Netflix stock is trading below its one-year low prices, with strong free cash flow results. NFLX is at $83.29, down over 4.6% on January 21, 2026. The company also changed its bid for Warner Bros. Discovery to an all-cash offer of $27.75 per share, valuing Warner Bros. at $82.7 billion.

Warner Bros. Discovery is trading higher at $28.55, with shareholders set to vote on the deal by April. Netflix reported strong Q4 results, with revenue up 17.5% and free cash flow up +35.9%. The company’s trailing 12-month free cash flow was $9.461 billion, up 36.7% from a year earlier.

Unusual stock options activity shows bullish sentiment, with heavy out-of-the-money call and put option activity. Buyers believe NFLX could rise over $85.69 by the end of the month, while sellers of put options are willing to buy at a net breakeven price of $69.63. This indicates investor confidence in NFLX’s current stock price.

Read more at Barchart: Netflix Is Below 1-Year Lows With Heavy Call and Put Option Activity