Netflix

Netflix runs a subscription streaming service with series, films, games and live events. Members pay a monthly fee, and an ad-supported plan also earns advertising revenue. It makes its own series and films in many countries and licenses titles from other studios. Revenue was $45.2 billion in 2025, and the company expects $51.1 billion in 2026.

Its audience is close to one billion people. In November 2025, Netflix split its stock ten for one. The company is based in Los Gatos, California.

The market prices Netflix for slower growth. Revenue growth fell from 17.6% in Q4 2025 to 11.8% in Q3 2026, and the company expects 11.5% in Q4 2026. Netflix now expects 2026 advertising revenue of about $2.7 billion, below its earlier plan of about $3 billion. View hours grew only about 2% in the first half of 2026, and the company says that investors are concerned about this slow growth.

For the gap to close, three things must be true. Revenue must keep growing by about 10% or more as prices, members and ads grow. The operating margin must keep rising from the 31.5% expected for 2026. Free cash flow must keep funding large share buybacks while debt stays near its present level.

The Q4 2026 report and the 2027 forecast, expected in January 2027, give the next test. The launch of the ad plan in twelve more countries in March 2027 tests ad growth. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is that engagement stays flat, which can limit future price increases.

1. Jan 19, 2027 · est.Pending

   Q4 2026 results and 2027 forecastQ4 revenue of about $13.4 billion and a 2027 forecast with revenue growth of about 10% or more and a higher operating margin pass; a 2027 forecast with slower growth or a flat margin fails.
2. Mar 2027Pending

   Ad plan launch in twelve more countriesA launch on time in nine EMEA countries, Colombia, Peru and New Zealand passes; a delay of these launches fails.

Every passed and failed checkpoint across all picks

• October 20, 2026Netflix reported Q3 2026 results. Revenue rose 12% to $12.9 billion, and the operating margin rose to 34.6% from 28.2%. Diluted EPS was $0.87, up from $0.59. The company now expects 2026 revenue of $51.1 billion, an operating margin of 31.5% and free cash flow of about $12.0 billion. It lowered its 2026 ad revenue estimate to about $2.7 billion from about $3 billion. It bought back $4.8 billion of stock in the quarter and said that it made headcount reductions.
• July 22, 2026Netflix sold $1 billion of 5.250% senior notes due 2036. It will use the money to repay its 4.375% notes due 2026.
• July 16, 2026Netflix reported Q2 2026 results. Revenue rose 13% to $12.6 billion, and the operating margin was 33.4%. It narrowed its 2026 revenue forecast to $51.0 billion to $51.4 billion and kept its operating margin target of 31.5%. It bought back $4.7 billion of stock in the quarter.

Last earnings

October 20, 2026 (8-K on sec.gov)

Next earnings

Expected about January 19, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · nflx-20260930
• 8-KEarnings releaseFiled October 20, 2026 · nflx-20261020
• 8-KChange of directors or officersFiled July 30, 2026 · nflx-20260726
• 8-KOther company newsFiled July 22, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 17, 2026 · nflx-20260630
• 8-KEarnings releaseFiled July 16, 2026 · nflx-20260716
• 8-KShareholder vote results and Other company newsFiled June 5, 2026 · nflx-20260604
• 8-KOther company newsFiled April 23, 2026 · nflx-20260422
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 17, 2026 · nflx-20260331
• 8-KEarnings release and Change of directors or officersFiled April 16, 2026 · nflx-20260410

Every filing on SEC EDGAR (CIK 1065280)

• Many services compete for viewing time. View hours grew only about 2% in the first half of 2026. If engagement stays flat, Netflix can find it harder to raise prices and keep members.
• The ad business grows more slowly than planned. Netflix lowered its 2026 ad revenue estimate to about $2.7 billion from about $3 billion because some ad products came later than expected.
• Content costs are large and grow each year. Live sports and big series cost more, and a weak slate can raise churn.
• Netflix tried to buy a large studio in 2026. A new large purchase can add debt and costs and take management time.

Netflix has investment-grade debt and large cash flow. Gross debt was $15.3 billion and cash and cash equivalents were $8.2 billion at September 30, 2026. Read more

Netflix does not pay a dividend.

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.