Netflix reported Q4 revenue growth of 14% year-over-year, driven by the addition of 8.1 million net new paid memberships worldwide. Streaming average revenue per membership rose 6%, lifting operating margin by 120 basis points to reach 19.5%. Management attributed margin expansion to lower content amortization and disciplined marketing spend, resulting in operating income of $2.9 billion, up 24% versus the prior year quarter.

Global streaming memberships surpassed 260 million by year-end, with international markets accounting for 60% of total paid memberships. In North America, the service added 2.3 million subscribers, while Europe, Middle East and Africa saw 3.1 million new sign-ups. Latin America and Asia-Pacific contributed 1.7 million and 1.0 million net adds respectively. Churn remained stable at 2.5% for the quarter, underscoring strong content engagement and retention.

For fiscal 2026, Netflix guided to revenue growth of 12–15% and operating margin expansion of 100–150 basis points, implying free cash flow of approximately $5 billion. The company plans to invest $19 billion in original content next year, with a focus on multilingual series in India and South Korea. Management highlighted a target of 20% growth in advertising revenue, which doubled in 2025, and reiterated the goal of reaching 400 million global paid memberships by 2028.