Dateline: Sunday, November 9, 2025 — Ahead of the U.S. market open on Monday, November 10, 2025
Key takeaways
• Monday, Nov. 10, is Netflix’s shareholder “record date” for its 10‑for‑1 stock split; split‑adjusted trading is scheduled to begin Monday, Nov. 17. [1]
• NFLX last closed on Friday at $1,103.66; its 52‑week range is $795.57–$1,341.15. [2]
• Q3 FY2025 revenue came in around $11.51B (+17% y/y), with operating margin at 28% after a one‑time ~$619M Brazil tax expense; Netflix guided Q4 revenue to ~$11.96B with a 23.9% margin. [3]
• Ads business update: Netflix says its advertising now reaches 190M monthly active viewers (MAVs) globally, after shifting to a new viewer‑based metric. [4]
• Near‑term content/sports catalysts: WWE Raw now lives on Netflix and the NFL Christmas Day doubleheader streams on the service this year. [5]
Where NFLX stands before the open
Netflix shares finished Friday, Nov. 7, at $1,103.66. Over the last 52 weeks, the stock has traded between $795.57 and $1,341.15. [6]
The stock‑split clock: what actually happens this week
Netflix’s board approved a 10‑for‑1 forward split. The key dates:
• Record date: after the close on Monday, Nov. 10, 2025.
• Distribution (“payable”) date: after the close on Friday, Nov. 14, 2025 (holders receive nine additional shares for each share held on the record date).
• First day of split‑adjusted trading: Monday, Nov. 17, 2025. [7]
A useful mechanics note: for stock splits and stock distributions, U.S. market rules typically make the ex‑date the first business day after the payable date. Between the record date and the ex‑date, trades generally carry “due bills,” meaning the entitlement to the additional shares travels with the stock. In practice, that’s why the ex‑date (Nov. 17) is the day that matters for when prices adjust. [8]
If you hold options on NFLX, the OCC will adjust contracts to reflect the split; check your broker for the exact deliverables and multipliers. [9]
Fundamentals and the latest quarter at a glance
Netflix’s Q3 FY2025 results (reported Oct. 21) showed revenue of roughly $11.51B, up about 17% year over year, with operating income growth but a 28% operating margin after an ~$619M Brazilian tax item; absent that expense, management said margin would have exceeded guidance. For Q4, Netflix guided to ~$11.96B in revenue and a 23.9% operating margin. [10]
Advertising growth is an increasingly important lever. Last week, Netflix said its ads now reach more than 190M monthly active viewers globally and introduced a viewer‑based metric aimed at giving marketers a clearer sense of reach. Management has also reiterated that 2025 ad revenue is on track to more than double versus 2024. [11]
Content and live events that can shape sentiment near term
• WWE Raw on Netflix (ongoing): Netflix became the exclusive home of WWE’s flagship show in the U.S. and several other markets in January 2025, broadening its live‑event footprint. [12]
• NFL Christmas Gameday 2025: Netflix streams two NFL games on Dec. 25 (Cowboys‑Commanders; Lions‑Vikings), reaffirming its “tentpole live” strategy into the holidays. [13]
Street chatter and valuation context
Analyst views have been mixed into year‑end as investors balance valuation against growth. For example, Erste Group moved NFLX to Hold late last month following the full‑year margin adjustment, while others have highlighted long‑term ad upside and scale advantages. [14]
What to watch on Monday, Nov. 10 (pre‑market and early session)
- Stock‑split positioning: Expect chatter and potentially elevated volumes around the record date; remember, split‑adjusted trading begins Nov. 17, not on the record date. [15]
- Any new sell‑side moves: Post‑earnings/stock‑split research updates or target tweaks can sway early trading. (Example: recent downgrade by Erste Group.) [16]
- Ads narrative follow‑through: Media and marketer reaction to the new 190M MAV metric, plus any brand deals tied to holiday live events, could keep the ad‑growth story front‑of‑mind. [17]
- Macro tape: Broader tech sentiment can overshadow single‑name news on split weeks; keep an eye on index moves and rates‑sensitive flows in early trade.
Key levels and stats (as of Nov. 7 close)
• Last close: $1,103.66
• 52‑week range: $795.57–$1,341.15
• Split ratio: 10‑for‑1 (ex‑date Nov. 17; distribution after close Nov. 14). [18]
FAQ — quick answers for investors
• Do I need to own NFLX before Monday’s record date to get the split?
Not necessarily. U.S. exchanges typically set the split ex‑date one business day after the payable date; trades between the record date and ex‑date carry due bills, so the entitlement follows the shares. Split‑adjusted trading starts Monday, Nov. 17. [19]
• What happens to NFLX options?
Contracts are adjusted by the OCC so their economic value is preserved post‑split; your broker will post the new multipliers/deliverables. [20]
• Does a split change Netflix’s value?
No—splits don’t alter fundamentals. They can boost liquidity and retail access but shouldn’t be viewed as a catalyst by themselves.
Bottom line
The most actionable near‑term factor for NFLX into Monday’s open is the stock‑split timetable (record date Nov. 10; ex‑date Nov. 17). Under the surface, the business continues to show double‑digit revenue growth with a heavier tilt toward advertising and live events, even as Q3 margin was dented by a one‑off Brazil tax expense. Watch for split‑related trading dynamics this week and any fresh sell‑side commentary as the market digests Netflix’s ad‑reach milestone and holiday live‑sports slate. [21]
Disclosure: This article is for informational purposes only and is not investment advice. Always do your own research and consider speaking with a licensed financial advisor.
References
1. ir.netflix.net, 2. ir.netflix.net, 3. www.thewrap.com, 4. www.reuters.com, 5. about.netflix.com, 6. ir.netflix.net, 7. ir.netflix.net, 8. www.finra.org, 9. www.fidelity.com, 10. www.thewrap.com, 11. www.reuters.com, 12. about.netflix.com, 13. www.netflix.com, 14. www.investing.com, 15. ir.netflix.net, 16. www.investing.com, 17. www.reuters.com, 18. ir.netflix.net, 19. www.finra.org, 20. www.fidelity.com, 21. ir.netflix.net
