Netflix (NFLX) Q4 2025 Earnings Call: Unpacking the Latest Results and Future Forecasts

Spencer Wang Vice President of Finance, Corporate Development & Investor Relations 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 MoffettNathanson, who asked 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 9 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? Gregory Peters Co-CEO, President & Director 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 9 months, we've seen continued growth. We are now forecasting more healthy growth for the year to come, specifically organic growth. Of