We're offering a 2-week trial of WrapPRO for $1. If you’ve been wanting to check out our full coverage, now’s the time. Greetings!The long fourth-quarter earnings season is finally behind us, which means it's a good time to take stock of how the streaming services stacked up over the last three months of 2025. Our Lucas Manfredi tallied winners and losers during a stretch when much of the industry was fixated on the M&A battle between Netflix and Paramount and uncovered a basic reality: Netflix is winning. Paramount may have beaten Netflix for Warner Bros. Discovery, but Netflix came out ahead when it came to profits, subscribers and almost every financial metric you can name. The results further illustrate why Paramount was desperate to buy WBD, and why Netflix remains the envy of the industry. Netflix, which doesn't normally disclose its subscriber information, did share its total base this time and it remains far and away the leader with 325 million subscribers. That's more than double the 132 million subscribers each that Disney+ and Warner Bros. Discovery have. Paramount lags even further behind with just 79 million subscribers. The combination of WBD and Paramount would, on paper, create a service that would be closer to Netflix's industry-leading base, although the true number is difficult to determine since there's overlap with customers subscribing to both services, which Antenna estimated at 7.6 million. Paramount CEO David Ellison said he plans to combine the two into a single service. One troubling trend continues to play out: Fewer disclosures by the streamers. As the companies prioritize profits over customer growth, they've pulled back on disclosing key metrics like subscriber numbers and average revenue per users. You're even starting to see it in other industries, like T-Mobile ceasing to share its subscriber net additions. Among the streamers, Netflix kicked this trend off at the end of 2024. Other players like Disney and just this quarter, Starz, have followed suit, while Amazon and Apple have not ever shared their numbers. That all means tabulating how these companies stack up will be harder over time, but that doesn't mean we won't keep trying. Roger Cheng 
When it comes to profits, Netflix again runs away from the pack, generating $2.4 billion in the period, well ahead of Disney and WBD... 
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