Fourth-quarter revenues at Netflix were up 18% to $12 billion, with full-year revenues rising 16% to $45.2 billion as the platform topped 325 million paid subs.
The platform said engagement is also on the rise, with viewing hours inching up by 2% year-on-year, driven by a 9% increase in branded originals. For 2026, it projects revenues of between $50.7 billion and $51.7 billion. The platform expects to double its ad revenues this year as it continues to focus on expanding the variety and quality of its lineup, improving the customer experience, developing its live sector, expanding further into video podcasts and games, and closing the Warner Bros. acquisition.
“With over 325 million paid memberships, we’re now serving an audience approaching one billion people globally,” the platform said. “Our aim is to delight and satisfy all of them by providing an amazing variety of series, films, and games so they stick around longer (retention), recommend Netflix to others (acquisition), and place a higher value on our service.”
The shareholder letter also emphasized the importance of developing fandoms at Netflix. “As we seek to better satisfy members and increase the value of each hour of engagement, we recognize that not all viewing is created equal. Some titles spark a level of passion and fandom that delivers outsized impact for both our members and our business, and fandom is a powerful engine for our business. When members form a deep connection with a title—whether it’s Stranger Things, KPop Demon Hunters, or Bridgerton—they don’t just watch; they engage, share, and become passionate advocates. This passion translates into greater member satisfaction, higher retention, and increased word-of-mouth and acquisition, fueling both audience growth and brand loyalty. Fandom also drives new ways for audiences to engage with the stories they love. By nurturing these deep bonds between members and the stories they love, we believe we unlock greater value for both our audience and our business.”
Live, too, has the opportunity to “deliver outsized value,” Netflix said, even though it remains a small portion of overall hours viewed on the platform. This year marks the platform’s first international live event with the World Baseball Classic (WBC) in Japan.
Revenues in the U.S. and Canada were up 18% to $5.3 billion. EMEA also rose 18% to $3.9 billion. LatAm contributed $1.4 billion, a 15% boost, while AsiaPac revenues gained 17% to $1.4 billion.
