Netflix prices $1B of 5.250% Senior Notes due 2036 to refinance maturing 2026 debt

Filed July 21, 2026 · ~1 min read

Key Changes

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  Netflix is issuing $1 billion of 5.250% Senior Notes due 2036, with net proceeds of $986M to repay maturing 4.375% Senior Notes due 2026 — a refinancing that replaces lower-rate debt with higher-rate debt.

  The Offering verify on EDGAR →
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  Pro forma total debt will be $14.4B after this offering, plus $5.5B of on-balance-sheet content liabilities and significant off-balance-sheet streaming content commitments.

  Risk Factors verify on EDGAR →
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  The notes are structurally subordinated to $6.4B of subsidiary liabilities (trade payables and content obligations), meaning subsidiary creditors are paid before noteholders in a bankruptcy.

  Risk Factors verify on EDGAR →