Netflix Inc. has published the transcript of its Fourth Quarter 2025 earnings call, held on January 20, 2026. The event was attended by Co-CEOs Ted Sarandos and Greg Peters, along with Chief Financial Officer Spence Neumann and Vice President of Finance, Corporate Development & Investor Relations Spencer Wang. During the call, management discussed Netflix's financial results, including a Q4 2025 normalized EPS of $0.56 and revenue of $12.05 billion, both slightly surpassing consensus estimates. The company also shared its 2026 revenue forecast of $51 billion, projecting a 14% year-on-year increase. Key topics included Netflix's ongoing expansion into new content categories such as video podcasts and cloud-based gaming, as well as the strategic acquisition of Warner Bros. Studios and HBO. "We're working really hard to close the acquisition of Warner Bros. Studios and HBO, which we see as a strategic accelerant," said one Co-CEO. Management also highlighted the company's commitment to innovation and competition, stating, "At Netflix we kind of embrace change and thrive on competition because it pushes us to keep improving the service even faster and faster for our members." The full transcript can be accessed through the link below.

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