Netflix — Jul 16, 2026 release

We aim to stay ahead by executing against our three areas of focus: delivering more entertainment value, leveraging technology to improve every aspect of our service, and improving monetization. Our summary results, and forecast for Q3, are below. (in millions except per share data) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Forecast Revenue $ 11,079  $ 11,510  $ 12,051  $ 12,250  $ 12,560  $ 12,860  Y/Y % Growth 15.9  % 17.2  % 17.6  % 16.2  % 13.4  % 11.7  % Operating Income $ 3,775  $ 3,248  $ 2,957  $ 3,957  $ 4,193  $ 4,268  Operating Margin 34.1  % 28.2  % 24.5  % 32.3  % 33.4  % 33.2  % Net Income $ 3,125  $ 2,547  $ 2,419  $ 5,283  $ 3,401  $ 3,452  Diluted EPS $ 0.72  $ 0.59  $ 0.56  $ 1.23  $ 0.80  $ 0.82  Net cash provided by operating activities $ 2,423  $ 2,825  $ 2,112  $ 5,290  $ 1,744  Free Cash Flow $ 2,267  $ 2,660  $ 1,872  $ 5,094  $ 1,525  Shares (FD) 4,349  4,340  4,317  4,298  4,261  __________________________________ 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 Q2 Results and Forecast Q2 revenue of $12.6B was in-line with forecast and grew 13% year over year (+12% on a foreign exchange (F/X) neutral basis), driven primarily by membership growth, pricing and increased ad revenue. We delivered double digit revenue growth in all regions, surpassing the quarterly revenue mark of $4.0B in EMEA and $1.5B in both LATAM and APAC. In