NFLX Netflix, Inc.
-

Netflix Missed Expectations, Guides Below Estimates

Thursday, July 16, 2026 · 4:05 PM ET

Netflix (NFLX) reported earnings of $0.80 per share on revenue of $12.56 billion for the second quarter ended June 2026. The consensus earnings estimate was $0.79 per share on revenue of $12.57 billion. The Earnings Whisper number was $0.84 per share. The company missed expectations by 4.76% while revenue grew 13.37% on a year-over-year basis.

The company said it expects third quarter earnings of approximately $0.82 per share on revenue of approximately $12.86 billion. The current consensus earnings estimate is $0.83 per share on revenue of $13.02 billion for the quarter ending September 30, 2026.

Netflix is the world's leading streaming entertainment service with 222 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages.

Earnings Whisper Grade —
Power Rating—
Reported Earnings
$0.80
Earnings Whisper®
$0.84
Consensus Estimate
$0.79
Earnings Surprise
Earnings Growth11.3 %
Reported Revenue
$12.56B
Revenue Estimate
$12.57B
Revenue Surprise
Revenue Growth13.4 %

Earnings Conference Call Summary

Netflix Second Quarter 2026 Earnings

Thursday, July 16, 2026 · 4:05 PM ET NFLX

  • Our financial performance remains solid and we’re on track to meet our objectives for the year:

    • Q2 revenue grew 13% year over year (+12% on a FX-neutral basis1) to $12.6B, and operating margin was 33%. Both were in-line with our guidance.


    • For 2026, we’ve narrowed our forecasted revenue range to $51.0-$51.4B and continue to forecast an operating margin of 31.5%, both consistent with our prior guidance.


  • We’re delivering increasing value to our members; engagement is healthy, reflecting the quality, quantity, and variety of our offering:

    • Harlan Coben’s I Will Find You is our most viewed new original series debut in 2026 and Swapped is on its way to becoming our second most viewed original animated film ever.


    • View hours grew +2% in H1’26 vs. +1.5% growth in 2025, despite the competitive impact of the Winter Olympics and the World Cup this year.


    • To better satisfy members, we’re continuing to expand the variety of our entertainment offering with video podcasts, creators like Danny Go! and Salish & Jordan Matter, and cloud TV games.


  • The results of our recent price changes are consistent with prior changes and our expectations.


  • We are leveraging AI to provide a more personalized, immersive and interactive experience for members, enhance ads capabilities for brands, and improve the quality of our series and films.


  • The entertainment industry remains dynamic and competitive. We aim to stay ahead by executing against our three areas of focus: delivering more entertainment value, leveraging technology to improve every aspect of our service, and improving monetization.


For the full shareholders letter, please go here.