Netflix — Apr 10, 2026 release

Over the years, we’ve learned that the best thing we can do is to stay focused and improve faster than the competition. Our summary results, and forecast for Q2, are below. (in millions except per share data) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Forecast Revenue $ 10,543  $ 11,079  $ 11,510  $ 12,051  $ 12,250  $ 12,574  Y/Y % Growth 12.5  % 15.9  % 17.2  % 17.6  % 16.2  % 13.5  % Operating Income $ 3,347  $ 3,775  $ 3,248  $ 2,957  $ 3,957  $ 4,105  Operating Margin 31.7  % 34.1  % 28.2  % 24.5  % 32.3  % 32.6  % Net Income $ 2,890  $ 3,125  $ 2,547  $ 2,419  $ 5,283  $ 3,327  Diluted EPS $ 0.66  $ 0.72  $ 0.59  $ 0.56  $ 1.23  $ 0.78  Net cash provided by operating activities $ 2,789  $ 2,423  $ 2,825  $ 2,112  $ 5,290  Free Cash Flow $ 2,661  $ 2,267  $ 2,660  $ 1,872  $ 5,094  Shares (FD) 4,370  4,349  4,340  4,317  4,298  __________________________________ 1 Excluding the year over year effect of foreign exchange rate movements and the impact of hedging gains/losses realized as revenues. Assumes foreign exchange rates remained constant with foreign exchange rates from each of the corresponding months of the prior-year period. 1 Q1 Results and Forecast Revenue in Q1 grew 16% year over year (+14% on a foreign exchange (F/X) neutral basis), driven primarily by membership growth, higher pricing, and increased ad revenue. Revenue was slightly above our forecast due to higher than forecasted membership growth and favorable F/X movements net of hedging. Operating income in Q1 was $4.0B, up 18% yea