Netflix
What matters nowUpdated 5 h ago
- The latest development is Disney's October 2, 2026 non-exclusive licence of Ice Age films, the first two seasons of Percy Jackson and the Olympians and Will Trent to Netflix, with Ice Age and Percy Jackson available from October 4 on three-month windows and Will Trent from November 3 1. The titles stay on Disney+ and Hulu.
- NFLX fell to a 52-week low of $65.08 on July 17 after its third-quarter revenue guide came in below the Street, and the move series records an 8.55% drop for July 16 2. On September 18 the shares fell 4.75% after Wells Fargo downgraded the stock to Underweight and cut its target to $57 from $80 3. The pooled 24/7 venue price is $71.12, up 0.45% against the previous close of $70.80.
- Trailing 12-month revenue is $48.4B, up 16.0% year on year, and Q2 2026 revenue rose 13% to $12.56B 4. Trailing operating margin is 29.7% and trailing free cash flow is $11.2B. At a $296.1B market cap the stock trades on 6.1 times sales, 20.5 times EV/EBITDA and a 3.8% free-cash-flow yield. Insiders sold 1.08M shares worth $93.3M over the last 180 days in 16 sales and bought none.
- Netflix said its 2026 US upfront ad commitments nearly doubled and its Ads Suite received the first Media Rating Council accreditation for US in-stream video 5. The company is targeting about $3B of advertising revenue in 2026, roughly double 2025. It will also move its viewing report to once a year from Q1 2027 6, which investors read as less engagement data between earnings.
- Q3 2026 earnings and the Q4 outlook are confirmed for October 20, 2026. Polymarket odds give an 81.5% chance of no Fed rate change after the October 2026 meeting and 17.5% for a 25 bp increase. The September CPI print is due on October 14, 2026.
TheWrap · Oct 2
The Motley Fool · Jul 17
TheStreet Pro · Sep 18
SEC EDGAR · Jul 16
Netflix newsroom: Netflix Gets Closer and Closes 2026 US Upfront · Aug 10
Netflix newsroom: What We Watched, the First Half of 2026 · Jul 16
Netflix runs the largest paid subscription streaming service for TV series, films, live events and games. Its FY2025 revenue was $45.18B (+16%) and operating margin 29.5%. Revenue is split across four regions (UCAN, EMEA, LATAM, APAC) and it reports one operating segment. In 2026 it is growing advertising on its cheaper ad-supported plan, adding live sports such as NFL games, and building cloud-based TV games. It dropped its agreed acquisition of Warner Bros. Discovery in February 2026 after Paramount Skydance raised its offer, and WBD paid Netflix a $2.8B termination fee.
How it makes money
Netflix sells monthly memberships at several price tiers, including an ad-supported plan. Subscription revenue is the large majority of sales; advertising is the fastest-growing piece, sold directly and via programmatic DSPs through its Ads Suite. Content spending (amortization) is its largest cost, so margins move with the timing of releases and live rights. Management guides revenue and operating margin one quarter ahead and gives a full-year outlook. Buybacks return excess cash, and it refinances maturing debt.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Streaming membership
Core business. Q2 2026 revenue rose 13% to $12.56B; FY2026 guidance is $51.0–51.4B.
Next: Q3 2026 results and Q4 guidance · 2026-10-20
Advertising (ad-supported tier and Ads Suite)
Targeting about $3B of ad revenue in 2026, roughly double 2025. Ad-tier reach claimed at 250M+ monthly viewers.
Next: Full-year advertising revenue target of about $3B · 2026-12-31
NFL on Netflix
Under a four-year NFL extension through 2029-30, Netflix streams Week 1, Thanksgiving Eve, one Christmas Day game and Week 18 each season.
Next: Thanksgiving Eve NFL game on Netflix · 2026-11-25
Live events and WWE
Weekly WWE Raw on Monday nights plus one-off live events such as boxing and tennis in 2026.
Latest newsAll news →
Disney licenses Ice Age, Percy Jackson and Will Trent titles to Netflix on a non-exclusive basis
Disney and Netflix announced a non-exclusive licensing agreement on October 2, 2026.
Wells Fargo downgrades Netflix to Underweight, cuts target to $57 from $80
Wells Fargo moved Netflix from Equal Weight to Underweight on September 18, 2026, and cut its price target to $57 from $80.
Netflix sets Q3 2026 results for Oct 20, with interview at 1:45 p.m. PT
Netflix announced on September 14 that it will post third-quarter 2026 results and its business outlook on its investor relations site on Tuesday, October 20, 2026, at about 1:01 p.m.
Netflix raises UK prices; Standard with ads up 33% to £7.99
Netflix raised prices in the UK, effective early September 2026.
Netflix says 2026 US upfront ad commitments nearly doubled; Ads Suite gets MRC accreditation
Netflix said it closed its 2026 US upfront with deals across all major agency partners and that its ad commitments nearly doubled, in line with its plan.
Co-CEO Greg Peters sold 27,312 Netflix shares at $73.54 on Aug 6
Co-CEO Gregory Peters sold 27,312 shares of Netflix common stock on August 6, 2026 at a weighted average price of $73.54, about $2.0 million.
Products & businesses
Streaming membership
Core business. Q2 2026 revenue rose 13% to $12.56B; FY2026 guidance is $51.0–51.4B.
Next: Q3 2026 results and Q4 guidance · 2026-10-20
Advertising (ad-supported tier and Ads Suite)
Targeting about $3B of ad revenue in 2026, roughly double 2025. Ad-tier reach claimed at 250M+ monthly viewers.
Next: Full-year advertising revenue target of about $3B · 2026-12-31
NFL on Netflix
Under a four-year NFL extension through 2029-30, Netflix streams Week 1, Thanksgiving Eve, one Christmas Day game and Week 18 each season.
Next: Thanksgiving Eve NFL game on Netflix · 2026-11-25
Live events and WWE
Weekly WWE Raw on Monday nights plus one-off live events such as boxing and tennis in 2026.
Games (cloud-first TV games)
Cloud-first TV games; party titles launched in fall 2025. Management describes games as an engagement tool, not a revenue driver.
What it's building next
FIFA Women's World Cup 2027 (US and Canada)
Netflix holds exclusive US and Canadian rights to the 2027 tournament, which runs in June-July 2027 (outside the catalyst window).
Next: 2027 FIFA Women's World Cup tournament on Netflix · 2027
Netflix House (consumer experiences)
Physical venues tied to Netflix titles; a Las Vegas location was targeted for later in 2027 in an August 2025 announcement.
Next: Las Vegas Netflix House opening (targeted) · 2027
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| United States and Canada (UCAN) Netflix's largest region by revenue, covering the US and Canada. | $19.96B | 44.2% | |
| Europe, Middle East and Africa (EMEA) Second-largest region; covers Europe, the Middle East and Africa. | $14.51B | 32.1% | |
| Latin America (LATAM) Mexico, Central and South America. | $5.36B | 11.9% | |
| Asia-Pacific (APAC) Japan, South Korea, India, Australia and the rest of Asia-Pacific. | $5.35B | 11.8% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.37B | $12.56B +13% | $12.25B +16% | $12.05Bd +18% | $11.51B +17% | $11.08B +16% | $10.54B +13% | $10.25Bd +16% | $9.82B +15% |
| Gross profit | $23.76B | $6.52Bd +13% | $6.36Bd +20% | $5.53Bd +23% | $5.35Bd +14% | $5.75Bd +31% | $5.28Bd +20% | $4.48Bd +27% | $4.70Bd +30% |
| Operating income | $14.35B | $4.19B +11% | $3.96B +18% | $2.96Bd +30% | $3.25B +12% | $3.77B +45% | $3.35B +27% | $2.27Bd +52% | $2.91B +52% |
| Net income | $13.65B | $3.40B +9% | $5.28B +83% | $2.42Bd +29% | $2.55B +8% | $3.13B +46% | $2.89B +24% | $1.87Bd +99% | $2.36B +41% |
| EPS (diluted) | $-9.24 | $0.80 +11% | $1.23 +86% | $-17.14d | $5.87 +9% | $0.72 -85% | $0.66 -88% | $-13.58d | $5.40 +45% |
| Operating cash flow | $11.97B | $1.74B -28% | $5.29B +90% | $2.11Bd +37% | $2.83B +22% | $2.42B +88% | $2.79B +26% | $1.54Bd -8% | $2.32B +17% |
| Capital expenditure | $818.8M | $218.6M +40% | $196.1M +53% | $239.3Md +51% | $164.7M +30% | $155.9M +99% | $128.3M +69% | $158.7Md +94% | $126.9M +22% |
| Share buybacks | $9.92B | $4.71B +185% | $1.27B -64% | $2.08Bd +116% | $1.86B +9% | $1.65B +3% | $3.54B +77% | $963.7Md -61% | $1.70B -32% |
| Cash & equivalents | $9.10B | $9.10B | $12.26B | $9.03B | $9.29B | $8.18B | $7.20B | $7.80B | $7.46B |
| Total debt | $14.31B | $14.31Bd | $14.36Bd | $14.46Bd | $14.46Bd | $14.45Bd | $15.02Bd | $15.58Bd | $15.98Bd |
| Shares outstanding | 4.16B | 4.16B | 4.21B | 4.22B | 423.7M | 424.9M | 425.7M | 4.28B | 427.5M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $45.18B +16% | $39.00B +16% | $33.72B +7% | $31.62B |
| Cost of revenue | $23.28B +11% | $21.04B +7% | $19.72B +3% | $19.17B |
| Gross profit | $21.91Bd +22% | $17.96Bd +28% | $14.01Bd +13% | $12.45Bd |
| Research & development | $3.39B +16% | $2.93B +9% | $2.68B -1% | $2.71B |
| Operating income | $13.33B +28% | $10.42B +50% | $6.95B +23% | $5.63B |
| EBIT | $13.33B +28% | $10.42B +50% | $6.95B +23% | $5.63B |
| Depreciation & amortization | $333.4M +1% | $328.9M -8% | $356.9M +6% | $336.7M |
| Interest expense | $776.5M +8% | $718.7M +3% | $699.8M -1% | $706.2M |
| Income tax | $1.74B +39% | $1.25B +57% | $797.4M +3% | $772.0M |
| Net income | $10.98B +26% | $8.71B +61% | $5.41B +20% | $4.49B |
| EPS (diluted) | $2.53 +28% | $1.98 +65% | $1.20 -88% | $9.95 |
| Diluted shares (weighted) | 4.34B | 4.39B | 4.49B | 451.3M |
| Operating cash flow | $10.15B +38% | $7.36B +1% | $7.27B +259% | $2.03B |
| Capital expenditure | $688.2M +57% | $439.5M +26% | $348.6M -15% | $407.7M |
| Share buybacks | $9.13B +46% | $6.26B +4% | $6.05B | $0 |
| Cash & equivalents | $9.03B | $7.80B | $7.12B | $5.15B |
| Long-term debt (incl. current portion) | $13.46B | $13.80B | $14.14B | $14.35B |
| Total debt | $14.46Bd | $15.58Bd | $14.54Bd | $14.35Bd |
| Total assets | $55.60B | $53.63B | $48.73B | $48.59B |
| Total liabilities | $28.98B | $28.89B | $28.14B | $27.82B |
| Shareholders' equity | $26.62B | $24.74B | $20.59B | $20.78B |
| Shares outstanding | 4.22B | 4.28B | 432.8M | 445.3M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Disney licenses Ice Age, Percy Jackson and Will Trent titles to Netflix on a non-exclusive basis
Disney and Netflix announced a non-exclusive licensing agreement on October 2, 2026.
Wells Fargo downgrades Netflix to Underweight, cuts target to $57 from $80
Wells Fargo moved Netflix from Equal Weight to Underweight on September 18, 2026, and cut its price target to $57 from $80.
Netflix sets Q3 2026 results for Oct 20, with interview at 1:45 p.m. PT
Netflix announced on September 14 that it will post third-quarter 2026 results and its business outlook on its investor relations site on Tuesday, October 20, 2026, at about 1:01 p.m.
Netflix raises UK prices; Standard with ads up 33% to £7.99
Netflix raised prices in the UK, effective early September 2026.
Netflix says 2026 US upfront ad commitments nearly doubled; Ads Suite gets MRC accreditation
Netflix said it closed its 2026 US upfront with deals across all major agency partners and that its ad commitments nearly doubled, in line with its plan.
Co-CEO Greg Peters sold 27,312 Netflix shares at $73.54 on Aug 6
Co-CEO Gregory Peters sold 27,312 shares of Netflix common stock on August 6, 2026 at a weighted average price of $73.54, about $2.0 million.
Co-CEO Ted Sarandos sold about 133,000 Netflix shares on Aug 3-4 under a 10b5-1 plan
Co-CEO Ted Sarandos sold 81,891 shares on August 3 at a weighted average of $72.90 and 23,959 shares at $73.48, then 27,312 shares on August 4 at $73.35.
Netflix prices $1 billion of 5.25% senior notes due 2036 to repay 2026 maturity
Netflix sold $1 billion of 5.250% senior unsecured notes due 2036 in a registered offering, with the underwriting agreement dated July 20, 2026.
Netflix shares fall to a 52-week low of $65.08 after the Q3 revenue guide
Netflix shares fell sharply on Friday July 17, the session after the Q2 report, and touched a 52-week low of $65.08 intraday.
Netflix reports fiscal Q2 2026 results: revenue $12.56B, up 13% from a year earlier
Netflix filed a Form 8-K with the SEC on Jul 16, 2026, 4:03 PM ET, reporting an event dated Jul 16, 2026.
Netflix moves its viewing report to once a year, starting with Q1 2027
Netflix published its first-half 2026 What We Watched report on July 16 and said it will move from a six-month to a yearly report starting in Q1 2027.
Netflix bought back $4.7B of stock in Q2 2026, its largest quarter of repurchases
Netflix repurchased $4.71 billion of its shares in the second quarter of 2026, the largest quarterly buyback in its history.
Omnicom Media and Netflix launch AI-driven ad creative collaboration
At Cannes Lions on June 22, 2026, Omnicom Media announced it is Netflix's first data collaboration partner for AI-powered ad creative.
Jay Hoag becomes Netflix board chair; lead independent director role ends
At its June 4, 2026 annual meeting Netflix shareholders re-elected all 12 directors, including co-CEOs Greg Peters and Ted Sarandos.
NFL and Netflix extend media rights deal through the 2029-30 season
Netflix and the NFL agreed to a four-year media rights extension through the 2029-30 season.
Netflix says its ad tier reaches 250M+ monthly viewers at 2026 upfront
At its May 13, 2026 upfront, Netflix said the ad-supported plan now reaches more than 250 million global monthly active viewers, up from 190 million cited in November 2025.
Netflix board authorizes an additional $25B share buyback with no expiration
On April 22, 2026, Netflix's board authorized repurchases of an additional $25 billion of common stock, on top of the December 2024 program.
Netflix Q1 beats on revenue and EPS, but weaker Q2 guidance sends shares down over 9%
Netflix reported first-quarter 2026 revenue of $12.25B, up 16%, above the roughly $12.17B analysts expected.
Netflix completes an undisclosed $587M cash acquisition in March 2026
Netflix's first-quarter 10-Q says it completed an acquisition in March 2026 accounted for as a business combination, for a total purchase price of about $587 million in cash.
Netflix raises US prices on all plans, with ad-supported tier at $8.99
Netflix raised US subscription prices on all plans effective March 26, 2026 for new subscribers, with existing members moved over at their next billing cycle.
Warner Bros. Discovery terminates Netflix deal; Paramount pays $2.8B fee
On February 27, 2026, Warner Bros.
Netflix shares jump more than 10% after walking away from Warner Bros. bid
Netflix stock rose more than 10% on February 27, 2026, the day after the company said it would not raise its Warner Bros.
Netflix declines to match Paramount's $31 bid and exits Warner Bros. Discovery
Netflix said it would not match Paramount Skydance's $31-per-share offer for Warner Bros.
DOJ opens antitrust review of Netflix's Warner Bros. Discovery deal
The Justice Department sent Netflix a civil investigative demand on February 20, 2026 as part of its review of the proposed Warner Bros.
Netflix Q4 2025 results beat, but 2026 margin outlook of 31.5% disappoints
Netflix reported fourth-quarter 2025 revenue of $12.05B, up 18%, with operating income of $2.96B and a 24.5% margin.
Netflix reports fiscal Q3 2025 results: revenue $11.51B, up 17% from a year earlier
Netflix filed a Form 8-K with the SEC on Oct 21, 2025, 4:02 PM ET, reporting an event dated Oct 21, 2025.
SEC filings
| Oct 2, 26 | 4 | Form 4: Hoag Jay C (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Mertz Elinor (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: RICE SUSAN E (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: BARTON RICHARD N (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: MATHER ANN (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Masiyiwa Strive (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: KILGORE LESLIE J (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Dopfner Mathias (Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Karbowski Jeffrey William (Chief Accounting Officer) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: SMITH BRADFORD L (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: BARTON RICHARD N (Director) — option exercise 1,440 sh, open-market sale 1,440 sh | sec.gov ↗ |
| Sep 10, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 9, 26 | 4 | Form 4: BARTON RICHARD N (Director) — option exercise 720 sh, open-market sale 720 sh | sec.gov ↗ |
| Sep 9, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Hoag Jay C (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Karbowski Jeffrey William (Chief Accounting Officer) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: SMITH BRADFORD L (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: RICE SUSAN E (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Mertz Elinor (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: MATHER ANN (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Masiyiwa Strive (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: KILGORE LESLIE J (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Dopfner Mathias (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: BARTON RICHARD N (Director) — derivative/holdings only | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-10 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $75.27 | $54.2K |
| 2026-09-09 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $76.26 | $54.9K |
| 2026-09-08 | BARTON RICHARD N Director | Sale 10b5-1 plan | 720 | $77.60 | $55.9K |
| 2026-08-10 | Neumann Spencer Adam Chief Financial Officer | Sale | 9.2K | $75.79 | $700.9K |
| 2026-08-06 | Peters Gregory K Co-CEO, Director | Sale | 27.3K | $73.54 | $2.0M |
| 2026-08-05 | BARTON RICHARD N Director | Sale 10b5-1 plan | 2.2K | $75.10 | $162.2K |
| 2026-08-04 | SARANDOS THEODORE A Co-CEO, Director | Sale 10b5-1 plan | 27.3K | $73.35 | $2.0M |
| 2026-08-04 | HYMAN DAVID A Chief Legal Officer | Sale | 5.7K | $72.85 | $416.9K |
| 2026-08-03 | SARANDOS THEODORE A Co-CEO, Director | Sale 10b5-1 plan | 105.8K | $73.03 | $7.7M |
| 2026-06-17 | SMITH BRADFORD L Director | Sale 10b5-1 plan | 36.0K | $77.52 | $2.8M |
| 2026-06-01 | HASTINGS REED Director | Sale 10b5-1 plan | 386.7K | $85.97 | $33.2M |
| 2026-05-07 | Neumann Spencer Adam Chief Financial Officer | Sale | 9.3K | $88.95 | $823.1K |
| 2026-05-07 | Peters Gregory K Co-CEO, Director | Sale | 27.3K | $88.69 | $2.4M |
| 2026-05-05 | HYMAN DAVID A Chief Legal Officer | Sale | 5.7K | $88.08 | $504.0K |
| 2026-05-05 | SARANDOS THEODORE A Co-CEO, Director | Sale | 27.3K | $87.97 | $2.4M |
| 2026-05-01 | HASTINGS REED Director | Sale 10b5-1 plan | 407.6K | $93.13 | $38.0M |
| 2026-04-02 | Neumann Spencer Adam Chief Financial Officer | Sale 10b5-1 plan | 28.6K | $98.00 | $2.8M |
| 2026-04-01 | HASTINGS REED Director | Sale 10b5-1 plan | 420.6K | $95.49 | $40.2M |
| 2026-03-02 | HASTINGS REED Director | Sale 10b5-1 plan | 410.6K | $97.01 | $39.8M |
| 2026-03-02 | Neumann Spencer Adam Chief Financial Officer | Sale 10b5-1 plan | 28.6K | $97.00 | $2.8M |
| 2026-02-27 | Neumann Spencer Adam Chief Financial Officer | Sale 10b5-1 plan | 57.3K | $95.50 | $5.5M |
| 2026-02-10 | Willems Cletus R Chief Global Affairs Officer | Sale | 3.1K | $82.67 | $259.3K |
| 2026-02-10 | Peters Gregory K Co-CEO, Director | Sale | 27.3K | $83.24 | $2.3M |
| 2026-02-09 | HYMAN DAVID A Chief Legal Officer | Sale | 5.7K | $81.06 | $464.2K |
| 2026-02-06 | Neumann Spencer Adam Chief Financial Officer | Sale | 9.2K | $81.27 | $751.6K |