The NFL and a record-shattering boxing match between Mike Tyson and Jake Paul helped Netflix add 19 million subscribers in its fourth quarter a new record for the company, surpassing even COVID-era highs as the streaming giant further cemented its place as the leader in the space.

Netflix now has 302 million subscribers, though going forward Wall Street will have to make its own guesses around sub growth, with the company set to stop providing quarterly updates on subscriber numbers in order to put its focus on its revenue and profit growth. It will continue to report subscriber numbers when certain milestones are hit. To that end, Netflix reported $10.2 billion in revenue, and operating income of $2.3 billion, and a margin of 22.2%.

The company says that in Q1 2025 it anticipates revenue of $10.4 billion, and operating income of $2.9 billion. The company also raised its 2025 revenue guidance by $500 million to $43.5-$44.5 billion.

The company is continuing to expand its advertising business, though it is still not quite large enough to be broken out on its own in earnings.

Key to that business is live events, and the last few months have seen a major push in that regard. The Jake Paul-Mike Tyson fight shattered streaming records, while Netflix Christmas Day NFL games delivered viewership that rivaled broadcast TV. Earlier this month Netflix began streaming live episodes of WWE Raw each week.

The company also debuted season two of its smash hit Squid Game in the quarter. The company previously added 5 million subs in Q3.

Those live events likely played a role in driving sub growth as well, if past efforts from other streaming services are any indication.

And they will play a major role going forward.

Our business remains intensely competitive with many formidable competitors across traditional entertainment and big tech, the company wrote in its quarterly letter. Were fortunate that we dont have distractions like managing declining linear networks and, with our focus and continued investment, we have good and improving product/market fit around the world. We have to continue to improve all aspects of Netflix more series and films our members love, a great product experience, increased sophistication in our plans and pricing strategy (including more advertising capabilities) and grow into new areas like live programming and games. If we do that well, we believe well have an increasingly valuable company for consumers, creators and shareholders.

Netflix also announced that going forward it will release its biannual engagement report in conjunction with its Q2 and Q4 earnings (the report details what programming its users are watching), and that its board had authorized an additional $15 billion in stock buybacks.