Netflix Just Topped 325 Million Subscribers. Its Stock Price Sank Anyway.

Despite the streaming video giant’s strong growth in 2025, investors are wary about its 2026 spending plans — and its high-priced bid to buy Warner Bros.

Netflix (NFLX 2.15%) shared some impressive stats with investors when it announced its fourth-quarter 2025 results on Tuesday afternoon. The streaming titan has surpassed 325 million paid memberships, giving it a global audience approaching 1 billion. And those viewers watched a total of 96 billion hours of video on its platform in the second half of 2025, up 2% year over year.

Moreover, the company beat estimates for the quarter, reporting 18% revenue growth, an operating margin of 25%, and 30% growth in operating income.

Yet despite all that, following the report, Netflix shares…

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