## Filings that contain financial statements

- **8-K, accession 0001065280-26-000033** (filed January 20, 2026; reports Q4/full-year 2025). Exhibit 99.1 (Letter to Shareholders) contains a summary results table and full Consolidated Statements of Operations, Consolidated Balance Sheets, and Consolidated Statements of Cash Flows for the quarter and year ended December 31, 2025.
- **8-K, accession 0001065280-26-000137** (filed April 16, 2026; reports Q1 2026). Exhibit 99.1 contains the same set of full consolidated financial statements for the quarter ended March 31, 2026.
- **8-K, accession 0001065280-26-000211** (filed July 16, 2026; reports Q2 2026). Exhibit 99.1 contains the same set of full consolidated financial statements for the quarter ended June 30, 2026.

## The Warner Bros. Discovery transaction: signed, restructured, then terminated

- **December 5, 2025 (8-K, accession 0001193125-25-308651; period December 4, 2025).** Netflix, a merger subsidiary, Warner Bros. Discovery, Inc. ("WBD") and a newly formed WBD holding company entered into an Agreement and Plan of Merger under which Netflix would acquire WBD's Streaming & Studios businesses following a separation and distribution of WBD's Global Linear Networks business to WBD stockholders. Consideration was $23.25 per WBD share in cash plus Netflix stock (exchange ratio formula tied to Netflix's trading price), implying a Company Termination Fee payable by WBD to Netflix of $2.8 billion and a reverse termination fee payable by Netflix to WBD of $5.8 billion under specified circumstances. Netflix also obtained up to $59 billion of senior unsecured bridge financing commitments to fund the cash portion.
- **December 5, 2025 (8-K/A, accession 0001193125-25-309911).** Amended the December 5 filing solely to attach a previously omitted exhibit (schedule) to the merger agreement; the merger agreement filed with the amendment supersedes the original exhibit. No change to deal terms.
- **December 22, 2025 (8-K, accession 0001193125-25-327462; period December 19, 2025).** Netflix entered a $5 billion senior unsecured revolving credit agreement and a $20 billion senior unsecured delayed draw term loan credit agreement (split into $10 billion two-year and $10 billion three-year tranches), both intended to fund the WBD merger consideration; the commitments under these facilities reduced the earlier bridge commitments dollar-for-dollar to $34 billion (no amounts were drawn on either facility).
- **January 20, 2026 (8-K, accession 0001193125-26-015951; period January 19, 2026).** Netflix, WBD and related entities entered an Amended and Restated Agreement and Plan of Merger, revising the deal to an all-cash structure of $27.75 per WBD share (removing the stock component). Deal mechanics, termination fees ($2.8 billion payable by WBD, $5.8 billion payable by Netflix), and the End Date (March 4, 2027, with two possible three-month extensions) were otherwise unchanged from the original agreement. Netflix increased its bridge facility commitments from $34.0 billion to $42.2 billion to fund the now all-cash consideration.
- **February 27, 2026 (8-K, accession 0001193125-26-082247; period February 27, 2026).** WBD notified Netflix that a revised proposal from Paramount Skydance Corporation constituted a "Company Superior Proposal" under the merger agreement. Netflix waived its match-right negotiation period. WBD then terminated the amended merger agreement to enter into a definitive agreement with Paramount Skydance, and Paramount Skydance paid Netflix the $2.8 billion termination fee on WBD's behalf. As a result, Netflix's related financing commitments — the bridge commitment letter, the incremental commitments agreement, the December 2025 revolving credit agreement, and the delayed draw term loan credit agreement — all automatically terminated per their terms. The proposed Netflix–WBD acquisition did not close.

## Completed acquisition: InterPositive — unrelated to, and separate from, the terminated WBD transaction above

- **March 2026 (10-Q, accession 0001065280-26-000212; Note 6 "Acquisitions," period ended June 30, 2026).** Netflix completed an acquisition, accounted for as a business combination, for a total purchase price of approximately $587 million, consisting entirely of cash consideration; the cash flow statement shows a $585.7 million "Acquisitions" outflow in the six months ended June 30, 2026. The 10-Q does not name the target and discloses no purchase price allocation or goodwill/intangible-asset split. The target is named in the April 16, 2026 Q1 2026 results release (8-K, accession 0001065280-26-000137, Exhibit 99.1), which states that in March 2026 Netflix announced its acquisition of InterPositive, an AI-powered filmmaking technology company founded by Ben Affleck, to give Netflix's creative partners a broader set of GenAI tools; that release does not itself state a purchase price. This is a distinct, unrelated transaction from the Warner Bros. Discovery merger described above, which was terminated on February 27, 2026 and never closed — the two should not be conflated.

## Earnings and guidance

- **January 20, 2026 (8-K, accession 0001065280-26-000033; Q4/FY2025 results, furnished, not filed).** Full-year 2025 revenue of $45.2 billion (+16% year over year), operating margin of 29.5% (+3 points), ad revenue up more than 2.5x to over $1.5 billion. Q4 2025 revenue grew 18% year over year to $12.05 billion; operating income rose 30% to $3.0 billion; diluted EPS was $0.56 (split-adjusted). Paid memberships crossed 325 million during the quarter. Company issued 2026 guidance of $50.7–$51.7 billion revenue (+12%–14%), standalone for Netflix and not inclusive of any Warner Bros. Discovery revenue; the 31.5% operating margin target embedded approximately $275 million of acquisition-related expenses, and closing the Warner Bros. transaction was listed among the company's 2026 priorities. This guidance predates the February 27, 2026 termination of that transaction.
- **April 16, 2026 (8-K, accession 0001065280-26-000137; Item 2.02 and Exhibit 99.1 furnished, not filed; Item 5.02 filed).** Q1 2026 revenue grew 16% year over year (+14% FX-neutral) to $12.25 billion; operating income grew 18% to $4.0 billion (32.3% margin). Diluted EPS was $1.23, versus a forecast of $0.76, driven in part by the $2.8 billion Warner Bros. termination fee recognized in interest and other income. Full-year 2026 guidance was reaffirmed at $50.7–$51.7 billion revenue and a 31.5% operating margin. Exhibit 99.1 also disclosed that in March 2026 Netflix announced its acquisition of InterPositive, an AI-powered filmmaking technology company founded by Ben Affleck (see the separate "Completed acquisition: InterPositive" item above, sourced to the Q2 2026 10-Q, for the $587 million completed purchase price).
- **July 16, 2026 (8-K, accession 0001065280-26-000211; Q2 2026 results, furnished, not filed).** Q2 2026 revenue grew 13% year over year (+12% FX-neutral) to $12.6 billion; operating margin was 33.4%. Diluted EPS was $0.80. Full-year 2026 revenue guidance was narrowed to $51.0–$51.4 billion with operating margin guidance unchanged at 31.5%. The company disclosed it repurchased $4.7 billion of stock in the quarter, its largest quarterly buyback to date, leaving $27.1 billion of remaining repurchase authorization.

## Capital actions

- **October 30, 2025 (8-K, accession 0001065280-25-000407; period October 30, 2025).** Board approved a ten-for-one forward stock split; shareholders of record as of November 10, 2025 received nine additional shares per share held, effective after close of trading November 14, 2025, with split-adjusted trading beginning November 17, 2025.
- **November 14, 2025 (8-K, accession 0001065280-25-000450; period November 14, 2025).** Netflix filed the certificate of amendment effecting the stock split and increasing authorized common shares from approximately 4.99 billion to 49.9 billion.
- **April 23, 2026 (8-K, accession 0001065280-26-000139; period April 22, 2026).** Board authorized an additional $25 billion share repurchase program, on top of the December 2024 authorization (approximately $6.8 billion remaining as of March 31, 2026), both without expiration dates.
- **July 22, 2026 (8-K, accession 0001193125-26-312575; period July 20, 2026).** Netflix completed a registered public offering of $1 billion in principal amount of 5.250% senior unsecured notes due 2036, with proceeds intended to repay the company's outstanding 4.375% Senior Notes due 2026 at maturity and for general corporate purposes.

## Governance and management

- **October 30, 2025 (8-K, accession 0001065280-25-000408; period October 30, 2025).** Compensation Committee approved an amended and restated Executive Officer Severance Plan (effective January 1, 2026, subject to individual consent) covering co-CEOs Ted Sarandos and Greg Peters, CFO Spencer Neumann, and Chief Legal Officer David Hyman, along with related amendments to outstanding RSU/PSU award terms, including expanded "Good Reason" termination triggers and post-termination retirement vesting provisions.
- **April 10, 2026 (8-K, accession 0001065280-26-000137; Item 5.02, filed April 16, 2026).** Reed Hastings, co-founder and Chairman of the Board, informed the Company he would not stand for re-election as a director at the Company's 2026 annual meeting of stockholders. His term expired at that meeting; he continued to serve as a director and Chairman of the Board until its conclusion. The filing states the decision was not the result of any disagreement with the Company.
- **June 5, 2026 (8-K, accession 0001065280-26-000189; 2026 annual meeting results, June 4, 2026).** Stockholders elected all twelve director nominees, ratified Ernst & Young LLP as auditor, and approved the advisory say-on-pay vote; stockholder proposals on written consent, ESG ROI reporting, "politicized brand misalignment" reporting, and cumulative voting were not approved. Reed Hastings, who did not stand for re-election, served as Chairman until the conclusion of the Annual Meeting; the Board then appointed Jay Hoag as Chairman effective at that conclusion, eliminating the separate Lead Independent Director role he had held since 2012.
- **July 30, 2026 (8-K, accession 0001065280-26-000214; period July 26, 2026).** Director Anne Sweeney resigned from the Board effective July 26, 2026; the filing states the resignation was not due to any disagreement with the company.