NETFLIX INC 8-K

What Happened
Netflix announced its financial results for the quarter ended December 31, 2025 in a Letter to Shareholders attached to its January 20, 2026 Form 8‑K (Exhibit 99.1). The letter includes non‑GAAP financial measures and a tabular reconciliation to the GAAP equivalents. Netflix said it cannot reconcile forward‑looking non‑GAAP measures to projected GAAP results because it cannot reasonably predict the timing or amounts of certain reconciling items (e.g., property and equipment and currency impacts). The 8‑K is signed by CFO Spencer Neumann.
Separately, Warner Bros. Discovery, Inc. (WBD) filed a preliminary proxy statement on Schedule 14A on January 20, 2026 in connection with the proposed transaction between Netflix and WBD; WBD also indicated it will file a registration statement for a planned spin‑off (Discovery Global).

Key Details

• Filing date: January 20, 2026 (Form 8‑K).
• Reporting period: Quarter ended December 31, 2025 (Q4 2025).
• Exhibit 99.1: Letter to Shareholders contains non‑GAAP metrics and a GAAP reconciliation table.
• WBD filed a preliminary proxy (Schedule 14A) the same day and plans a registration statement for Discovery Global; investors are urged to read the proxy and related SEC filings.

Why It Matters
Investors receive Netflix’s official quarterly results and the accompanying non‑GAAP-to‑GAAP reconciliation, which helps assess performance using both GAAP and adjusted metrics. However, Netflix’s inability to reconcile forward‑looking non‑GAAP projections to GAAP means future non‑GAAP guidance may not be directly comparable to GAAP results. The WBD preliminary proxy filing signals that regulatory and shareholder review of the proposed Netflix–WBD transaction is underway; completion will depend on approvals and other conditions described in the proxy, so investors should review the filings for risks and timing.