Attention Capital | A Weekly Column by Josh Stein - Part Two: The Wrong WrapperAttention Capital | A Weekly Column by Josh Stein - Part One: The Largest Attention Allocator in the WorldThe New Reality for Cord-Cutters: Plex Overhauls Premium Tier PricingThis Week's StreamScoop Streaming TV GuideCalifornia's Streaming Ad Volume Law Upends Agency PlaybooksThe End of Loud Streaming Ads: How California's SB 576 Reshapes National MediaState of Streaming Presents: Attention Capital | A Column by Josh Stein - WWE Rights Stack (Part Two)SOS. ExclusiveAre You My Mother? Comcast Just Cut Peacock Loose - Here's Who Buys It.The Pre-Validated Screen: Streamers Trade Reality Dating for BookTok IPComcast Just Broke Up With Its Own Business Model. Here's Why Your Streaming Budget Should Care.State of Streaming Presents: Attention Capital | A Column by Josh Stein - WWE Rights Stack (Part One)This Week's StreamScoop Streaming TV GuideBeyond the Follower Count: The 'Social-to-Theatrical' Pipeline Saving the Box OfficeGaming the Front of the Line: A New State of Streaming Contributor Enters the ChatSports Teams Have Been Giving Away Their Most Valuable Asset. Kiswe Is Helping Them Take It Back.Attention Capital | A Weekly Column by Josh Stein - Part Two: The Wrong WrapperAttention Capital | A Weekly Column by Josh Stein - Part One: The Largest Attention Allocator in the WorldThe New Reality for Cord-Cutters: Plex Overhauls Premium Tier PricingThis Week's StreamScoop Streaming TV GuideCalifornia's Streaming Ad Volume Law Upends Agency PlaybooksThe End of Loud Streaming Ads: How California's SB 576 Reshapes National MediaState of Streaming Presents: Attention Capital | A Column by Josh Stein - WWE Rights Stack (Part Two)SOS. ExclusiveAre You My Mother? Comcast Just Cut Peacock Loose - Here's Who Buys It.The Pre-Validated Screen: Streamers Trade Reality Dating for BookTok IPComcast Just Broke Up With Its Own Business Model. Here's Why Your Streaming Budget Should Care.State of Streaming Presents: Attention Capital | A Column by Josh Stein - WWE Rights Stack (Part One)This Week's StreamScoop Streaming TV GuideBeyond the Follower Count: The 'Social-to-Theatrical' Pipeline Saving the Box OfficeGaming the Front of the Line: A New State of Streaming Contributor Enters the ChatSports Teams Have Been Giving Away Their Most Valuable Asset. Kiswe Is Helping Them Take It Back.
Measurement

Netflix's Growth Story Opened a New Chapter in Q4, Topping 325 Million Subs

SN
SOS. News Desk
Feb 20261 min read
Netflix's Growth Story Opened a New Chapter in Q4, Topping 325 Million Subs

Netflix topped Wall Street estimates and surpassed 325 million subscribers in Q4 2025, but investors are spooked by its massive $82.7 billion all-cash bid for Warner Bros. Discovery's assets, causing its stock to dip despite strong performance.

  • The ad engine roars: Advertising is becoming a core pillar of Netflix's business, generating over $1.5 billion in 2025—a more than 2.5x increase from the prior year. The company expects that figure to roughly double again in 2026, signaling a major payoff from its ad-supported tier.

  • Hits drive the numbers: The streamer's content strategy continues to deliver, with hits like the final season of Stranger Things driving a 9% increase in viewing of its original programming in the latter half of 2025. This dominance was on full display in December, when Netflix captured a record 9% of all U.S. television viewing time, according to Nielsen.

  • The $82.7 billion question: Still, the main event is the blockbuster bid for WBD's studio and streaming assets. In a letter to shareholders, Netflix said the move would allow it to accelerate its business strategy, but it also launches the company into a high-stakes gamble involving enormous debt, integration risks, and a tense bidding war with rival suitor Paramount Skydance.

Netflix is forecasting revenue growth of 12% to 14% for 2026 and plans to increase its content amortization by 10%. An analysis from Variety suggests that puts Netflix’s total content budget for the year at around $20 billion, showing the company is betting that spending big on content is the best way to navigate its risky acquisition strategy.

  • Also on our radar: As it pursues the massive Warner Bros. deal, Netflix is also making other moves. The company is trying to calm Hollywood fears by promising to maintain a 45-day theatrical window for WB movies.

Get the SOS. Brief

The sharpest streaming intelligence, delivered to your inbox.