Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:

	As of
	September 30, 2025		December 31, 2024
	(in thousands)
Licensed content, net	$	12,182,192	$	12,422,309
Produced content, net
Released, less amortization	9,906,192		10,151,543
In production	9,815,003		9,317,367
In development and pre-production	736,492		561,243
	20,457,687		20,030,153
Content assets, net	$	32,639,879	$	32,452,462

The following table summarizes the amortization of content assets:

	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)
Licensed content	$	2,253,603	$	1,814,040	$	6,262,335	$	5,533,648
Produced content	1,749,141		1,885,481		5,395,595		5,606,368
Total	$	4,002,744	$	3,699,521	$	11,657,930	$	11,140,016

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

	As of
	September 30, 2025		December 31, 2024		Estimated Useful Lives
	(in thousands)
Land	$	80,966	$	85,000
Buildings and improvements	508,861		475,684		30 years
Leasehold improvements	1,077,182		1,026,593		Over life of lease
Furniture and fixtures	133,489		134,987		3 years
Information technology	527,117		446,419		3-5 years
Corporate aircraft	99,195		99,175		8-10 years
Machinery and equipment	14,246		15,135		3-5 years
Capital work-in-progress	442,677		228,300
Property and equipment, gross	2,883,733		2,511,293
Less: Accumulated depreciation	(1,045,844)		(917,537)
Property and equipment, net	$	1,837,889	$	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				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)
Cash paid for operating lease liabilities	$	108,787	$	128,917	$	356,708	$	384,327
Right-of-use assets obtained in exchange for new operating lease obligations	235,513		51,587		447,040		396,361

	As of
	September 30, 2025		December 31, 2024
	(in thousands)
Operating lease right-of-use assets, net	$	2,296,670	$	2,102,310
Current operating lease liabilities	457,390		428,482
Non-current operating lease liabilities	2,163,128		1,983,688
Total operating lease liabilities	$	2,620,518	$	2,412,170

Other Current Assets

Other current assets consisted of the following:

	As of
	September 30, 2025		December 31, 2024
	(in thousands)
Trade receivables	$	1,688,793	$	1,335,304
Prepaid expenses	467,553		431,924
Other	1,482,197		1,749,412
Total other current assets	$	3,638,543	$	3,516,640