Netflix (NFLX) Q4 2025 Earnings

Netflix It will report its fourth-quarter earnings after the bell on Tuesday, with questions surrounding its upcoming acquisition of… Warner Bros. Discovery Assets are at the top of investors’ minds.

In recent years, Netflix’s quarterly reports have been mostly flat — except for a lack of earnings estimates last quarter, related to a unique one-time charge. Netflix stopped reporting subscriber numbers in early 2025 — when it said it had more than 300 million global subscribers — and instead focused on shifting its strategy toward growing its ad-supported business.

For several quarters, Wall Street has focused specifically on the ad-supported business, any effects of recent price increases on the subscriber base, and Netflix’s content pipeline.

Here’s how the company performed in the fourth quarter according to analysts surveyed by LSEG:

• EPS: 55 cents, according to LSEG
• profit: $11.97 billion, according to LSEG

However, this quarter’s financials will likely be overshadowed by Netflix’s announcement in December that it had agreed to acquire Warner Bros.’ streaming assets and film studios. Discovery for $27.75 per WBD share, or an equity value of $72 billion.

The proposed acquisition came as a shock to the market as the streaming giant has stayed away from industry consolidation and mega deals.

“The fourth quarter was a period of great resilience for Netflix, marked by bolder swings to push growth beyond its core,” said Mike Proulx, vice president and director of research at Forrester. “This is notable for a company that promotes itself more as a builder than a buyer. However, Netflix’s Q4 actions say otherwise.”

Since the announcement, Netflix stock has fallen in response. Since October, when Netflix was first rumored to be interested in the originals, the company’s stock has fallen roughly 30%.

The potential acquisition was not without hurdles. Shortly after the deal with Netflix was announced, Paramount Skydance It launched a hostile effort to buy all of WBD.

As pressure mounts for Paramount to acquire WBD, Netflix this week revised its offer to all-cash. Meanwhile, there were also questions about whether Netflix’s acquisition of WBD would receive the necessary regulatory approval.

“2026 will be a crucial year for Netflix. If the Warner Bros. deal actually goes through, it will restore Netflix’s newly strengthened position, not just within the streaming market, but across the entertainment industry at large. But this battle is just the beginning. Expect more drama as the bidding war unfolds this year,” Proulx said.

This story is evolving. Please check back for updates.