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Netflix (NASDAQ: NFLX) have surged on the back of incredible business growth and increased confidence in the company's long-term investment thesis. This investor optimism has made the stock a Wall Street darling, putting shares well beyond $1,000 -- a level that makes a stock split sensible. To this end, the company recently announced it is splitting its stock 10-for-1.The streaming service company says the split is about accessibility, especially for employees who participate in the company's stock option program. Still, it's a seminal moment for the stock and shareholders -- especially considering the roller coaster shareholders have been on in recent years. Capturing the stock's wild volatility during this period, shares traded at levels below $200 as recently as 2022 -- a far cry from today's levels.With shares set to begin trading on a split-adjusted basis tomorrow, it's a good time to look at the stock. Is it a buy, even after the split?Image source: Netflix.Driven by a combination of price hikes, membership growth, and increased advertising revenue, Netflix's third-quarter revenue rose 17.2% year over year -- an uptick from 15.9% growth in the second quarter and above the company's 15.7% top-line growth in 2024. Management also guided to another 17% increase for the fourth quarter, which implies the reacceleration is holding into year's end.Key to the company's growth story is its advertising business. While this part of Netflix's operation is less than three years old and is still small relative to its subscription business, it is scaling fast."We have a solid foundation and are increasingly confident in the outlook for our ads business," management said in the company's third-quarter update. "We are now on track to more than double our ads revenue in 2025..."That matters because ads can widen Netflix's growth runway without relying solely on new subscribers and price hikes. And because advertising economics can be attractive, the fast-growing business will likely bolster profits meaningfully over time.Even before the advertising business becomes a substantial portion of overall revenue, Netflix's core business is already driving operating margin expansion. The company's 2024 operating margin was 27%, up from 16% in 2023. 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