Netflix said it beat expectations in the Q4 2025, posting revenue of $12.1bn versus $11.97bn expected, with EPS of $0.56. The streaming platform reached 325 million subscribers, boosted by strong holiday viewing, notably thanks to the latest season of "Stranger Things", which generated 15 billion minutes watched in December. The airing of two NFL games and the release of the new "Knives Out" installment also contributed to the momentum.

Beyond its financial performance, Netflix is drawing attention with its plan to acquire Warner Bros Discovery, valued at $82.7bn. To counter a rival bid from Paramount Skydance, the company has recast its proposal as an all-cash offer, including Warner studios, their flagship franchises such as "Harry Potter", "Game of Thrones" and DC superheroes, as well as the HBO Max service. According to co-CEO Ted Sarandos, the strategy is aimed at securing the deal and speeding up the shareholder approval process.

To finance the acquisition, Netflix has secured a $67.2bn bridge loan, up from $59bn previously. Integrating Warner would allow the platform to significantly strengthen its catalog and introduce new, more targeted subscription offerings. In 2026, Netflix forecasts revenue of between $50.7bn and $51.7bn, driven by a sharp rise in advertising revenue, which it expects to nearly double.