Netflix — Apr 10, 2026 release

(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% year over year, and operating margin of 32.3% was up versus 31.7% in Q1’25. Both operating income and margin were slightly above our forecast owing to higher-than-forecasted revenue. Diluted EPS for the quarter amounted to $1.23 vs. $0.66 in Q1’25 (+86% year over y