Netflix — Jan 20, 2026 release

Our goal is to sustain healthy revenue growth, expand operating profit and margin, and deliver growing free cash flow. For 2026, based on F/X rates as of 1/1/2026, we forecast revenue of $50.7B-$51.7B. This represents 12%-14% year over year growth (or 11%-13% F/X neutral growth), driven by increases in membership and pricing plus a projected rough doubling of ad revenue in 2026 vs. 2025. We’re targeting a 2026 operating margin of 31.5% (based on 1/1/26 F/X rates), up from 29.5% in 2025, which includes approximately $275M of acquisition-related expenses. Our margin forecast also reflects content amortization growth of ~10% in 2026, with higher growth in the first half than the second half due to the timing of title launches. As a result, we expect higher operating income growth in the second half of 2026 than in the first half. We still see plenty of room to increase our margins and our intent is to grow our operating margin each year, although the magnitude of margin expansion will vary year-to-year as we balance reinvesting in our business with improving profitability. Content and Engagement With over 325M paid memberships, we’re now serving an audience approaching one billion people globally. Our aim is to delight and satisfy all of them by providing an amazing variety of series, films, and games so they stick around longer (retention), recommend Netflix to others (acquisition), and place a higher value on our service. Engagement remains one proxy to measure the health of the business. As detailed in our bi-annual Engagement Report 2 , in the second half of 202