NETFLIX (NFLX) Company Report

Netflix’s co-CEO Ted Sarandos is holding meetings at the White House to advocate for its proposed $82.7 billion acquisition of Warner Bros. Discovery’s studio and streaming assets at $27.75 per share.
The bid has been topped by Paramount’s rival all-cash offer of $31 per share, intensifying the takeover contest.
The transaction is under Department of Justice antitrust review and has drawn a letter from 11 Republican state attorneys general urging stricter scrutiny.
The deal has become politically charged, with President Trump publicly calling for the removal of Netflix board member Susan Rice.
There is growing shareholder pressure on Netflix to abandon the deal over concerns about its cost and increased debt burden.

2 days ago

CNBC

Netflix merger recommendation remains as WBD board evaluates Paramount Skydance bid

NFLX

M&A

Takeover Bid

WBD’s Board determined that Paramount Skydance’s revised proposal of $31.00 cash per share plus a $0.25 per quarter ticking fee could reasonably lead to a “Company Superior Proposal” under the Netflix Merger Agreement.
The PSKY bid includes a $7 billion regulatory termination fee, payment of WBD’s $2.8 billion termination fee to Netflix, additional equity funding support, and an MAE definition excluding WBD’s Global Linear Networks business.
The Board has not yet decided if the PSKY proposal is superior, will continue discussions with PSKY, and if a superior proposal is received, Netflix will have four business days to negotiate any revisions.
The Board continues to recommend proceeding with the existing Netflix merger agreement and has not modified or withdrawn its endorsement.

3 days ago

Press Release

Netflix publishes proxy statement for WBD merger vote

NFLX

M&A

Proxy Vote Outcomes

WBD filed and commenced mailing its definitive proxy statement for a special meeting on March 20, 2026 to approve the board-recommended Netflix transaction.
Netflix reiterated that its offer is the only signed, board-recommended agreement, providing a clear path to deliver value to WBD stockholders.
Both Netflix and WBD have submitted Hart-Scott-Rodino filings and are constructively engaging with global regulators, targeting timely regulatory approval.
Netflix granted WBD a seven-day waiver to engage with Paramount Skydance but emphasized no alternative deal matches its certainty and value.

Feb 17, 2026, 12:03 PM

Press Release

Netflix merger vote set for March 20, 2026

NFLX

M&A

Proxy Vote Outcomes

Warner Bros. Discovery will hold a Special Meeting on March 20, 2026 at 8:00 a.m. ET to vote on the merger with Netflix and has begun mailing its definitive proxy statement to shareholders.
The WBD Board unanimously recommends that shareholders vote in favor of the Netflix merger and reject Paramount Skydance’s rival offer.
Netflix granted WBD a seven-day waiver through February 23, 2026 to engage with Paramount Skydance on its best-and-final proposal, with Netflix retaining matching rights under the merger agreement.

Feb 17, 2026, 12:00 PM

Press Release

Xilam reports 2025 annual revenue

NFLX

Earnings

Product Launch

New Projects/Investments

Xilam posted €10.4 M in revenue, down 56% YoY, and total operating income of €15.7 M, a 44% decline.
Revenue from new productions and developments fell to €6.3 M (–59%), while catalogue sales dropped to €4.1 M (–50%) in 2025.
Subsidies rose 34% to €4.2 M, bringing total revenue plus subsidies to €14.6 M.
The group launched the Toon Box platform end-2025 and initiated new proprietary projects including the film Lucy Lost, aiming for a rebound in 2026.

Feb 12, 2026, 4:35 PM

Press Release

Netflix faces Senate hearing over Warner Bros. acquisition

NFLX

M&A

Legal Proceedings

The Senate Judiciary Subcommittee on Antitrust has scheduled a Feb. 3 hearing to scrutinize Netflix’s proposed $82.7 billion acquisition of Warner Bros., with co-CEO Ted Sarandos set to testify.
Senators Mike Lee and ranking member Cory Booker warn the deal could substantially lessen competition in streaming and raise serious antitrust concerns.
Regulators are focusing on control of exclusive franchises, ad-tech capabilities and viewer data, increasing the risk of extended reviews, tougher remedies or litigation that could alter the deal’s timeline and valuation.
Paramount Skydance’s hostile bid and shareholder challenge, including a court action and extension of its offer deadline to Feb. 20, add further complexity to the transaction.

Jan 26, 2026, 6:11 PM

WSJ

Netflix reports earnings beat but issues weaker 2026 guidance

NFLX

Guidance Update

Demand Weakening

Netflix fell in after-hours trading despite a narrow earnings beat, as it signaled weaker guidance for 2026 and flagged declining viewership for non-branded licensed content.
The broader market selloff drove the S&P 500 and Nasdaq into negative territory for 2026 amid geopolitical tensions, rising Treasury yields and a softer dollar, adding pressure on tech stocks including Netflix.
Investors are now focused on upcoming corporate results and President Trump’s scheduled appearance in Davos to gauge broader economic and policy implications.

Jan 21, 2026, 3:27 AM

CNBC

Netflix reports Q4 earnings; Warner Bros bid weighs on shares

NFLX

Earnings

Guidance Update

M&A

Netflix beat Q4 expectations with $12.05 B in revenue, $2.419 B in net income, over 325 M global subscribers, $0.56 EPS, and a 24.5% operating margin (down from 28.2%).
Management provided softer guidance: Q1 EPS of $0.76, Q1 revenue of $12.157 B, and full-year 2026 revenue of $50.7 B–$51.7 B, targeting a 31.5% operating margin.
Netflix suspended share buybacks to fund its $82.7 B all-cash bid for Warner Bros at $27.75 per share, incurring $275 M in deal expenses plus an earlier $60 M, heightening regulatory scrutiny.
Shares fell roughly 5% in after-hours trading amid broader risk-off moves and uncertainty around the Warner Bros deal.

Jan 21, 2026, 1:22 AM

CNBC

Netflix reports Q4 2025 results and 2026 outlook

NFLX

Earnings

Guidance Update

M&A

Netflix delivered 16% revenue growth, ~30% operating profit growth, and saw ad sales increase 2.5× in 2025; it expects ad sales to double to ~$3 billion in 2026.
For 2026, Netflix guides to $51 billion in revenue (up 14% YoY) and an operating margin of 31.5%, a 200 bps increase (250 bps ex-M&A).
The company is investing in content (series, films), ad tech enhancements, live events, video podcasts, and scaling its cloud-first gaming strategy to drive engagement.
Netflix is advancing its planned acquisition of Warner Bros. Studios and HBO as a strategic accelerant; pro forma post-close ~85% of revenues will stem from its existing core business, and it does not anticipate any change in service pricing during regulatory review.

Jan 20, 2026, 9:45 PM

Transcript

Netflix reports Q4 2025 results and outlines 2026 outlook

NFLX

Earnings

Guidance Update

M&A

Netflix delivered 16% revenue growth and ~30% operating profit growth in 2025, with ad sales up 2.5× and free cash flow expansion; the ad business is expected to double to $3 billion in 2026.
For 2026, Netflix guides $51 billion in revenue (+14% YoY), 10% content amortization growth, and 31.5% operating margin (including a 0.5 pp M&A drag), targeting 2.5 pp of margin expansion ex-M&A.
Netflix is progressing on its acquisition of Warner Bros. Studios and HBO, adding a theatrical business, TV studio, and the HBO streaming brand; it has filed its HSR notification and is confident in securing approvals, citing pro-consumer and pro-growth rationale.
Strategic investments include scaling its ad-tech stack, launching live events (200+ to date, including the World Baseball Classic and live sports), expanding video podcasts, and rolling out cloud-first TV gaming to enhance engagement and monetization.