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Netflix cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.9B in Q3 2026 · $11.4B over twelve months

Operating cash flow$3.2B
Capital spending−$279M
Free cash flow+$2.9B
Cash / net income0.9×

Analysis

In Q3 2026, Netflix generated $3.2B of operating cash flow and spent $279M on capital projects, leaving free cash flow of $2.9B. That is $223M more than in Q3 2025 ($2.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.3B; the largest uses were buybacks ($12.9B), capital spending ($933M), acquisitions ($603M); besides operations, cash came from net borrowing (+) / repaid (−) ($993M), shares issued ($260M); the cash balance fell by $1.1B.

Operating cash flow was $3.2B against net income of $3.7B — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$136M, stock-based pay +$134M, other non-cash +$120M.

Free cash flow

Netflix: free cash flow by quarterNetflix: free cash flow by quarter$1.4BQ4 2024$2.7BQ1 2025$2.3BQ2 2025$2.7BQ3 2025$1.9BQ4 2025$5.1BQ1 2026$1.5BQ2 2026$2.9BQ3 2026
Operating cash flow less capital spending.
Netflix: operating cash flow against capital spendingNetflix: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$159MQ4 2024$2.8B$128MQ1 2025$2.4B$156MQ2 2025$2.8B$165MQ3 2025$2.1B$239MQ4 2025$5.3B$196MQ1 2026$1.7B$219MQ2 2026$3.2B$279MQ3 2026
Latest (Q3 2026): Operating cash flow $3.2B, Capital spending $279M.

Capital allocation, year by year

Netflix: where the cash came from (up) and went (down), by fiscal yearNetflix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $393MFY2021: Net borrowing −$500MFY2021: Shares issued $349MFY2021: Capital spending −$525MFY2021: Acquisitions −$788MFY2021: Buybacks −$600M$741MFY2021FY2022: Operating cash flow $2.0BFY2022: Net borrowing −$700MFY2022: Shares issued $35.7MFY2022: Capital spending −$408MFY2022: Acquisitions −$757M$2.1BFY2022FY2023: Operating cash flow $7.3BFY2023: Shares issued $170MFY2023: Capital spending −$349MFY2023: Buybacks −$6.0B$7.4BFY2023FY2024: Operating cash flow $7.4BFY2024: Net borrowing $1.4BFY2024: Shares issued $833MFY2024: Capital spending −$440MFY2024: Buybacks −$6.3B$9.6BFY2024FY2025: Operating cash flow $10.1BFY2025: Net borrowing −$1.8BFY2025: Shares issued $667MFY2025: Capital spending −$688MFY2025: Acquisitions −$17.2MFY2025: Buybacks −$9.1B$10.8BFY2025
Over these 5 years operating cash flow totalled $27.2B; the largest uses were buybacks ($22.0B) and net borrowing ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.2B
Debt$15.1B
Net debt$6.9B

Netflix funds itself: free cash flow was $11.4B over the last twelve months, and $8.2B of cash and investments stands against $15.1B of debt.

Where the cash came from and went

Netflix: sources (+) and uses (−) of cash, Q3 2026Netflix: sources (+) and uses (−) of cash, Q3 2026Buybacks−$4.8BOperating cash flow$3.2BNet borrowing (+) / repaid (−)$993MCash drawn (+) / kept (−)$905MCapital spending−$279MShares issued$74.7MOther investing−$52.5MOther financing−$20.3MExchange rates$19.0MTaxes on employees’ shares−$5.2M
Netflix: sources (+) and uses (−) of cash, TTM to Q3 2026Netflix: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$12.9BOperating cash flow$12.3BCash drawn (+) / kept (−)$1.1BNet borrowing (+) / repaid (−)$993MCapital spending−$933MAcquisitions−$603MShares issued$260MExchange rates−$79.8MOther financing−$77.1MOther investing−$52.5MTaxes on employees’ shares−$47.0M

From profit to cash

Netflix: net income to operating cash flow, Q3 2026Netflix: net income to operating cash flow, Q3 2026Net income$3.7BDepreciation & amortization$107MStock-based pay$134MOther non-cash$120MPayables$46.2MAccrued liabilities$85.5MDeferred revenue−$17.8MPrepaid and other assets−$136MOperating cash flow$3.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.2B−$279M—−$4.8B$993M$74.7M$905M$2.9B
Q2 2026$1.7B−$219M—−$4.7B—$60.0M$3.2B$1.5B
Q1 2026$5.3B−$196M−$586M−$1.3B—$49.3M−$3.2B$5.1B
Q4 2025$2.1B−$239M−$17.2M−$2.1B—$76.1M$252M$1.9B
Q3 2025$2.8B−$165M—−$1.9B—$70.2M−$1.1B$2.7B
Q2 2025$2.4B−$156M—−$1.7B−$1.0B$169M−$977M$2.3B
Q1 2025$2.8B−$128M—−$3.5B−$800M$352M$603M$2.7B
Q4 2024$1.5B−$159M—−$964M—$302M−$348M$1.4B

Netflix: income statement and cash flow

Netflix, Q3 2026: revenue $12.9B (+12% year over year), operating margin 34.6%. The chart follows the revenue to costs, profit and cash.

Netflix: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.