Last updated: July 16, 2026 · ← Back to Stock Fact Sheets
NASDAQ: NFLX
Netflix, Inc.
Streaming entertainment, ads & live events · Los Gatos, CAQ2 2026 revenue
$12.56BRevenue growth
+13% YoYOperating margin
33.4%Diluted EPS
$0.80Q2 buybacks
$4.7B (record)FY26 revenue guide
$51.0B–$51.4BFY26 margin target
31.5%FY26 FCF guide
~$12.5BQuarterly revenue ($B)
Operating margin trend
Company snapshot
| Gross debt | $14.4B |
| Cash & equivalents | $9.1B |
| Remaining buyback authorization | $27.1B |
| Q3’26 revenue growth guide | 12% (11% F/X neutral) |
| Q3’26 margin guide | 33.2% |
| 2026 ads revenue target | ~$3B (roughly doubling) |
| H1’26 view hours growth | +2% YoY |
| Next earnings | ~Oct 2026 (Q3 FY26) |
Regional revenue growth (Q2’26 YoY)
| UCAN | +10% |
| EMEA | +14% (11% F/X neutral) |
| LATAM | +21% (16% F/X neutral) |
| APAC | +16% (18% F/X neutral) |
| Top new series (2026 YTD) | Harlan Coben’s I Will Find You |
| Top animated film | Swapped (2nd all-time) |
| Related article | Full Q2 earnings breakdown → |
↗ Bull case
- Q2 revenue and margin both landed in line with guidance, a sign of forecasting discipline
- Record $4.7B in Q2 buybacks with $27.1B in authorization still remaining
- Ads business remains on track to roughly double to ~$3B in 2026
- View hours accelerated slightly in H1’26 despite the Olympics and World Cup competing for attention
- Q3 operating margin guide of 33.2% implies a big year-over-year improvement from 28.2%
- Deep content pipeline plus growing live-sports slate (NFL, MLB, boxing) supports engagement
↘ Bear case
- Stock down ~45% from its June 2025 all-time high, wiping out roughly $257B in market value
- Free cash flow fell to $1.5B in Q2 from $2.3B a year earlier on higher cash taxes
- Netflix will shift its viewing-data disclosure from twice a year to annual starting 2027, reducing transparency
- Co-founder and former Chairman Reed Hastings’ departure removed a long-time public face of the company
- Reports of steep viewership drop-off between first and second seasons on some titles
- Intensifying competition for attention from YouTube and other platforms
- Abandoned Warner Bros. Discovery deal removed a potential acceleration lever for content scale
For informational purposes only. Not investment advice. Financials from Q2 2026 earnings (July 16, 2026). Price data not shown — check live quote for current price.
Netflix, Inc. (NFLX) — Company Overview
Netflix, Inc. (NASDAQ: NFLX) is the world’s largest subscription streaming entertainment service, offering TV series, films, games, and a growing slate of live programming across more than 190 countries. Headquartered in Los Gatos, California, and led by co-CEOs Ted Sarandos and Greg Peters, Netflix has expanded well beyond its original subscription-video roots into advertising, live sports and events, cloud gaming, and licensed content partnerships.
Q2 2026 Earnings Recap
Netflix reported Q2 2026 revenue of $12.56 billion, up 13% year-over-year, with operating margin of 33.4% and diluted EPS of $0.80 — both landing in line with the company’s own guidance. The company narrowed its full-year revenue outlook to $51.0–$51.4 billion while holding its 31.5% operating margin target, and guided Q3 to 12% revenue growth with a 33.2% margin. For the complete breakdown, see Netflix Q2 2026 Earnings: Revenue Hits $12.6B, Margin Holds at 33.4% as Buybacks Hit a Record.
Capital Return and Balance Sheet
Netflix repurchased $4.7 billion of stock in Q2 2026, its largest buyback quarter on record, after its board authorized an additional $25 billion in April on top of remaining capacity. The company had $27.1 billion in buyback authorization left at quarter-end, alongside $14.4 billion in gross debt and $9.1 billion in cash. Full-year free cash flow guidance remains at approximately $12.5 billion despite a lighter Q2 print tied to higher cash taxes on the Warner Bros. termination fee received earlier in the year.
The M&A Question
Netflix’s abandoned pursuit of Warner Bros. Discovery assets earlier in 2026 remains part of the company’s ongoing story. Management has said the company built its M&A capabilities during that process, raising the question of whether Netflix’s long-standing “builder, not a buyer” posture is shifting. See our earlier coverage: Netflix Was Long ‘A Builder Not a Buyer.’ Is That Era Over?
Related Coverage on FactSheets.com
- Netflix Q2 2026 Earnings: Revenue Hits $12.6B, Margin Holds at 33.4% as Buybacks Hit a Record
- Netflix Was Long ‘A Builder Not a Buyer.’ Is That Era Over?
- A Top Netflix Exec Explains the Streamer’s Plan to Conquer Your Phone
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This fact sheet is for informational purposes only and does not constitute investment advice. Data as of July 16, 2026.
