v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes streaming revenues by region for the years ended December 31, 2025, 2024 and 2023. Total streaming revenues are inclusive of hedging gains (losses) of $(91) million and $124 million for the years ended December 31, 2025 and 2024, respectively. No hedging gains and losses were recognized in total streaming revenues for the year ended December 31, 2023. See Note 8 Derivative Financial Instruments and Hedging Activities for further information.
Year Ended December 31,
 202520242023
 (in thousands)
United States and Canada (UCAN)$19,957,152 $17,359,369 $14,873,783 
Europe, Middle East, and Africa (EMEA)14,514,646 12,387,035 10,556,487 
Latin America (LATAM)5,357,521 4,839,816 4,446,461 
Asia-Pacific (APAC)5,353,717 4,414,746 3,763,727 
Total Streaming Revenues$45,183,036 $39,000,966 $33,640,458 
Deferred revenue consists of membership fees billed that have not been recognized, as well as gift and other prepaid memberships that have not been fully redeemed. As of December 31, 2025, total deferred revenue was $1,776 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. Deferred revenue increased $255 million from $1,521 million as of December 31, 2024 to $1,776 million as of December 31, 2025. Deferred revenue balances may fluctuate due to the number of paid memberships and the price of our memberships.