Netflix, Inc. (NASDAQ: NFLX) finished a holiday-shortened Christmas Eve session with shares little changed, and the stock remained calm in after-hours trading—exactly the kind of muted tape many investors expect when liquidity thins ahead of a market holiday.
The bigger takeaway for shareholders late today wasn’t a sudden price swing. It was a fresh corporate warning from Netflix about a mini‑tender offer that the company says is priced below the prevailing market price, plus the reality that U.S. markets are closed on Christmas Day—meaning the “next open” investors can act on is Friday, Dec. 26, 2025, not Thursday. [1]
Netflix stock after the bell: where NFLX stands late Dec. 24
Because Christmas Eve is an early close for U.S. equities, “after the bell” today effectively means after the 1:00 p.m. ET close on the NYSE and Nasdaq. [2]
As of the latest after-hours print available in the data feed, NFLX traded around $93.64, up about 0.15% versus the prior close, after moving between roughly $92.69 and $93.67 during the session. [3]
A key point for context: trading conditions were holiday-thinned, with the broad market operating in a shortened session and many desks running light staffing. U.S. stocks broadly pushed higher into the holiday, with major indexes hitting record levels in the shortened session, which can sometimes make single-stock moves look “quieter” than usual. [4]
First thing to know: there is no U.S. stock-market open “tomorrow” (Dec. 25)
If you’re building a plan “before the market opens tomorrow,” here’s the calendar reality:
- Wed., Dec. 24, 2025: NYSE/Nasdaq early close at 1:00 p.m. ET (today). [5]
- Thu., Dec. 25, 2025 (Christmas Day): NYSE/Nasdaq closed all day. [6]
- Fri., Dec. 26, 2025: Markets reopen for normal trading. [7]
So any headline risk or new disclosure that hits during the holiday will be digested into price discovery when markets reopen on Dec. 26.
Today’s most important Netflix headline: the TRC mini‑tender offer warning
The most concrete Netflix-specific news published today was a company statement urging shareholders to reject an unsolicited mini‑tender offer from TRC Capital Investment Corporation. [8]
Here are the details Netflix disclosed:
- TRC offered to buy up to 1,250,000 shares of Netflix common stock at $91.00 per share in cash. [9]
- Netflix said the offer covers less than 0.03% of Netflix shares outstanding (as of Dec. 3, 2025). [10]
- Netflix recommended shareholders reject the offer, stating the offer price is below the current market price and subject to “numerous conditions.” [11]
- Netflix emphasized it is not affiliated with TRC or the offer documentation. [12]
Why investors should care about a “mini‑tender”
Netflix also highlighted a crucial structural issue: mini‑tender offers are designed to seek less than 5% of a company’s shares, which can avoid many investor protections that apply to larger tender offers under U.S. securities laws. Netflix noted the SEC has cautioned investors about mini‑tenders, including the risk that below-market bids can “catch investors off guard.” [13]
Netflix’s statement also said shareholders who already tendered shares may withdraw them prior to the offer’s expiration, in accordance with TRC’s documents. [14]
This type of situation isn’t unique to Netflix—large public companies periodically issue similar warnings when mini‑tender bids appear. [15]
The bigger driver still hanging over NFLX: the Warner Bros. Discovery deal and financing headlines
While today’s tape was calm, NFLX remains tied to ongoing news flow around its Warner Bros. Discovery transaction and the competing bid dynamics.
What’s new and relevant heading into the next trading day
In recent days, Reuters reported Netflix has been working through financing steps tied to the Warner transaction—specifically refinancing part of a large bridge facility connected to the deal. [16]
And today, Barron’s coverage of the Warner bidding fight described a revised Paramount offer as still not sufficient in the view of a major shareholder, while also referencing Netflix’s competing proposal and how the stocks traded around the headlines. [17]
Why this matters for NFLX holders: Large M&A transactions can re-rate a stock in either direction based on (1) financing cost, (2) regulatory risk, (3) integration complexity, and (4) whether investors believe the deal strengthens long-term competitive advantages or dilutes returns.
Forecasts and analyst posture as of today: what consensus implies for NFLX
Even with today’s muted price action, investors are still watching the Street’s “base case” expectations—especially because the next big catalyst is earnings (more on that below).
According to StockAnalysis’ aggregated snapshot as of today:
- Analyst consensus: “Buy” (35 analysts) [18]
- Average price target:$131.00, roughly ~40% above today’s price level [19]
- Valuation multiples: trailing P/E about 39, forward P/E about 30 [20]
- Growth assumptions (5-year forecasts shown): revenue growth ~11.75%, EPS growth ~22.19% [21]
Two practical implications for “tomorrow’s” (next session’s) setup:
- Expect headline sensitivity. When a stock trades below key moving averages (as NFLX does in this snapshot), it can become more reactive to deal and rate headlines. [22]
- Know what the price target actually represents. It’s an average, not a guarantee—and it can shift quickly if financing assumptions or regulatory probabilities change.
Next scheduled catalyst: Netflix Q4 2025 earnings date is Jan. 20, 2026
Netflix has already put a major pin in the calendar:
- Netflix said it will post Q4 2025 financial results and business outlook on Tuesday, Jan. 20, 2026, at approximately 1:01 p.m. Pacific Time on its investor relations site. [23]
- A live earnings interview is scheduled to begin at 1:45 p.m. Pacific Time the same day. [24]
- Nasdaq’s earnings page also lists Jan. 20, 2026 (after market close) as the expected earnings date. [25]
For short-term traders and long-only investors alike, this matters because the market often starts repricing expectations weeks before an earnings report—especially if macro conditions or company guidance narratives are changing.
“What to know before the next open”: a practical checklist for Dec. 26
Here’s what is most likely to matter when markets reopen after Christmas:
1) Re-check NFLX vs. the $91 mini‑tender reference point
Netflix made the mini‑tender price explicit: $91.00 per share. [26]
With NFLX trading above that level today, the company is signaling that investors should be careful not to accept a below-market price via tender mechanics.
2) Watch for any M&A/financing updates released while markets are closed
Deal-driven names can gap on reopen if new disclosures change:
- funding certainty and cost of capital, [27]
- shareholder positioning, [28]
- or regulatory/antitrust framing (often the swing factor in mega-deals). [29]
3) Expect “thin liquidity” behavior to persist into the Friday reopen
The first session after a major holiday often comes with:
- uneven volume,
- wider spreads in some names,
- and outsized reactions to headlines.
That can create opportunity—but it can also increase execution risk.
4) Remember the split-adjusted context
Netflix announced a 10-for-1 forward stock split earlier this fall, with split-adjusted trading beginning in mid-November. If you’re comparing older price targets or historical levels, always confirm they’re split-adjusted. [30]
5) Keep one eye on Netflix’s live-events strategy during the holiday window
While U.S. markets are closed on Dec. 25, Netflix will still be in the spotlight with live programming—most notably its NFL Christmas Gameday 2025 coverage, which the company has promoted through its Tudum channel (including the halftime show and game times). That’s not an “earnings event,” but it is part of the strategic narrative investors track around advertising and live content. [31]
Bottom line
Netflix stock closed out Christmas Eve trading in a tight range and stayed steady after-hours, but investors got a clear, actionable item from the company: Netflix is urging shareholders to reject a $91 mini‑tender offer it says is below the market price and structured in a way the SEC has cautioned investors about. [32]
The next true “open” for U.S. equities is Friday, Dec. 26—and between now and then, the biggest swing factors for NFLX remain deal-related headlines and the market’s evolving assumptions about financing, regulation, and integration risk, with Q4 earnings on Jan. 20, 2026 as the next scheduled catalyst. [33]
This article is for informational purposes only and is not financial advice.
References
1. www.barrons.com, 2. www.nyse.com, 3. stockanalysis.com, 4. apnews.com, 5. www.nyse.com, 6. www.barrons.com, 7. www.barrons.com, 8. s22.q4cdn.com, 9. s22.q4cdn.com, 10. s22.q4cdn.com, 11. s22.q4cdn.com, 12. s22.q4cdn.com, 13. s22.q4cdn.com, 14. s22.q4cdn.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.barrons.com, 18. stockanalysis.com, 19. stockanalysis.com, 20. stockanalysis.com, 21. stockanalysis.com, 22. stockanalysis.com, 23. ir.netflix.net, 24. ir.netflix.net, 25. www.nasdaq.com, 26. s22.q4cdn.com, 27. www.reuters.com, 28. www.barrons.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.netflix.com, 32. s22.q4cdn.com, 33. www.barrons.com
