Netflix — Jan 20, 2026 release

◦ 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. Our summary results, and forecast for Q1, are below. (in millions except per share data) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Forecast Revenue $ 10,247  $ 10,543  $ 11,079  $ 11,510  $ 12,051  $ 12,157  Y/Y % Growth 16.0  % 12.5  % 15.9  % 17.2  % 17.6  % 15.3  % Operating Income $ 2,273  $ 3,347  $ 3,775  $ 3,248  $ 2,957  $ 3,906  Operating Margin 22.2  % 31.7  % 34.1  % 28.2  % 24.5  % 32.1  % Net Income $ 1,869  $ 2,890  $ 3,125  $ 2,547  $ 2,419  $ 3,264  Diluted EPS $ 0.43  $ 0.66  $ 0.72  $ 0.59  $ 0.56  $ 0.76  Net cash provided by operating activities $ 1,537  $ 2,789  $ 2,423  $ 2,825  $ 2,112  Free Cash Flow $ 1,378  $ 2,661  $ 2,267  $ 2,660  $ 1,872  Shares (FD) 4,378  4,370  4,349  4,340  4,317  __________________________________ 1 Excluding the year over year effect of foreign exchange rate movements and the impact of hedging gains/losses realized as revenues. Assumes foreign exchange rates remained constant with foreign exchange rates from each of the corresponding months of the prior-year period. 1 Q4 Results and Forecast Q4 revenue grew 18% year over year