Helena Wang

Bloomberg Audio Studios.

Hello, thank you for having me.

I guess to start off, just diving straight into their financials.

They have very strong financials.

So they do have a beat on both the top and bottom line, and that is not just for the fourth quarter, it is also for the entire year.

So overall numbers look very solid, and that is the actual organic volume coming in.

So people are actually engaging and paying for the services.

Well, I guess it really depends because for Netflix right now, they're clearly in the leader position in the streaming business.

So even compared to their closest rivalry at Disney, they have a much bigger membership base.

And they stopped reporting the numbers, but they did disclose in this earning that their membership is $325 million.

And their money ties its business almost twice as better.

And with less than 10% of the total TV viewing, there's still a huge runway for growth.

So this Warner Brothers deal, it really comes in.

So the question for 2026 is no longer whether they're going to be able to continue their growth profitably, which they have been doing.

So that's almost 100%.

So the question really coming in whether they're going to be able to integrate such a big company without sacrificing in their margins.

So that is the question that's coming in.

While their operating margin guide seems to be a little bit light for the next quarter, they've guided 31%, while the consensus was 32% to 33%.

So there is a question of whether we will be expecting its operating expense to expand further.

But I guess what my view is, they might want to guide more conservatively at the start of the year, given all the uncertainty of the Water Brother deal.