Netflix Q4 rev $12.05B beats guidance; FY26 rev forecast $50.7-51.7B

NETFLIX INC

2025-FY EPS reported $2.53 revenue$45,183,036,000

Q4 revenue $12.05B (+18% YoY); diluted EPS $0.56 vs $0.43 YoY; paid memberships exceeded 325M.
Full year 2025 revenue $45.2B (+16% YoY); operating margin 29.5% (up 3 pts); ad revenue >$1.5B (2.5x YoY).
FY26 revenue guidance $50.7B-$51.7B (+12-14% YoY); operating margin target 31.5%; ad revenue expected to roughly double.
Q4 operating income $2.96B (+30% YoY); FCF $1.87B; includes ~$60M interest expense for Warner Bros.-related bridge loan.
Q1'26 revenue forecast $12.16B (+15.3% YoY); operating margin 32.1% forecast.

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