As of Q4'25, Netflix's operating expenses reached their highest levels in the observed period, with R&D Expenses at USD 890.3M and SG&A Expenses at USD 1.68B. This marks a significant increase from previous quarters, highlighting a notable rise in both categories at the end of 2025. From Q1'23 to Q4'25, the chart shows a generally upward trend in both R&D and SG&A expenses, with SG&A consistently representing the larger portion of total operating costs. While R&D expenses grew steadily from USD 687.3M in Q1'23 to USD 890.3M in Q4'25, SG&A expenses exhibited more volatility, with pronounced spikes in Q4'23, Q4'24, and especially Q4'25, where they jumped to USD 1.68B. The data suggests seasonality in SG&A spending, with peaks in the fourth quarter of each year, and an overall escalation in operating expenses over the covered period.