Netflix, Inc.
−Removed: (“Netflix”, “the Company”, “registrant”, “we”, or “us”) is one of the world’s leading entertainment services with approximately 302 million paid memberships in over 190 countries enjoying TV series, films and games across a wide variety of genres and languages.
+Added: (“Netflix”, the “Company”, “registrant”, “we”, or “us”) is one of the world’s leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages.
Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.
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The market for entertainment video is intensely competitive and subject to rapid change.
−Removed: We compete with a broad set of activities for consumers’ leisure time, including other entertainment video providers, such as linear television, streaming entertainment providers (including those that provide pirated content), video gaming providers, as well as user-generated content, some of which are by professional content creators, and more broadly against other sources of entertainment, such as social media, that our members could choose in their moments of free time.
+Added: We compete with a broad set of activities for consumers’ leisure time, including other entertainment video providers, such as linear television, streaming entertainment providers (including those that provide pirated content), video gaming providers, open content platform providers, which provide access to user-generated and professionally produced content, as well as more broadly against other sources of entertainment, such as social media, that our members could choose in their moments of free time.
We also compete against entertainment video providers and content producers in obtaining content for our service, both for licensed content and for original content projects.
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We have often referred to this choice as our objective of “winning moments of truth.” In attempting to win these moments of truth with our members, we seek to continually improve our service, including both our technology and our content offerings.
−Removed: Our membership growth exhibits a seasonal pattern that reflects variations when consumers buy internet-connected screens and when they tend to increase their viewing.
−Removed: Historically, the fourth quarter represents our greatest streaming membership growth.
−Removed: In addition, our membership growth can be impacted by our content release schedule and changes to pricing and plans.
INTELLECTUAL PROPERTY
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In particular, we are seeing some countries update their cultural support legislation to include services like Netflix.
−Removed: This includes content quotas, levies and investment obligations.
+Added: This includes investment obligations, levies, and content catalog quotas.
Some even restrict the extent of ownership rights we can have both in our service and in our content.
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HUMAN CAPITAL
+Added: Our business is to entertain the world across different countries, cultures, languages and tastes.
+Added: To entertain an audience this global, our Company needs to reflect the world and the variety of stories we tell.
+Added: To help ensure our workforce is representative of the members we serve, we employ people in multiple countries around the world and work to maintain a global culture of inclusion.
We view our employees and our culture as key to our success.
As of December 31, 2025, we had approximately 16,000 full-time employees.
−Removed: Of these, approximately 9,600 (69%) were located in the United States and Canada, 2,200 (16%) in Europe, Middle East, and Africa, 600 (4%) in Latin America and 1,600 (11%) in Asia-Pacific.
+Added: 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.
We also have a number of employees engaged in content production, some of whom are part-time or temporary, and whose numbers fluctuate throughout the year and may be covered by collective bargaining agreements.
−Removed: We believe an important component of our success is our company culture.
−Removed: This culture, which is detailed in a "Culture Memo" located on our website, is often described as providing a unique environment for our employees to perform the best work of their lives in pursuit of excellence.
−Removed: We aim to attract and retain great people - representing a diverse array of perspectives and skills - to work together as a dream team.
−Removed: As our business grows and changes, we seek to improve our culture to meet the new needs of our business.
−Removed: We believe our dynamic culture helps us create a better experience for our members, employees, creators and partners.
−Removed: As we have expanded our offices globally, our company culture remains an important aspect of our operations.
−Removed: We are mindful of cultural differences across and within regions.
−Removed: Fostering a work environment that is culturally diverse, inclusive and equitable is a major focus for us.
−Removed: We work to build diversity, inclusion and equity into all aspects of our operations globally, with the goal of having diversity and inclusion function as a critical lens through which each Netflix employee carries out their role.
−Removed: We want more people and cultures to see themselves reflected on screen - so it’s important that our employee base is diverse and represents the communities we serve.
−Removed: We look to help increase representation by educating our people leaders and recruiters on how to hire more inclusively, and to help the company and senior leaders diversify their networks.
−Removed: We also support numerous employee resource groups (ERGs), representing employees and allies from a broad array of historically underrepresented and/or marginalized communities.
−Removed: We publish annually an update on our inclusion initiatives and progress, which further highlights our approach to diversity and inclusion, and publish our EEO-1 reports on our website.
−Removed: We believe in fostering great leaders.
−Removed: We offer various experiences and training to inform our employees about our culture and other context that we believe is important for success at Netflix.
−Removed: We aim to equip our people leaders (officers, VPs, directors, and manager-level employees) to lead the business and our teams in alignment with our expectations and strategic objectives.
+Added: We believe an important component of our success is our company culture as detailed in the “Netflix Culture Memo”, which was updated in 2024.
+Added: Our culture is focused on excellence and creating an environment where talented people can thrive — lifting ourselves, each other and our audiences higher and higher.
+Added: We engage employees and seek feedback through regular town halls, surveys, business reviews and memos, which we often share broadly, inviting comments.
+Added: We aim to attract and retain great people — representing a broad array of perspectives and skills — to work together as a dream team.
+Added: For more people and cultures to see themselves reflected on screen, it is important that our employee base represents the communities we serve.
We aim generally to pay our employees at their personal top of market, and they generally are able to choose the form of their compensation between cash and stock options.
This permits employee compensation to be highly personalized and reflective of each employee's individual needs and preferences.
−Removed: We conduct pay equity analyses at least annually, and have adopted practices to help ensure that employees from underrepresented groups are not being underpaid based on gender identity (globally) and race or ethnicity (U.S.) relative to others doing the same or similar work under comparable circumstances.
+Added: We conduct pay equity analyses at least annually, and have adopted practices to help ensure that employees from underrepresented groups are not being underpaid based on gender identity (globally) and race or ethnicity (United States (“U.S.”)) relative to others doing the same or similar work under comparable circumstances.
We aim to rectify any pay gaps that we find through this analysis.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.