Jun 2026 (Q2 FY26) — Jul 16, 2026
Netflix Q2 FY26 — AI-Enhanced Production and Gaming Growth Drive Future Value
Read the full callNetflix (NFLX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Subscription streaming entertainment company expanding into advertising, gaming, live sports and podcasts.
Netflix earnings: last reported Thu, 16 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,560 | +13.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 33.4 | −0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3,401 | +8.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 14 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Publish the engagement report twice a year on the earnings release date | twice a year, same day as earnings, starting July 2025 | Dec 2024 | view hours grew 2% in the first half of 2026. That's an incremental 1.5 billion hours relative to the same period last year | Achieved |
| Roll out interactive video ad formats globally | globally by Q2 2026 | Dec 2025 | no mention of interactive video ad formats on the call despite a dedicated ads monetisation question | Ghosted |
| Full-year revenue growth | 12% to 14% (about $51 billion, up 14%) | Dec 2025 | We expect to deliver another strong year with... 13% to 14% top line growth for the full year. That's roughly 12% FX neutral | Revised Up |
5 of NETFLIX INC's 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Tracking to full-year 2026 financial plan with 13% to 14% top-line growth (12% FX neutral) and $6 billion incremental revenue year-over-year.
- Cloud-based TV games saw monthly active players increase 11x since October, with FIFA and Unhinged becoming the two most successful cloud games.
- Netflix Playground (kids games app) experienced 3x growth in daily players since launch, driving 600% year-over-year engagement in kids mobile games.
- Gen AI workflows used in ~300 titles, producing 17 minutes of AI-enhanced footage for 'American Experiment' twice as fast and at half the cost.
- Q2 share repurchases totaled $4.7 billion, the largest in company history, with $27 billion remaining authorization.
Qualified
- FX-neutral revenue growth is projected to slow from 12% year-over-year in Q2 to 11% year-over-year in Q3, attributed to prior year's back-half weighting.
Price
$69.85 −0.96% · −$0.68
Performance −41.8% 1Y
1Y: $119.94 on 17 Oct 2025 → $69.85. High $124.14 (21 Oct 2025), low $67.06 (2 Oct 2026).
- Previous close
- $70.53
- 52-week range
- $67.06 – $124.14
- One year
- −43.61%
Overview
- Symbol
- NFLX
- Sector
- Communication Services
- Exchange
- US
- Currency
- USD
What Netflix does
Based on the company's own presentations, annual report and earnings calls.
Netflix operates a global subscription video-streaming service offering film and TV content, with an advertising-supported membership tier alongside its standard plans. It is building out adjacent lines of business including a dedicated kids' gaming app, licensed and owned podcasts, and live sporting events (e.g. the World Baseball Classic, CONCACAF match rights in Mexico) delivered through the same platform.
Segments
- Subscription streaming
- Advertising
- Gaming
- Live events & sports
- Podcasting
- Paid streaming members
- 325 million+ (FY25 year-end)
- Advertiser base
- 4,000+ advertisers (2025)
- Addressable household penetration
- under 45% of an estimated 800 million global addressable households
- Global TV view share
- ~5%
- Live sports rights portfolio
- World Baseball Classic broadcast; multi-year CONCACAF rights (Mexico)
- Gaming strategy tenure
- 5th year of investment
Guidance
What management said, and what became of it
9 of 14 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Publish the engagement report twice a year on the earnings release date | twice a year, same day as earnings, starting July 2025 | Dec 2024 | view hours grew 2% in the first half of 2026. That's an incremental 1.5 billion hours relative to the same period last year | Achieved |
| Roll out interactive video ad formats globally | globally by Q2 2026 | Dec 2025 | no mention of interactive video ad formats on the call despite a dedicated ads monetisation question | Ghosted |
| Full-year revenue growth | 12% to 14% (about $51 billion, up 14%) | Dec 2025 | We expect to deliver another strong year with... 13% to 14% top line growth for the full year. That's roughly 12% FX neutral | Revised Up |
Claimed
- Tracking to full-year 2026 financial plan with 13% to 14% top-line growth (12% FX neutral) and $6 billion incremental revenue year-over-year.
- Cloud-based TV games saw monthly active players increase 11x since October, with FIFA and Unhinged becoming the two most successful cloud games.
- Netflix Playground (kids games app) experienced 3x growth in daily players since launch, driving 600% year-over-year engagement in kids mobile games.
- Gen AI workflows used in ~300 titles, producing 17 minutes of AI-enhanced footage for 'American Experiment' twice as fast and at half the cost.
- Q2 share repurchases totaled $4.7 billion, the largest in company history, with $27 billion remaining authorization.
Qualified
- FX-neutral revenue growth is projected to slow from 12% year-over-year in Q2 to 11% year-over-year in Q3, attributed to prior year's back-half weighting.
The full ledger
Open NETFLIX INC’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 16, 2026
Netflix Q1 FY26 — Strong Growth Outlook Maintained Amidst Ad Business Expansion
Read the full callEvery analysed call
Netflix earnings calls (NFLX)
Financials
What the filings say
Net profit, year on year: +9% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,825 | 10,247 | 10,543 | 11,079 | 11,510 | 12,051 | 12,250 | 12,560 |
| Operating profit | 2,909 | 2,273 | 3,347 | 3,775 | 3,248 | 2,957 | 3,957 | 4,193 |
| Operating margin | 29.6% | 22.2% | 31.8% | 34.1% | 28.2% | 24.5% | 32.3% | 33.4% |
| Other income | -22 | 54 | 51 | 40 | 36 | 45 | 2,852 | 52 |
| Interest | 185 | 193 | 184 | 183 | 175 | 234 | 262 | 176 |
| Profit before tax | 2,703 | 2,134 | 3,214 | 3,632 | 3,109 | 2,768 | 6,547 | 4,069 |
| Tax rate | 12.6% | 12.4% | 10.1% | 13.9% | 18.1% | 12.6% | 19.3% | 16.4% |
| Net profit | 2,364 | 1,869 | 2,890 | 3,125 | 2,547 | 2,419 | 5,283 | 3,401 |
| EPS ($ per share) | 5.52 | — | 0.68 | 0.74 | 6 | — | 1.25 | 0.81 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,316 | 2,794 | 3,448 | 4,025 | 4,638 | 5,145 | 6,252 | 7,286 |
| Reserves | 2,942 | 4,812 | 7,573 | 12,689 | 17,181 | 22,589 | 31,301 | 42,282 |
| Total liabilities | 20,736 | 26,394 | 28,215 | 28,735 | 27,817 | 28,144 | 28,887 | 28,982 |
| Fixed assets | 418 | 565 | 960 | 1,323 | 1,398 | 1,491 | 1,594 | 2,004 |
| Investments | — | — | — | 0 | 911 | 21 | 1,779 | 29 |
| Total assets | 25,974 | 33,976 | 39,280 | 44,585 | 48,595 | 48,732 | 53,630 | 55,597 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -2,680 | -2,887 | 2,427 | 393 | 2,026 | 7,274 | 7,361 | 10,149 |
| Cash from investing | -339 | -387 | -505 | -1,340 | -2,076 | 542 | -2,182 | 1,042 |
| Cash from financing | 4,049 | 4,506 | 1,237 | -1,150 | -664 | -5,951 | -4,074 | -10,346 |
| Net cash flow | 989 | 1,232 | 3,195 | -2,184 | -885 | 1,948 | 689 | 1,232 |
| Capital expenditure | -174 | -253 | -498 | -525 | -408 | -349 | -440 | -688 |
| Free cash flow | -2,854 | -3,140 | 1,929 | -132 | 1,619 | 6,926 | 6,922 | 9,461 |
NFLX revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +13.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- United States and Canada 43% ↓ 1 pt
- US 41%
- EMEA 32%
- Latin America 13%
- Asia Pacific 12% ↑ 1 pt
As NFLX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
288 filings between Oct 31, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$402.46M
125 sales by 8 insiders
85% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 4
- Award — granted as compensation
- 96
- Option exercise — converted options into shares
- 59
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| HASTINGS REED | — | $308.95M | Jun 1, 2026 |
| HYMAN DAVID A | — | $38.05M | Aug 4, 2026 |
| Peters Gregory K | — | $17.70M | Aug 6, 2026 |
| Neumann Spencer Adam | — | $16.95M | Aug 10, 2026 |
| SARANDOS THEODORE A | — | $14.35M | Aug 4, 2026 |
| SMITH BRADFORD L | — | $5.61M | Jun 17, 2026 |
| Willems Cletus R | — | $521.1K | Feb 10, 2026 |
| BARTON RICHARD N | — | $327.2K | Sep 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $54.2K |
| Sep 10, 2026 | BARTON RICHARD N Director | Option exercise 10b5-1 plan | 720 | $19.1K |
| Sep 9, 2026 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $54.9K |
| Sep 9, 2026 | BARTON RICHARD N Director | Option exercise 10b5-1 plan | 490 | $13.0K |
| Sep 9, 2026 | BARTON RICHARD N Director | Option exercise 10b5-1 plan | 230 | $4.6K |
| Sep 8, 2026 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $55.9K |
| Sep 8, 2026 | BARTON RICHARD N Director | Option exercise 10b5-1 plan | 720 | $14.5K |
| Aug 10, 2026 | Neumann Spencer Adam Chief Financial Officer | Sale | 9,248 | $700.9K |
| Aug 6, 2026 | Peters Gregory K Co-CEO | Sale | 27,312 | $2.01M |
| Aug 5, 2026 | BARTON RICHARD N Director | Sale 10b5-1 plan | 2,160 | $162.2K |
| Aug 5, 2026 | BARTON RICHARD N Director | Option exercise 10b5-1 plan | 2,160 | $43.4K |
| Aug 4, 2026 | SARANDOS THEODORE A Co-CEO | Sale 10b5-1 plan | 27,312 | $2.00M |
| Aug 4, 2026 | HYMAN DAVID A Chief Legal Officer | Sale | 5,723 | $416.9K |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Option exercise | 4,890 | — |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Option exercise | 8,780 | — |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Tax withheld 10b5-1 plan | 12,908 | $925.6K |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Option exercise | 3,160 | — |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Option exercise 10b5-1 plan | 14,018 | — |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Tax withheld | 7,189 | $515.5K |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Sale 10b5-1 plan | 23,959 | $1.76M |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Tax withheld | 12,908 | $925.6K |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Sale 10b5-1 plan | 81,891 | $5.97M |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Option exercise | 14,018 | — |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Tax withheld | 6,979 | $500.5K |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Option exercise | 14,440 | — |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Option exercise | 1,460 | — |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Option exercise | 1,537 | — |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Tax withheld | 1,550 | $111.2K |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Tax withheld | 717 | $51.4K |
| Aug 3, 2026 | Willems Cletus R Chief Global Affairs Officer | Tax withheld | 754 | $54.1K |
| Aug 3, 2026 | Peters Gregory K Co-CEO | Option exercise | 25,930 | — |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Option exercise 10b5-1 plan | 14,440 | — |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Tax withheld | 2,435 | $174.6K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Tax withheld | 1,464 | $105.0K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Tax withheld | 1,504 | $107.9K |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Tax withheld 10b5-1 plan | 7,189 | $515.5K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Tax withheld | 2,709 | $194.3K |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Tax withheld | 2,364 | $169.5K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Option exercise | 2,940 | — |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Tax withheld | 4,371 | $313.4K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Option exercise | 3,020 | — |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Tax withheld 10b5-1 plan | 6,979 | $500.5K |
| Aug 3, 2026 | HYMAN DAVID A Chief Legal Officer | Option exercise | 5,440 | — |
| Aug 3, 2026 | Neumann Spencer Adam Chief Financial Officer | Option exercise | 4,748 | — |
| Aug 3, 2026 | SARANDOS THEODORE A Co-CEO | Option exercise 10b5-1 plan | 25,930 | — |
| Jun 17, 2026 | SMITH BRADFORD L Director | Sale 10b5-1 plan | 13,800 | $1.08M |
| Jun 17, 2026 | SMITH BRADFORD L Director | Option exercise 10b5-1 plan | 5,330 | $62.5K |
| Jun 17, 2026 | SMITH BRADFORD L Director | Sale 10b5-1 plan | 22,190 | $1.71M |
| Jun 17, 2026 | SMITH BRADFORD L Director | Option exercise 10b5-1 plan | 6,420 | $62.5K |
| Jun 17, 2026 | SMITH BRADFORD L Director | Option exercise 10b5-1 plan | 5,070 | $62.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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