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The following is Dolphin Research's transcript of $Netflix(NFLX.US) FY26 Q1 earnings call. For our earnings take, see 'Even without Warner, it still bombed — has Netflix run out of steam?'. I. Key highlights recap follows.1) Full-year guide unchanged. For 2026, revenue growth of 12–14%, OPM at 31.5%, and ads revenue target of approx. $3bn (YoY ~2x).2) M&amp;A-related costs. At the start of the year, mgmt. estimated $275mn, incl. the InterPositive acquisition and the Warner Bros. deal...

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NFLX (Trans): FY revenue guidance already factors in potential price hikes this year

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$Netflix(NFLX.US) Q1 once again disappointed on guidance, even as the quarter beat estimates and reaffirmed management's conservative guide. Market sentiment heading into the print had run hot.Since scrapping a potential WBD acquisition, risk appetite improved. A surprise price hike in late Mar further reinforced the pricing-power thesis.Shares rallied 25% into the print, bucking the tape. This reflected hopes that NFLX would revert to the 'price hikes + cost discipline' playbook, but profit guidance suggested that while M&amp;A is off, investment will still continue.

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Integral Acquisition  1

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INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

No WBD deal, NFLX still bombed — is it out of ideas?

Today’s Key News Recap

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0302 | Dolphin Research Focus: 🐬 Macro/Industry1) Geopolitical tensions in the Middle East have flared, with US/Israel–Iran frictions escalating and risk aversion rising across global markets. As a result, international gold and silver opened broadly higher on Mon., with safe-haven assets bid. Geopolitics remains the key near-term catalyst for precious metals, as flight-to-safety inflows support gold and silver.2) With the Lunar New Year holiday and a slower spending cadence, the dual impact was evident. Feb deliveries among China EV startups were mixed...

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Haven Rush Ignites Gold & Silver; BYD to Host 'Disruptive Tech' Press Event｜Daily News Recap

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0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

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Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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0224 | Dolphin Research Focus: 🐬 Macro/Industry. Trump signaled a preference for a diplomatic deal over military action on the Iran issue. Geopolitical tensions cooled quickly, and the Geneva talks on Feb 26 remain on schedule.Gold's safe-haven premium is fading. Middle East risks still imply potential conflict. U.S. monetary policy remains the core driver of gold.AI: Leading player Anthropic will host an online livestream. Scheduled at 9:30 a.m. ET on Tue (10:30 p.m. Beijing time)...

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CTG Duty Free hits limit-down on a negative surprise; Lei Jun sets '15-5' hardcore chip push | Daily News Recap---

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

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$Netflix(NFLX.US) released 2025 Q4 results after the close on Jan 20 ET. Overall a mixed print. Combined with the planned acquisition of WBD, it sets up a clash between near-term pressure and long-term conviction.Specifically, Q4 beat: revenue and profit both topped estimates, with some noise from remaining Brazil tax liabilities deferred to 2026. Underlying growth was accelerating, driven mainly by the final season of 'Stranger Things'. However, vs. the first three quarters…

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NFLX: Will M&A Sink the Hit Factory? Time to Test Conviction

NFLX 4Q25 First Take: A mixed print, and the pending WBD deal sets up a clash between near-term pressure and long-term conviction.(1) The 'good' — Q4 beat: Core Q4 was solid, with revenue and profit accelerating QoQ, topping prior guidance and consensus. However, pricing contributed more to Q4 revenue vs. the first three quarters. Subs ended the year above 325 mn, up approx. 8% YoY. The slowdown in user growth likely underpins NFLX’s determination to acquire WBD at almost any cost, which in turn sparks worries about weakening long-term organic growth.(2) The 'bad' — muted guide: Doubts around organic momentum push investors to focus on guidance. Both 1Q26 and full-year 2026 guides are only in line with unaggressive consensus: Q1 revenue growth at 15.3%, full-year at 12–14%.OPM is guided a touch below expectations at 31.5% vs. the Street’s 32.5%, reflecting deal-related costs and remaining Brazil tax payments.(3) Ads still slow near term; potential acceleration in 2H: Management sees 2025 ad revenue above 1.5 bn. That trails the 2–3 bn range many sell-side models assume and likely weighs on topline expectations. NFLX is piloting programmatic ads in the U.S. and Canada and plans a global roll-out in 2Q26, replacing the current insertion-based model. This should broaden advertiser reach and unlock ad growth.(4) Near-term FCF pressure; potential pullback in content/buybacks: The latest on WBD is a revised agreement to an all-cash acquisition, reducing target shareholder concerns about value dilution and speeding execution, though the deal remains subject to regulatory approval. For more on deal details, cf. prior notes by Dolphin Research.NFLX expects roughly 10 bn of FCF in 2025, with only about 9 bn of net cash on hand. It also has 1 bn of short-term debt maturing within a year. Switching to all-cash requires more external funding: on top of the existing 59 bn bridge loan, NFLX added 8.2 bn, and secured total 25 bn of senior unsecured revolving credit to repay part of the bridge. The bridge now stands at 42.2 bn, and back-of-the-envelope interest cost for a year likely exceeds the potential 2–3 bn content licensing savings post-WBD. If the deal timeline extends due to disruptions, near-term FCF pressure will be meaningful. During this period, NFLX may curb near-term content spend or slow buybacks (4Q25 repurchases were 2.1 bn, with 8 bn remaining under authorization) as a hedge. $Netflix(NFLX.US)

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1211 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed cut rates by 25bps to 3.50%-3.75%, the third cut this year, in line with market expectations. It also announced $40bn of short-dated Treasury purchases over the next 30 days.Powell ruled out further hikes, saying rates are at the upper end of neutral. The message signals a shift from fighting inflation to supporting growth, even preempting a recession.🐬 Single stocks 1) $Microsoft(MSFT.US). CEO Satya Nadella made public remarks in Bengaluru, India...

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Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | Daily News Recap

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On Dec. 7, the long-running WBD sale neared the finish line as NFLX emerged as the buyer. The company agreed to acquire WBD's assets excluding cable TV for $72bn and to assume $10.7bn of WBD debt.The deal is still subject to regulatory approval due to antitrust concerns. About this acquisition...

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NFLX breaks its own rules, makes an RMB 80bn bet to become No.1 in film & TV

Wall Street Banks Launch Sale of $5 Billion and €1 Billion Loans to Warner Bros.

Spectrum TV and Warner Bros. Discovery Partner to Offer Free Ad-Supported discovery+ to Users

Warner Bros Discovery EPS Forecast Median Revised Up to -1.28 USD for 2026

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Warner Bros. Discovery Stock Limited Upside in the Near Term

Warner Bros. Discovery Reports Strong Growth in HBO Max and Announces Paramount Strikes Deal

Warner Bros. Discovery(WBD.US)

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Creator content made the main stage at TV's 'upfront' pitches — and not just for YouTube

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