Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 9,287,287	$ 7,804,733
Short-term investments	37,105	1,779,006
Other current assets	3,638,543	3,516,640
Total current assets	12,962,935	13,100,379
Content assets, net	32,639,879	32,452,462
Property and equipment, net	1,837,889	1,593,756
Other non-current assets	7,494,132	6,483,777
Total assets	54,934,835	53,630,374
Current liabilities:
Current content liabilities	4,102,640	4,393,681
Accounts payable	793,233	899,909
Accrued expenses and other liabilities	3,111,311	2,156,544
Deferred revenue	1,724,675	1,520,813
Short-term debt	0	1,784,453
Total current liabilities	9,731,859	10,755,400
Non-current content liabilities	1,591,973	1,780,806
Long-term debt	14,463,020	13,798,351
Other non-current liabilities	3,193,948	2,552,250
Total liabilities	28,980,800	28,886,807
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at September 30, 2025 and December 31, 2024; 423,732,334 and 427,757,100 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	7,080,325	6,252,126
Treasury stock at cost (32,760,541 and 25,953,460 shares at September 30, 2025 and December 31, 2024, respectively)	(20,270,631)	(13,171,638)
Accumulated other comprehensive income (loss)	(719,256)	362,162
Retained earnings	39,863,597	31,300,917
Total stockholders’ equity	25,954,035	24,743,567
Total liabilities and stockholders’ equity	$ 54,934,835	$ 53,630,374