Netflix, Inc. · Q2 2026
ReportedJul 16, 2026
Period endedJun 30, 2026
Rule of 40+26
Consensus vs reported
EPS
BEAT +1%
$0.80
vs $0.79 expected
QoQ−35.0%
YoY+11.1%
Revenue
IN LINE
$12.56B
vs $12.59B expected
QoQ+2.5%
YoY+13.4%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $12.56B, up 13.4% year over year and 2.5% on the quarter. EPS $0.80, up 11.1% year over year and down 35.0% on the quarter. Free cash flow $1.52B, down 32.7% year over year and 70.1% on the quarter. EPS beat consensus by 1%. Rule of 40 score +26.
Reported this quarter
Revenue
$12.56B
QoQ +2.5%
YoY +13.4%
EPS
$0.80
QoQ −35.0%
YoY +11.1%
Free Cash Flow
$1.52B
QoQ −70.1%
YoY −32.7%
Gross Margin
51.9%
QoQ 0.0 pp
YoY 0.0 pp
FCF Margin
12.1%
QoQ −29.4 pp
YoY −8.3 pp
P/E Ratio
22.4
QoQ −27.7%
YoY −59.6%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The stock fell 9% on a quarter that beat on margin and EPS. Revenue of $12.56B was in line against ~$12.58–12.59B, EPS of $0.80 beat $0.79 , and operating margin of 33.4% beat a 32.6% guide by 0.8 points. Nothing on the income statement explains the move.
- What moved it was a disclosure cut, and it is the third in fifteen months. Quarterly paid-membership and ARM reporting stopped in April 2025; the engagement report went biannual; this release cut it to annual from 2027 . Each step is defensible alone and the sequence points one way.
- The deceleration is three quarters old and does not depend on trusting anybody. Revenue growth stepped 16.2% → 13.4% → 11.7% guided . That is in the reported numbers, independent of the engagement argument.
- The prior quarter's EPS was the inflated one. Q1's $1.23 carried a one-time $2.85B Warner Bros. Discovery termination fee. This quarter's $0.80 is the clean run-rate , and the free-cash-flow decline is partly the cash taxes on that same fee.
- The buyback was the largest in company history and did not hold the stock. $4.7B repurchased in the quarter with $27.1B still authorized, against a print that closed at a 52-week low.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.54 | — |
| 2024 Q4 | — | $0.42 | — |
| 2025 Q1 | — | $0.66 | — |
| 2025 Q2 | — | $0.72 | — |
| 2025 Q3 | — | $0.59 | — |
| 2025 Q4 | — | $0.56 | — |
| 2026 Q1 | — | $1.23 | — |
| 2026 Q2 | $0.79 | $0.80 | +1% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1065280.
HTML
8-K results announcement
Filed Jul 16, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
511 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 17, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure NFLX has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings