Netflix Q4 revenue hits $12.1b, surpasses estimates

Netflix reported revenue of US$12.1 billion for Q4, slightly exceeding analyst estimates of US$12 billion, and reached over 325 million subscribers.

The company forecast full-year revenue of US$50.7 billion to US$51.7 billion for 2026, below some analyst estimates.

Nielsen data showed a 10% increase in monthly viewership in December, driven by the final season of “Stranger Things” and NFL games.

Netflix ended 2024 with more than 300 million subscribers.

Netflix is engaged in an US$82.7 billion all-cash bid to acquire Warner Bros Discovery, aiming to expand its content library, including franchises like “Game of Thrones” and “Harry Potter.”

Netflix’s adjusted Q4 earnings were 56 cents per share, above estimates.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

The massive antitrust hurdle for Netflix’s Warner Bros Discovery deal remains unexamined

Financing and investor interest are being weighed, while the $82.7 billion deal is also likely to be tested in an antitrust review.
Concerns have been raised with the Department of Justice (DOJ) and the Federal Trade Commission (FTC) by U.S. senators about linking Netflix’s streaming distribution with Warner Bros Discovery’s large content library, which raises vertical and horizontal consolidation risks 1.
A preference for “structural remedies,” such as forced asset sales, has been described in recent DOJ reviews over behavioral commitments, according to a practitioner analysis 2.
One to two years could be required for full approval. Reviews would also be needed by the European Commission, the European Union’s competition regulator 3 4.

Netflix’s ad revenue growth creates an opening for ad-tech platforms and brands

Netflix’s ad revenue is expected to roughly double in 2026, which gives ad-tech operators and advertisers more room to grow.
Netflix is building its own ad-tech platform and opening programmatic inventory access (automated buying of ad slots) through demand-side platforms (DSPs) that buyers use across publishers, including The Trade Desk, Google DV360, and Amazon DSP 5 6.
Advertisers can reach Netflix viewers through more options, including dynamic ad insertion (swapping in targeted ads) for live National Football League games 5.