JustWatch Data Shows Netflix Reclaiming U.S. Streaming Crown In Q4 2025

New data from JustWatch highlights a notable shift in the U.S. streaming landscape heading into the end of 2025. Based on viewing behavior from more than 20 million monthly U.S. users, the report shows Netflix finishing the year strong and reclaiming its position as the country’s leading streaming service.

While Netflix’s return to the top marks a symbolic win for the platform, the broader data tells a more nuanced story—one where dominance is increasingly challenged and mid-tier services continue to close the gap.

Netflix Edges Out Prime Video in Q4 2025

According to JustWatch, Netflix captured 20% of the U.S. streaming market in Q4 2025, narrowly overtaking Prime Video, which finished the quarter at 19%. The shift places Netflix back in the number-one position after trailing earlier in the year.

However, despite leading the market, both Netflix and Prime Video experienced year-over-year declines in overall market share. This trend points to a growing fragmentation of viewer attention rather than a clear return to dominance by any single platform.

Mid-Tier Streamers Continue to Gain Ground

One of the most telling insights from the report is the continued rise of mid-tier streaming platforms. Disney+ and Apple TV+ emerged as two of the biggest winners of 2025, each gaining approximately +2 percentage points over the year.

Disney+ now holds 14% of the U.S. market, while Apple TV+ has climbed to 9%. Their growth reinforces a broader shift toward a more competitive SVOD ecosystem, where strong original programming and focused brand identity are increasingly rewarded.

A More Competitive Streaming Landscape

Rather than signaling a return to the “winner-takes-all” era of streaming, the JustWatch data suggests the opposite. Even as Netflix regains the top spot, its reduced margin over competitors underscores how crowded and contested the market has become.

Viewers appear more willing than ever to rotate subscriptions, chase exclusive content, and diversify their streaming habits—making sustained growth harder for even the largest platforms.

What a Netflix and Warner Bros. Deal Could Mean

The data becomes even more intriguing in light of ongoing speculation around a potential Netflix acquisition of Warner Bros. Discovery. JustWatch notes that a combined Netflix and HBO Max offering would command a staggering 33% share of the U.S. SVOD market.

Such a consolidation would instantly create an outsized streaming powerhouse, dramatically reshaping the competitive landscape. While purely hypothetical for now, the numbers illustrate why industry observers are closely watching any movement between these two companies.

The Bottom Line

Netflix’s Q4 2025 comeback may grab headlines, but the real story lies in the tightening race beneath it. With Disney+, Apple TV+, and other platforms steadily gaining ground, the U.S. streaming market is entering a new phase—one defined less by dominance and more by constant competition.