Companies /Communication Services

Netflix Inc

NASDAQ: NFLX Entertainment
$81.72
â–² $1.88 (+2.35%) today
Markets closed · 5:20pm ET

Q4 2025 Earnings

Reported Jan 20, 2026, 4:07pm ET · SEC source
$0.56
Beat +1.43%
EPS · est. $0.55
$12.1B
Beat +0.70%
Revenue · est. $12.0B
−11.6%
Trailing market
NFLX vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%+6%Jan 20Jan 21report 4:07pm ETearnings+1.3%+3.2%
−3%0+3%+6%Jan 20Jan 21earnings+1.3%+3.2%
NFLX +3.2%S&P 500 +1.3%
−3%0+3%+6%Jan 20Jan 21report 4:07pm ETearnings+1.7%+3.2%
−3%0+3%+6%Jan 20Jan 21earnings+1.7%+3.2%
NFLX +3.2%NASDAQ +1.7%
−3%0+3%+6%Jan 20Jan 28report 4:07pm ETearnings+2.8%+1.5%
−3%0+3%+6%Jan 20Jan 28earnings+2.8%+1.5%
NFLX +1.5%S&P 500 +2.8%
−3%0+3%+6%Jan 20Jan 28report 4:07pm ETearnings+4.6%+1.5%
−3%0+3%+6%Jan 20Jan 28earnings+4.6%+1.5%
NFLX +1.5%NASDAQ +4.6%
−0.84%
Day of report
−2.18%
Next session
−1.93%
One week
−9.84%
30 days

S&P 500 over the same 30 days: +1.75%.

Did NFLX Beat Earnings? Q4 2025 Results

Netflix closed out fiscal 2025 on a high note, reporting Q4 earnings per share of $0.56 against a consensus estimate of $0.55, a beat of 1.82%, while revenue of $12.05 billion edged past the $11.97 billion estimate and grew 17.6% year over year. The quarter's strength was underpinned by a combination of membership growth past 325 million paid subscribers, continued pricing power, and ad revenue that more than doubled for the full year to over $1.50 billion, reflecting the rapid maturation of Netflix's still-young advertising business. For <a href="https://247wallst.com/investing/2026/01/15/what-im-watching-for-in-netflixs-earnings-report/">those watching closely</a>, the results validated key growth levers heading into a transformative year shaped by the pending all-cash acquisition of Warner Bros. at $27.75 per share. Looking ahead, Netflix guided 2026 revenue of $50.70 billion to $51.70 billion, representing 12% to 14% growth, with operating margin expanding to 31.5% and free cash flow expected near $11.00 billion, even as share buybacks pause to fund the deal.

Key Takeaways
  • Membership growth exceeding 325M paid memberships
  • Higher pricing across plans
  • Ad revenue grew more than 2.5x to over $1.5B in 2025
  • Strong Q4 branded content slate driving 9% YoY increase in originals viewing
  • US TV time share reached all-time high of 9.0% in December
  • 96 billion hours watched in H2 2025, up 2% YoY

Forward Guidance & Outlook

For 2026, Netflix forecasts revenue of $50.7B–$51.7B, representing 12%–14% year-over-year growth (11%–13% FX-neutral), driven by membership and pricing increases plus a projected rough doubling of ad revenue. The company is targeting a 2026 operating margin of 31.5%, up from 29.5% in 2025, which includes approximately $275M in acquisition-related expenses. Content amortization growth is expected at ~10%, weighted toward H1 2026. Free cash flow is expected at roughly $11B. For Q1 2026, Netflix guides revenue of $12.157B (+15.3% YoY), operating income of $3.906B (32.1% margin), net income of $3.264B, and diluted EPS of $0.76.

NFLX YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$4.0B$8.0B$12.0B$10.2B$12.1BRevenue$4.5B$5.5BGross Profit$2.3B$3.0BOperating Income$1.9B$2.4BNet Income
$0$4.0B$8.0B$12.0BRevenueGross ProfitOperating IncomeNet Income

NFLX Revenue by Segment

UCAN (United States and Canada)
EMEA (Europe, Middle East, and Africa)
LATAM
APAC
LATAM (Latin America)
APAC (Asia-Pacific)

NFLX Revenue by Geography

North America$5.3B+18.0%
EMEA$3.9B+18.0%
Latin America$1.4B+15.0%
Asia Pacific$1.4B+17.0%

Figures from SEC filings and company reports. Not investment advice.