Risk Sleuth
NFLX · 10-K filed 23 Jan 2026 · year to 31 Dec 2025

Netflix

25 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Amazon Web Services (AWS)

depends on · vast majority of our computingnamed as a risk
Currently, we run the vast majority of our computing on AWS.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Studios and content providers (content licensing)

depends on · approximately $5.7 billion of total content liabilitiesnamed as a risk
As of December 31, 2025, we had approximately $5.7 billion of total content liabilities as reflected on our consolidated balance sheet, some of which is denominated in currencies other than the U.S. dollar.Risk factors (Item 1A)

Collection management organizations (CMOs)

depends onnamed as a risk
If we are unable to reach mutually acceptable terms with these organizations, we could become involved in litigation and/or could be enjoined from distributing certain content, which could adversely impact our business.Risk factors (Item 1A)

Partners and platforms

Cable, satellite and telecommunications operators (device and billing partners)

depends on · between one and three years in durationnamed as a risk
Our agreements with our partners are typically between one and three years in duration and our business could be adversely affected if, upon expiration, a number of our partners do not continue to provide access to our service or are unwilling to do so on terms acceptable to us, which terms may include the degree of accessibility and prominence of our service.Risk factors (Item 1A)

Internet Service Providers (ISPs)

depends onnamed as a risk
To the extent Internet Service Providers (“ISPs”) do not interconnect with our CDN or charge us to access their networks, or if we experience difficulties in our CDN’s operation, our ability to efficiently and effectively deliver our streaming content to our members could be adversely impacted and our business and results of operations could be adversely affected.Risk factors (Item 1A)

Also named by NET

Other companies

Warner Bros. Discovery (WBD)

$5.8 billion termination feenamed as a risk
If any of the conditions to the WBD transaction are not satisfied, it could delay or prevent the WBD transaction from occurring, which could result in Netflix’s obligation to pay a $5.8 billion termination fee in certain specified circumstances.Risk factors (Item 1A)

Also named by NXST

Writers Guild of America (WGA)

expiring on May 1, 2026named as a risk
Additionally, the major U.S. guild collective bargaining agreements to which the Company is a signatory each expire in 2026, with the Writers Guild of America (“WGA”) agreement expiring on May 1, 2026, and the Screen Actors Guild – American Federation of Television and Radio Artists (“SAG-AFTRA”) and Directors Guild of America (“DGA”) agreements both expiring on June 30, 2026.Risk factors (Item 1A)

Also named by CMCSA

SAG-AFTRA

expiring on June 30, 2026named as a risk
Additionally, the major U.S. guild collective bargaining agreements to which the Company is a signatory each expire in 2026, with the Writers Guild of America (“WGA”) agreement expiring on May 1, 2026, and the Screen Actors Guild – American Federation of Television and Radio Artists (“SAG-AFTRA”) and Directors Guild of America (“DGA”) agreements both expiring on June 30, 2026.Risk factors (Item 1A)

Directors Guild of America (DGA)

expiring on June 30, 2026named as a risk
Additionally, the major U.S. guild collective bargaining agreements to which the Company is a signatory each expire in 2026, with the Writers Guild of America (“WGA”) agreement expiring on May 1, 2026, and the Screen Actors Guild – American Federation of Television and Radio Artists (“SAG-AFTRA”) and Directors Guild of America (“DGA”) agreements both expiring on June 30, 2026.Risk factors (Item 1A)

Competitors

Amazon

competes withnamed as a risk
While the retail side of Amazon competes with us, we do not believe that Amazon will use the AWS operation in a manner to gain competitive advantage against our service, although if it were to do so it could harm our business.Risk factors (Item 1A)

Also named by AES, AFRM, ALK, AOS, APP, AXP, BBW, CART and 10 more

Piracy

competes withnamed as a risk
Piracy also threatens to damage our business, as its fundamental proposition to consumers is so compelling and difficult to compete against: virtually all content for free.Risk factors (Item 1A)

Places

United States and Canada

operates in · approximately 10,900 (68%)
Of these, approximately 10,900 (68%) were located in the United States and Canada, 2,500 (16%) in Europe, Middle East, and Africa, 1,900 (12%) in Asia-Pacific and 700 (4%) in Latin America.Business (Item 1)

Also named by AFL, AMT, BBW, COST, DCI, DE, FISV, OWL

European Union

subject tonamed as a risk
Several European Union (EU) Member States have and others may, over time, impose financial and regulatory obligations on us.Risk factors (Item 1A)

Also named by ABBV, ADM, AVY, BA, DXCM, ENB, FPI, GEHC and 4 more

Commodities and inputs

Euro

exposed to its price · 56% of revenuenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Canadian dollar

exposed to its pricenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

British pound

exposed to its pricenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Mexican peso

exposed to its pricenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by AYI, AZO, BAX, CCK, CDRE, CP, DCH, EZPW and 14 more

Brazilian real

exposed to its pricenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by AVY, CPAY, CTVA, ECHO, MELI, MOS, RHI, SHW and 1 more

Argentine peso

exposed to its pricenamed as a risk
We therefore have foreign currency risk related to these currencies, which are primarily the Euro, British pound, Brazilian real, Mexican peso, Canadian dollar, and Argentine peso.Market risk (Item 7A)

Also named by AES, CTVA, DOW, FLS, MELI, SHW

Regulators

Internal Revenue Service

subject tonamed as a risk
We are subject to the periodic examination of our domestic and foreign tax returns by the Internal Revenue Service, state, local, and foreign tax authorities, some of whom are challenging our tax positions.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

WBD transaction bridge term loan facility

$42.2 billionnamed as a risk
We have obtained commitments from financing sources to provide up to a $42.2 billion senior unsecured bridge term loan facility, and we have entered into a $5 billion senior unsecured revolving credit facility and a $20 billion senior unsecured delayed draw term loan facility.Risk factors (Item 1A)

EU Audiovisual Media Services Directive

subject to · at least thirty percent (30%)named as a risk
For example, the EU revised its Audio Visual Media Services Directive in 2018 to require that European works comprise at least thirty percent (30%) of media service providers’ catalogs, and to require prominence of those works, and certain EU Member States have imposed additional investment obligations and levies.Risk factors (Item 1A)

General Data Protection Regulation (GDPR)

subject tonamed as a risk
Any actual or perceived failure to comply with the GDPR, the California Consumer Privacy Act/CPRA, other data privacy laws or regulations, or related contractual or other obligations, or any perceived privacy rights violation, have and could in the future lead to investigations, claims, and proceedings by governmental entities and private parties, which to date have not been material but may result in significant damages for contract breach, and other significant costs, penalties, and other liabilities, as well as harm to our reputation and market position.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

California Privacy Rights Act (CPRA)

subject tonamed as a risk
We are subject to laws, rules and regulations relating to privacy and the collection, use and security of personal information, including but not limited to Regulation (EU) 2016/679 (also known as the General Data Protection Regulation or “GDPR”) and the California Privacy Rights Act (“CPRA”).Risk factors (Item 1A)

Also named by AXON, CDW, CSCO, DHI, DPZ, SFM

Federal Communications Commission net neutrality rules

subject tonamed as a risk
For example, in January 2025, a U.S. federal appeals court overturned the Federal Communications Commission's net neutrality rules.Risk factors (Item 1A)