Summary
Netflix Misses
Netflix (NFLX) reported Quarter December 2025 earnings of $0.56 per share on revenue of $12.1 billion. The consensus earnings estimate was $0.55 per share on revenue of $12.0 billion. The Earnings Whisper number was $0.57 per share. Revenue grew 17.6% on a year-over-year basis.
The company said it expects first quarter earnings of approximately $0.76 per share on revenue of approximately $12.157 billion and 2026 revenue of $50.70 billion to $51.70 billion. The current consensus estimate is earnings of $0.81 per share on revenue of $12.18 billion for the quarter ending March 31, 2026 and revenue of $51.04 billion for the year ending December 31, 2026.
Netflix is the world's leading streaming entertainment service with 222 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages.
Results
Reported Earnings
$0.56
Earnings Whisper
$0.57
Consensus Estimate
$0.55
Reported Revenue
$12.05 Bil
Revenue Estimate
$11.97 Bil
Growth
Earnings Growth
Revenue Growth
Earnings Release
Netflix Fourth Quarter 2025 Earnings
- In 2025, we met or exceeded all of our financial objectives. 1
- For the year, we delivered $45.2B of revenue (+16% year over year, or 17% on a FX-neutral basis) and operating margin of 29.5% (+3 points). Ad revenue rose more than 2.5x to over $1.5B.
- In Q4, revenue increased 18% year over year, and we crossed the 325M paid memberships milestone during the quarter. Operating income rose 30% year over year.
- Engagement remains healthy. In the second half of 2025, view hours increased 2% year over year, driven by a 9% rise in viewing of branded originals.
- In 2026, we’re focused on:
- Improving our core business with an increasing variety and quality of series and films, enhancing our product experience, and further growing our ads business.
- Building out newer initiatives like live, with events including the World Baseball Classic in Japan, expanding into more content categories like video podcasts, and scaling our cloud-first games strategy.
- Working to close our acquisition of Warner Bros.
- Sustaining healthy growth – we forecast 2026 revenue of $50.7B-$51.7B (+12%-14% year over year) with ad revenue expected to roughly double, and an operating margin of 31.5%.
- The entertainment business remains vibrant and intensely competitive and we’re optimistic about our future.
For the full shareholders letter, please go here.
