Netflix — Jan 20, 2026 release

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 $3.0B, up 30% year over year, and operating margin expanded two