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Guidance history, every release

Netflix (NFLX) · 8 releases, Oct 17, 2024 to Jul 16, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 17, 2024 FY24 Q3	Jan 21, 2025 FY24 Q4	Apr 11, 2025 FY25 Q1	Jul 17, 2025 FY25 Q2	Oct 21, 2025 FY25 Q3	Jan 20, 2026 FY25 Q4	Apr 10, 2026 FY26 Q1	Jul 16, 2026 FY26 Q2
For FY2026
Ad revenue growth	—	—	—	—	—	New“a projected rough doubling of ad revenue in 2026 vs. 2025”	—	—
Ads revenue	—	—	—	—	—	—	—	New“approximately $3 billion”
Advertising revenue	—	—	—	—	—	—	New“$3B”	—
Forecasted revenue range	—	—	—	—	—	—	—	New“$51.0-$51.4B”
Revenue	—	—	—	—	—	—	—	New“$ 12,860”
Revenue	—	—	—	—	—	—	New“$50.7-$51.7B”	—
Revenue	—	—	—	—	—	—	New“$12,574”	—
Revenue	—	—	—	—	—	New“$ 12,157”	—	—
Revenue forecast	—	—	—	—	—	—	—	New“$51.0-$51.4B”
Revenue forecast	—	—	—	—	—	New“$50.7B-$51.7B”	—	—
Acquisition-related expenses included in margin forecast	—	—	—	—	—	New“approximately $275M”	—	—
Diluted EPS	—	—	—	—	—	—	—	New“$ 0.82”
Diluted EPS	—	—	—	—	—	—	New“$0.78”	—
Diluted EPS	—	—	—	—	—	New“$ 0.76”	—	—
Net Income	—	—	—	—	—	—	—	New“$ 3,452”
Net Income	—	—	—	—	—	—	New“$3,327”	—
Net Income	—	—	—	—	—	New“$ 3,264”	—	—
Operating Income	—	—	—	—	—	—	—	New“$ 4,268”
Operating Income	—	—	—	—	—	—	New“$4,105”	—
Operating Income	—	—	—	—	—	New“$ 3,906”	—	—
Operating income growth	—	—	—	—	—	—	—	New“20%+”
Operating margin	—	—	—	—	—	—	New“31.5%”	Reiterated“31.5%”
Operating margin	—	—	—	—	—	—	—	New“33.2%”
Operating margin	—	—	—	—	—	—	New“32.6%”	—
Operating margin	—	—	—	—	—	—	New“year-over-year operating margin growth in Q3 and Q4 in order to deliver our 2026 margin target”	—
Operating Margin	—	—	—	—	—	New“32.1 %”	—	—
Operating margin target	—	—	—	—	—	New“31.5%”	—	—
Ad formats testable	—	—	—	—	New“dozens of ad formats”	—	—	—
Annual cash content spend to amortization ratio	—	—	—	—	—	—	New“~1.1x”	Reiterated“~1.1x”
Cash content spend to amortization ratio	—	—	—	—	—	—	New“~1.1x”	Reiterated“~1.1x”
Cash content spend to content amortization ratio	—	—	—	—	—	New“~1.1x”	—	—
Content amortization growth	—	—	—	—	—	—	—	New“~10%”
Content amortization growth	—	—	—	—	—	New“~10%”	—	—
Debt maturing	—	—	—	—	—	—	—	New“$1B”
Debt maturing to be refinanced	—	—	—	—	—	—	—	New“$1B”
FCF	—	—	—	—	—	—	—	New“approximately $12.5B”
FCF	—	—	—	—	—	—	New“approximately $12.5B”	—
Free cash flow	—	—	—	—	—	—	New“approximately $12.5B”	Reiterated“approximately $12.5B”
Free cash flow forecast	—	—	—	—	—	New“roughly $11B”	—	—
Live programming share of content spend	—	—	—	—	—	—	—	New“just over 5% of our content spend”
Live programming share of view hours	—	—	—	—	—	—	—	New“only ~1% of view hours”
Share buybacks	—	—	—	—	—	New“we’ll pause our share buybacks to accumulate cash to help fund the pending acquisition of Warner Bros.”	—	—
Share repurchase authorization remaining	—	—	—	—	—	—	New“$6.8B”	—
Y/Y % Growth	—	—	—	—	—	—	—	New“11.7 %”
Y/Y % Growth	—	—	—	—	—	—	New“13.5%”	—
Y/Y % Growth	—	—	—	—	—	New“15.3 %”	—	—
For FY2025
Ad revenue	—	New“a rough doubling”	Reiterated“a rough doubling”	—	—	—	—	—
Ads revenue growth	—	—	—	New“roughly double ads revenue”	Revised“more than double”	—	—	—
Revenue	New“$43B-$44B”	Raised“$43.5-$44.5B”	Reiterated“$43.5-$44.5B”	—	Raised“$45.1B”	—	—	—
Revenue	—	—	—	—	New“$45.1B in revenue (16% growth, 17% on an F/X neutral basis)”	—	—	—
Revenue	—	—	—	—	New“$ 11,960”	—	—	—
Revenue	—	—	—	New“$11,526”	—	—	—	—
Revenue	—	—	New“$ 11,035”	—	—	—	—	—
Revenue	—	New“$10,416”	—	—	—	—	—	—
Revenue forecast	—	—	—	New“$44.8B-$45.2B”	—	—	—	—
Revenue growth	New“growth of 11%-13% off of our 2024 revenue guidance of $38.9B”	—	—	—	—	—	—	—
Revenue growth (reported)	—	—	—	New“15%-16% year-over-year growth”	—	—	—	—
Revenue Y/Y Growth	—	New“12%-14%”	—	—	—	—	—	—
Diluted EPS	—	—	—	—	New“$ 5.45”	—	—	—
Diluted EPS	—	—	—	New“$6.87”	—	—	—	—
Diluted EPS	—	—	New“$ 7.03”	—	—	—	—	—
Diluted EPS	—	New“$5.58”	—	—	—	—	—	—
Net Income	—	—	—	—	New“$ 2,355”	—	—	—
Net Income	—	—	—	New“$2,979”	—	—	—	—
Net Income	—	—	New“$ 3,055”	—	—	—	—	—
Net Income	—	New“$2,440”	—	—	—	—	—	—
Operating Income	—	—	—	—	New“$ 2,860”	—	—	—
Operating Income	—	—	—	New“$3,625”	—	—	—	—
Operating Income	—	—	New“$ 3,675”	—	—	—	—	—
Operating Income	—	New“$2,940”	—	—	—	—	—	—
Operating margin	—	—	—	—	New“23.9%, a two percentage point year over year improvement”	—	—	—
Operating margin	—	—	—	—	New“29% (both reported and based on F/X rates as of 1/1/25)”	—	—	—
Operating margin	New“28%”	Raised“29%, up one point from our prior forecast”	Reiterated“29%”	—	—	—	—	—
Operating Margin	—	—	—	New“31%, a two percentage point year-over-year improvement”	—	—	—	—
Operating Margin	—	—	New“33%, a ~6 percentage point year-over-year improvement”	—	—	—	—	—
Operating Margin	—	New“28.2%”	—	—	—	—	—	—
Operating Margin (F/X neutral)	—	—	—	New“29.5%”	Lowered“29%”	—	—	—
Operating margin (reported basis)	—	—	—	New“30%”	—	—	—	—
Operating margin year-over-year improvement	—	—	New“a ~6 percentage point year-over-year improvement”	—	—	—	—	—
Ad tech platform launch	New“more broadly in 2025”	—	—	—	—	—	—	—
Bond Repayment	—	New“$1.8B”	—	—	—	—	—	—
Cash content spend	—	New“roughly $18B”	—	—	—	—	—	—
Cash outflows related to tax deposit timing	—	New“$800M”	—	—	—	—	—	—
Cash outflows related to timing of certain direct and indirect tax deposits	—	New“an estimated $800M”	—	—	—	—	—	—
Content amortization growth expectation	—	—	—	New“high single digit growth”	—	—	—	—
Debt maturities to pay down	—	New“$1.8B”	—	—	—	—	—	—
FCF	—	New“about $8B”	—	—	—	—	—	—
Free cash flow	—	New“about $8B”	Reiterated“about $8B”	—	Raised“approximately $9B (+/- a few hundred million dollars)”	—	—	—
Free cash flow forecast	—	—	—	New“$8B-$8.5B”	—	—	—	—
Spain programming investment	—	—	—	New“over one billion Euros”	—	—	—	—
Y/Y % Growth	—	—	—	—	New“16.7 %”	—	—	—
Y/Y % Growth	—	—	—	New“17.3%”	—	—	—	—
Y/Y % Growth	—	—	New“15.4 %”	—	—	—	—	—
Y/Y % Growth	—	New“11.2%”	—	—	—	—	—	—
For FY2024
Revenue	New“$38.9B”	—	—	—	—	—	—	—
Revenue	New“$10,128”	—	—	—	—	—	—	—
Diluted EPS	New“$4.23”	—	—	—	—	—	—	—
Net Income	New“$1,847”	—	—	—	—	—	—	—
Operating Income	New“$2,190”	—	—	—	—	—	—	—
Operating margin	New“27% (vs 26% previously)”	—	—	—	—	—	—	—
Operating margin	New“22%, a five percentage point year-over-year improvement”	—	—	—	—	—	—	—
Ad tech platform launch	New“on track to launch in Canada in Q4”	—	—	—	—	—	—	—
FCF	New“$6.0B-$6.5B”	—	—	—	—	—	—	—
Free Cash Flow	New“$6.0B-$6.5B”	—	—	—	—	—	—	—
Free cash flow (FCF)	New“$6.0B-$6.5B (assuming no material swings in F/X rates), up from approximately $6B”	—	—	—	—	—	—	—
Y/Y % Growth	New“14.7%”	—	—	—	—	—	—	—
No period stated
Long-term operating margin goal	—	—	—	—	—	New“our intent is to grow our operating margin each year”	—	—
Fort Monmouth, NJ production facility investment	—	—	—	New“roughly $1B”	—	—	—	—
Incremental Share Repurchase Authorization	—	New“$15B”	—	—	—	—	—	—
Long-term financial priorities	—	—	—	—	—	—	New“sustain healthy revenue growth, expand operating profit and margin, and deliver growing free cash flow”	—
Remaining share repurchase authorization	—	—	—	—	New“$10.1B remaining under our existing share repurchase authorization”	—	—	—
Share repurchase authorization	—	—	—	—	—	—	—	New“an additional $25B”
Share repurchase program	—	New“an incremental $15B”	—	—	—	—	—	—
Total buyback authorization	—	New“$17.1B”	—	—	—	—	—	—
Total Buyback Authorization	—	New“$17.1B”	—	—	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.