Rachel Warren

They are really navigating a period of significant transition, and I think that's feeding a lot into investor uncertainty.

They reached a massive milestone of about 325 million global paid memberships last

year.

They added about 23 million subscribers over the course of 2025.

The ad business is growing significantly.

They're aggressively moving into live sports and events.

And of course, there's that high-stakes all-cash bidding war to acquire Warner Brothers.

So, I think, again, this is the undisputed leader in streaming.

They've got that humming core engine.

They're trading some short-term profit comfort for a bet on long-term dominance.

And that's something investors need to watch.

I really think that a lot of that goes back to just the maturity of the business.

You have to look at how a lot of the levers for growth for Netflix have really evolved over the last few years as well.

That ad business, of course, is growing rapidly, as Lou mentioned.

It's also worth noting that ad revenue in 2025 was about two and a half times more than in 2024.

It's a different lever for growth than we've seen for the business in the past.

This is a more mature company than we knew several years ago.

But I think that if you are a long-term shareholder in this business, this is a quality company, they're a leader in their respective space, they continue to be very well financially fortified.

I think that that is something that can give us a lot of confidence in where the business is going as they evolve into their next growth story.

Yeah, you're absolutely right on that.