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Netflix Posts $45.2 Billion Revenue in 2025, Surpasses 325 Million Subscribers

Netflix reported full-year revenue of $45.2 billion for 2025, up 16% from the previous year (17% on a currency-neutral basis), exceeding Wall Street expectations. Ad revenue more than doubled to over $1.5 billion, while the streaming platform revealed it had surpassed 325 million subscribers in the fourth quarter, despite previously stating it would no longer disclose subscriber numbers.

Q4 revenue grew 17.6% year-on-year to $12.05 billion, driven by membership growth, higher pricing, and increased advertising income. The company noted that revenue for the quarter was 1% above guidance, even amid unfavorable currency fluctuations. Engagement remained strong, with total viewing hours rising 2% in H2 2025, powered by a 9% increase in viewing of Netflix-branded originals.

Live Events and Popular Titles Fuel Growth

Netflix highlighted live events as a key driver of subscriber interest in 2025, citing the Anthony Joshua vs Jake Paul boxing match and Christmas Day NFL coverage as spurring sign-ups. In 2026, Netflix plans to expand live content, including streaming all 47 games of the World Baseball Classic in Japan, as well as new shows such as Star Search and Skyscraper Live, plus Major League Baseball events including the Home Run Derby.

Top-watched content in the latter half of 2025 included the animated film KPop Demon Hunters with 482 million views, while Stranger Things Season 5 attracted 94 million views, with all five seasons collectively drawing 275 million views. Non-English content accounted for more than one-third of viewing, led by Korean, Spanish, and Japanese titles.

Warner Bros Acquisition Seen as Strategic Accelerant

Netflix reiterated plans to acquire Warner Bros Discovery, an $83 billion deal that is under regulatory review. The company expects the acquisition to expand its content library and offer more personalized subscription options through HBO Max, while providing greater opportunities for creators and production growth both in the U.S. and internationally.

Co-CEO Ted Sarandos emphasized that Netflix is pursuing the Warner Bros deal while continuing to drive strong, sustainable growth. The company projects 2026 revenue of $50.7–$51.7 billion, with ad revenue expected to roughly double and operating margins reaching 31.5%, underscoring management’s optimism about the streaming business despite a highly competitive landscape.