Netflix, Inc. (NFLX) Earnings
Netflix, Inc. is expected to report next earnings on July 16, 2026 (in NaN days), with a consensus EPS estimate of $0.79. NFLX has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +12.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $0.76 | $1.23 | +61.2% | $12.3B | +0.6% |
| Jan 20, 2026 | $0.55 | $0.56 | +1.4% | $12.1B | +0.7% |
| Oct 21, 2025 | $0.70 | $0.59 | -15.2% | $11.5B | +0.0% |
| Jul 17, 2025 | $0.71 | $0.72 | +1.4% | $11.1B | +0.2% |
| Apr 17, 2025 | $0.57 | $0.66 | +15.8% | $10.5B | +0.3% |
| Jan 21, 2025 | $0.42 | $0.43 | +2.4% | $10.2B | +1.4% |
| Oct 17, 2024 | $0.51 | $0.54 | +5.9% | $9.8B | -2.9% |
| Jul 18, 2024 | $0.47 | $0.49 | +4.3% | $9.6B | +0.3% |
| Apr 18, 2024 | $0.45 | $0.53 | +17.8% | $9.4B | +7.4% |
| Jan 23, 2024 | $0.22 | $0.21 | -4.5% | $8.8B | +1.3% |
| Oct 18, 2023 | $0.35 | $0.37 | +5.7% | $8.5B | +0.0% |
| Jul 19, 2023 | $0.28 | $0.33 | +17.9% | $8.2B | -1.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 16, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Gregory Peters mentioned maintaining 2026 revenue growth guidance of 12%-14% and operating margin at 31.5%, with advertising business roughly doubling to about $3B. Theodore Sarandos highlighted three big priorities: delivering more entertainment value, leveraging technology, and improving monetization. Spencer Neumann discussed Warner Brothers deal costs not materially impacting operating margin outlook. Gregory Peters talked about engagement metrics with view hours up and member quality metric at all-time high. Theodore Sarandos shared on World Baseball Classic viewership and sports/live event opportunities. He also spoke on podcasting strategy with incremental engagement, gaming learnings and investment areas. Gregory Peters discussed advertiser base growth, programmatic ad share, and pricing decisions. Theodore Sarandos talked on content competitive landscape and AI approach in creative process.
Guidance
Maintaining 2026 revenue growth guidance of 12%-14% and operating margin at 31.5%. Advertising business is expected to roughly double to about $3B. Initial full-year guidance factors in pricing adjustments expected throughout the year.
Analyst Q&A
Q: Can you speak to your full-year margin guidance and how it compares to prior guidance? With the Warner Brothers deal costs and beyond content spending, where else are you accelerating investment in 2026?
A: Gregory Peters said maintaining 12%-14% revenue growth and 31.5% operating margin guidance, advertising business to double to ~$3B. Theodore Sarandos mentioned three priorities. Spencer Neumann discussed Warner Brothers deal costs not materially impacting margin outlook.
Q: What have been your biggest learnings from the Warner Brothers experience, and does it in any way change your appetite for M&A or capital structure going forward?
A: Theodore Sarandos said WB deal was nice-to-have, learned about deal execution, tested investment discipline, and M&A remains a tool with discipline.
Q: Last quarter, you shared that your primary quality metric for engagement achieved an all-time high in 2025. How is this metric performing so far in 2026? What are some examples of the data points that inform your measurement of quality?
A: Gregory Peters said view hours up, member quality metric at all-time high, and live content has different value.
Q: Nielsen adjusted their methodology—the end result was lower streaming viewership and higher broadcast and cable viewership, albeit the trendlines were similar. The base of Netflix, Inc. viewership will be lower but also have more room to take share. How do you think about the coming impact, especially on your advertising revenue?
A: Gregory Peters said Nielsen methodology change doesn't change ad effectiveness, still expect $3B ad revenue.
Q: Any details you can share about the World Baseball Classic viewership? Are there other similar sports and live event opportunities that can appeal to a global audience and drive engagement?
A: Theodore Sarandos said WBC was a hit, drove member growth, and more sports/live events to come.
Q: With the NFL in the market for new packages, do you judge ROI on live event content spending the same way as scripted content, or does adding NFL games give you the ability to drive higher CPMs and ad growth that one-off scripted shows would not deliver?
A: Theodore Sarandos said sports is part of live strategy, learnings inform discussions.
Q: Help us better understand your business model in podcasting—think he means your business strategy in podcasts.
A: Theodore Sarandos said podcasting has incremental engagement, daytime consumption and mobile indexing.
Q: Can you share more on the growth of your total advertiser base? What proportion of advertisers are being serviced directly by the Netflix, Inc. sales team, and what proportion are buying on Netflix, Inc. through third-party DSP partners? Are you still largely focused on the top 500 brands, or is a mid-market strategy beginning to emerge?
A: Gregory Peters said advertiser base grew over 70% in 2025, focus on largest buyers, programmatic share to increase.
Q: What informed your decision to raise subscription prices in the United States recently? What are your early observations regarding the impact on customer acquisition and churn in the region?
A: Gregory Peters said pricing change informed by member signals, early signals in line with expectations.
Q: You are in your fifth year of the gaming strategy. What have been the key learnings? How do platform games change user consumption habits? What are the most interesting areas to invest behind gaming in the coming years?
A: Gregory Peters said gaming has market opportunity, learnings on acquisition and discovery, investment in various areas.
Q: The recent announcement of Netflix, Inc. Playground is seemingly one of your biggest moves into video games to date. Would you help us understand how you will measure success with Playground and the incremental value you expect for your broader subscriber base? Maybe start by explaining what Netflix, Inc. Playground is.
A: Gregory Peters said Playground is a kids' games app with dedicated experience, measured by engagement.
Q: Entering 2026, how would you characterize the current competitive landscape for content? Are you seeing any differences in competitive intensity by geography, language, or format?
A: Theodore Sarandos said competition is normal, landed competitive projects, repeat business is sign of success.
Q: How does the company’s approach to the role AI can play in the creative process continue to evolve? With the announced acquisition of Interpositive, can you discuss the decision around that deal measured against your broader strategy?
A: Theodore Sarandos said AI helps content, Interpositive acquisition accelerates GenAI capability. Gregory Peters added on data, member experience, and advertising AI use.
Q: You have talked publicly that Reed Hastings preferred to build versus buy. Was Netflix, Inc.’s decision to pursue Warner Brothers a key factor in his timing of leaving the Netflix, Inc. board this year?
A: Theodore Sarandos said no, board unanimously supported the deal.
Q: Reed’s decision to not stand for reelection at our upcoming annual meeting: You have talked publicly that Reed Hastings preferred to build versus buy. Was Netflix, Inc.’s decision to pursue Warner Brothers a key factor in his timing of leaving the Netflix, Inc. board this year?
A: Theodore Sarandos said no. Gregory Peters and Spencer Neumann also spoke on Reed's departure.