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NETFLIX INC - Annual Report: 2024 (Form 10-K)

Streaming revenues for the year ended December 31, 2024 increased 16% as compared to the year ended December 31, 2023, primarily due to the growth in average paying memberships and price increases, partially offset by unfavorable changes in foreign exchange rates.
The following tables summarize streaming revenues and other streaming membership information by region for the years ended December 31, 2024, 2023 and 2022. Hedging gains of $124 million are included in “Streaming revenues” for the year ended December 31, 2024. No hedging gains and losses were recognized as “Streaming revenues” 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.

United States and Canada (UCAN)
As of/Year Ended December 31,Change
 2024202320222024 vs. 2023
 (in thousands, except revenue per membership and percentages)
Streaming revenues$17,359,369 $14,873,783 $14,084,643 $2,485,586 17 %
Paid net membership additions (losses)9,497 5,832 (919)3,665 63 %
Paid memberships at end of period89,625 80,128 74,296 9,497 12 %
Average paying memberships84,112 76,126 74,001 7,986 10 %
Average monthly revenue per paying membership$17.20 $16.28 $15.86 $0.92 6 %
Constant currency change6 %

Europe, Middle East, and Africa (EMEA)
As of/Year Ended December 31,Change
 2024202320222024 vs. 2023
 (in thousands, except revenue per membership and percentages)
Streaming revenues$12,387,035 $10,556,487 $9,745,015 $1,830,548 17 %
Paid net membership additions12,320 12,084 2,693 236 2 %
Paid memberships at end of period101,133 88,813 76,729 12,320 14 %
Average paying memberships94,200 80,928 73,904 13,272 16 %
Average monthly revenue per paying membership$10.96 $10.87 $10.99 $0.09 1 %
Constant currency change1 %



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Latin America (LATAM)
As of/Year Ended December 31,Change
 2024202320222024 vs. 2023
 (in thousands, except revenue per membership and percentages)
Streaming revenues$4,839,816 $4,446,461 $4,069,973 $393,355 9 %
Paid net membership additions7,330 4,298 1,738 3,032 71 %
Paid memberships at end of period53,327 45,997 41,699 7,330 16 %
Average paying memberships48,954 42,802 40,000 6,152 14 %
Average monthly revenue per paying membership$8.24 $8.66 $8.48 $(0.42)(5)%
Constant currency change21 %
Asia-Pacific (APAC)
As of/Year Ended December 31,Change
 2024202320222024 vs. 2023
 (in thousands, except revenue per membership and percentages)
Streaming revenues$4,414,746 $3,763,727 $3,570,221 $651,019 17 %
Paid net membership additions12,203 7,315 5,391 4,888 67 %
Paid memberships at end of period57,541 45,338 38,023 12,203 27 %
Average paying memberships50,466 41,033 35,019 9,433 23 %
Average monthly revenue per paying membership$7.29 $7.64 $8.50 $(0.35)(5)%
Constant currency change(3)%

Repayments of debt() ()Proceeds from issuance of common stock    Repurchases of common stock()() Taxes paid related to net share settlement of equity awards()  Other financing activities()() Net cash used in financing activities()()()Effect of exchange rate changes on cash, cash equivalents and restricted cash() ()Net increase (decrease) in cash, cash equivalents and restricted cash  ()Cash, cash equivalents and restricted cash, beginning of year   Cash, cash equivalents and restricted cash, end of year$ $ $ Supplemental disclosure:Income taxes paid$ $ $ Interest paid   
See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
 As of December 31,
  
20242023
Assets
Current assets:
Cash and cash equivalents$ $ 
Short-term investments  
Other current assets  
Total current assets  
Content assets, net  
Property and equipment, net  
Other non-current assets  
Total assets$ $ 
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities$ $ 
Accounts payable  
Accrued expenses and other liabilities  
Deferred revenue  
Short-term debt  
Total current liabilities  
Non-current content liabilities  
Long-term debt  
Other non-current liabilities  
Total liabilities  
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $ par value; shares authorized at December 31, 2024 and December 31, 2023; shares issued and outstanding at December 31, 2024 and December 31, 2023
  
Common stock, $ par value; shares authorized at December 31, 2024 and December 31, 2023; and issued and outstanding at December 31, 2024 and December 31, 2023, respectively
  
Treasury stock at cost ( and shares at December 31, 2024 and December 31, 2023)
()()
Accumulated other comprehensive income (loss) ()
Retained earnings  
Total stockholders’ equity  
Total liabilities and stockholders’ equity$ $ 

See accompanying notes to consolidated financial statements.
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NETFLIX, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
 
 Common Stock and Additional
Paid-in Capital		Treasury StockAccumulated
Other
Comprehensive Income (Loss)		Retained
Earnings		Total
Stockholders’
Equity
 SharesAmount  
Balances as of December 31, 2021 $ $()$()$ $ 
Net income
— — — —   
Other comprehensive loss— — — ()— ()
Issuance of common stock  — — —  
Stock-based compensation expense
—  — — —  
Balances as of December 31, 2022 $ $()$()$ $ 
Net income
— — — —   
Other comprehensive loss— — — ()— ()
Issuance of common stock  — — —  
Repurchases of common stock()— ()— — ()

Europe, Middle East, and Africa (EMEA)
As of/Year Ended December 31,
 202420232022
 (in thousands)
Streaming revenues$ $ $ 
Paid net membership additions   
Paid memberships at end of period (1)   

Latin America (LATAM)
As of/Year Ended December 31,
 202420232022
 (in thousands)
Streaming revenues$ $ $ 
Paid net membership additions   
Paid memberships at end of period (1)   


Asia-Pacific (APAC)
As of/Year Ended December 31,
 202420232022
 (in thousands)
Streaming revenues$ $ $ 
Paid net membership additions   
Paid memberships at end of period (1)   
(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.
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 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 $ million increase in deferred revenue as compared to the balance of $ million for the year ended December 31, 2023, is a result of the increase in membership fees billed due to increased memberships and price increases.

3.
 $ $ Shares used in computation:Weighted-average shares of common stock outstanding   Basic earnings per share$ $ $ Diluted earnings per share:Net income$ $ $ Shares used in computation:Weighted-average shares of common stock outstanding   Effect of dilutive stock-based awards   Weighted-average number of shares   
Diluted earnings per share
$ $ $    


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4.
 $ $ $ $ $ $ $ Level 1 securities:Money market funds        Level 2 securities:Time Deposits (1)        Government securities (2)        $ $ $ $ $ $ $ $ 

 As of December 31, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-term investmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$ $ $ $ $ $ $ $ 
Level 1 securities:
Money market funds        
Level 2 securities:
Time Deposits (1)        
$ $ $ $ $ $ $ $ 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
(2) The Company's government securities 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 AFS securities, 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 to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.
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5.
 $ 
Produced content, net
Released, less amortization
  
In production
  
In development and pre-production
    

Content assets, net$ $ 
As of December 31, 2024, approximately $ million, $ million, and $ million of the $ million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of December 31, 2024, approximately $ million, $ million, and $ million of the $ million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years.
 $ $ Produced content (1)   Total$ $ $ 
(1) Tax incentives earned on qualified production spend generally reduce the cost-basis of content assets and result in lower content amortization over the life of the title. For the years ended December 31, 2024, 2023 and 2022, tax incentives resulted in lower content amortization on produced content of approximately $ million, $ million and $ million, respectively.

Property and Equipment, Net
 $ Buildings and improvements   yearsLeasehold improvements  Over life of leaseFurniture and fixtures   yearsInformation technology   yearsCorporate aircraft  
- years
Machinery and equipment  
- years
Capital work-in-progress  Property and equipment, gross  Less: Accumulated depreciation()()Property and equipment, net$ $ 
    
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year to years, and often include or more options to renew. These renewal terms can extend the lease term from year to years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. These 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.  Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on the Company's Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component. $ $ Short-term lease cost   Total lease cost$ $ $ 

Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Year ended December 31,
202420232022
(in thousands)
Cash paid for operating lease liabilities$ $ $ 
Right-of-use assets obtained in exchange for new operating lease obligations   
As of December 31,
20242023
(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net$ $ 
Current operating lease liabilities$ $ 
Non-current operating lease liabilities  
Total operating lease liabilities$ $ 
Weighted-average remaining lease term years years
Weighted-average discount rate % %


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 2026 2027 2028 2029 Thereafter  Less imputed interest()Total operating lease liabilities$ 
The Company has additional operating leases for real estate of $ million which have not commenced as of December 31, 2024, and as such, have not been recognized on the Company's Consolidated Balance Sheets. These operating leases are expected to commence in 2025 with lease terms between and years.


Other Current Assets
 $ 
Prepaid expenses
  
Other (1)
  
Total other current assets
$ $ 
 million and $ million of receivables related to tax incentives earned on production spend are included in Other as of December 31, 2024 and 2023, respectively.

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6.

million, net of $ million of issuance costs and discounts, with varying maturities (the "Notes"). Of the outstanding balance, $ 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 $ million, net of $ million of issuance costs. Each of the Notes 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 € million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain, net of hedging impacts, totaling $ million for the year ended December 31, 2024). 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.

% Senior Notes$ $ February 2014March 2024$ $ 
% Senior Notes
  February 2015February 2025  
% Senior Notes (1)
  April 2020June 2025  
% Senior Notes
  April 2020June 2025  
% Senior Notes
  October 2016November 2026  
% Senior Notes (1)
  May 2017May 2027  
% Senior Notes
  October 2017April 2028  
% Senior Notes
  April 2018November 2028  
% Senior Notes (1)
  October 2018May 2029  
% Senior Notes
  October 2018May 2029  
% Senior Notes (1)
  April 2019November 2029  
% Senior Notes
  April 2019November 2029  
% Senior Notes (1)
  October 2019June 2030  
% Senior Notes
  October 2019June 2030  
% Senior Notes
  August 2024August 2034  
% Senior Notes
  August 2024August 2054  $ $ $ $ 

% Senior Notes for € million, % Senior Notes for € million, % Senior Notes for € million, % Senior Notes for € million, and % Senior Notes for € million.
In the year ended December 31, 2024, the Company repaid upon maturity the $ million aggregate principal amount of its % 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 % 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, 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. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of December 31, 2024 and December 31, 2023, the Company was in compliance with all related covenants.

Revolving Credit Facility
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, $ billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $ billion unsecured revolving credit facility. As of December 31, 2024, 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 % to %, and the applicable margin for Adjusted Term SOFR Rate loans will range from % to %, 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 to 1.0 as of the last day of each fiscal quarter. As of December 31, 2024 and December 31, 2023, the Company was in compliance with all related covenants and ratios.

7.
 $ Fair value hedges  
Derivatives not designated as hedging instruments:
Foreign exchange contracts
  
Total
$ $ 
As of December 31, 2024, approximately $ 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. amounts were designated as net investment hedges as of December 31, 2023.
As of December 31, 2024, the carrying amount of the Company's euro-denominated Senior Notes (included in "Long-term debt" on the Company's Consolidated Balance Sheets) which were designated as the hedged items in fair value hedges was approximately $ billion. amounts were designated as fair value hedges as of December 31, 2023.
See Note 6 Debt for further information on the Company’s debt obligations.
Fair Value of Derivative Contracts

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 $ $ $ Derivatives not designated as hedging instruments:Foreign exchange contracts    Total$ $ $ $ 
 As of December 31, 2023
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$ $ $ $ 
Derivatives not designated as hedging instruments:
Foreign exchange contracts    
Total$ $ $ $ 
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 December 31, 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 $ 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. Cash collateral received is presented in “Accrued expenses and other liabilities” representing the Company’s obligation to return counterparty cash collateral. Cash collateral posted is presented in “Other current assets” representing the Company’s right to reclaim the cash collateral. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted or received.
$ $ $ $()$()$    () $ 
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$ $ $ $()$ $    ()   amounts were reclassified from AOCI into the Consolidated Statements of Operations in the years ended December 31, 2023 and 2022.
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10.    
 $ $ Foreign   Income before income taxes$ $ $  $ $ State   Foreign   Total current   Deferred tax provision:Federal()()()State()()()Foreign()()()Total deferred()()()Provision for income taxes$ $ $ 
 $ $ State income taxes, net of Federal income tax effect   Foreign earnings at other than U.S. rates () Research and development tax credit()()()Excess tax benefits on stock-based compensation()()()Foreign-derived intangible income deduction()()()Nontaxable and nondeductible items   Other   Provision for income taxes$ $ $ Effective Tax Rate % % %

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 $ Tax credits and net operating loss carryforwards  Capitalized research expenses  Accruals and reserves  Operating lease liabilities  OCI hedging losses  Unrealized losses  Other  Total deferred tax assets  Valuation allowance()()Net deferred tax assets  Deferred tax liabilities:Depreciation & amortization()()Operating right-of-use lease assets()()OCI hedging gains()        Acquired intangibles()()       Other()()Total deferred tax liabilities()()Net deferred tax assets$ $ 
The following table shows the deferred tax assets and liabilities within our Consolidated Balance Sheets:
 As of December 31,
 20242023
 (in thousands)
Total deferred tax assets:
Other non-current assets$ $ 
Total deferred tax liabilities:
Other non-current liabilities()()
Net deferred tax assets$ $ 
As of December 31, 2024, for tax return purposes, the Company had $ million of California R&D tax credit carryforwards which can be carried forward indefinitely, $ million of state net operating loss carryforwards which will begin to expire in 2026, $ million of foreign tax credit carryforwards which will begin to expire in 2033, and $ million of foreign net operating loss carryforwards which will begin to expire in 2025.
In evaluating its ability to realize the net deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. As of December 31, 2024, the valuation allowance of $ million was primarily related to California R&D tax credits, state net operating loss carryforwards, and foreign tax credits that the Company does not expect to realize.
At December 31, 2024, we have not provided for applicable U.S. income and foreign withholding taxes on an immaterial amount of undistributed foreign earnings that we intend to indefinitely reinvest. For the balance of undistributed earnings for which we are not indefinitely reinvested, we have provided the appropriate taxes.
The unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year are classified as “Other non-current liabilities” and a reduction of deferred tax assets which is classified as "Other non-current assets" in the Consolidated Balance Sheets. As of December 31, 2024 and 2023, the total amount of gross unrecognized tax benefits was $ million and $ million, respectively, of
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 million and $ million, respectively, if recognized, would favorably impact the Company’s effective tax rate.  $ $ Increases related to tax positions taken during the current period   Increases related to tax positions taken during prior periods   Decreases related to tax positions taken during prior periods()()()Decreases related to settlements with taxing authorities () Decreases related to expiration of statute of limitations   Balance at the end of the year$ $ $ 
The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes and in “Other non-current liabilities” in the Consolidated Balance Sheets. During the years ended December 31, 2024, 2023 and 2022, the Company recorded $ million, $ million, and $ million, respectively, net of interest and penalties in the provision for income taxes. The amount of interest and penalties accrued at December 31, 2024 and 2023 was $ million and $ million, respectively.
The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for years 2016 through 2018 and is subject to examination for 2019 through 2023. The Company is also generally subject to examination by various state and foreign jurisdictions for years 2017 through 2023. While the Company is in various stages of inquiry and examination with certain taxing authorities and believes that its tax positions will more likely than not be sustained, it is nonetheless possible that future obligations related to these matters could arise. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from an examination.
Given the potential outcome of current examinations, it is reasonably possible that the balance of unrecognized tax benefits could significantly change within the next twelve months. However, an estimate of the range of reasonably possible adjustments cannot be made at this time.

11.    
% of their annual salary through payroll deductions, but not more than the statutory limits set by the Internal Revenue Service. The Company matches employee contributions at the discretion of the Board. During the years ended December 31, 2024, 2023 and 2022, the Company’s matching contributions totaled $ million, $ million and $ million, respectively.
Multiemployer Benefit Plans
The Company contributes to various multiemployer defined pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in the multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan; and (iii) if a company stops contributing to the multiemployer pension plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers. The Company also contributes to various other multiemployer benefit plans that provide health and welfare benefits to both active and retired participants. The Company does not participate in any multiemployer benefit plans that are individually significant to the Company.
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 $ $ Health benefits   Total contributions$ $ $ 

12.    
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. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses. $ $ Less:Content amortization   Other cost of revenues   
Sales and marketing
   Technology and development   General and administrative   Operating income   Operating margin % % %Other income (expense)Interest expense()()()Interest and other income (expense) (1) () Income before income taxes   Provision for income taxes()()()Net income$ $ $ 
(1) Includes interest income of $ million, $ million and $ million for the years ended December 31, 2024, 2023 and 2022, respectively.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Total U.S. revenues were $ billion, $ billion and $ billion for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 2 Revenue Recognition for additional information about streaming revenue by region.
    
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 $ International  
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EXHIBIT INDEX
 
Exhibit
Number		Exhibit DescriptionIncorporated by ReferenceFiled
Herewith
FormFile No.ExhibitFiling Date
3.1
8-K001-357273.1June 8, 2022
3.2
8-K001-357273.2February 24, 2023
4.1
S-1/A333-838784.1April 16, 2002
4.2
8-K001-357274.2February 5, 2015
4.3
8-K001-357274.1October 27, 2016
4.4
8-K001-357274.1May 3, 2017
4.5
8-K001-357274.1October 26, 2017
4.6
8-K001-357274.1April 26, 2018
4.7
8-K001-357274.1October 26, 2018
4.8
8-K001-357274.3October 26, 2018
4.9
8-K001-357274.1April 29, 2019
4.10
8-K001-357274.3April 29, 2019
4.11
8-K001-357274.1October 25, 2019
4.12
8-K001-357274.3October 25, 2019
4.13
8-K001-357274.1April 28, 2020
4.14
8-K001-357274.3April 28, 2020
4.15
S-3333-2810714.1July 29, 2024
4.16
8-K001-357274.2August 1, 2024
4.17
10-K001-357274.18January 26, 2023
10.1†
S-1/A333-8387810.1March 20, 2002
10.2†
Def 14A000-49802AApril 20, 2011
10.3†
Def 14A001-35727AApril 22, 2020
10.4†
8-K001-35727Item 5.02January 24, 2018
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Exhibit
Number		Exhibit DescriptionIncorporated by ReferenceFiled
Herewith
FormFile No.ExhibitFiling Date
10.5†
8-K001-3572710.1December 9, 2022
10.6†
10-K001-3572710.11January 27, 2022
10.7†
10-K001-3572710.11January 26, 2023
10.8†
8-K001-3572710.1December 23, 2022
10.9†
8-K001-3572710.1December 8, 2023
10.10†
8-K001-3572710.2December 8, 2023
10.11†
8-K001-3572710.3December 8, 2023
19.1
X
21.1
X
23.1
X
24Power of Attorney (see signature page)
31.1
X
31.2
X
31.3
X
32.1*
X
97.1
10-K001-3572797.1January 26, 2024
101
The following financial statements from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags
X
104
The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL
X

* These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.
† Indicates a management contract or compensatory plan

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Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 Netflix, Inc.
Dated:January 27, 2025 By:  
/S/    TED SARANDOS
   
Ted Sarandos
Co-Chief Executive Officer
(principal executive officer)
Dated:January 27, 2025By:
/S/    GREG PETERS
Greg Peters
Co-Chief Executive Officer
(principal executive officer)
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Table of Contents
POWER OF ATTORNEY
KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ted Sarandos, Greg Peters, and Spencer Neumann, and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments to this Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming that all said attorneys-in-fact and agents, or any of them or their or his substitute or substituted, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
SignatureTitleDate
/S/    TED SARANDOS
Co-Chief Executive Officer and Director (principal executive officer)January 27, 2025
Ted Sarandos
/S/     GREG PETERS
Co-Chief Executive Officer and Director (principal executive officer)January 27, 2025
Greg Peters
/S/    SPENCER NEUMANN
Chief Financial Officer (principal financial officer)January 27, 2025
Spencer Neumann
/S/    JEFFREY KARBOWSKI
Chief Accounting Officer (principal accounting officer)January 27, 2025
Jeffrey Karbowski
/S/    REED HASTINGS
Executive Chairman and DirectorJanuary 27, 2025
Reed Hastings
/S/    RICHARD BARTON
DirectorJanuary 27, 2025
Richard Barton
/S/    MATHIAS DÖPFNER
DirectorJanuary 27, 2025
Mathias Döpfner
/S/    TIMOTHY M. HALEY
DirectorJanuary 27, 2025
Timothy M. Haley
/S/    JAY C. HOAG
DirectorJanuary 27, 2025
Jay C. Hoag
/S/    LESLIE J. KILGORE
DirectorJanuary 27, 2025
Leslie J. Kilgore
/S/    STRIVE MASIYIWA
DirectorJanuary 27, 2025
Strive Masiyiwa
/S/    ANN MATHER
DirectorJanuary 27, 2025
Ann Mather
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Table of Contents
/S/   SUSAN RICE
DirectorJanuary 27, 2025
Susan Rice
/S/   BRAD SMITH
DirectorJanuary 27, 2025
Brad Smith
/S/   ANNE SWEENEY
DirectorJanuary 27, 2025
Anne Sweeney
70

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