NFLX — Q4 2025 Earnings Call
Communication ServicesNetflix Inc. • Reported: 2026-01-21
EPS Actual
$5.12
Est. $4.85
▲ Beat
Revenue Actual
$11.8B
Est. $11.5B
▲ Beat
Overall Result
Double Beat
EPS + Revenue vs. estimates
Period
Q4 2025
FY2025 • Reported 2026-01-21
Executive Summary
Netflix reported record Q4 2025 revenue of $11.8 billion, up 16% YoY. Full-year 2025 revenue reached $44.2 billion, within guidance. Ad tier crossed 100 million subscribers globally. Netflix guided for 2026 revenue of $50-52 billion.
Key Highlights
Revenue
positive
Record Q4 revenue
Q4 revenue of $11.8B beat estimates by $300M, with full-year at $44.2B.
Ad Tier
positive
Ad tier crosses 100M
Ad-supported tier surpassed 100 million subscribers, roughly a third of total membership.
Guidance
positive
2026 revenue $50-52B
Netflix guided for 2026 revenue of $50-52B, implying 13-18% growth.
Live Sports
positive
NFL viewership strong
NFL Christmas Day games averaged 35M viewers, cementing Netflix as a live sports destination.
Direct Quotes
TS
Ted Sarandos
Co-CEO • 2025 Results
"2025 was a landmark year. Our ad tier crossed 100 million members, our live sports strategy is working, and we're guiding for over $50 billion in revenue in 2026."
SN
Spencer Neumann
CFO • Financial Results
"Full-year 2025 revenue of $44.2 billion grew 14%, with operating margin of 30%. We're targeting further margin expansion in 2026."