Netflix Boards $25 Billion Perpetual Share Buyback Following 13% Stock Slide
Netflix’s board approved an additional $25 billion share repurchase with no expiration, supplementing $6.8 billion left from the December 2024 program. Shares have dropped over 13% since first-quarter results, while the company holds $12.3 billion cash against $14.4 billion gross debt after a $2.8 billion termination fee.
1. Board Authorizes Additional $25 Billion Buyback
Netflix’s board on April 22 authorized an additional $25 billion in common stock repurchases with no expiration date, adding to the roughly $6.8 billion remaining under the December 2024 program.
2. Stock Performance and Valuation Context
Since reporting first-quarter earnings on April 16, Netflix shares have declined over 13%, closing at $93.24 on April 22 after peaking at $134.12 intraday in June 2025.
3. Cash, Debt and Termination Fee Impact
At quarter end, Netflix held $12.3 billion in cash and cash equivalents against $14.4 billion in gross debt; the elevated cash position reflects a $2.8 billion termination payment from the shelved Warner Bros. Discovery assets deal.
4. Repurchase Mechanisms and Discretion
The company may execute buybacks via open-market purchases, privately negotiated deals, accelerated repurchase arrangements and block transactions, but it is not obligated to repurchase a specific number of shares and may suspend the program at any time.