NFLX
Netflix, Inc.94.57
+0.80+0.85%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
FY Q1 '26
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms goals, WB excites
Q&A reaffirmed organic long-term aspirations to double revenue and triple profits, while framing Warner Bros. as a post-due-diligence accelerant that flipped prior M&A caution. Management unpacked 2026 guidance: $51B revenue (14% YoY), ads doubling to $3B, 31.5% margins (up 2pts, 2.5pts ex-M&A drag). Incremental color hit licensing (Sony pay-one, Paramount), live abroad (Japan WBC), podcasts, cloud TV games. Quality engagement metrics hit records, despite 2% view hours growth. No pricing tweaks from deal; regulatory confidence high. Due diligence flipped skepticism. Investors watch approvals, integration.
Key Stats
Market Cap
400.72BP/E (TTM)
39.57Basic EPS (TTM)
2.39Dividend Yield
0%Recent Filings
8-K
Merger terminated, $2.8B fee received
10-K
FY2025 results
Netflix drove FY2025 revenues to $45.2B, up 16% y/y, with operating margin expanding to 29.5% from 26.7% as revenue growth outpaced content amortization and other costs. Q4 capped the year with robust momentum, fueled by membership expansion, price hikes, and ad revenue ramp-up across regions—APAC surged 21%, EMEA 17%—while constant currency growth hit 17%. Operating cash flow soared 38% to $10.1B, supporting $9.1B in buybacks under its $25B program ($8B remains). Yet pending WBD acquisition adds debt risk. Accelerating beats prior quarters.
8-K
Netflix shifts WBD deal all-cash
Netflix amended its merger agreement with Warner Bros. Discovery on January 19, 2026, switching to all-cash $27.75 per share for WBD's Streaming and Studios segments after spinning off Global Linear Networks as SpinCo with ~$17B net debt target. Bridge financing commitments rose $8.2B to $42.2B. All-cash simplifies value delivery. Regulatory approvals pending.
8-K
Q4 beat, Warner all-cash deal
Netflix crushed Q4 with $12.1B revenue, up 18% YoY, hitting 325M paid memberships while operating income soared 30%. Full-year 2025 delivered $45.2B revenue and 29.5% margin. Acquisition of Warner Bros. amended to all-cash at $27.75/share accelerates content expansion, yet needs shareholder and regulatory nods. 2026 outlook: $50.7B-$51.7B revenue.
8-K
Netflix refinances bridge for WBD deal
Netflix swapped bridge commitments for permanent financing on December 19, 2025, securing a $5B revolving facility maturing up to 2030 (extendable) and $20B delayed draw term loans ($10B two-year, $10B three-year). Facilities fund Warner Bros. Discovery merger cash consideration, fees, and optional refinancing—dollar-for-dollar bridge reduction cuts costs. Covenants mandate 3.0x EBITDA/interest coverage.
IPO
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Sector
Industry
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