.39×	4,519.19	4,358.09	0.79%	—
FY 2018 Q2	Jun 30, 2018	11,913.82	3,906.36	8,007.47	2.65×	52.57%	5.56×	—	4.27×	1.54×	4,515.52	4,350.97	0.86%	—
FY 2018 Q1	Mar 31, 2018	9,079.12	2,593.67	6,485.45	2.26×	45.05%	5.87×	—	3.77×	1.3×	4,503.59	4,341.74	0.83%	—
FY 2017 Q4	Dec 31, 2017	9,048.83	2,822.8	6,226.03	2.53×	47.59%	6.84×	—	3.52×	1.4×	4,481.4	4,331.08	0.78%	—
FY 2017 Q3	Sep 30, 2017	—	1,746.47	—	—	—	—	—	3.62×	1.2×	4,473.62	4,324.04	0.81%	—
FY 2017 Q2	Jun 30, 2017	—	1,918.78	—	—	—	—	—	3.56×	1.31×	4,462.62	4,313.96	0.68%	—
FY 2017 Q1	Mar 31, 2017	—	1,077.82	—	—	—	—	—	3.64×	1.15×	4,454.58	4,306	0.58%	—
FY 2016 Q4	Dec 31, 2016	—	1,467.58	—	—	—	—	—	2.53×	1.25×	4,400.58	4,297.39	0.48%	—
FY 2016 Q3	Sep 30, 2016	—	969.16	—	—	—	—	—	2.01×	1.18×	4,383.89	4,289.37	0.48%	—
FY 2016 Q2	Jun 30, 2016	—	1,390.93	—	—	—	—	—	1.79×	1.33×	4,381.54	4,284.83	0.74%	—
FY 2016 Q1	Mar 31, 2016	—	1,605.24	—	—	—	—	—	1.82×	1.41×	4,379.93	4,281.17	1.06%	—
FY 2015 Q4	Dec 31, 2015	—	1,809.33	—	—	—	—	—	2.3×	1.54×	4,382.57	4,276.69	1.28%	—
FY 2015 Q3	Sep 30, 2015	—	2,115.44	—	—	—	—	—	2.81×	1.67×	4,376.06	4,268.69	1.35%	—
FY 2015 Q2	Jun 30, 2015	—	2,293.87	—	—	—	—	—	3.92×	1.74×	4,360.97	4,253.4	1.28%	—
FY 2015 Q1	Mar 31, 2015	—	2,454.78	—	—	—	—	—	6.02×	1.84×	4,338.11	4,236.26	1.17%	—
FY 2014 Q4	Dec 31, 2014	—	1,113.61	—	—	—	—	—	8.02×	1.48×	4,325.16	4,222.49	1.43%	—
FY 2014 Q3	Sep 30, 2014	—	1,183.22	—	—	—	—	—	9.48×	1.5×	4,327.4	4,211.97	1.8%	—
FY 2014 Q2	Jun 30, 2014	—	1,214.24	—	—	—	—	—	9.58×	1.57×	4,314.38	4,199.72	3.1%	—
FY 2014 Q1	Mar 31, 2014	—	1,157.45	—	—	—	—	—	9.06×	1.58×	4,308.36	4,187.19	6.87%	—
FY 2013 Q4	Dec 31, 2013	—	604.97	—	—	—	—	—	7.84×	1.42×	4,291.28	4,162.97	7.04%	—
FY 2013 Q3	Sep 30, 2013	—	439.06	—	—	—	—	—	6.2×	1.47×	4,269.3	4,137.56	6.42%	—
FY 2013 Q2	Jun 30, 2013	—	370.68	—	—	—	—	—	5.14×	1.54×	4,241.3	4,073.44	4.8%	—
FY 2013 Q1	Mar 31, 2013	—	418.05	—	—	—	—	—	3.85×	1.51×	4,210.22	3,918.04	0.93%	—
FY 2012 Q4	Dec 31, 2012	—	290.29	—	—	—	—	—	2.5×	1.34×	4,138.92	3,889.18	3.69%	0
FY 2012 Q3	Sep 30, 2012	—	370.3	—	—	—	—	—	4.63×	1.39×	4,111.03	3,887.87	5.65%	0
FY 2012 Q2	Jun 30, 2012	—	402.25	—	—	—	—	—	8.72×	1.43×	4,116.63	3,886.82	5.82%	0
FY 2012 Q1	Mar 31, 2012	—	395.99	—	—	—	—	—	13.5×	1.42×	3,881.92	3,881.92	5.11%	0
FY 2011 Q4	Dec 31, 2011	—	508.05	—	—	—	—	—	18.78×	1.49×	3,880.82	3,750.8	1.9%	0
FY 2011 Q3	Sep 30, 2011	—	159.2	—	—	—	—	—	19.72×	1.23×	3,770.9	3,679.83	0.82%	39.6
FY 2011 Q2	Jun 30, 2011	—	175.21	—	—	—	—	—	18.32×	1.33×	3,773.63	3,672.9	-0.03%	51.42
FY 2011 Q1	Mar 31, 2011	—	150.42	—	—	—	—	—	16.77×	1.47×	3,797.22	3,693.13	-0.29%	108.64
FY 2010 Q4	Dec 31, 2010	—	194.5	—	—	—	—	—	14.45×	1.65×	3,793.59	3,680.98	-1.79%	0
FY 2010 Q3	Sep 30, 2010	—	113.11	—	—	—	—	—	13.43×	1.58×	3,775.17	3,649.94	-7.13%	57.39
FY 2010 Q2	Jun 30, 2010	—	107.33	—	—	—	—	—	15.91×	1.71×	3,802.68	3,674.02	-9.31%	45.15
FY 2010 Q1	Mar 31, 2010	—	79.86	—	—	—	—	—	19.86×	1.56×	3,834.25	3,703.77	—	107.72
FY 2009 Q4	Dec 31, 2009	—	134.22	—	—	—	—	—	29.64×	1.82×	3,879.12	3,748.16	—	79.42
FY 2009 Q3	Sep 30, 2009	—	55.72	—	—	—	—	—	—	1.15×	4,055.66	3,930.22	—	129.69
FY 2009 Q2	Jun 30, 2009	—	87.47	—	—	—	—	—	—	1.62×	4,176.2	4,051.04	—	72.51

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · NFLX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.