Will Content Capex Weigh on Netflix's Free Cash Flow Trajectory?

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Netflix's NFLX elevated content investment is drawing fresh attention to its free cash flow trajectory. In the third quarter of 2026, cash additions to content assets totaled $5.16 billion against content amortization of $4.24 billion, a ratio of about 1.22x. For the first nine months, cash content spend reached $14.93 billion versus amortization of $12.77 billion, or roughly 1.17x, running above the company's full-year expectation of about 1.1x. Despite the heavier outlay, cash conversion held up. Operating cash flow rose to $3.2 billion from $2.8 billion a year ago, while free cash flow increased 8% to $2.88 billion. Year-to-date free cash flow stands at about $9.5 billion, aided by a strong $5.