Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Licensed content, net	$	12,273,051	$	12,422,309
Produced content, net
Released, less amortization	10,090,174		10,151,543
In production	8,930,196		9,317,367
In development and pre-production	795,973		561,243
	19,816,343		20,030,153
Content assets, net	$	32,089,394	$	32,452,462

The following table summarizes the amortization of content assets:

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(in thousands)
Licensed content	$	2,010,207	$	1,884,491	$	4,008,732	$	3,719,608
Produced content	1,821,867		1,885,199		3,646,454		3,720,887
Total	$	3,832,074	$	3,769,690	$	7,655,186	$	7,440,495

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

	As of
	June 30, 2025		December 31, 2024		Estimated Useful Lives
	(in thousands)
Land	$	85,000	$	85,000
Buildings and improvements	508,284		475,684		30 years
Leasehold improvements	1,080,760		1,026,593		Over life of lease
Furniture and fixtures	139,613		134,987		3 years
Information technology	519,162		446,419		3-5 years
Corporate aircraft	99,195		99,175		8-10 years
Machinery and equipment	15,592		15,135		3-5 years
Capital work-in-progress	334,277		228,300
Property and equipment, gross	2,781,883		2,511,293
Less: Accumulated depreciation	(1,038,317)		(917,537)
Property and equipment, net	$	1,743,566	$	1,593,756

    

Leases

The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(in thousands)
Cash paid for operating lease liabilities	$	129,574	$	130,104	$	247,921	$	255,410
Right-of-use assets obtained in exchange for new operating lease obligations	138,534		160,812		211,527		344,774

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Operating lease right-of-use assets, net	$	2,175,343	$	2,102,310
Current operating lease liabilities	453,940		428,482
Non-current operating lease liabilities	2,026,821		1,983,688
Total operating lease liabilities	$	2,480,761	$	2,412,170

Other Current Assets

Other current assets consisted of the following:

	As of
	June 30, 2025		December 31, 2024
	(in thousands)
Trade receivables	$	1,579,859	$	1,335,304
Prepaid expenses	451,050		431,924
Other	1,571,677		1,749,412
Total other current assets	$	3,602,586	$	3,516,640