Netflix Q4 2025 results beat, but 2026 margin outlook of 31.5% disappoints

Netflix reported fourth-quarter 2025 revenue of $12.05B, up 18%, with operating income of $2.96B and a 24.5% margin. It guided 2026 revenue to $50.7B-$51.7B (12%-14% growth) and an operating margin of 31.5%, which includes an estimated half-point drag from M&A-related costs. Shares fell the next session, mainly on the margin outlook and worries about the pending Warner Bros. Discovery deal.

• Q4 2025 revenue $12.05B, up 18% (17% FX-neutral); diluted EPS $0.56
• Q4 2025 operating income $2.96B, margin 24.5%
• Q1 2026 guidance: revenue about $12.16B and operating margin 32.1%
• FY2026 guidance: revenue $50.7B-$51.7B and operating margin 31.5%

SEC filing 8-K · accession 0001065280-26-000033 · sec.gov ↗