Netflix (NFLX) Q4 2025 (USD): EPS 0.56 (exp. 0.55), Revenue 12.05bln (exp. 11.97bln); to pause buybacks to fund pending Warner Bros. (WBD) deal

Key Metrics:

• FCF 1.87bln (exp. 1.46bln).

Q1 Guidance:

• Revenue 12.16bln (exp. 12.17bln).
• EPS 0.76 (exp. 0.81).
• Op. income 3.91bln (exp. 4.18bln).
• Op. margin 32.1% (exp. 34.4%).

FY26 Guidance:

• Revenue 50.7-51.7bln (exp. 50.96bln).
• Op. margin 31.5% (exp. 32.4%).
• FCF 11bln (exp. 11.93bln).

Commentary:

• H2 '26 op. income growth to exceed H1.
• Sees '26 ad revenue about doubling vs. '25.