NFLX · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
NETFLIX INC · 2026-10-21 · Importance 54 · Surprise 14 · No source text
Aggregate outstanding notes totaled approximately $15.132 billion at September 30, 2026, compared with $14.463 billion at December 31, 2025. Short-term debt increased to $2.475 billion from $999 million, while long-term debt declined to $12.658 billion from $13.464 billion. Netflix issued $992.6 million of debt during the first nine months and had no borrowings under its revolving credit facility or commercial paper program. Cash and cash equivalents declined to $8.194 billion from $9.034 billion, while total assets increased to $58.682 billion from $55.597 billion; the company remained in compliance with debt covenants.
Key facts
- NETFLIX INC entered into a five-year, $3 billion unsecured revolving credit facility on April 12, 2024 that matures on April 12, 2029, and as of September 30, 2026 had borrowed no amounts under it. source
- As of September 30, 2026, the amount of principal and interest on NETFLIX INC's outstanding notes due in the next twelve months is $3,194 million (i.e., $3,194,000 thousand). source
- In May 2025, NETFLIX INC established a $3 billion commercial paper program and had borrowed no amounts under it as of September 30, 2026. source
- As of September 30, 2026, NETFLIX INC had cash, cash equivalents, restricted cash and short-term investments of $8,226,455 thousand, down $841,417 thousand (9%) from December 31, 2025. source
- Aggregate outstanding notes as of September 30, 2026: $15,132 million, net of issuance costs and discounts and fair value hedging adjustments. source
- Long-term debt on the consolidated balance sheet as of September 30, 2026: $12,657,598 (in thousands). source
- Cash, cash equivalents and restricted cash at end of period (September 30, 2026): $8,197,777 (in thousands). source
- Cash and cash equivalents on the Consolidated Balance Sheets as of September 30, 2026: $8,194,275 (in thousands). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +14.0% | Cash, cash equivalents and restricted cash at end of period (September 30, 2026): $8,197,777 (in thousands). |
| cash | negative | committed | -4.6% | As of September 30, 2026, the amount of principal and interest on NETFLIX INC's outstanding notes due in the next twelve months is $3,194… |
| liability | positive | realized | +4.5% | As of September 30, 2026, NETFLIX INC's operating lease obligations totaled $2,618,583 thousand, with $504,573 thousand due in the next 12… |
| liability | negative | realized | -3.1% | There were no repayments of debt in the nine months ended September 30, 2026, as compared to $1,833 million in repayments of debt in the… |
| cash | negative | realized | -1.4% | As of September 30, 2026, NETFLIX INC had cash, cash equivalents, restricted cash and short-term investments of $8,226,455 thousand, down… |
| liability | negative | realized | -1.1% | As of September 30, 2026, NETFLIX INC had short-term and long-term debt of $15,132,394 thousand, an increase of $669,558 thousand versus… |