NFLX · 10-Q · 2026Q2 · Full report

Free Cash Flow

NETFLIX INC · 2026-07-17 · Importance 64 · Surprise 56 · From source text

Six-month net cash provided by operating activities increased 34.9% to $7.034 billion from $5.212 billion. Six-month purchases of property and equipment increased 46.0% to $414.8 million from $284.2 million, implying free cash flow of approximately $6.619 billion before content investment considerations. Netflix added $9.774 billion of content assets during the first six months, up 32.3% from $7.385 billion in the prior-year period, while content asset amortization increased 11.4% to $8.529 billion. Six-month net cash increased only $63.6 million because $5.985 billion of share repurchases and $1.001 billion of investing cash outflows substantially offset operating cash generation.

Key facts

• Net cash provided by operating activities for the three months ended June 30, 2026: $1,743,812 (in thousands). source
• Net cash provided by operating activities for the six months ended June 30, 2026: $7,034,017 thousand, an increase of $1,821,560 thousand versus prior year period. source
• Net cash provided by operating activities for the three months ended June 30, 2026 decreased by $679 million primarily driven by a $1,059 million increase in payments for content assets and $620 million in unfavorable changes in working capital. source
• Net cash provided by operating activities for the three months ended June 30, 2026: $1,743,812 thousand, a decrease of $679,446 thousand versus the three months ended June 30, 2025. source

Impact estimates