Overview
- Netflix said its board approved an extra $25 billion for buying back common stock with no end date, according to an SEC filing.
- The new capacity is on top of a December 2024 program that still had about $6.8 billion left at March 31 after the company repurchased 13.5 million shares for about $1.3 billion in Q1.
- Executives said repurchases will return excess cash to investors and can be done through open market buys, private deals, accelerated plans, or block trades.
- The company ended the quarter with $12.3 billion in cash and $14.4 billion in gross debt, with cash lifted by a $2.8 billion breakup fee tied to its ended pursuit of Warner assets.
- Leaders reaffirmed their capital playbook, keeping reinvestment first with about $20 billion planned for 2026 content, then maintaining liquidity, and finally returning cash through buybacks.