Market capitalization
Latest quarterly results
- Q3 2025 consolidated revenue: $11.51 billion. Year-over-year revenue growth: 17%
- Q3 2025 net income: $2.55 billion. Year-over-year net income growth: about 8%
- Q2 2025 consolidated revenue: $11.08 billion. Year-over-year revenue growth: 16%
- Q2 2025 net income: $3.13 billion. Year-over-year net income growth: about 46%
Segment highlights (reported items)
- Streaming subscriptions and advertising: company reported increasing ad sales and higher ad commitments in 2025.
- Live events and games: management cited live sports and games as contributors to engagement in Q3 2025.
- Tax and one-time items: Q3 included a Brazil-related tax expense recorded in cost of revenues.
Operating Performance — Quarterly revenue
Business & operations update
- Netflix and Warner Bros. Discovery amended their merger agreement to an all-cash transaction at $27.75 per WBD share.
- The amended deal anticipates a separation of Discovery Global prior to closing and requires regulatory approvals and a WBD stockholder vote.
- Parties have submitted Hart-Scott-Rodino filings and are engaging with competition authorities.
- Netflix said financing will include cash on hand, available credit facilities and committed financing.
M&A or strategic moves
- Amendment converts the prior cash-and-stock proposal into an all-cash offer at $27.75 per WBD share.
- Boards of both companies have approved the amended agreement; closing remains conditional on standard closing conditions.
Equity analyst commentary (summary)
- Institutional notes after the amendment focused on process changes to the transaction and timing for the WBD stockholder vote.
Guidance & outlook — what to watch for
- Watch for the WBD stockholder vote timeline and regulatory review milestones.
- Watch for Netflix’s next shareholder letter and any further disclosure on ad sales and full-year metrics.
- Watch for reported progress on transaction financing and integration planning.
Performance summary
- Stock move: closed up 0.77% at $88.68.
- Key financial results: Q3 revenue $11.51 billion; Q3 net income $2.55 billion.
- Segment signals: ad sales growth and live/games expansion noted in company disclosures.