v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 10,981,201 $ 8,711,631 $ 5,407,990
Adjustments to reconcile net income to net cash provided by operating activities:      
Additions to content assets (17,096,617) (16,223,617) (12,554,703)
Change in content liabilities (610,838) (779,135) (585,602)
Amortization of content assets 16,422,166 15,301,517 14,197,437
Depreciation and amortization of property, equipment and intangibles 333,389 328,914 356,947
Stock-based compensation expense 368,449 272,588 339,368
Foreign currency remeasurement loss (gain) on debt 72,348 (121,539) 176,296
Other non-cash items 577,451 494,778 512,075
Deferred income taxes (442,056) (590,698) (459,359)
Changes in operating assets and liabilities:      
Other current assets (790,661) 22,180 (181,003)
Accounts payable (8,039) 121,353 93,502
Accrued expenses and other liabilities 881,218 191,899 103,565
Deferred revenue 254,917 77,844 178,708
Other non-current assets and liabilities (793,655) (446,351) (310,920)
Net cash provided by operating activities 10,149,273 7,361,364 7,274,301
Cash flows from investing activities:      
Purchases of property and equipment (688,220) (439,538) (348,552)
Acquisitions (17,194) 0 0
Purchases of investments (169,965) (1,742,246) (504,862)
Proceeds from maturities and sales of investments 1,917,067 0 1,395,165
Net cash provided by (used in) investing activities 1,041,688 (2,181,784) 541,751
Cash flows from financing activities:      
Proceeds from issuance of debt 0 1,794,460 0
Repayments of debt (1,833,450) (400,000) 0
Proceeds from issuance of common stock 666,965 832,887 169,990
Repurchases of common stock (9,127,167) (6,263,746) (6,045,347)
Taxes paid related to net share settlement of equity awards (46,165) (8,285) 0
Other financing activities (5,806) (29,743) (75,446)
Net cash used in financing activities (10,345,623) (4,074,427) (5,950,803)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 386,519 (416,331) 82,684
Net increase in cash, cash equivalents and restricted cash 1,231,857 688,822 1,947,933
Cash, cash equivalents and restricted cash, beginning of year 7,807,337 7,118,515 5,170,582
Cash, cash equivalents and restricted cash, end of year 9,039,194 7,807,337 7,118,515
Supplemental disclosure:      
Interest paid $ 718,611 $ 674,502 $ 684,504