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Balance Sheet Components | 3 Months Ended
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Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components | Balance Sheet Components Content Assets, Net Content assets consisted of the following:
| As of
| March 31, 2026 |  | December 31, 2025
| (in thousands)
Licensed content, net | $ | 12,268,097 |  |  | $ | 12,138,578 |
Produced content, net |  |  |
Released, less amortization | 10,311,881 |  |  | 10,687,444 |
In production | 10,006,694 |  |  | 9,210,735 |
In development and pre-production | 789,623 |  |  | 741,635 |
| 21,108,198 |  |  | 20,639,814 |
Content assets, net | $ | 33,376,295 |  |  | $ | 32,778,392 |
The following table summarizes the amortization of content assets:
| Three Months Ended |  |
| March 31, 2026 |  | March 31, 2025 |  |  |  |
| (in thousands)
Licensed content | $ | 2,285,813 |  |  | $ | 1,998,525 |  |  |  |  |
Produced content | 1,932,087 |  |  | 1,824,587 |  |  |  |  |
Total | $ | 4,217,900 |  |  | $ | 3,823,112 |  |  |  |  |
Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following:
|  | As of |  |
|  | March 31, 2026 |  | December 31, 2025 |  | Estimated Useful Lives
|  | (in thousands) |  |
Land |  | $ | 154,986 |  |  | $ | 155,664 |  |  |
Buildings and improvements |  | 538,654 |  |  | 537,082 |  |  | 30 years
Leasehold improvements |  | 1,343,717 |  |  | 1,263,051 |  |  | Over life of lease
Furniture and fixtures |  | 166,873 |  |  | 157,984 |  |  | 3 years
Information technology |  | 600,663 |  |  | 572,407 |  |  | 3-5 years
Corporate aircraft |  | 160,116 |  |  | 99,164 |  |  | 8-10 years
Machinery and equipment |  | 32,183 |  |  | 30,879 |  |  | 3-5 years
Capital work-in-progress |  | 306,721 |  |  | 285,010 |  |  |
Property and equipment, gross |  | 3,303,913 |  |  | 3,101,241 |  |  |
Less: Accumulated depreciation |  | (1,156,084) |  |  | (1,096,891) |  |  |
Property and equipment, net |  | $ | 2,147,829 |  |  | $ | 2,004,350 |  |  |
Leases The Company has entered into operating leases primarily for real estate. 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. Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
| Three Months Ended |  |
| March 31, 2026 |  | March 31, 2025 |  |  |  |
| (in thousands)
Cash paid for operating lease liabilities | $ | 148,341 |  |  | $ | 118,347 |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | 11,237 |  |  | 72,993 |  |  |  |  |
| As of
| March 31, 2026 |  | December 31, 2025
| (in thousands)
Operating lease right-of-use assets, net | $ | 2,100,470 |  |  | $ | 2,207,161 |
Current operating lease liabilities | 433,478 |  |  | 460,475 |
Non-current operating lease liabilities | 1,948,206 |  |  | 2,052,526 |
Total operating lease liabilities | $ | 2,381,684 |  |  | $ | 2,513,001 |
Other Current Assets Other current assets consisted of the following:
|  | As of
|  | March 31, 2026 |  | December 31, 2025
|  | (in thousands)
Trade receivables |  | $ | 2,003,720 |  |  | $ | 2,031,476 |
Prepaid expenses |  | 601,821 |  |  | 498,054 |
Other |  | 2,176,991 |  |  | 1,428,302 |
Total other current assets |  | $ | 4,782,532 |  |  | $ | 3,957,832 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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