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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Voting Rights
The holders of each share of common stock shall be entitled to one vote per share on all matters to be voted upon by the Company’s stockholders.
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.
Restricted Stock Unit Awards
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.
Stock Split
On October 30, 2025, the Company's Board of Directors approved the Stock Split to all shareholders of record as of November 10, 2025. The Stock Split was effected on November 14, 2025.
On November 14, 2025, the Company's Board of Directors adopted an amendment to the Company's Amended and Restated Certificate of Incorporation, to proportionately increase the number of shares of the Company's authorized common stock from 4,990,000,000 to 49,900,000,000.
References made to share or per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the Stock Split.
Stock Option Activity
The following table summarizes the activities related to the Company’s stock options, as adjusted for the Stock Split:
 
 Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per share)		Weighted- Average Remaining Contractual Term (in years)Aggregate
Intrinsic Value
(in thousands)
Balances as of December 31, 2022198,968,610 $24.22 
Granted17,292,180 37.25 
Exercised(19,265,980)8.73 
Expired(43,720)3.64 
Balances as of December 31, 2023196,951,090 $26.89 
Granted5,758,560 62.09 
Exercised(48,460,480)17.22 
Expired(59,150)5.61 
Balances as of December 31, 2024154,190,020 $31.25 
Granted4,171,629 108.79 
Exercised(30,638,245)21.73 
Expired(43,600)9.11 
Balances as of December 31, 2025127,679,804 $36.07 4.79$7,430,160 
Vested and exercisable as of December 31, 2025
127,679,804 $36.07 4.79$7,430,160 
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been
received by the option holders had all option holders exercised their options on the last trading day of 2025. This amount changes based on the fair market value of the Company’s common stock.
A summary of the amounts related to option exercises, is as follows:
Year Ended December 31,
202520242023
(in thousands)
Total intrinsic value of options exercised$2,560,914 $2,352,829 $610,594 
Cash received from options exercised666,965 832,887 169,990 
The total fair value of stock options that vested during the years ended December 31, 2025, 2024 and 2023 was $251 million, $242 million and $311 million, respectively.
Restricted Stock Unit Activity
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs, as adjusted for the Stock Split:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023— $— 
Granted
1,599,780 68.64
Vested
(266,600)56.20 
Forfeited— — 
Balances as of December 31, 20241,333,180 $71.12 
Granted(1)
1,227,850 111.18
Vested(1)
(959,450)76.48 
Forfeited(16,320)93.12 
Balances as of December 31, 20251,585,260 $98.68 
(1) Amounts exclude 264,300 incremental PSU awards that will be granted and 528,600 incremental PSU awards that will vest based on the achievement of market-based performance targets during the performance period ended December 31, 2025, but have not been settled as of December 31, 2025.
The total fair value of RSUs that vested during the year ended December 31, 2025 and December 31, 2024 was $52 million and $15 million, respectively. No RSUs or PSUs were granted in the year ended December 31, 2023.
Stock-Based Compensation
The following table summarizes total stock-based compensation expense and the related income tax impact:
Year Ended December 31,
202520242023
(in thousands)
Total stock-based compensation expense$368,449 $272,588 $339,368 
Total income tax impact on provision54,338 43,876 61,588 
As of December 31, 2025, $47 million of total unrecognized compensation cost related to unvested RSUs and PSUs is expected to be recognized over a weighted-average period of 1.53 years.
Stock Repurchases
In September 2023, the Board of Directors authorized the repurchase of up to $10 billion of the Company’s common stock, with no expiration date, and in December 2024, the Board of Directors increased the share repurchase authorization by an additional $15 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 year ended December 31, 2025, the Company repurchased 86,536,215 shares for an aggregate amount of $9.1 billion (excluding the 1% excise tax on stock repurchases as a result of the Inflation Reduction Act of 2022). As of December 31, 2025, $8.0 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of December 31, 2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss):
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $— $— $— $(217,306)
Other comprehensive income (loss) before reclassifications
113,384 — (155,730)— — 35,707 (6,639)
Amounts reclassified from accumulated other comprehensive income (loss)
— — — — — — — 
Net change in accumulated other comprehensive income (loss)
113,384 — (155,730)— — 35,707 (6,639)
Balances as of December 31, 2023(103,922)— (155,730)— — 35,707 (223,945)
Other comprehensive income (loss) before reclassifications
(272,911)32,400 1,195,738 (14,334)3,260 (279,408)664,745 
Amounts reclassified from accumulated other comprehensive income (loss)
— — (125,639)23,567 — 23,434 (78,638)
Net change in accumulated other comprehensive income (loss)
(272,911)32,400 1,070,099 9,233 3,260 (255,974)586,107 
Balances as of December 31, 2024(376,833)32,400 914,369 9,233 3,260 (220,267)362,162 
Other comprehensive income (loss) before reclassifications
183,218 (144,656)(1,393,364)(71,999)(3,139)373,107 (1,056,833)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 89,706 59,201 (121)(34,497)114,289 
Net change in accumulated other comprehensive income (loss)
183,218 (144,656)(1,303,658)(12,798)(3,260)338,610 (942,544)
Balances as of December 31, 2025$(193,615)$(112,256)$(389,289)$(3,565)$— $118,343 $(580,382)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(23)$98 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 20,744 (68,962)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)13,776 (45,425)
Total$(91,143)$1,437 $(59,080)$34,497 $(114,289)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$124,010 $1,629 $— $(28,844)$96,795 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (23,567)5,410 (18,157)
Total$124,010 $1,629 $(23,567)$(23,434)$78,638 
No amounts were reclassified from AOCI into the Consolidated Statements of Operations in the year ended December 31, 2023.