Netflix (NFLX) 10-Q19 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover	6 Months Ended
Cover	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35727
Entity Registrant Name	Netflix, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0467272
Entity Address, Address Line One	121 Albright Way,
Entity Address, City or Town	Los Gatos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	408
Local Phone Number	540-3700
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	NFLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	429,164,615
Entity Central Index Key	0001065280
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Cost of revenues	5,174,143	4,673,470	10,151,216	9,477,095
Marketing	644,084	627,168	1,298,424	1,182,530
Technology and development	711,254	657,983	1,413,727	1,345,258
General and administrative	426,992	401,497	831,012	802,421
Operating income	2,602,837	1,827,183	5,235,371	3,541,500
Other income (expense):
Interest expense	(167,986)	(174,812)	(341,300)	(349,051)
Interest and other income (expense)	79,005	26,961	234,364	(44,243)
Income before income taxes	2,513,856	1,679,332	5,128,435	3,148,206
Provision for income taxes	(366,550)	(191,722)	(648,920)	(355,476)
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Earnings per share:
Basic (in USD per share)	$ 4.99	$ 3.35	$ 10.39	$ 6.28
Diluted (in USD per share)	$ 4.88	$ 3.29	$ 10.16	$ 6.18
Weighted-average shares of common stock outstanding:
Basic (in shares)	430,065	443,881	431,078	444,559
Diluted (in shares)	439,739	451,572	440,697	451,990

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Other comprehensive income:
Foreign currency translation adjustments	(75,246)	52,429	(148,298)	78,040
Net unrealized gains	123,733	0	300,337	0
Reclassification of net gains included in net income	(25,722)	0	(17,208)	0
Net change, net of income tax expense of $29 million, $0, $84 million, and $0, respectively	98,011	0	283,129	0
Total other comprehensive income	22,765	52,429	134,831	78,040
Comprehensive income	$ 2,170,071	$ 1,540,039	$ 4,614,346	$ 2,870,770

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net change, income tax expense	$ 29	$ 0	$ 84	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(4,048,852)	(3,683,007)	(7,777,819)	(6,141,673)
Change in content liabilities	(366,572)	46,119	(556,013)	(308,672)
Amortization of content assets	3,769,690	3,410,021	7,440,495	6,870,005
Depreciation and amortization of property, equipment and intangibles	81,227	89,385	168,461	179,720
Stock-based compensation expense	68,766	78,030	145,111	177,129
Foreign currency remeasurement loss (gain) on debt	(42,692)	28,952	(173,493)	109,603
Other non-cash items	138,588	121,483	235,769	241,491
Deferred income taxes	(209,387)	(103,172)	(316,464)	(201,954)
Changes in operating assets and liabilities:
Other current assets	(28,959)	(183,049)	9,090	(271,571)
Accounts payable	(19,358)	38,332	(164,623)	(51,336)
Accrued expenses and other liabilities	(114,303)	177,831	137,479	363,130
Deferred revenue	4,236	49,647	30,751	47,257
Other non-current assets and liabilities	(88,843)	(117,950)	(154,890)	(186,887)
Net cash provided by operating activities	1,290,847	1,440,232	3,503,369	3,618,972
Cash flows from investing activities:
Purchases of property and equipment	(78,287)	(100,972)	(154,001)	(162,991)
Purchases of short-term investments	0	(303,228)	0	(504,862)
Proceeds from maturities of short-term investments	0	501,937	0	501,937
Net cash provided by (used in) investing activities	(78,287)	97,737	(154,001)	(165,916)
Cash flows from financing activities:
Repayments of debt	0	0	(400,000)	0
Proceeds from issuance of common stock	118,750	34,717	387,631	60,745
Repurchases of common stock	(1,599,998)	(645,146)	(3,599,998)	(1,045,247)
Taxes paid related to net share settlement of equity awards	(1,883)	0	(3,708)	0
Other financing activities	(6,250)	(38,920)	(6,250)	(38,920)
Net cash used in financing activities	(1,489,381)	(649,349)	(3,622,325)	(1,023,422)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(122,723)	39,626	(218,513)	66,049
Net increase (decrease) in cash, cash equivalents and restricted cash	(399,544)	928,246	(491,470)	2,495,683
Cash, cash equivalents and restricted cash at beginning of period	7,026,589	6,738,019	7,118,515	5,170,582
Cash, cash equivalents and restricted cash at end of period	$ 6,627,045	$ 7,666,265	$ 6,627,045	$ 7,666,265

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,624,939	$ 7,116,913
Short-term investments	30,973	20,973
Other current assets	2,959,641	2,780,247
Total current assets	9,615,553	9,918,133
Content assets, net	31,927,355	31,658,056
Property and equipment, net	1,510,958	1,491,444
Other non-current assets	6,045,029	5,664,359
Total assets	49,098,895	48,731,992
Current liabilities:
Current content liabilities	4,391,437	4,466,470
Accounts payable	598,557	747,412
Accrued expenses and other liabilities	1,876,244	1,803,960
Deferred revenue	1,473,720	1,442,969
Short-term debt	1,800,041	399,844
Total current liabilities	10,139,999	8,860,655
Non-current content liabilities	2,028,782	2,578,173
Long-term debt	12,180,024	14,143,417
Other non-current liabilities	2,637,397	2,561,434
Total liabilities	26,986,202	28,143,679
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2024 and December 31, 2023; 429,164,615 and 432,759,584 issued and outstanding at June 30, 2024 and December 31, 2023, respectively	5,680,061	5,145,172
Treasury stock at cost (22,229,834 and 16,078,268 shares at June 30, 2024 and December 31, 2023, respectively)	(10,547,055)	(6,922,200)
Accumulated other comprehensive loss	(89,114)	(223,945)
Retained earnings	27,068,801	22,589,286
Total stockholders’ equity	22,112,693	20,588,313
Total liabilities and stockholders’ equity	$ 49,098,895	$ 48,731,992

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	4,990,000,000	4,990,000,000
Common stock, shares issued (in shares)	429,164,615	432,759,584
Common stock, shares outstanding (in shares)	429,164,615	432,759,584
Treasury stock (in shares)	22,229,834	16,078,268

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock and additional paid-in capital:	Treasury stock:	Accumulated other comprehensive loss:	Retained earnings:
Beginning Balance at Dec. 31, 2022	$ 20,777,401	$ 4,637,601	$ (824,190)	$ (217,306)	$ 17,181,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		59,478
Stock-based compensation expense		177,129
Repurchases of common stock to be held as treasury stock			(1,052,563)
Other comprehensive income	78,040			78,040
Net income	2,792,730				2,792,730
Ending Balance at Jun. 30, 2023	22,832,215	4,874,208	(1,876,753)	(139,266)	19,974,026
Beginning Balance at Mar. 31, 2023	21,828,196	4,762,395	(1,228,920)	(191,695)	18,486,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		33,783
Stock-based compensation expense		78,030
Repurchases of common stock to be held as treasury stock			(647,833)
Other comprehensive income	52,429			52,429
Net income	1,487,610				1,487,610
Ending Balance at Jun. 30, 2023	22,832,215	4,874,208	(1,876,753)	(139,266)	19,974,026
Beginning Balance at Dec. 31, 2023	20,588,313	5,145,172	(6,922,200)	(223,945)	22,589,286
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		389,778
Stock-based compensation expense		145,111
Repurchases of common stock to be held as treasury stock			(3,624,855)
Other comprehensive income	134,831			134,831
Net income	4,479,515				4,479,515
Ending Balance at Jun. 30, 2024	22,112,693	5,680,061	(10,547,055)	(89,114)	27,068,801
Beginning Balance at Mar. 31, 2024	21,365,410	5,489,850	(8,934,056)	(111,879)	24,921,495
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		121,445
Stock-based compensation expense		68,766
Repurchases of common stock to be held as treasury stock			(1,612,999)
Other comprehensive income	22,765			22,765
Net income	2,147,306				2,147,306
Ending Balance at Jun. 30, 2024	$ 22,112,693	$ 5,680,061	$ (10,547,055)	$ (89,114)	$ 27,068,801

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S.”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2024. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year. The following is provided to update the Company’s significant accounting policies previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Derivative Financial Instruments and Hedging Activities The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. Cash flow hedges The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. Net investment hedges The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings. Derivative instruments not designated as hedging instruments The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments. Stock-based Compensation The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the three and six months ended June 30, 2024 and June 30, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three and six months ended June 30, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities for further information. United States and Canada (UCAN) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 4,295,560 $ 3,599,448 $ 8,519,875 $ 7,208,093 Paid net membership additions 1,451 1,173 3,981 1,275 Paid memberships at end of period (1) 84,109 75,571 84,109 75,571 Europe, Middle East, and Africa (EMEA) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 3,007,772 $ 2,562,170 $ 5,965,965 $ 5,079,811 Paid net membership additions 2,235 2,434 5,151 3,078 Paid memberships at end of period (1) 93,964 79,807 93,964 79,807 Latin America (LATAM) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 1,204,145 $ 1,077,435 $ 2,369,153 $ 2,147,627 Paid net membership additions 1,530 1,217 3,253 767 Paid memberships at end of period (1) 49,250 42,466 49,250 42,466 Asia-Pacific (APAC) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 1,051,833 $ 919,273 $ 2,074,757 $ 1,852,796 Paid net membership additions 2,829 1,068 4,986 2,523 Paid memberships at end of period (1) 50,324 40,546 50,324 40,546 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology. Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of June 30, 2024, total deferred revenue was $1,474 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $31 million increase in deferred revenue as compared to the balance of $1,443 million as of December 31, 2023 is a result of the increase in membership fees billed due to increased memberships and price increases.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 2,147,306 $ 1,487,610 $ 4,479,515 $ 2,792,730 Shares used in computation: Weighted-average shares of common stock outstanding 430,065 443,881 431,078 444,559 Basic earnings per share $ 4.99 $ 3.35 $ 10.39 $ 6.28 Diluted earnings per share: Net income $ 2,147,306 $ 1,487,610 $ 4,479,515 $ 2,792,730 Shares used in computation: Weighted-average shares of common stock outstanding 430,065 443,881 431,078 444,559 Effect of dilutive stock-based awards 9,674 7,691 9,619 7,431 Weighted-average number of shares 439,739 451,572 440,697 451,990 Diluted earnings per share $ 4.88 $ 3.29 $ 10.16 $ 6.18 The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Stock-based awards 118 4,348 402 5,097

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments	6 Months Ended
	Jun. 30, 2024
Short-Term Investments And Fair Value Measurement [Abstract]
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments	Cash, Cash Equivalents, Restricted Cash, and Short-term Investments The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 6,005,440 $ — $ 1,973 $ 77 $ 6,007,490 Level 1 securities: Money market funds 356,346 — — 56 356,402 Level 2 securities: Time Deposits (1) 263,153 30,973 — — 294,126 $ 6,624,939 $ 30,973 $ 1,973 $ 133 $ 6,658,018 As of December 31, 2023 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 5,986,629 $ — $ 1,466 $ 81 $ 5,988,176 Level 1 securities: Money market funds 925,652 — — 55 925,707 Level 2 securities: Time Deposits (1) 204,632 20,973 — — 225,605 $ 7,116,913 $ 20,973 $ 1,466 $ 136 $ 7,139,488 (1) The majority of the Company's time deposits are international deposits, which mature within one year. Other current assets include restricted cash for deposits related to self-insurance. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. See Note 6 Debt and Note 7 Derivative Financial Instruments and Hedging Activities

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Content Assets, Net Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 12,358,540 $ 12,722,701 Produced content, net Released, less amortization 10,033,753 9,843,150 In production 8,810,544 8,247,578 In development and pre-production 724,518 844,627 19,568,815 18,935,355 Content assets, net $ 31,927,355 $ 31,658,056 As of June 30, 2024, the amount of accrued participations and residuals was not material. The following table represents the amortization of content assets: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Licensed content $ 1,884,491 $ 1,779,321 $ 3,719,608 $ 3,502,999 Produced content 1,885,199 1,630,700 3,720,887 3,367,006 Total $ 3,769,690 $ 3,410,021 $ 7,440,495 $ 6,870,005 Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 85,000 $ 85,000 Buildings and improvements 384,312 154,165 30 years Leasehold improvements 1,048,874 1,032,492 Over life of lease Furniture and fixtures 144,030 144,737 3 years Information technology 411,448 414,092 3 years Corporate aircraft 99,175 99,175 8-10 years Machinery and equipment 11,572 10,334 3-5 years Capital work-in-progress 241,274 406,492 Property and equipment, gross 2,425,685 2,346,487 Less: Accumulated depreciation (914,727) (855,043) Property and equipment, net $ 1,510,958 $ 1,491,444 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, June 30, June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 130,104 $ 114,760 $ 255,410 $ 228,167 Right-of-use assets obtained in exchange for new operating lease obligations 160,812 91,572 344,774 112,466 As of June 30, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,223,261 $ 2,076,899 Current operating lease liabilities 417,009 383,312 Non-current operating lease liabilities 2,127,120 2,046,801 Total operating lease liabilities $ 2,544,129 $ 2,430,113 Other Current Assets Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 1,276,359 $ 1,287,054 Prepaid expenses 445,622 408,936 Other 1,237,660 1,084,257 Total other current assets $ 2,959,641 $ 2,780,247

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2024, the Company had aggregate outstanding notes of $13,980 million, net of $58 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $1,800 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2023, the Company had aggregate outstanding notes of $14,543 million, net of $65 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $43 million and $173 million, respectively, for the three and six months ended June 30, 2024). As of June 30, 2024, approximately $1 billion of the Company’s euro–denominated Senior Notes was designated as a hedge of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries. In the three and six months ended June 30, 2024, a pre-tax loss of $3 million on the Company’s euro-denominated Senior Notes designated as net investment hedges was recorded in AOCI. No amount of the Company’s euro-denominated Senior Notes was designated as a net investment hedge as of December 31, 2023 or in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments. The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2024 and December 31, 2023: Principal Amount at Par Level 2 Fair Value as of June 30, December 31, Issuance Date Maturity June 30, December 31, (in millions) (in millions) 5.750% Senior Notes $ — $ 400 February 2014 March 2024 $ — $ 400 5.875% Senior Notes 800 800 February 2015 February 2025 801 807 3.000% Senior Notes (1) 503 519 April 2020 June 2025 501 516 3.625% Senior Notes 500 500 April 2020 June 2025 491 491 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 982 996 3.625% Senior Notes (1) 1,394 1,434 May 2017 May 2027 1,399 1,454 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,591 1,621 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 1,959 2,009 4.625% Senior Notes (1) 1,178 1,215 October 2018 May 2029 1,233 1,300 6.375% Senior Notes 800 800 October 2018 May 2029 843 872 3.875% Senior Notes (1) 1,285 1,325 April 2019 November 2029 1,303 1,372 5.375% Senior Notes 900 900 April 2019 November 2029 909 931 3.625% Senior Notes (1) 1,178 1,215 October 2019 June 2030 1,176 1,237 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 985 1,012 $ 14,038 $ 14,608 $ 14,173 $ 15,018 (1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million. In the six months ended June 30, 2024, the Company repaid upon maturity the $400 million aggregate principal amount of its 5.750% Senior Notes. Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants. Revolving Credit Facility On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of June 30, 2024, no amounts have been borrowed under the Revolving Credit Agreement. The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings. The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants and ratios.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
Derivative Financial Instruments and Hedging Activities	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates. Notional Amount of Derivative Contracts The net notional amounts of the Company’s outstanding derivative instruments were as follows: As of June 30, December 31, (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts Cash flow hedges $ 9,549,472 $ 8,783,273 Derivatives not designated as hedging instruments: Foreign exchange contracts 808,357 — Total $ 10,357,829 $ 8,783,273 Fair Value of Derivative Contracts The fair value of the Company’s outstanding derivative instruments was as follows: As of June 30, 2024 Derivative Assets Derivative Liabilities Other current assets Other non-current assets Accrued expenses and other liabilities Other non-current liabilities (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts $ 197,119 $ 41,085 $ 26,586 $ 3,176 Derivatives not designated as hedging instruments: Foreign exchange contracts 2,625 — 2,371 — Total $ 199,744 $ 41,085 $ 28,957 $ 3,176 As of December 31, 2023 Derivative Assets Derivative Liabilities Other current assets Other non-current assets Accrued expenses and other liabilities Other non-current liabilities (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts $ 26,416 $ 4,518 $ 140,089 $ 46,575 Derivatives not designated as hedging instruments: Foreign exchange contracts — — — — Total $ 26,416 $ 4,518 $ 140,089 $ 46,575 The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies. As of June 30, 2024, the pre-tax net accumulated gain on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $174 million. Master Netting Agreements In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets. The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. No cash collateral was received or posted by the Company as of June 30, 2024 and December 31, 2023. The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows: As of June 30, 2024 Gross Amount Not Offset in the Consolidated Balance Sheets Gross Amount Recognized in the Consolidated Balance Sheets Gross Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received and Posted Net Amount (in thousands) Derivative assets $ 240,829 $ — $ 240,829 $ (32,133) $ — $ 208,696 Derivative liabilities 32,133 — 32,133 (32,133) — — As of December 31, 2023 Gross Amount Not Offset in the Consolidated Balance Sheets Gross Amount Recognized in the Consolidated Balance Sheets Gross Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received and Posted Net Amount (in thousands) Derivative assets $ 30,934 $ — $ 30,934 $ (27,246) $ — $ 3,688 Derivative liabilities 186,664 — 186,664 (27,246) — 159,418 Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Cash flow hedges: Foreign exchange contracts (1) Amount included in the assessment of effectiveness $ 160,544 $ — $ 389,688 $ — Net investment hedges: Foreign currency-denominated debt (3,400) — (3,400) — Total $ 157,144 $ — $ 386,288 $ — (1) No amounts were excluded from the assessment of effectiveness. The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows: Three Months Ended June 30, 2024 Revenues Cost of Revenues Interest and other income (expense) (in thousands) Total amounts presented in the Consolidated Statements of Operations $ 9,559,310 $ 5,174,143 $ 79,005 Gains on derivatives in cash flow hedging relationship Foreign exchange contracts Amount of gains reclassified from AOCI 33,301 73 — Gains on derivatives not designated as hedging instruments Foreign exchange contracts — — 9,797 Six Months Ended June 30, 2024 Revenues Cost of Revenues Interest and other income (expense) (in thousands) Total amounts presented in the Consolidated Statements of Operations $ 18,929,750 $ 10,151,216 $ 234,364 Gains on derivatives in cash flow hedging relationship Foreign exchange contracts Amount of gains reclassified from AOCI 22,060 267 — Gains on derivatives not designated as hedging instruments Foreign exchange contracts — — 14,063 No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content As of June 30, 2024, the Company had $23.3 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.0 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.9 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. As of December 31, 2023, the Company had $21.7 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.6 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. The expected timing of payments for these content obligations is as follows: As of June 30, December 31, (in thousands) Less than one year $ 11,456,834 $ 10,328,923 Due after one year and through three years 8,592,237 8,784,302 Due after three years and through five years 2,528,545 2,016,358 Due after five years 731,986 583,766 Total content obligations $ 23,309,602 $ 21,713,349 Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant. Legal Proceedings From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations. The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold. Non-Income Taxes The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with Brazilian tax authorities regarding non-income tax assessments. Although the Company believes it has meritorious defenses to these matters, there is inherent complexity and uncertainty with respect to these matters, and the final outcome may be materially different from our expectations. The current potential exposure with respect to the various issues with Brazilian tax authorities regarding non-income tax assessments is estimated to be approximately $300 million, which is expected to increase over time. Guarantees— Indemnification Obligations In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary. It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
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 grant date and exercisable for the full ten-year contractual term regardless of employment status. Stock options granted to certain named executive officers 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. The following table summarizes the activities related to the Company’s stock options: Options Outstanding Number of Weighted- Balances as of December 31, 2023 19,695,109 $ 268.86 Granted 337,121 555.69 Exercised (2,543,267) 153.25 Expired (3,171) 53.41 Balances as of June 30, 2024 17,485,792 $ 291.25 Vested and expected to vest as of June 30, 2024 17,485,792 $ 291.25 Exercisable as of June 30, 2024 17,352,136 $ 290.14 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 The following table summarizes the activities related to the Company’s unvested RSUs and PSUs: Unvested Restricted Stock Units Number of Weighted- Balances as of December 31, 2023 — $ — Granted 159,978 686.36 Vested (13,330) 562.00 Forfeited — — Balances as of June 30, 2024 146,648 $ 697.66 Stock-based Compensation Total stock-based compensation expense was $69 million and $145 million for the three and six months ended June 30, 2024, respectively, and $78 million and $177 million for the three and six months ended June 30, 2023, respectively. Stock Repurchases In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 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, 2024, the Company repurchased 2,578,104 and 6,145,069 shares, respectively, for an aggregate amount of $1.6 billion and $3.6 billion, respectively. As of June 30, 2024, $4.8 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of June 30, 2024, 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, 2024: Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (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 (36,811) 780 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 (29,159) 780 22,765 Balances as of June 30, 2024 $ (249,600) $ (3,400) $ 211,631 $ (48,525) $ 780 $ (89,114) Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (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 (89,351) 780 152,039 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 (84,232) 780 134,831 Balances as of June 30, 2024 $ (249,600) $ (3,400) $ 211,631 $ (48,525) $ 780 $ (89,114) The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023: Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (in thousands) Balances as of March 31, 2023 $ (191,695) $ — $ — $ — $ — $ (191,695) Other comprehensive income (loss) before reclassifications 52,429 — — — — 52,429 Net change in accumulated other comprehensive income (loss) 52,429 — — — — 52,429 Balances as of June 30, 2023 $ (139,266) $ — $ — $ — $ — $ (139,266) Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (in thousands) Balances as of December 31, 2022 $ (217,306) $ — $ — $ — $ — $ (217,306) Other comprehensive income (loss) before reclassifications 78,040 — — — — 78,040 Net change in accumulated other comprehensive income (loss) 78,040 — — — — 78,040 Balances as of June 30, 2023 $ (139,266) $ — $ — $ — $ — $ (139,266) The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations: Three Months Ended June 30, 2024 Revenues Cost of Revenues Provision for Income Taxes Total 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 Six Months Ended June 30, 2024 Revenues Cost of Revenues Provision for Income Taxes Total 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 No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the three and six months ended June 30, 2023.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except percentages) Provision for income taxes $ 366,550 $ 191,722 $ 648,920 $ 355,476 Effective tax rate 15 % 11 % 13 % 11 %

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
Segment and Geographic Information	Jun. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. Total U.S. revenues were $4.0 billion and $7.9 billion, respectively, for the three and six months ended June 30, 2024, and $3.3 billion and $6.6 billion, respectively, for the three and six months ended June 30, 2023. See Note 2 Revenue Recognition for additional information about streaming revenue by region. The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, were located as follows: As of June 30, December 31, (in thousands) United States $ 2,761,309 $ 2,724,710 International 972,910 843,633

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows: Name Title Action Date Adopted Expiration Date Aggregate # of Securities to be Purchased/Sold David Hyman (1) Chief Legal Officer Adoption 5/7/2024 8/6/2025 44,973 Anne Sweeney (2) Director Adoption 5/9/2024 8/8/2025 1,190 Jay Hoag (3) Director Adoption 5/10/2024 5/12/2025 175,499 (1) David Hyman, Chief Legal Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 7, 2024. Mr. Hyman's plan provides for the potential exercise of vested stock options and the associated sale of up to 44,973 shares of Netflix common stock. The plan expires on August 6, 2025, or upon the earlier completion of all authorized transactions under the plan. (2) Anne Sweeney, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 9, 2024. Ms. Sweeney's plan provides for the potential exercise of vested stock options and the associated sale of up to 1,190 shares of Netflix common stock. The plan expires on August 8, 2025, or upon the earlier completion of all authorized transactions under the plan. (3) Jay Hoag, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 10, 2024. The plan provides for the potential sale of up to 175,499 shares of Netflix common stock. The plan expires on May 12, 2025, or upon the earlier completion of all authorized transactions under the plan. Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
David Hyman [Member]
Trading Arrangements, by Individual
Name	David Hyman
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/7/2024
Arrangement Duration	456 days
Aggregate Available	44,973	44,973
Anne Sweeney [Member]
Trading Arrangements, by Individual
Name	Anne Sweeney
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/9/2024
Arrangement Duration	456 days
Aggregate Available	1,190	1,190
Jay Hoag [Member]
Trading Arrangements, by Individual
Name	Jay Hoag
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/10/2024
Arrangement Duration	367 days
Aggregate Available	175,499	175,499

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates.
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities” and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. Cash flow hedges The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. Net investment hedges The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings. Derivative instruments not designated as hedging instruments The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows. See Note 7 Derivative Financial Instruments and Hedging Activities
Stock-based Compensation	Stock-based Compensation
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Streaming Revenue, Paid Net Membership Additions, and Ending Paid Memberships by Region	The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the three and six months ended June 30, 2024 and June 30, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three and six months ended June 30, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities for further information. United States and Canada (UCAN) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 4,295,560 $ 3,599,448 $ 8,519,875 $ 7,208,093 Paid net membership additions 1,451 1,173 3,981 1,275 Paid memberships at end of period (1) 84,109 75,571 84,109 75,571 Europe, Middle East, and Africa (EMEA) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 3,007,772 $ 2,562,170 $ 5,965,965 $ 5,079,811 Paid net membership additions 2,235 2,434 5,151 3,078 Paid memberships at end of period (1) 93,964 79,807 93,964 79,807 Latin America (LATAM) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 1,204,145 $ 1,077,435 $ 2,369,153 $ 2,147,627 Paid net membership additions 1,530 1,217 3,253 767 Paid memberships at end of period (1) 49,250 42,466 49,250 42,466 Asia-Pacific (APAC) As of/Three Months Ended As of/Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Streaming revenues $ 1,051,833 $ 919,273 $ 2,074,757 $ 1,852,796 Paid net membership additions 2,829 1,068 4,986 2,523 Paid memberships at end of period (1) 50,324 40,546 50,324 40,546 (1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Earnings Per Share	The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except per share data) Basic earnings per share: Net income $ 2,147,306 $ 1,487,610 $ 4,479,515 $ 2,792,730 Shares used in computation: Weighted-average shares of common stock outstanding 430,065 443,881 431,078 444,559 Basic earnings per share $ 4.99 $ 3.35 $ 10.39 $ 6.28 Diluted earnings per share: Net income $ 2,147,306 $ 1,487,610 $ 4,479,515 $ 2,792,730 Shares used in computation: Weighted-average shares of common stock outstanding 430,065 443,881 431,078 444,559 Effect of dilutive stock-based awards 9,674 7,691 9,619 7,431 Weighted-average number of shares 439,739 451,572 440,697 451,990 Diluted earnings per share $ 4.88 $ 3.29 $ 10.16 $ 6.18
Schedule of Potential Common Shares Excluded from Diluted Calculation	The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Stock-based awards 118 4,348 402 5,097

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Short-Term Investments And Fair Value Measurement [Abstract]
Schedule of Cash, Restricted Cash and Short-term Investments	The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 6,005,440 $ — $ 1,973 $ 77 $ 6,007,490 Level 1 securities: Money market funds 356,346 — — 56 356,402 Level 2 securities: Time Deposits (1) 263,153 30,973 — — 294,126 $ 6,624,939 $ 30,973 $ 1,973 $ 133 $ 6,658,018 As of December 31, 2023 Cash and cash equivalents Short-term investments Other Current Assets Non-current Assets Total (in thousands) Cash $ 5,986,629 $ — $ 1,466 $ 81 $ 5,988,176 Level 1 securities: Money market funds 925,652 — — 55 925,707 Level 2 securities: Time Deposits (1) 204,632 20,973 — — 225,605 $ 7,116,913 $ 20,973 $ 1,466 $ 136 $ 7,139,488 (1) The majority of the Company's time deposits are international deposits, which mature within one year.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule off Content Assets	Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net $ 12,358,540 $ 12,722,701 Produced content, net Released, less amortization 10,033,753 9,843,150 In production 8,810,544 8,247,578 In development and pre-production 724,518 844,627 19,568,815 18,935,355 Content assets, net $ 31,927,355 $ 31,658,056
Schedule of Amortization of Streaming Content Assets	The following table represents the amortization of content assets: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Licensed content $ 1,884,491 $ 1,779,321 $ 3,719,608 $ 3,502,999 Produced content 1,885,199 1,630,700 3,720,887 3,367,006 Total $ 3,769,690 $ 3,410,021 $ 7,440,495 $ 6,870,005
Schedule of Property and Equipment, Net	Property and equipment and accumulated depreciation consisted of the following: As of June 30, December 31, Estimated Useful Lives (in thousands) Land $ 85,000 $ 85,000 Buildings and improvements 384,312 154,165 30 years Leasehold improvements 1,048,874 1,032,492 Over life of lease Furniture and fixtures 144,030 144,737 3 years Information technology 411,448 414,092 3 years Corporate aircraft 99,175 99,175 8-10 years Machinery and equipment 11,572 10,334 3-5 years Capital work-in-progress 241,274 406,492 Property and equipment, gross 2,425,685 2,346,487 Less: Accumulated depreciation (914,727) (855,043) Property and equipment, net $ 1,510,958 $ 1,491,444
Schedule of Information on Right-of-Use Assets and Lease Liabilities	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, June 30, June 30, June 30, (in thousands) Cash paid for operating lease liabilities $ 130,104 $ 114,760 $ 255,410 $ 228,167 Right-of-use assets obtained in exchange for new operating lease obligations 160,812 91,572 344,774 112,466 As of June 30, December 31, (in thousands) Operating lease right-of-use assets, net $ 2,223,261 $ 2,076,899 Current operating lease liabilities 417,009 383,312 Non-current operating lease liabilities 2,127,120 2,046,801 Total operating lease liabilities $ 2,544,129 $ 2,430,113
Schedule of Other Current Assets	Other current assets consisted of the following: As of June 30, December 31, (in thousands) Trade receivables $ 1,276,359 $ 1,287,054 Prepaid expenses 445,622 408,936 Other 1,237,660 1,084,257 Total other current assets $ 2,959,641 $ 2,780,247

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2024 and December 31, 2023: Principal Amount at Par Level 2 Fair Value as of June 30, December 31, Issuance Date Maturity June 30, December 31, (in millions) (in millions) 5.750% Senior Notes $ — $ 400 February 2014 March 2024 $ — $ 400 5.875% Senior Notes 800 800 February 2015 February 2025 801 807 3.000% Senior Notes (1) 503 519 April 2020 June 2025 501 516 3.625% Senior Notes 500 500 April 2020 June 2025 491 491 4.375% Senior Notes 1,000 1,000 October 2016 November 2026 982 996 3.625% Senior Notes (1) 1,394 1,434 May 2017 May 2027 1,399 1,454 4.875% Senior Notes 1,600 1,600 October 2017 April 2028 1,591 1,621 5.875% Senior Notes 1,900 1,900 April 2018 November 2028 1,959 2,009 4.625% Senior Notes (1) 1,178 1,215 October 2018 May 2029 1,233 1,300 6.375% Senior Notes 800 800 October 2018 May 2029 843 872 3.875% Senior Notes (1) 1,285 1,325 April 2019 November 2029 1,303 1,372 5.375% Senior Notes 900 900 April 2019 November 2029 909 931 3.625% Senior Notes (1) 1,178 1,215 October 2019 June 2030 1,176 1,237 4.875% Senior Notes 1,000 1,000 October 2019 June 2030 985 1,012 $ 14,038 $ 14,608 $ 14,173 $ 15,018 (1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges	The net notional amounts of the Company’s outstanding derivative instruments were as follows: As of June 30, December 31, (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts Cash flow hedges $ 9,549,472 $ 8,783,273 Derivatives not designated as hedging instruments: Foreign exchange contracts 808,357 — Total $ 10,357,829 $ 8,783,273
Schedule of Fair Value of Derivative Contracts	The fair value of the Company’s outstanding derivative instruments was as follows: As of June 30, 2024 Derivative Assets Derivative Liabilities Other current assets Other non-current assets Accrued expenses and other liabilities Other non-current liabilities (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts $ 197,119 $ 41,085 $ 26,586 $ 3,176 Derivatives not designated as hedging instruments: Foreign exchange contracts 2,625 — 2,371 — Total $ 199,744 $ 41,085 $ 28,957 $ 3,176 As of December 31, 2023 Derivative Assets Derivative Liabilities Other current assets Other non-current assets Accrued expenses and other liabilities Other non-current liabilities (in thousands) Derivatives designated as hedging instruments: Foreign exchange contracts $ 26,416 $ 4,518 $ 140,089 $ 46,575 Derivatives not designated as hedging instruments: Foreign exchange contracts — — — — Total $ 26,416 $ 4,518 $ 140,089 $ 46,575
Schedule of Offsetting Derivative Assets and Liabilities	The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows: As of June 30, 2024 Gross Amount Not Offset in the Consolidated Balance Sheets Gross Amount Recognized in the Consolidated Balance Sheets Gross Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received and Posted Net Amount (in thousands) Derivative assets $ 240,829 $ — $ 240,829 $ (32,133) $ — $ 208,696 Derivative liabilities 32,133 — 32,133 (32,133) — — As of December 31, 2023 Gross Amount Not Offset in the Consolidated Balance Sheets Gross Amount Recognized in the Consolidated Balance Sheets Gross Amount Offset in the Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received and Posted Net Amount (in thousands) Derivative assets $ 30,934 $ — $ 30,934 $ (27,246) $ — $ 3,688 Derivative liabilities 186,664 — 186,664 (27,246) — 159,418
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI	The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Cash flow hedges: Foreign exchange contracts (1) Amount included in the assessment of effectiveness $ 160,544 $ — $ 389,688 $ — Net investment hedges: Foreign currency-denominated debt (3,400) — (3,400) — Total $ 157,144 $ — $ 386,288 $ — (1) No amounts were excluded from the assessment of effectiveness.
Schedule of Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations	The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows: Three Months Ended June 30, 2024 Revenues Cost of Revenues Interest and other income (expense) (in thousands) Total amounts presented in the Consolidated Statements of Operations $ 9,559,310 $ 5,174,143 $ 79,005 Gains on derivatives in cash flow hedging relationship Foreign exchange contracts Amount of gains reclassified from AOCI 33,301 73 — Gains on derivatives not designated as hedging instruments Foreign exchange contracts — — 9,797 Six Months Ended June 30, 2024 Revenues Cost of Revenues Interest and other income (expense) (in thousands) Total amounts presented in the Consolidated Statements of Operations $ 18,929,750 $ 10,151,216 $ 234,364 Gains on derivatives in cash flow hedging relationship Foreign exchange contracts Amount of gains reclassified from AOCI 22,060 267 — Gains on derivatives not designated as hedging instruments Foreign exchange contracts — — 14,063

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Expected Timing of Payments for Streaming Content Obligations	The expected timing of payments for these content obligations is as follows: As of June 30, December 31, (in thousands) Less than one year $ 11,456,834 $ 10,328,923 Due after one year and through three years 8,592,237 8,784,302 Due after three years and through five years 2,528,545 2,016,358 Due after five years 731,986 583,766 Total content obligations $ 23,309,602 $ 21,713,349

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Activity Related to Stock Option Plans	The following table summarizes the activities related to the Company’s stock options: Options Outstanding Number of Weighted- Balances as of December 31, 2023 19,695,109 $ 268.86 Granted 337,121 555.69 Exercised (2,543,267) 153.25 Expired (3,171) 53.41 Balances as of June 30, 2024 17,485,792 $ 291.25 Vested and expected to vest as of June 30, 2024 17,485,792 $ 291.25 Exercisable as of June 30, 2024 17,352,136 $ 290.14
Schedule of Unvested Restricted Stock Units	The following table summarizes the activities related to the Company’s unvested RSUs and PSUs: Unvested Restricted Stock Units Number of Weighted- Balances as of December 31, 2023 — $ — Granted 159,978 686.36 Vested (13,330) 562.00 Forfeited — — Balances as of June 30, 2024 146,648 $ 697.66
Schedule of Changes in 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, 2024: Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (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 (36,811) 780 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 (29,159) 780 22,765 Balances as of June 30, 2024 $ (249,600) $ (3,400) $ 211,631 $ (48,525) $ 780 $ (89,114) Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (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 (89,351) 780 152,039 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 (84,232) 780 134,831 Balances as of June 30, 2024 $ (249,600) $ (3,400) $ 211,631 $ (48,525) $ 780 $ (89,114) The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023: Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (in thousands) Balances as of March 31, 2023 $ (191,695) $ — $ — $ — $ — $ (191,695) Other comprehensive income (loss) before reclassifications 52,429 — — — — 52,429 Net change in accumulated other comprehensive income (loss) 52,429 — — — — 52,429 Balances as of June 30, 2023 $ (139,266) $ — $ — $ — $ — $ (139,266) Foreign Currency Translation Net Investment Hedge Gains (Losses) Change in Unrealized Gains (Losses) on Cash Flow Hedges Tax (Expense) Benefit on Cash Flow Hedges Tax (Expense) Benefit on Net Investment Hedges Total (in thousands) Balances as of December 31, 2022 $ (217,306) $ — $ — $ — $ — $ (217,306) Other comprehensive income (loss) before reclassifications 78,040 — — — — 78,040 Net change in accumulated other comprehensive income (loss) 78,040 — — — — 78,040 Balances as of June 30, 2023 $ (139,266) $ — $ — $ — $ — $ (139,266) The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations: Three Months Ended June 30, 2024 Revenues Cost of Revenues Provision for Income Taxes Total 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 Six Months Ended June 30, 2024 Revenues Cost of Revenues Provision for Income Taxes Total 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

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for Income Taxes	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands, except percentages) Provision for income taxes $ 366,550 $ 191,722 $ 648,920 $ 355,476 Effective tax rate 15 % 11 % 13 % 11 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
Segment and Geographic Information (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Long-lived Assets by Geographic Areas	The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, were located as follows: As of June 30, December 31, (in thousands) United States $ 2,761,309 $ 2,724,710 International 972,910 843,633

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Derivatives designated as hedging instruments: \| Cash flow hedges
Organization And Summary Of Significant Accounting Policies [Line Items]
Derivative, term of contract	24 months

Revenue Recognition - Revenue a

Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) membership	Jun. 30, 2023 USD ($) membership	Jun. 30, 2024 USD ($) membership	Jun. 30, 2023 USD ($) membership
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Streaming \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 4,295,560	$ 3,599,448	$ 8,519,875	$ 7,208,093
Paid net membership additions (in memberships)	1,451	1,173	3,981	1,275
Paid memberships at end of period (in memberships)	84,109	75,571	84,109	75,571
Streaming \| Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 3,007,772	$ 2,562,170	$ 5,965,965	$ 5,079,811
Paid net membership additions (in memberships)	2,235	2,434	5,151	3,078
Paid memberships at end of period (in memberships)	93,964	79,807	93,964	79,807
Streaming \| Latin America
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 1,204,145	$ 1,077,435	$ 2,369,153	$ 2,147,627
Paid net membership additions (in memberships)	1,530	1,217	3,253	767
Paid memberships at end of period (in memberships)	49,250	42,466	49,250	42,466
Streaming \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues \| $	$ 1,051,833	$ 919,273	$ 2,074,757	$ 1,852,796
Paid net membership additions (in memberships)	2,829	1,068	4,986	2,523
Paid memberships at end of period (in memberships)	50,324	40,546	50,324	40,546

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,473,720	$ 1,442,969
Increase in deferred revenue	$ 31,000

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Weighted-average common shares outstanding (in shares)	430,065	443,881	431,078	444,559
Basic earnings per share (in USD per share)	$ 4.99	$ 3.35	$ 10.39	$ 6.28
Diluted earnings per share:
Net income	$ 2,147,306	$ 1,487,610	$ 4,479,515	$ 2,792,730
Shares used in computation:
Weighted-average common shares outstanding (in shares)	430,065	443,881	431,078	444,559
Effect of dilutive stock-based awards (in shares)	9,674	7,691	9,619	7,431
Weighted-average number of shares (in shares)	439,739	451,572	440,697	451,990
Diluted earnings per share (in USD per share)	$ 4.88	$ 3.29	$ 10.16	$ 6.18

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings per share calculations (in shares)	118	4,348	402	5,097

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 6,658,018	$ 7,139,488
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,624,939	7,116,913
Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	30,973	20,973
Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,973	1,466
Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	133	136
Cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,007,490	5,988,176
Cash \| Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	6,005,440	5,986,629
Cash \| Short-term investments
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Cash \| Other Current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	1,973	1,466
Cash \| Non-current Assets
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	77	81
Money market funds \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	356,402	925,707
Money market funds \| Cash and cash equivalents \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	356,346	925,652
Money market funds \| Short-term investments \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Money market funds \| Other Current Assets \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Money market funds \| Non-current Assets \| Level 1 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	56	55
Time Deposits \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	294,126	225,605
Time Deposits \| Cash and cash equivalents \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	263,153	204,632
Time Deposits \| Short-term investments \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	30,973	20,973
Time Deposits \| Other Current Assets \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	0	0
Time Deposits \| Non-current Assets \| Level 2 securities:
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and short-term investments	$ 0	$ 0

Balance Sheet Components - Comp

Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Content assets, net	$ 31,927,355		$ 31,927,355		$ 31,658,056
Amortization of content assets	3,769,690	$ 3,410,021	7,440,495	$ 6,870,005
Licensed content
Finite-Lived Intangible Assets [Line Items]
Net content	12,358,540		12,358,540		12,722,701
Amortization of content assets	1,884,491	1,779,321	3,719,608	3,502,999
Produced content
Finite-Lived Intangible Assets [Line Items]
Net content	10,033,753		10,033,753		9,843,150
In production	8,810,544		8,810,544		8,247,578
In development and pre-production	724,518		724,518		844,627
Content assets, net	19,568,815		19,568,815		$ 18,935,355
Amortization of content assets	$ 1,885,199	$ 1,630,700	$ 3,720,887	$ 3,367,006

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,425,685	$ 2,346,487
Less: Accumulated depreciation	(914,727)	(855,043)
Property and equipment, net	1,510,958	1,491,444
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	85,000	85,000
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 384,312	154,165
Estimated Useful Lives	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,048,874	1,032,492
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 144,030	144,737
Estimated Useful Lives	3 years
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 411,448	414,092
Estimated Useful Lives	3 years
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 99,175	99,175
Corporate aircraft \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	8 years
Corporate aircraft \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,572	10,334
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Capital work-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 241,274	$ 406,492

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 130,104	$ 114,760	$ 255,410	$ 228,167
Right-of-use assets obtained in exchange for new operating lease obligations	160,812	$ 91,572	344,774	$ 112,466
Operating lease right-of-use assets, net	2,223,261		2,223,261		$ 2,076,899
Current operating lease liabilities	417,009		417,009		383,312
Non-current operating lease liabilities	2,127,120		2,127,120		2,046,801
Total operating lease liabilities	$ 2,544,129		$ 2,544,129		$ 2,430,113

Balance Sheet Components - Othe

Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Trade receivables	$ 1,276,359	$ 1,287,054
Prepaid expenses	445,622	408,936
Other	1,237,660	1,084,257
Total other current assets	$ 2,959,641	$ 2,780,247

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Aggregate outstanding notes	$ 13,980,000,000		$ 13,980,000,000			$ 14,543,000,000
Debt issuance costs	58,000,000		58,000,000			65,000,000
Short-term debt	1,800,041,000		1,800,041,000			399,844,000
Long-term notes denominated in foreign currency	14,038,000,000		14,038,000,000			14,608,000,000
Foreign currency remeasurement gain on debt	42,692,000	$ (28,952,000)	173,493,000	$ (109,603,000)
Repayments of debt	0	$ 0	400,000,000	$ 0
Net investment hedges
Debt Instrument [Line Items]
Net investment hedge						0
Loss on euro-denominated Senior Notes	3,000,000		3,000,000
Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency \| €					€ 5,170,000,000
Foreign currency remeasurement gain on debt	43,000,000		$ 173,000,000
Net investment hedge \| €					€ 1,000,000,000
Redemption price, percent of outstanding principal			101%
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Long-term notes denominated in foreign currency	$ 0		$ 0			$ 400,000,000
Interest rate	5.75%		5.75%		5.75%	5.75%
Repayments of debt			$ 400,000,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) $ in Millions	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Face amount		$ 14,038		$ 14,608
Long-term debt, fair value		$ 14,173		$ 15,018
Senior Notes
Debt Instrument [Line Items]
Face amount \| €	€ 5,170,000,000
Senior Notes \| 5.750% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%	5.75%	5.75%
Face amount		$ 0		$ 400
Long-term debt, fair value		$ 0		$ 400
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 801		$ 807
Senior Notes \| 3.000% Senior Notes
Debt Instrument [Line Items]
Interest rate	3%	3%	3%	3%
Face amount	€ 470,000,000	$ 503	€ 470,000,000	$ 519
Long-term debt, fair value		$ 501		$ 516
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount		$ 500		$ 500
Long-term debt, fair value		$ 491		$ 491
Senior Notes \| 4.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%	4.375%	4.375%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 982		$ 996
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,300,000,000	$ 1,394	€ 1,300,000,000	$ 1,434
Long-term debt, fair value		$ 1,399		$ 1,454
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,600		$ 1,600
Long-term debt, fair value		$ 1,591		$ 1,621
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.875%	5.875%	5.875%	5.875%
Face amount		$ 1,900		$ 1,900
Long-term debt, fair value		$ 1,959		$ 2,009
Senior Notes \| 4.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%	4.625%	4.625%	4.625%
Face amount	€ 1,100,000,000	$ 1,178	€ 1,100,000,000	$ 1,215
Long-term debt, fair value		$ 1,233		$ 1,300
Senior Notes \| 6.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	6.375%	6.375%	6.375%	6.375%
Face amount		$ 800		$ 800
Long-term debt, fair value		$ 843		$ 872
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%	3.875%	3.875%
Face amount	€ 1,200,000,000	$ 1,285	€ 1,200,000,000	$ 1,325
Long-term debt, fair value		$ 1,303		$ 1,372
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Interest rate	5.375%	5.375%	5.375%	5.375%
Face amount		$ 900		$ 900
Long-term debt, fair value		$ 909		$ 931
Senior Notes \| 3.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%	3.625%	3.625%
Face amount	€ 1,100,000,000	$ 1,178	€ 1,100,000,000	$ 1,215
Long-term debt, fair value		$ 1,176		$ 1,237
Senior Notes \| 4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%	4.875%	4.875%	4.875%
Face amount		$ 1,000		$ 1,000
Long-term debt, fair value		$ 985		$ 1,012

Debt - Revolving Line of Credit

Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($)		6 Months Ended
	Apr. 12, 2024	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amount borrowed		$ 0
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit, agreement term	5 years
Line of credit facility, maximum borrowing capacity	$ 3,000,000,000		$ 1,000,000,000
Debt instrument, consolidated EBITDA to consolidated interest expense	3
Unsecured Debt \| Minimum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0%
Unsecured Debt \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0.75%
Unsecured Debt \| Maximum \| Alternate Base Rate
Line of Credit Facility [Line Items]
Applicable margin on variable rate	0.25%
Unsecured Debt \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin on variable rate	1.25%

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 10,357,829	$ 8,783,273
Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	808,357	0
Foreign exchange contracts \| Cash flow hedges \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 9,549,472	$ 8,783,273

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 240,829	$ 30,934
Derivative Liabilities	32,133	186,664
Other current assets \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets		26,416
Other current assets \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	199,744
Other current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	197,119	26,416
Other current assets \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	2,625	0
Other non-current assets \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets		4,518
Other non-current assets \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	41,085
Other non-current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	41,085	4,518
Other non-current assets \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Accrued expenses and other liabilities \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities		140,089
Accrued expenses and other liabilities \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	28,957
Accrued expenses and other liabilities \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	26,586	140,089
Accrued expenses and other liabilities \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	2,371	0
Other non-current liabilities \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities		46,575
Other non-current liabilities \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	3,176
Other non-current liabilities \| Foreign exchange contracts \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	3,176	46,575
Other non-current liabilities \| Foreign exchange contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	$ 0	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months	$ 174

Derivative Financial Instrume_6

Derivative Financial Instruments and Hedging Activities - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amount Recognized in the Consolidated Balance Sheets	$ 240,829	$ 30,934
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amount Presented in the Consolidated Balance Sheets	240,829	30,934
Financial Instruments	(32,133)	(27,246)
Collateral Received and Posted	0	0
Net Amount	208,696	3,688
Derivative liabilities
Gross Amount Recognized in the Consolidated Balance Sheets	32,133	186,664
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amount Presented in the Consolidated Balance Sheets	32,133	186,664
Financial Instruments	(32,133)	(27,246)
Collateral Received and Posted	0	0
Net Amount	$ 0	$ 159,418

Derivative Financial Instrume_7

Derivative Financial Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency-denominated debt	$ (3,000)		$ (3,000)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount included in the assessment of effectiveness	157,144	$ 0	386,288	$ 0
Foreign exchange contracts \| Cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount included in the assessment of effectiveness	160,544	0	389,688	0
Foreign exchange contracts \| Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency-denominated debt	$ (3,400)	$ 0	$ (3,400)	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments and Hedging Activities - Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts presented in the Consolidated Statements of Operations	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
Total amounts presented in the Consolidated Statements of Operations	5,174,143	4,673,470	10,151,216	9,477,095
Total amounts presented in the Consolidated Statements of Operations	79,005	$ 26,961	234,364	$ (44,243)
Foreign exchange contracts \| Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	33,301		22,060
Gains on derivatives not designated as hedging instruments	0		0
Foreign exchange contracts \| Cost of Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	73		267
Gains on derivatives not designated as hedging instruments	0		0
Foreign exchange contracts \| Interest and other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gains reclassified from AOCI	0		0
Gains on derivatives not designated as hedging instruments	$ 9,797		$ 14,063

Commitments and Contingencies -

Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contractual Obligation [Line Items]
Total streaming content obligations	$ 23,309,602	$ 21,713,349
Current content liabilities	4,391,437	4,466,470
Non-current content liabilities	2,028,782	2,578,173
Unrecorded streaming obligations	16,900,000	14,600,000
Non-income Tax Assessments \| Brazilian Tax Authorities
Contractual Obligation [Line Items]
Indemnification guarantee accrual	300,000
Current Content Liabilities
Contractual Obligation [Line Items]
Current content liabilities	4,400,000	4,500,000
Non-current Content Liabilities
Contractual Obligation [Line Items]
Non-current content liabilities	$ 2,000,000	$ 2,600,000

Commitments and Contingencies_2

Commitments and Contingencies - Expected Timing of Payments for Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Less than one year	$ 11,456,834	$ 10,328,923
Due after one year and through three years	8,592,237	8,784,302
Due after three years and through five years	2,528,545	2,016,358
Due after five years	731,986	583,766
Total content obligations	$ 23,309,602	$ 21,713,349

Commitments and Contingencies_3

Commitments and Contingencies - Guarantees—Indemnification Obligations (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)			10 years
Foreign exchange contracts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of gains (losses) reclassified from AOCI	$ 25,722	$ 0	$ 17,208	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Activity Related to Stock Option Plans (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, number of shares, beginning balance (in shares) \| shares	19,695,109
Options outstanding, number of shares granted (in shares) \| shares	337,121
Options outstanding, number of shares, exercised (in shares) \| shares	(2,543,267)
Options outstanding, number of shares expired (in shares) \| shares	(3,171)
Options outstanding, number of shares, ending balance (in shares) \| shares	17,485,792
Options outstanding, number of shares, vested and expected to vest (in shares) \| shares	17,485,792
Options outstanding, number of shares, exercisable (in shares) \| shares	17,352,136
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 268.86
Options outstanding, weighted-average exercise price, granted (in USD per share) \| $ / shares	555.69
Options outstanding, weighted-average exercise price, exercised (in USD per share) \| $ / shares	153.25
Options expired, weighted-average exercise price (in USD per share) \| $ / shares	53.41
Options outstanding, weighted-average exercise price, ending balance (in USD per share) \| $ / shares	291.25
Options outstanding, weighted-average exercise price, vested and expected to vest (in USD per share) \| $ / shares	291.25
Options outstanding, weighted-average exercise price, vested and exercisable (in USD per share) \| $ / shares	$ 290.14

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Activity Related to Unvested RSUs and PSUs (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Non-options outstanding, number of shares, beginning balance (in shares) \| shares	0
Non-options outstanding, number of shares, granted (in shares) \| shares	159,978
Non-options outstanding, number of shares, vested (in shares) \| shares	(13,330)
Non-options outstanding, number of shares forfeited (in shares) \| shares	0
Non-options outstanding, number of shares, ending balance (in shares) \| shares	146,648
Weighted- Average Grant-Date Fair Value (per share)
Non-options outstanding, weighted-average exercise price, beginning balance (in USD per share) \| $ / shares	$ 0
Non-options outstanding, weighted-average, granted (in USD per share) \| $ / shares	686.36
Non-options outstanding, weighted-average, vested (in USD per share) \| $ / shares	562
Non-options outstanding, weighted-average, forfeited (in USD per share) \| $ / shares	0
Non-options outstanding, weighted-average exercise price, ending balance (in USD per share) \| $ / shares	$ 697.66

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 68,766	$ 78,030	$ 145,111	$ 177,129

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock authorized to be repurchased					$ 10,000,000,000	$ 5,000,000,000
Stock repurchased (in shares)	2,578,104		6,145,069
Payments for Repurchase of Common Stock	$ 1,599,998,000	$ 645,146,000	$ 3,599,998,000	$ 1,045,247,000
Remaining authorized repurchase amount	$ 4,800,000,000		$ 4,800,000,000

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 21,365,410	$ 21,828,196	$ 20,588,313	$ 20,777,401
Other comprehensive income (loss) before reclassifications	48,487	52,429	152,039	78,040
Amounts reclassified from accumulated other comprehensive income (loss)	(25,722)		(17,208)
Total other comprehensive income	22,765	52,429	134,831	78,040
Ending Balance	22,112,693	22,832,215	22,112,693	22,832,215
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(176,974)	(191,695)	(103,922)	(217,306)
Other comprehensive income (loss) before reclassifications	(72,626)	52,429	(145,678)	78,040
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	(72,626)	52,429	(145,678)	78,040
Ending Balance	(249,600)	(139,266)	(249,600)	(139,266)
Net Investment Hedge Gains (Losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0	0
Other comprehensive income (loss) before reclassifications	(3,400)	0	(3,400)	0
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	(3,400)	0	(3,400)	0
Ending Balance	(3,400)	0	(3,400)	0
Change in Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	84,461	0	(155,730)	0
Other comprehensive income (loss) before reclassifications	160,544	0	389,688	0
Amounts reclassified from accumulated other comprehensive income (loss)	(33,374)		(22,327)
Total other comprehensive income	127,170	0	367,361	0
Ending Balance	211,631	0	211,631	0
Tax (Expense) Benefit on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(19,366)	0	35,707	0
Other comprehensive income (loss) before reclassifications	(36,811)	0	(89,351)	0
Amounts reclassified from accumulated other comprehensive income (loss)	7,652		5,119
Total other comprehensive income	(29,159)	0	(84,232)	0
Ending Balance	(48,525)	0	(48,525)	0
Tax (Expense) Benefit on Net Investment Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0	0
Other comprehensive income (loss) before reclassifications	780	0	780	0
Amounts reclassified from accumulated other comprehensive income (loss)	0		0
Total other comprehensive income	780	0	780	0
Ending Balance	780	0	780	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(111,879)	(191,695)	(223,945)	(217,306)
Total other comprehensive income	22,765	52,429	134,831	78,040
Ending Balance	$ (89,114)	$ (139,266)	$ (89,114)	$ (139,266)

Stockholders' Equity Stockhol_2

Stockholders' Equity Stockholders' Equity - Summary of Amounts Reclassified from AOCI (Details) - Foreign exchange contracts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	$ 25,722	$ 0	$ 17,208	$ 0
Revenues
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	33,301		22,060
Cost of Revenues
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	73		267
Provision for Income Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of gains (losses) reclassified from AOCI	$ (7,652)		$ (5,119)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 366,550	$ 191,722	$ 648,920	$ 355,476
Effective tax rate	15%	11%	13%	11%

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment			1
Revenues	$ 9,559,310	$ 8,187,301	$ 18,929,750	$ 16,348,804
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,000,000	$ 3,300,000	$ 7,900,000	$ 6,600,000

Segment and Geographic Inform_4

Segment and Geographic Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,761,309	$ 2,724,710
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 972,910	$ 843,633