Netflix beats Q4 2025 earnings and tops 325M subscribers — but the Warner Bros. bet spooks investors
Netflix reported $12.1 billion in holiday quarter revenue and over 325 million paid memberships, both above forecasts. Shares fell 4% in after-hours trading as investors weighed risks from its $82.7 billion all-cash bid for Warner Bros. Discovery. Netflix expects a shareholder vote on the deal by April.