v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 9,033,681 $ 7,804,733
Short-term investments 28,678 1,779,006
Other current assets 3,957,832 3,516,640
Total current assets 13,020,191 13,100,379
Content assets, net 32,778,392 32,452,462
Property and equipment, net 2,004,350 1,593,756
Other non-current assets 7,794,060 6,483,777
Total assets 55,596,993 53,630,374
Current liabilities:    
Current content liabilities 4,084,854 4,393,681
Accounts payable 900,612 899,909
Accrued expenses and other liabilities 3,220,869 2,156,544
Deferred revenue 1,775,730 1,520,813
Short-term debt 998,865 1,784,453
Total current liabilities 10,980,930 10,755,400
Non-current content liabilities 1,579,476 1,780,806
Long-term debt 13,463,971 13,798,351
Other non-current liabilities 2,957,128 2,552,250
Total liabilities 28,981,505 28,886,807
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value; 49,900,000,000 shares authorized at December 31, 2025 and December 31, 2024; 4,222,162,150 and 4,277,571,000 issued and outstanding at December 31, 2025 and December 31, 2024, respectively 7,286,410 6,252,126
Treasury stock at cost (346,541,145 and 259,534,600 shares at December 31, 2025 and December 31, 2024) (22,372,658) (13,171,638)
Accumulated other comprehensive income (loss) (580,382) 362,162
Retained earnings 42,282,118 31,300,917
Total stockholders’ equity 26,615,488 24,743,567
Total liabilities and stockholders’ equity $ 55,596,993 $ 53,630,374