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

• FCF 1.87bln (exp. 1.46bln).

• 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%).

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

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

Netflix's Q4 2025 results showed a slight beat in EPS and revenue compared to expectations, indicating solid underlying performance as they prepare for the pending Warner Bros. deal, which will pause buybacks. However, guidance for Q1 and FY26 misses on key metrics could signal pressures that might weigh on investor sentiment. Overall, while the growth in ad revenue is promising, the decision to halt buybacks raises questions about cash flow priorities moving forward.