# Netflix
> NFLX · Los Gatos, California
- Profile type: Company
- Profile status: comprehensive
- Last updated: 2026-05-04T00:00:00.000Z
- Canonical URL: https://thestateofstreaming.com/companies/netflix/
- Also known as: Netflix Inc., Netflix, Inc., Netflix Inc, NFLX
## Summary
Netflix (NASDAQ: NFLX) is the world's largest subscription streaming service, with 325 million paid members in 190+ countries and $45.2 billion in 2025 revenue. The company is profitable: Q1 2026 operating margin was 32.3 percent. Co-CEOs Ted Sarandos and Greg Peters lead the business; co-founder Reed Hastings exits the board June 4, 2026.

## Company facts

- Ticker: NFLX
- Founded: 1997
- Headquarters: Los Gatos, California
- Employees: 16,000
- Domain: netflix.com
- CEO: ted sarandos (https://thestateofstreaming.com/people/ted-sarandos/)


## Latest metrics

- Revenue: $45.2B (FY2025); $12.25B (Q1 2026)
- Subscribers: 325 million paid memberships globally (end-2025; last disclosed)
- ARPU: Not disclosed since Q1 2025; Netflix discontinued quarterly subscriber and ARPU reporting effective Q1 2025
- As of: 2026-04-16
- Source: https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm


## Recent filings

- 2026-04-22 — 8-K: Board authorizes additional $25 billion share repurchase, on top of approximately $6.8 billion remaining under the December 2024 program. Signed by CFO Spencer Neumann; permitted methods include open-market repurchases under Rule 10b-18, 10b5-1 trading plans, accelerated share repurchases, privately-negotiated transactions, and block purchases. (https://www.sec.gov/Archives/edgar/data/1065280/000106528026000139/nflx-20260422.htm)
- 2026-04-16 — 10-Q: Q1 2026 quarterly report. Revenue $12.25B (+16.2% YoY), operating margin 32.3%, net income $5.28B (lifted by $2.8B Paramount Skydance termination fee paid on behalf of WBD), free cash flow $5.09B (+91% YoY), gross debt $14.4B vs. cash and equivalents $12.3B. (https://www.stocktitan.net/sec-filings/NFLX/10-q-netflix-inc-quarterly-earnings-report-6f0f12e2e192.html)
- 2026-01-23 — 10-K: Fiscal-year 2025 annual report. Full-year revenue $45.2B (+16% YoY); operating income $13.3B (+28%); operating margin 29.5% vs. 26.7% in 2024. Approximately 16,000 full-time employees as of December 31, 2025. 325 million paid memberships globally. (https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm)


## Key facts

- Netflix Q1 2026 revenue was $12.25 billion, up 16.2 percent year-over-year, with operating margin of 32.3 percent and net income of $5.28 billion. — Variety: https://variety.com/2026/tv/news/netflix-earnings-q1-2026-1236723851/
- Netflix's board authorized an additional $25 billion share repurchase on April 22, 2026, on top of the roughly $6.8 billion still available under the December 2024 authorization, putting total open buyback authority at about $31.8 billion with no expiration. — Netflix 8-K (April 22, 2026): https://www.sec.gov/Archives/edgar/data/1065280/000106528026000139/nflx-20260422.htm
- Q1 2026 free cash flow was $5.09 billion, up 91 percent year-over-year; Netflix repurchased approximately 13.5 million shares for roughly $1.3 billion in the quarter. — Variety: https://variety.com/2026/tv/news/netflix-earnings-q1-2026-1236723851/
- Q1 2026 net income was inflated by a $2.8 billion termination fee Paramount Skydance paid on behalf of Warner Bros. Discovery following the February 27, 2026 termination of the Netflix–WBD merger agreement. — Netflix Q1 2026 10-Q: https://www.stocktitan.net/sec-filings/NFLX/10-q-netflix-inc-quarterly-earnings-report-6f0f12e2e192.html
- Co-CEO Greg Peters told analysts on the April 16, 2026 earnings call that Netflix expects to deliver $3 billion in 2026 ad revenue, double the 2025 figure; the advertiser base grew more than 70 percent year-over-year to more than 4,000 advertisers. — Netflix Q1 2026 earnings call transcript: https://www.fool.com/earnings/call-transcripts/2026/04/16/netflix-nflx-q1-2026-earnings-call-transcript/
- The Netflix ad-supported tier accounted for more than 60 percent of Q1 2026 sign-ups in markets where it is available; Peters said programmatic is on track to exceed 50 percent of the non-live ads business. — Adweek (citing Netflix Q1 2026 shareholder letter): https://www.adweek.com/convergent-tv/netflix-ad-revenue-3-billion-in-2026-new-ad-products/
- Netflix ended 2025 with 325 million paid memberships and $45.2 billion in full-year revenue, up 16 percent year-over-year; full-year 2026 guidance is $50.7B–$51.7B (12 to 14 percent growth) at a 31.5 percent operating margin. — Netflix 10-K (FY2025): https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm
- Netflix had approximately 16,000 full-time employees as of December 31, 2025; about 10,900 (68 percent) located in the U.S. and Canada. — Netflix 10-K (FY2025): https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm
- Netflix Ads Suite went live in the U.S. in April 2025, replacing Microsoft as the primary ad-serving backbone; Microsoft remains a programmatic partner alongside The Trade Desk, Google DV360, Magnite, Yahoo (added June 2025), and Amazon DSP audience targeting (added March 2026). — PPC Land: https://ppc.land/netflix-q1-2026-revenue-hits-12-25b-as-ads-business-chases-3b-target/
- Reed Hastings will not stand for re-election to the Netflix board at the June 4, 2026 annual meeting, ending a founder-era governance presence that began in 1997. — Variety: https://variety.com/2026/tv/news/reed-hastings-exits-netflix-board-1236723878/
- Amy Reinhard has served as Netflix President of Advertising since October 2023, when she was promoted following Jeremi Gorman's exit. — Variety: https://variety.com/2023/digital/news/netflix-advertising-jeremi-gorman-amy-reinhard-1235743517/
- Netflix Basic with Ads launched November 3, 2022 at $6.99 per month, ending the company's longstanding no-advertising stance. — TechCrunch: https://techcrunch.com/2022/10/13/netflixs-ad-supported-tier-set-to-launch-on-november-3/
- Netflix announced on April 18, 2024 it would stop reporting quarterly subscriber numbers, effective Q1 2025. — Variety: https://variety.com/2024/digital/news/netflix-stop-reporting-subscriber-totals-apple-iphone-sales-1235976401/


## Related

- the trade desk (Programmatic DSP partner (Netflix Ads Suite)) — https://thestateofstreaming.com/companies/the-trade-desk/
- magnite (Programmatic SSP partner (Netflix Ads Suite)) — https://thestateofstreaming.com/companies/magnite/
- yahoo (Programmatic DSP partner (added June 2025)) — https://thestateofstreaming.com/companies/yahoo/
- amazon (Amazon DSP audience-targeting partner (added March 2026); also a competitor) — https://thestateofstreaming.com/companies/amazon/
- microsoft (Original ad-tech partner (2022 launch); now programmatic partner only) — https://thestateofstreaming.com/companies/microsoft/
- alphabet inc (Google DV360 programmatic partner) — https://thestateofstreaming.com/companies/alphabet-inc/
- paramount skydance corporation (Paid Netflix a $2.8B termination fee on behalf of WBD in Q1 2026) — https://thestateofstreaming.com/companies/paramount-skydance-corporation/
- warner bros discovery (Counterparty to the unwound February 2026 Netflix–WBD merger) — https://thestateofstreaming.com/companies/warner-bros-discovery/
- ted sarandos (Co-CEO) — https://thestateofstreaming.com/people/ted-sarandos/
- greg peters (Co-CEO) — https://thestateofstreaming.com/people/greg-peters/
- reed hastings (Co-founder) — https://thestateofstreaming.com/people/reed-hastings/


## External coverage

- Netflix: Netflix Investor Relations — Quarterly Earnings (https://ir.netflix.net/financials/quarterly-earnings/default.aspx)
- Netflix: Netflix Investor Relations — SEC Filings (https://ir.netflix.net/financials/sec-filings/default.aspx)
- 2026-04-16 — Netflix Investor Relations: Q1 2026 Shareholder Letter (PDF) (https://s22.q4cdn.com/959853165/files/doc_financials/2026/q1/FINAL-Q1-26-Shareholder-Letter.pdf)
- 2026-01-23 — U.S. Securities and Exchange Commission: Netflix 10-K Annual Report (FY2025) (https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm)
- 2026-04-22 — U.S. Securities and Exchange Commission: Netflix 8-K — $25B Share Repurchase Authorization (https://www.sec.gov/Archives/edgar/data/1065280/000106528026000139/nflx-20260422.htm)
- 2026-04-16 — The Motley Fool: Netflix Q1 2026 Earnings Call Transcript (https://www.fool.com/earnings/call-transcripts/2026/04/16/netflix-nflx-q1-2026-earnings-call-transcript/)
- 2026-04-16 — Variety: Netflix Earnings Q1 2026 Revenue Up 16%, Beating Expectations (https://variety.com/2026/tv/news/netflix-earnings-q1-2026-1236723851/)
- 2026-04-16 — Variety: Reed Hastings to Exit Netflix Board at June 2026 Annual Meeting (https://variety.com/2026/tv/news/reed-hastings-exits-netflix-board-1236723878/)
- 2026-04-16 — Adweek: Netflix Ad Revenue: $3 Billion in 2026, New Ad Products (https://www.adweek.com/convergent-tv/netflix-ad-revenue-3-billion-in-2026-new-ad-products/)
- 2026-04-24 — StreamTV Insider (Alan Wolk / TVREV column): Wolk's Week in Review — Will Netflix's Shaky Ad Business Be Reed Hastings's Legacy? (https://www.streamtvinsider.com/advertising/wolks-week-review-will-netflixs-shaky-ad-business-be-reed-hastings-legacy-youtube-wont)

## Profile
Netflix is the standalone benchmark the rest of the streaming industry is priced against. The company ended 2025 with 325 million paid memberships and $45.2 billion in full-year revenue, [per its January 2026 10-K](https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm), and entered 2026 having walked away from an $83 billion deal for Warner Bros. Discovery — collecting a $2.8 billion termination fee from Paramount Skydance in the process and authorizing a $25 billion share repurchase six days after a $12.25 billion Q1 print.

The advertising business is the part of the story most relevant to this publication's audience. Co-CEO Greg Peters told analysts on the April 16, 2026 earnings call that Netflix expects roughly $3 billion in 2026 ad revenue, double 2025, with [programmatic on track to exceed 50 percent of non-live ad inventory](https://www.fool.com/earnings/call-transcripts/2026/04/16/netflix-nflx-q1-2026-earnings-call-transcript/). Netflix Ads Suite, which replaced Microsoft as the primary ad-serving backbone in April 2025, now runs against a multi-partner programmatic stack: The Trade Desk, Google DV360, Magnite, Yahoo (added June 2025), and Amazon DSP audience targeting (added March 2026), with Microsoft retained as a programmatic partner. Amy Reinhard, [Netflix's president of advertising since October 2023](https://variety.com/2023/digital/news/netflix-advertising-jeremi-gorman-amy-reinhard-1235743517/), inherits an ad business that is now structurally different from the Microsoft-only white-label of the 2022 Basic with Ads launch.

Two governance signals frame the next 12 months. Reed Hastings, co-founder and the executive who insisted Netflix would never carry advertising, [will not stand for re-election at the June 4, 2026 annual meeting](https://variety.com/2026/tv/news/reed-hastings-exits-netflix-board-1236723878/) — closing the founder era. The $25 billion buyback, signed by CFO Spencer Neumann and stacked on the December 2024 program, signals that capital return rather than M&A is the default use of excess cash after the WBD walk. The disclosure ask the sell side is now putting in writing, surfaced in [TVREV's April 24 column by Alan Wolk](https://www.streamtvinsider.com/advertising/wolks-week-review-will-netflixs-shaky-ad-business-be-reed-hastings-legacy-youtube-wont): the geographic mix behind the 60-percent ad-tier sign-up share Netflix has chosen not to publish.
## Coverage on The State of Streaming
- [Disney Folds Streaming Data Under the Ad Platform Before the Upfront](https://thestateofstreaming.com/platforms/2026/05/disney-exec-reorg-arora-1000-layoffs-leadership/) — 2026-05-03
- [The 1961 NFL Antitrust Shield Meets a 2026 Streaming Model](https://thestateofstreaming.com/policy-regulation/2026/05/doj-nfl-streaming-antitrust-fox-sinclair-sba/) — 2026-05-03
- [Netflix's Amazon and Yahoo Targeting Layers Go Live for May 14](https://thestateofstreaming.com/advertising-adtech/2026/05/netflix-amazon-yahoo-q2-targeting-upfronts/) — 2026-05-03
- [Netflix Bolts a Discovery Feed Onto Itself, and the Ad-Load Math Comes With It](https://thestateofstreaming.com/content-programming/2026/05/netflix-clips-vertical-video-discovery-war/) — 2026-05-03
- [MLB's 2026 Schedule Spreads Across Six Platforms — and Resets Rights Math](https://thestateofstreaming.com/content-programming/2026/04/mlb-2026-six-platform-rights-fragmentation-2/) — 2026-04-27
- [MLB's 2026 Schedule Spreads Across Six Platforms — and Resets Rights Math](https://thestateofstreaming.com/content-programming/2026/04/mlb-2026-six-platform-rights-fragmentation/) — 2026-04-27
- [Peacock Premium Plus Heads to The Roku Channel as Comcast Sells Q2 Inflection](https://thestateofstreaming.com/platforms/2026/04/comcast-q1-peacock-inflection-followups/) — 2026-04-26
- [Carr's FCC Pressed Streaming on Three Fronts in 10 Days](https://thestateofstreaming.com/policy-regulation/2026/04/fcc-carr-streaming-jurisdiction-pressure/) — 2026-04-26
- [Paramount Skydance Pays Ellison and Outgoing President $124M as WBD Holders Reject Zaslav Parachute](https://thestateofstreaming.com/business-deals/2026/04/wbd-paramount-merger-followups/) — 2026-04-26
- [Magnite Q1 Guidance Puts CTV Above 50% for the First Time](https://thestateofstreaming.com/advertising-adtech/2026/04/magnite-q1-2026-ctv-crossover-preview/) — 2026-04-25
- [Netflix Authorizes $25B Buyback After $5.09B FCF Quarter](https://thestateofstreaming.com/platforms/2026/04/netflix-q1-2026-buyback-ad-tier/) — 2026-04-25
- [WBD Shareholders Approve Paramount Merger 99% to 1%](https://thestateofstreaming.com/business-deals/2026/04/wbd-paramount-shareholder-vote/) — 2026-04-25

## Tags

- streaming
- svod
- avod
- programmatic-ctv
- public-company
- nasdaq
- ad-supported

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