Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Netflix’s total assets rose from $44,585m in 2021 to $55,597m in 2025 (+24.7%). Growth was concentrated in two step-ups: 2021→22 (+9.0%) and 2023→24 (+10.1%), with a small rise in 2024→25 (+3.6%). Total liabilities were essentially flat, moving from $28,735m to $28,982m (+0.9%) after a modest dip in 2022 and small upticks thereafter. Stockholders’ equity increased materially from $15,849m to $26,615m (+68%), with the largest jump in 2021→22 (+31.1%) and another notable increase in 2023→24 (+20.1%); a small decline occurred in 2023 before resuming growth. The net effect is a meaningful strengthening of the balance sheet: equity as a share of assets rose from ~35.6% (2021) to ~47.9% (2025), and the liabilities-to-equity ratio fell from ~1.81x to ~1.09x — indicating lower financial leverage and improved solvency. For a streaming company where content investments and financing can drive large swings in liabilities, the pattern here suggests Netflix has been growing its asset base while funding that growth more from equity/retained earnings than additional debt. That is credit-positive, but it remains prudent to watch content obligations and off‑balance-sheet commitments (and the income/cash-flow drivers behind the equity increases) to confirm sustainability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.