Netflix's content commitments climbed to $25.1 billion as of June 30, 2026, up from $24 billion at the end of 2025, with $11.9 billion of that total due within the next 12 months and $19.6 billion not yet recognized on the balance sheet. The streaming giant added $9.8 billion to content assets in the first half of 2026, up from $7.4 billion a year earlier, while content amortization rose to $8.5 billion from $7.7 billion. Netflix said second-quarter operating cash flow declined primarily because payments for content assets increased by $1.06 billion, pushing free cash flow down to $1.5 billion from $2.3 billion a year earlier, with higher cash tax payments partly related to the Warner Bros. termination fee also weighing. Netflix estimates obligations for unknown future titles could add another $1 billion to $4 billion over the next three years, and its 2026 slate includes returning franchises such as Bridgerton, ONE PIECE, Avatar: The Last Airbender and The Gentlemen, plus newly announced titles Lust Stories 3, Shaque: Trust No One and The Great Indian Kapil Show Season 5. Competitors are spending heavily as well: The Walt Disney Company is challenging Netflix through sustained investment in creative IP and streaming content, with Disney+ using films and series as the core of its global ecosystem and plans to bring select premium sports events to the service, while Paramount Skydance has greenlit 40 new or returning DTC series and is targeting 15+ films in 2027 alongside expanded sports rights through UFC, Zuffa Boxing and UEFA.
Netflix IncContent commitments rose to $25.1B with $11.9B due within 12 months, pushing free cash flow down to $1.5B from $2.3B.
Walt Disney CompanyMentioned only as a competitor spending heavily on creative IP and streaming content; no new Disney-specific development.
Paramount Skydance Corporation