Netflix (NFLX) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 financial objectives, including 16% revenue growth and approximately 30% operating profit growth year-over-year.

• Forecasts 2026 revenue of $51 billion, up 14% year-over-year, with continued focus on organic growth and innovation.

• Confident in long-term targets to double revenue and triple profits, based on organic progress, not M&A.

Financial highlights

• 2025 saw 16% revenue growth and roughly 30% operating profit growth, with expanding margins and increased free cash flow.

• Ad sales grew 2.5x in 2025 and are expected to double again in 2026 to about $3 billion.

• Operating margin guidance for 2026 is 31.5%, up two points year-over-year, with about a half-point drag from expected M&A expenses.

Outlook and guidance

• 2026 revenue forecast at $51 billion, a 14% increase year-over-year.

• Content amortization expected to increase roughly 10% year-over-year in 2026, with higher expense growth in the first half.

• Continued investment in content, product, commerce, and ad business, with margin expansion targeted.