Netflix said it had more than 325 million subscribers worldwide as of the end of 2025 — up from 301.2 million a year prior — as it looks to get even bigger by buying Warner Bros.
The company beat financial expectations for the fourth quarter of 2025. Netflix reported quarterly revenue of $12.01 billion, up 17.6%, and net income of $2.41 billion, translating to 56 cents per share. On average, Wall Street analysts expected Netflix to post Q4 revenue of $11.97 billion and earnings per share of 55 cents, according to LSEG Data & Analytics.
Netflix has stopped reporting subscribers on a quarterly basis, but said it would release them when it hit certain milestones. “With over 325M paid memberships, we’re now serving an audience approaching one billion people globally,” the company said in its shareholder letter. In the second half of 2025, Netflix users members watched a collective 96 billion hours on the service, up 2% year over year (compared with a 1% increase in the first half of the year). That was driven by viewing of Netflix originals, which was up 9% year over year in the second half of 2025.
In 2026, the company expects content amortization growth of about 10% in 2026, indicating its content spending will hit $20 billion for the year. The increased content spending will be higher growth the first half of the year; as a result, “we expect higher operating income growth in the second half of 2026 than in the first half,” according to Netflix.
In addition to higher spending on originals, in 2026 Netflix plans to expand its lineup of licensed titles. Starting this month, Netflix customers will be able to watch new release live-action films under its new U.S. licensing partnership with Universal Studios. The company said it also has licensed about 20 shows from Paramount Skydance, including “Matlock” and “King of Queens,” for international territories and “Seal Team,” “Watson” and “Mayor of Kingstown” for U.S. and international territories. Additionally, Netflix called out its recently announced deal with Sony Pictures Entertainment to expand the agreement to a global deal.
The earnings report came the same day Netflix announced that it was sweetening its $83 billion deal to buy Warner Bros. Discovery’s studios and HBO Max streaming business by switching to an all-cash offer, replacing its previous cash-and-stock agreement. The change was driven by pressure from Paramount Skydance, which has been pursuing a hostile takeover attempt of Warner Bros. Discovery with what it alleges is a superior deal for WBD shareholders.
Netflix execs have spun the Warner Bros. deal as a win for the industry — despite opposition from theater owners and others — as well as upsizing the streamer’s content-production engines. To try to allay fears in Hollywood that Netflix will abandon theatrical distribution, co-CEO Ted Sarandos last week said Netflix will maintain a 45-day theatrical window for WB movies.
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“Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters,” Sarandos said in a statement earlier Tuesday. “The acquisition will also significantly expand U.S. production capacity and investment in original programming, driving job creation and long-term industry growth.”
In the fourth quarter, Netflix scored big traffic with “Stranger Things 5,” the final season of the Duffer brothers’ supernatural ’80s-set drama series, and also garnered sizable live viewership for its Christmas Day NFL doubleheader.
PR for Netflix has confirmed to Variety Australia that local miniseries “The Survivors” was the most-watched Australian TV series on the streamer for the period, delivering 8.3 million views and 41.1 million total hours viewed.
From Variety US