NFLX · 10-Q · 2026Q3 · Full report

Free Cash Flow

NETFLIX INC · 2026-10-21 · Importance 67 · Surprise 66 · From source text

Nine-month operating cash flow increased $2.159 billion to $10.196 billion from $8.038 billion, helped by the $2.8 billion WBD termination fee and higher noncash adjustments. The increase was partly offset by $2.337 billion of additional content-asset payments and $1.200 billion of unfavorable working-capital changes. Nine-month investing cash flow shifted to a $1.332 billion use from $1.298 billion of inflow, including $586 million of acquisition cash outflows and $245 million of higher property-and-equipment purchases. Nine-month financing cash use increased to $9.655 billion, primarily reflecting share repurchases.

Key facts

• Net cash provided by operating activities for the nine months ended September 30, 2026 was $10,196,296 thousand versus $8,037,631 thousand in the nine months ended September 30, 2025 (increase of $2,158,665 thousand), primarily driven by a $2.8 billion termination fee received in connection with the WBD transaction termination. source
• Net cash provided by operating activities for the three months ended September 30, 2026: $3,162,279 (in thousands). source
• Net cash provided by operating activities for the three months ended September 30, 2026 was $3,162,279 thousand versus $2,825,174 thousand in Q3 2025 (increase of $337,105 thousand). source

Impact estimates