Q2 26 EPS
$0.80
BEAT +1.48%
Est. $0.79
Q2 26 Revenue
$12.56B
MISS 0.17%
Est. $12.58B
vs S&P Since Q2 26
-3.8%
TRAILING MARKET
NFLX +0.2% vs S&P +4.0%
Market Reaction
Did NFLX Beat Earnings? Q2 2026 Results
Netflix posted a largely in-line second quarter for fiscal 2026, delivering earnings per share of $0.80, just ahead of the $0.79 consensus estimate by 1.48%, while revenue of $12.56 billion came in fractionally below the $12.58 billion forecast but s… Read more Netflix posted a largely in-line second quarter for fiscal 2026, delivering earnings per share of $0.80, just ahead of the $0.79 consensus estimate by 1.48%, while revenue of $12.56 billion came in fractionally below the $12.58 billion forecast but still reflected 13.4% year-over-year growth. The modest EPS beat was driven in part by favorable expense timing, with content amortization growth front-loaded in the first half and expected to moderate in the back half of the year, helping the company achieve a 33.4% operating margin slightly ahead of internal targets. Operating income rose 11% to $4.19 billion, with double-digit revenue growth across all four geographic segments underscoring the breadth of the platform's global momentum. Free cash flow declined to $1.53 billion from $2.27 billion a year ago, partly reflecting higher cash tax payments, though full-year free cash flow guidance holds at approximately $12.50 billion. Looking ahead, Netflix narrowed its 2026 revenue outlook to $51.00 to $51.40 billion, implying 13% to 14% growth, with advertising revenue expected to roughly double to around $3.00 billion.
Key Takeaways
- • Membership growth, pricing actions, and increased ad revenue drove 13% YoY revenue growth
- • View hours grew 2% in H1 2026 vs 1.5% growth in 2025 despite competitive impact from Winter Olympics and World Cup
- • Double-digit revenue growth across all four geographic regions
- • Strong content slate including Harlan Coben's I Will Find You (87M views), Apex (131M views), and Swapped (137M views)
- • Recent price changes in US, Mexico, and Spain performing consistent with expectations
NFLX Forward Guidance & Outlook
Netflix narrowed its 2026 revenue forecast to $51.0–$51.4 billion, representing 13–14% growth (~12% FX neutral), with an operating margin target of 31.5%, implying 20%+ annual operating income growth. Advertising revenue is expected to roughly double to approximately $3 billion. Full-year free cash flow is expected to be approximately $12.5 billion with a cash content spend to amortization ratio of ~1.1x. Content amortization is expected to grow ~10% for full year 2026 but slower in H2. For Q3 2026, the company forecasts revenue of $12.86 billion (12% growth, 11% FX neutral), operating margin of 33.2%, net income of $3.452 billion, and diluted EPS of $0.82.
NFLX YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
NFLX Revenue by Segment
With YoY comparisons, source: SEC Filings
NFLX Revenue by Geography
With YoY comparisons, source: SEC Filings
NFLX Earnings Trends
NFLX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NFLX EPS Trend
Earnings per share: estimate vs actual
NFLX Revenue Trend
Quarterly revenue: estimate vs actual
NFLX Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.79 | $0.80 | +1.48% | $12.56B | -0.17% |
| Q1 26 MISS | $1.35 | $1.23 | -8.55% | $12.25B | +0.63% |
| Q4 25 BEAT FY | $0.55 | $0.56 | +1.43% | $12.05B | +0.70% |
| FY Full Year | $2.55 | $2.53 | -0.91% | $45.18B | +0.19% |
| Q3 25 MISS | $6.97 | $5.87 | -15.79% | $11.51B | -0.01% |
| Q2 25 BEAT | $7.06 | $7.19 | +1.89% | $11.08B | +0.40% |
| Q1 25 BEAT | $5.66 | $6.61 | +16.83% | $10.54B | +0.35% |