Netflix — Jan 20, 2026 release

• 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 (+17% on a foreign exchange (F/X) neutral basis), driven primarily by membership growth, higher pricing, and increased ad revenue. Despite unfavorable F/X movements during the quarter, revenue was 1% above our guidance due to stronger-than-forecasted membership growth and ad sales. Operating income in Q4 was $