Netflix — Jul 16, 2026 release

In Q2, we bought back $4.7B of stock, our largest quarter of share repurchases, and we currently have $27.1B of capacity left in our remaining authorizations. We ended the quarter with gross debt of $14.4B and cash and cash equivalents of $9.1B. We have $1B of debt maturing later this year, which we plan to refinance. __________________________________ 10 Defined as cash provided by (used in) operating activities less purchases of property and equipment. 5 Environmental, Social, and Governance (ESG) We recently published our 2025 Environmental, Social, and Governance (ESG) report 11 . Key updates for 2025 include how we continue to decarbonize our operations, including the productions of our films, series and games; invest in our people and the next generation of talent around the world, while contributing to local economies; and maintain our corporate governance structure to support healthy growth and create long-term shareholder value. During Q2, we launched The Netflix Effect 12 — a comprehensive look at the impact our films and series have had on economies, industries and culture over the last decade. Netflix is deeply embedded and invested in the creative industries around the world, producing TV series and films in more than 50 countries, and contributing more than $325 billion in gross value to the global economy. Reference For quick reference, our past investor letters can be found here 13 . __________________________________