Q4 operating income rose 30% YoY, and operating margin improved to 24.5% from 22.2%
Ad revenue more than doubled YoY to over $1.5B
Free cash flow rose 38% YoY ($6.9B -> $9.5B)
Top 5 Lowlights
The stock still fell more than 4% after earnings, showing investors were not impressed overall
2026 revenue guidance looked soft
The huge Warner deal overshadowed the quarter and made investors nervous
Netflix paused stock buybacks due to pending Warner deal
Warner-related financing costs already hit results, adding worry about future expenses
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