Netflix is set to report its fourth-quarter fiscal 2025 results on January 20, with consensus forecasts calling for revenue of approximately 11.97 billion and earnings per share near 0.55. Analysts expect topline growth of roughly 13 percent year-over-year, driven primarily by international markets, while U.S. subscriber growth has slowed to low single digits. Investors will assess whether Netflix can maintain its revenue trajectory despite recent misses caused by a tax expense in Brazil during the prior quarter.

Following a period of rapid expansion, U.S. net additions have cooled, with subscriber growth in the domestic market down to less than 2 percent in the latest quarter. International additions have offset that slowdown, contributing an estimated 1.5 million new members outside North America. The company’s ad-supported tier, launched two quarters ago, has attracted over 3 million sign-ups but remains a small contributor—accounting for under 5 percent of total revenue—with management targeting a 15 percent share by year-end. Churn rates have stabilized around 3.2 percent globally, a slight improvement from 3.5 percent a year ago.

Netflix’s pursuit of Warner Bros. Discovery represents its most ambitious acquisition to date. Netflix has proposed an all-cash bid matching rival offers from Paramount and Skydance, valuing the content library at roughly 50 billion. Key issues remain around deal financing—expected to include bridge loans and potential asset sales—and regulatory approval in Europe and North America. Management plans to update investors on the acquisition structure and timeline, which could materially impact Netflix’s leverage ratios and free-cash-flow guidance for 2026.