As of Q4'25, Netflix reported Cash & Short-term Investments of $9.06B and Debt of $14.46B. This latest data point shows a slight decrease in cash from the previous quarter, while debt levels remained relatively stable. Over the period from Q1'23 to Q4'25, Netflix's cash position fluctuated, with notable increases in Q3'24 and Q3'25, but generally remained below its debt levels throughout. Debt showed minor variations but stayed within a narrow range, peaking at $15.98B in Q3'24 before declining back to $14.46B by Q4'25. Overall, the chart indicates that while cash reserves have grown at certain points, the company's debt consistently exceeds its cash holdings during this timeframe.