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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
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.
Stock Option Activity
Stock options are generally vested in full upon the grant date and are exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers in fiscal years 2023 and 2024 vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date. All executive options subject to a one-year service period have vested as of the first quarter of the current fiscal year.
The following table summarizes the activities related to the Company’s stock options:
Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202415,419,002 $312.48 
Granted
213,441 1,013.40
Exercised
(2,369,871)222.74 
Expired
(1,945)68.25 
Balances as of June 30, 202513,260,627 $339.84 
Vested and exercisable as of June 30, 202513,260,627 $339.84 

Restricted Stock Unit Activity
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.
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares		Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2024133,318 $711.23 
Granted(1)
122,785 1,111.80
Vested(1)
(74,447)774.68 
Forfeited
(1,632)931.17 
Balances as of June 30, 2025180,024 $956.20 
(1) Amounts include 26,660 PSU awards that were granted and 53,320 PSU awards that vested based on the achievement of market-based performance targets during the performance period ended December 31, 2024, but were settled in the first quarter of 2025.

Stock-based Compensation
Total stock-based compensation expense was $81 million and $153 million for the three and six months ended June 30, 2025, respectively, and $69 million and $145 million for the three and six months ended June 30, 2024, respectively.
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 three and six months ended June 30, 2025, the Company repurchased 1,524,908 and 5,238,736 shares of common stock, respectively, for an aggregate amount of $1.6 billion and $5.2 billion, respectively (excluding the 1% excise tax on stock repurchases as a result of the Inflation Reduction Act of 2022). As of June 30, 2025, $12.0 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of June 30, 2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2025:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of March 31, 2025$(285,557)$(12,200)$264,945 $5,771 $907 $(59,601)$(85,735)
Other comprehensive income (loss) before reclassifications
169,299 (93,400)(1,222,145)(18,099)(907)306,378 (858,874)
Amounts reclassified from accumulated other comprehensive income (loss)
— — 37,041 14,802 — (11,902)39,941 
Net change in accumulated other comprehensive income (loss)169,299 (93,400)(1,185,104)(3,297)(907)294,476 (818,933)
Balances as of June 30, 2025$(116,258)$(105,600)$(920,159)$2,474 $— $234,875 $(904,668)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2024$(376,833)$32,400 $914,369 $9,233 $3,260 $(220,267)$362,162 
Other comprehensive income (loss) before reclassifications
260,575 (138,000)(1,709,112)(36,130)(3,139)433,065 (1,192,741)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (125,416)29,371 (121)22,077 (74,089)
Net change in accumulated other comprehensive income (loss)260,575 (138,000)(1,834,528)(6,759)(3,260)455,142 (1,266,830)
Balances as of June 30, 2025$(116,258)$(105,600)$(920,159)$2,474 $— $234,875 $(904,668)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2024:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of March 31, 2024$(176,974)$— $84,461 $— $— $(19,366)$(111,879)
Other comprehensive income (loss) before reclassifications
(72,626)(3,400)160,544 — — (36,031)48,487 
Amounts reclassified from accumulated other comprehensive income (loss)
— — (33,374)— — 7,652 (25,722)
Net change in accumulated other comprehensive income (loss)(72,626)(3,400)127,170 — — (28,379)22,765 
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $— $— $(47,745)$(89,114)
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, 2023$(103,922)$— $(155,730)$— $— $35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(145,678)(3,400)389,688 — — (88,571)152,039 
Amounts reclassified from accumulated other comprehensive income (loss)
— — (22,327)— — 5,119 (17,208)
Net change in accumulated other comprehensive income (loss)
(145,678)(3,400)367,361 — — (83,452)134,831 
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $— $— $(47,745)$(89,114)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and six months ended June 30, 2025:
Three Months Ended
June 30, 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$— $— $— $— $— 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(37,385)344 — 8,504 (28,537)
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (14,802)3,398 (11,404)
Total$(37,385)$344 $(14,802)$11,902 $(39,941)
Six Months Ended
June 30, 2025
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on available-for-sale securities
Amount of gains (losses) reclassified from AOCI$— $— $121 $(28)$93 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI127,411 (1,995)— (28,792)96,624 
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— — (29,371)6,743 (22,628)
Total$127,411 $(1,995)$(29,250)$(22,077)$74,089 
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations for the three and six months ended June 30, 2024:
Three Months Ended
June 30, 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$33,301 $73 $— $(7,652)$25,722 
Total$33,301 $73 $— $(7,652)$25,722 
Six Months Ended
June 30, 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$22,060 $267 $— $(5,119)$17,208 
Total$22,060 $267 $— $(5,119)$17,208