Netflix, Inc. (NFLX) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to the Netflix Q4 2025 earnings interview. I'm Spencer Wong, VP of Finance and Capital Markets. Joining me today are co-CEOs Ted Sarandos and Greg Peters and CFO Spence Newman. As a reminder, we'll be making forward-looking statements and actual results may vary. We'll now take questions submitted by the analyst community and we'll begin first with questions about our results and forecast. The first question comes from Robert Fishman of Moffitt Nathanson. who asks, the Wall Street Journal report last year discussed an internal memo with long-term goals to double revenue and triple profits. Without commenting on those specific targets, about nine months later, is there anything you have seen in the core business to reevaluate the speed of growth over the next few years, and can you clarify if those targets included any M&A? Sure. We find it useful to talk internally about our long-term aspirations, which, as we said at the time that this was reported last year, aren't the same as a forecast. But having said that, those goals were based on organic progress. They did not contemplate or assume any M&A because we didn't have any M&A on sort of our horizon at the time. And over the last nine months, we've seen continued growth. We are now forecasting more healthy growth for the year to come, specifically organic growth. Of course, there's a lot of hard work ahead to fully realize those opportunities, both short-term and long-term. But based on the progress that we've made so far and expect to make and our continuing assessment of the opportunity, we still feel good about those targets. putting maybe a little bit more meat on that bone. In 2025, we met or exceeded all of our financial objectives. We made solid progress on our key priorities. We de...