As of 4:26 a.m. ET in New York on Saturday, December 27, 2025, U.S. stock exchanges are closed for the weekend, meaning Netflix, Inc. (Nasdaq: NFLX) won’t trade again until the next regular session opens. [1]
Still, “closed” doesn’t mean “quiet”—especially for Netflix stock right now. The company is sitting at the center of one of the biggest media M&A storylines in years, while broader U.S. equities are trying to finish 2025 near record highs amid thin holiday liquidity and heavy macro headlines.
Below is a comprehensive, news-driven look at Netflix stock price action, the Warner Bros. transaction, financing details, analyst takes and forecasts, and the key things investors should know before the next session.
Netflix stock price today: NFLX ends the week around $94.47 as markets shut for the weekend
Netflix shares finished the most recent regular session (Friday, Dec. 26) around $94.47, up roughly 0.9% on the day, with active trading volume. [2]
Because Netflix completed a 10-for-1 stock split in November, the “$94” handle is a post-split price (more on the split below). [3]
The bigger market backdrop: year-end “Santa rally” vibes, Fed focus, and thin liquidity
Netflix is trading into a broad U.S. market that’s been strong into year-end. Reuters reports the S&P 500 is within roughly 1% of 7,000, with investors looking for an upbeat finish to a “strong 2025.” [4]
At the same time, the last week of December typically brings lighter participation and sometimes more “headline-driven” moves. On Friday, major U.S. indexes were slightly lower in post-holiday trading, even as they remain up strongly year-to-date. [5]
Macro catalysts are also stacked nearby. Reuters flagged investor attention on the Federal Reserve after rate cuts this year, with Fed meeting minutes expected next week. [6] A major U.S. economic calendar also highlights several scheduled releases in the coming days (including items like housing data and Fed-related releases). [7]
Why this matters for Netflix stock: when markets are thin, big single-name narratives (like Netflix’s mega-deal) can dominate price action—sometimes more than fundamentals.
The story moving Netflix stock: Netflix’s planned acquisition of Warner Bros. (studios + HBO Max)
What Netflix announced
Netflix and Warner Bros. Discovery announced a definitive deal in which Netflix will acquire Warner Bros. (including film and television studios, HBO Max, and HBO) following WBD’s planned separation of its Global Networks business into a new company. [8]
Key terms (as disclosed by Netflix and reported by Reuters):
- $27.75 per WBD share consideration, structured as $23.25 cash + $4.50 in Netflix stock (subject to a collar). [9]
- Implied equity value ≈ $72.0 billion and enterprise value ≈ $82.7 billion. [10]
- Expected closing after WBD’s separation, now targeted for Q3 2026, and the overall transaction described as expected to close in 12–18 months (subject to approvals). [11]
- Netflix says it expects to realize $2–$3 billion of annual cost savings by year three and expects the deal to be accretive to GAAP EPS by year two. [12]
The “collar” investors should understand
Netflix’s press release includes a stock “collar” tied to Netflix’s volume-weighted average price (VWAP) prior to close, which influences how many Netflix shares are issued to WBD shareholders. [13]
This matters for NFLX investors because it affects potential dilution and can also create a “gravity zone” where the market starts thinking about deal mechanics, not just Netflix’s streaming business.
Deal risk is the point: antitrust, regulatory scrutiny, and even “theaters vs. streaming” politics
A Netflix–Warner combination would almost certainly face regulatory scrutiny in the U.S. and Europe, and Reuters has explicitly noted antitrust concerns around a dominant streamer absorbing major studio and streaming assets. [14]
Reuters also published pointed reactions from industry voices and market participants, including concerns from European cinema exhibitors and commentary from former media executives about competition in Hollywood. [15]
Netflix has also been publicly trying to position the deal as pro-consumer. Reuters reported that part of the argument is that Netflix could bundle Netflix and HBO Max in ways that might lower consumer streaming costs—framing the transaction as expanding value rather than restricting choice. [16]
And inside Netflix, leadership has emphasized changes this deal would bring. Reuters reported co-CEOs Greg Peters and Ted Sarandos said Netflix would be “in the theatrical business” once the deal closes, calling theatrical releases an important part of Warner’s legacy. [17]
Financing and balance sheet: how Netflix is lining up cash for the Warner deal
The bridge loan… and the refinancing steps
One of the most consequential near-term drivers for Netflix stock sentiment is how the deal gets financed.
Reuters reported Netflix refinanced part of a $59 billion bridge loan tied to the Warner transaction. According to Reuters, Netflix secured:
- a $5 billion revolving credit facility, and
- two $10 billion delayed-draw term loans,
leaving about $34 billion of the bridge facility to be syndicated. [18]
What the SEC filings say (important details)
Netflix’s own SEC filings spell out the mechanics and guardrails. A Netflix Form 8‑K describes:
- a $5.0 billion senior unsecured revolving credit facility [19]
- $10.0B (two-year) + $10.0B (three-year) delayed-draw term loan facilities [20]
- use of proceeds including the cash portion of the purchase price, fees/expenses, and (optionally) refinancing certain debt [21]
- a covenant requiring Netflix to maintain a minimum consolidated EBITDA-to-interest expense ratio of 3.0 to 1.0 (among other terms) [22]
These details matter because debt structure and covenant constraints can shape Netflix’s flexibility—especially if the market environment changes (rates, spreads, risk appetite) during a long regulatory review.
Wall Street’s banking package angle
The Wall Street Journal separately reported Netflix was preparing a $25 billion bank financing package (including the $5B revolver and $20B delayed-draw facilities) and described additional potential capital market funding options. [23]
The bidding-war overhang: Paramount’s move and the “headline risk” premium
This isn’t a sleepy, uncontested deal. Reuters’ reporting and “by the numbers” comparisons underline an environment where Paramount Skydance has been involved with a competing bid narrative, including discussion of a large all-cash offer and funding support. [24]
The Associated Press has framed the situation as a “Hollywood tug-of-war,” warning the process could be long and bumpy on the regulatory front regardless of buyer. [25]
For NFLX shareholders, that translates into a simple market reality: weekend news risk can create Monday gaps because the stock can’t “digest” headlines in real time.
Analyst forecasts and expert views: why Netflix stock is dividing Wall Street
The debate around Netflix stock right now is basically a two-sided argument:
The bull case (in plain English)
- Netflix gains a legendary IP library (HBO, Warner franchises) and deeper studio control. [26]
- Netflix believes the deal can produce $2–$3B annual cost savings by year three and become EPS accretive by year two. [27]
- Netflix can potentially strengthen its position as streaming shifts toward ad-supported tiers, which could widen monetization beyond subscriptions.
The bear case (also in plain English)
- The deal is enormous, and critics argue it could reduce competition and trigger tough regulatory remedies or delays. [28]
- Financing and debt load introduce execution and balance-sheet risk over a 12–18 month closing timeline. [29]
- Some analysts have flagged the possibility that NFLX may not “trade well” during a long closing process, especially if the deal becomes a headline magnet. [30]
Concrete analyst actions (examples being cited in current coverage)
Several outlets have reported downgrades/target cuts tied to deal concerns. For example, coverage of a Pivotal Research downgrade referenced a move to Hold with a reduced price target, citing deal expense and approval risk. [31]
(Those are third-party reports of analyst notes, but they capture the direction of sentiment: deal risk is changing the valuation conversation.)
Netflix fundamentals: what the company last guided, and why ads matter more than ever
While M&A dominates headlines, Netflix’s core business still sets the floor for valuation.
Netflix’s most recent quarterly results and Q4 forecast
In its Q3 2025 shareholder letter, Netflix reported:
- Q3 revenue of $11.510B, and a Q4 revenue forecast of $11.960B [32]
- Q3 operating margin of 28.2%, and a Q4 operating margin forecast of 23.9% [33]
- Q3 diluted EPS of $5.87, and a Q4 diluted EPS forecast of $5.45 [34]
- A full-year expectation of about $45.1B in 2025 revenue and roughly 29% operating margin (updated in connection with a Brazil tax-related matter). [35]
Netflix also disclosed that Q3 margin was pressured by an expense tied to a Brazilian tax dispute, which it said it does not expect to have a material impact on future results. [36]
Advertising: the “second engine” is getting louder
Netflix has repeatedly pointed to accelerating ad momentum. Reuters reported that Netflix introduced a viewer-based metric and that ads were reaching 190 million viewers, with Greg Peters noting Netflix was on track to more than double ad revenue in 2025. [37]
Industry trade coverage has echoed the same theme—Netflix describing record ad-sales performance and rolling out new ad products. [38]
And there’s a macro-consumer trend supporting the ad-tier thesis: the Guardian reported that in the UK, more subscribers are choosing ad-supported plans than ad-free for the first time, highlighting how price pressure is reshaping streaming economics. [39]
Reminder: Netflix’s 10-for-1 stock split reset the share price (but not the business)
Netflix’s board approved a 10-for-1 forward stock split in October, with:
- record date: Nov. 10, 2025
- distribution: after the close on Nov. 14, 2025
- split-adjusted trading beginning: Nov. 17, 2025 [40]
The split changes share count and per-share price, not the underlying economics—though it can affect liquidity, options activity, and retail participation.
If the exchange is closed now: what investors should know before the next session
Because it’s Saturday in New York, you can’t trade NFLX in the regular session today. Standard U.S. equity market hours are 9:30 a.m. to 4:00 p.m. ET, with pre-market and after-hours sessions available at many brokers, typically 4:00–9:30 a.m. ET and 4:00–8:00 p.m. ET. [41]
Practical checklist for Monday’s open (Monday, Dec. 29)
Here’s what tends to matter most for NFLX specifically:
- Deal headlines over the weekend
- Any updates on Paramount/other bidders, regulator commentary, or WBD board/shareholder process can shift sentiment before the bell. [42]
- Financing + debt-market tone
- Investors will watch whether Netflix’s funding plan remains “clean” (credit spreads, bank appetite, bond market conditions), especially given the scale described by Reuters and the covenant details in Netflix’s SEC filings. [43]
- Regulatory tea leaves
- Reuters has already highlighted antitrust scrutiny risk; any signal from U.S./EU officials can change how the market prices the probability and timeline of closing. [44]
- Macro catalysts in a thin market
- Year-end positioning plus Fed-related news flow (including the widely watched Fed minutes next week, per Reuters) can amplify moves—especially in high-profile names. [45]
- If you trade pre-market: use discipline
- Nasdaq notes pre-market and after-hours can have lower liquidity and inferior prices, and it strongly suggests limit orders. That advice is extra-relevant when news-driven volatility is high. [46]
Bottom line for Netflix stock: the next move is likely “deal math + headlines,” not just streaming
Netflix is still doing the core things shareholders like to see—double-digit revenue growth in 2025 guidance, expanding ad momentum, and a content slate built to keep engagement sticky. [47]
But the stock’s near-term identity is increasingly tied to one giant question: Can Netflix actually close—and successfully finance and integrate—Warner Bros.’ studios and HBO assets under regulatory scrutiny? [48]
That’s why Monday’s open won’t just be about “Netflix vs. other streamers.” It’ll be about probabilities (approval odds), timelines (12–18 months or longer), and financing confidence (debt and covenant comfort). [49]
References
1. www.nyse.com, 2. finance.yahoo.com, 3. ir.netflix.net, 4. www.reuters.com, 5. apnews.com, 6. www.reuters.com, 7. www.marketwatch.com, 8. ir.netflix.net, 9. ir.netflix.net, 10. ir.netflix.net, 11. ir.netflix.net, 12. ir.netflix.net, 13. ir.netflix.net, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.sec.gov, 20. www.sec.gov, 21. www.sec.gov, 22. www.sec.gov, 23. www.wsj.com, 24. www.reuters.com, 25. apnews.com, 26. ir.netflix.net, 27. ir.netflix.net, 28. www.reuters.com, 29. ir.netflix.net, 30. www.tipranks.com, 31. www.investing.com, 32. s22.q4cdn.com, 33. s22.q4cdn.com, 34. s22.q4cdn.com, 35. s22.q4cdn.com, 36. s22.q4cdn.com, 37. www.reuters.com, 38. www.adweek.com, 39. www.theguardian.com, 40. ir.netflix.net, 41. www.nyse.com, 42. www.reuters.com, 43. www.reuters.com, 44. www.reuters.com, 45. www.reuters.com, 46. www.nasdaq.com, 47. s22.q4cdn.com, 48. ir.netflix.net, 49. ir.netflix.net
