Netflix (NFLX): Q4 GAAP EPS of $0.56 beats by $0.01.
Revenue of $12.05B (+17.6% Y/Y) beats by $80M.
1Q26 Revenue of $12.16B vs $12.17B consensus, EPS of $0.76 vs $0.81 consensus
For 2026, based on F/X rates as of 1/1/2026, we forecast revenue of $50.7B-$51.7B vs $50.98B consensus. This represents12%-14% year over year growth (or 11%-13% F/X neutral growth), driven by increases in membershipand pricing plus a projected rough doubling of ad revenue in 2026 vs. 2025.We’re targeting a 2026 operating margin of 31.5% (based on 1/1/26 F/X rates), up from 29.5% in 2025,which includes approximately $275M of acquisition-related expenses.
