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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&A-related costs. At the start of the year, mgmt. estimated $275mn, incl. the InterPositive acquisition and the Warner Bros. deal...

Below is Dolphin Research's Trans of the FY2025 earnings call for $Tencent Music(TME.US) and $TME-SW(01698.HK).

I. Key takeaways

0122 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced in Davos that he and NATO Sec.-Gen. Rutte reached a framework on Greenland and the Arctic, centered on access for mineral development and Arctic defense cooperation. Both parties stated that Greenland's sovereignty was not on the table. On that basis, he deferred the tariff hikes on eight European countries that were scheduled for Feb 1.