NASDAQ$NFLX
Netflix, Inc. · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Netflix reported Q4 2025 revenue of $12.1B and net income of $2.4B, with diluted EPS of $0.56.
Fourth-quarter revenue was $12.05 billion versus $10.54 billion a year ago. Net income was $2.42 billion; diluted EPS was $0.56. The shareholder letter reiterates 2026 revenue guidance of $50.7–$51.7 billion and a 31.5% operating margin target, with ads revenue on track to roughly double to ~$3 billion in 2026.
- Q4 revenue $12.05B (+14% YoY on FX-neutral basis).
- Net income $2.42B; diluted EPS $0.56.
- 2026 revenue outlook $50.7–$51.7B; operating margin target 31.5%.
- Ads plan remains >60% of sign-ups in ads countries; ~$3B ad revenue expected in 2026.
Headline financials
Revenue & EPS history
Netflix · Revenue · Quarterly
$12.1B
Revenue by segment
Netflix · $8.52B total across 4 segments · Q3 2023
- UCAN$3.74B+3.7%43.8%
- EMEA$2.69B+13.3%31.6%
- LATAM$1.14B+11.6%13.4%
- APAC$948M+6.6%11.1%
Forward guidance
Management reiterated 2026 revenue guidance of $50.7–$51.7 billion and a 31.5% operating margin target; Q2 revenue growth expected at 13% (12% FX-neutral).
Tailwinds
- Ads revenue on track for ~$3B in 2026 (~2x YoY).
- Operating margin expected to improve in Q3–Q4 after H1 amortization weighting.
- Continued membership growth, pricing, and monetization initiatives.
Headwinds
- Content amortization growth peaks in Q2 2026.
- Warner Bros. transaction fee creates EPS volatility.
- Competition and regulation remain industry risks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+1.0%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+2.0%
Avg return
30 days after
47%
34 / 73 earnings
Positive
+50.1%
Q4 2012
Best reaction
-33.1%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | -4.6% | -7.9% | |
| Q4 2025 | +2.6% | -13.5% | -19.2% | |
| Q3 2025 | -5.1% | -11.8% | -16.0% | |
| Q2 2025 | -5.1% | -7.6% | -2.8% | |
| Q1 2025 | +1.5% | +7.9% | +22.5% | |
| Q4 2024 | +11.2% | +13.9% | +19.4% | |
| Q3 2024 | +8.8% | +8.9% | +17.4% | |
| Q2 2024 | -2.2% | -0.7% | +4.1% | |
| Q1 2024 | -9.6% | -5.9% | +1.2% | |
| Q4 2023 | +12.2% | +17.4% | +21.2% | |
| Q3 2023 | +12.9% | +14.4% | +31.0% | |
| Q2 2023 | -7.9% | -9.8% | -14.8% | |
| Q1 2023 | -2.9% | -1.4% | +11.6% | |
| Q4 2022 | +5.0% | +11.5% | +6.6% | |
| Q3 2022 | +11.1% | +18.1% | +20.5% | |
| Q2 2022 | +13.4% | +15.5% | +28.4% | |
| Q1 2022 | -33.1% | -36.2% | -45.7% | |
| Q4 2021 | -22.9% | -29.0% | -24.1% | |
| Q3 2021 | -2.0% | +4.2% | +6.9% | |
| Q2 2021 | -3.5% | -3.2% | +2.1% | |
| Q1 2021 | -8.2% | -8.8% | -9.5% | |
| Q4 2020 | +17.7% | +13.5% | +10.1% | |
| Q3 2020 | -7.9% | -8.0% | -8.7% | |
| Q2 2020 | -5.8% | -6.3% | -7.8% | |
| Q1 2020 | -3.7% | -2.9% | -0.3% | |
| Q4 2019 | -4.0% | +4.0% | +13.6% | |
| Q3 2019 | +3.2% | -2.2% | +3.8% | |
| Q2 2019 | -11.1% | -15.1% | -17.3% | |
| Q1 2019 | +1.7% | +3.3% | +3.0% | |
| Q4 2018 | -3.5% | -7.5% | +1.6% | |
| Q3 2018 | +9.5% | -0.1% | -12.9% | |
| Q2 2018 | -4.1% | -8.8% | -17.5% | |
| Q1 2018 | +7.8% | +5.2% | +5.3% | |
| Q4 2017 | +13.5% | +24.6% | +27.5% | |
| Q3 2017 | -0.0% | -2.7% | -3.7% | |
| Q2 2017 | +14.0% | +17.0% | +5.5% | |
| Q1 2017 | +0.3% | -0.0% | +7.2% | |
| Q4 2016 | +4.2% | +3.4% | +7.0% | |
| Q3 2016 | +17.1% | +25.7% | +13.5% | |
| Q2 2016 | -12.8% | -12.7% | -2.1% | |
| Q1 2016 | -15.4% | — | — | |
| Q4 2015 | +3.6% | — | — | |
| Q3 2015 | -7.9% | — | — | |
| Q2 2015 | +15.4% | — | — | |
| Q1 2015 | +17.4% | — | — | |
| Q4 2014 | +21.3% | — | — | |
| Q3 2014 | -19.5% | — | — | |
| Q2 2014 | -2.9% | — | — | |
| Q1 2014 | +7.9% | — | — | |
| Q4 2013 | +18.3% | — | — | |
| Q3 2013 | -3.3% | — | — | |
| Q2 2013 | -5.4% | — | — | |
| Q1 2013 | +32.8% | — | — | |
| Q4 2012 | +50.1% | — | — | |
| Q3 2012 | -9.8% | — | — | |
| Q2 2012 | -24.6% | — | — | |
| Q1 2012 | -17.4% | — | — | |
| Q4 2011 | -5.2% | — | — | |
| Q3 2011 | +6.0% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2010 | -6.0% | — | — | |
| Q3 2010 | +7.0% | — | — | |
| Q2 2010 | -2.4% | — | — | |
| Q1 2009 | +1.1% | — | — | |
| Q1 2010 | -0.1% | — | — | |
| Q4 2009 | -3.5% | — | — | |
| Q4 2007 | -3.5% | — | — | |
| Q3 2008 | -1.2% | — | — | |
| Q3 2009 | -1.2% | — | — | |
| Q2 2008 | +3.1% | — | — | |
| Q2 2009 | +3.1% | — | — | |
| Q4 2008 | +3.1% | — | — |
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