Netflix — Apr 10, 2026 release

We expect Q2 to have the highest year-over-year content amortization growth rate in 2026, before decelerating to mid-to-high single digit growth in the second half of the year. As a result, we forecast Q2 operating margin of 32.6% compared with 34.1% in the year ago quarter. We expect year-over-year operating margin growth in Q3 and Q4 in order to deliver our 2026 margin target. Our Focus Our mission remains ambitious and unchanged: to entertain the world. No other entertainment company has tried to program at this scale, for this many tastes, cultures, and languages. Warner Bros. would have been a nice accelerant for our strategy, but only at the right price 2 . We have multiple ways to achieve our goals (including producing, licensing, and partnering) and we’re constantly seeking to allocate our resources to the most attractive opportunities to maximize the value we are delivering to our members. The landscape we are operating in is also more dynamic than ever: • Streaming continues to take view share from linear. • Technology is enabling a massive increase in video content from a wide variety of storytellers. • There are more ways for consumers to connect to the stories they love, including through open content platforms, interactive and gaming services. • “Premium” content is increasingly defined by the viewer. • The lines between entertainment on TV and mobile devices are blurring. ____________________