Netflix reported Q4 2025 revenue of $12.05B, an 18% YoY increase, with operating income rising 30% to $2.96B. The company surpassed 325 million paid memberships during the quarter. For the full-year 2025, revenue grew 16% to $45.2B, while operating margin expanded by nearly 3 percentage points to 29.5%.
Key Highlights
- Advertising revenue for full-year 2025 grew more than 2.5x to over $1.5B, with the company forecasting it will roughly double again in 2026.
- Management forecasts 12%-14% revenue growth for full-year 2026, reaching $50.7B-$51.7B, and expects operating margin to expand further to 31.5%.
- While total view hours in H2 2025 grew a modest 2% YoY, viewing of originals rose 9%, which offset a decline in viewing of licensed, second-run content.
- The company announced its pending acquisition of Warner Bros. will now be an all-cash transaction and is pausing share buybacks to help fund the deal.