Netflix (NFLX) Stock Hits Record High Near $1,050 as Subscriber Growth Accelerates

Netflix Inc.’s stock reached a new all-time high in late February 2026, closing at $1,048.72 on February 24 after gaining 1.82%, as the streaming giant posted blockbuster fourth-quarter and full-year 2025 results that showcased accelerating paid subscriber additions, explosive growth in its advertising-supported tier, and sustained profitability improvements.

As of February 24, 2026, Netflix (NASDAQ: NFLX) traded in a session range of $1,030.15 to $1,055.40 with volume of approximately 4.2 million shares. The shares have surged more than 65% year-to-date in 2026 following a strong 2025 close, pushing market capitalization above $450 billion for the first time. The 52-week range spans $610.20 to $1,055.40, reflecting investor confidence in Netflix’s transition to a mature, high-margin business.

The rally followed Netflix’s fourth-quarter earnings report released January 21, 2026, which delivered multiple records. The company added 18.9 million paid net subscribers in Q4—the largest quarterly gain in its history—bringing total paid memberships to 301.6 million, up 16% year-over-year. Full-year 2025 net additions reached a record 51.4 million, surpassing prior guidance and marking the strongest growth since the streaming wars began.

Revenue climbed 15.7% year-over-year to $10.25 billion in Q4, beating analyst expectations of $10.13 billion. Full-year revenue hit $39.00 billion, up 15%. Operating margin expanded to 29% in Q4 from 22% the prior year, with operating income reaching $2.97 billion. Net income rose to $2.48 billion, or $5.73 per diluted share, compared with $1.48 billion and $3.33 per share in Q4 2024.

The advertising tier drove outsized gains, with ad-supported memberships growing more than 65% sequentially in Q4 and representing a significant portion of new sign-ups in launch markets. Netflix reported that ad revenue more than doubled year-over-year in Q4, with average revenue per user in the ad tier approaching levels seen in the standard plan in some regions. Management guided for continued rapid ad-tier expansion in 2026, with plans to roll out the tier in additional countries and enhance targeting through improved data and partnerships.

CEO Ted Sarandos and co-CEO Greg Peters emphasized the success of password-sharing restrictions, now implemented in nearly every market, which contributed to both subscriber adds and revenue growth. The company also highlighted strong content performance, with hits like “Squid Game” Season 2, “Stranger Things” final season, and live events—including NFL games and WWE Raw—driving engagement. Live programming, including the upcoming Jake Paul-Mike Tyson boxing match rescheduled to early 2026, is expected to further boost viewership.

Netflix provided optimistic 2026 guidance, projecting revenue growth of 14-15% and operating margin expansion to 29-30%. The company anticipates another year of significant paid net subscriber additions, though at a moderated pace compared with 2025’s record. Free cash flow is forecast to exceed $8 billion in 2026, up from $6.9 billion in 2025, supporting continued content investment and potential share repurchases or dividends.

Wall Street responded enthusiastically. Consensus among 35-40 analysts rates NFLX a Moderate Buy to Buy, with average 12-month price targets around $1,100 to $1,150—implying 5-10% upside from current levels. High targets reach $1,300 from firms like Wedbush and Morgan Stanley, citing the advertising business’s long runway and global market penetration potential. Some analysts noted Netflix’s valuation at roughly 35 times forward earnings appears reasonable given margin expansion and cash flow strength.

Challenges include intensifying competition from Disney+, Amazon Prime Video, and emerging players, as well as content cost pressures and potential saturation in mature markets. International growth remains a focus, with Latin America, Asia-Pacific, and Europe, Middle East and Africa showing robust additions. Password-sharing crackdowns continue to yield benefits but face occasional pushback.

The next major update arrives with first-quarter 2026 earnings, expected in late April. Investors will watch subscriber trends, ad-tier penetration, content slate performance, and any refinements to full-year guidance.

Netflix has evolved from a DVD-by-mail pioneer into the dominant global streaming service, with a differentiated strategy blending originals, licensed content, live events, gaming, and advertising. Record subscriber gains, margin expansion, and a maturing ad business position it for continued outperformance in 2026, even as the streaming landscape grows more competitive. With shares at fresh highs, Netflix remains a bellwether for digital media and a core holding for growth-oriented investors.