Netflix — Jul 16, 2026 release

(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 UCAN, Q2 revenue growth of 10% reflects only a partial quarter impact from our recent price change, which has gone well and as expected. Operating income in Q2 was $4.2B, up 11% year over year, and operating margin was 33.4% versus 34.1% in Q2’25. Q2 operating income and margin were slightly ahead of forecast due to the