Netflix — 2026Q3 財報

“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.”

Q2 revenue was in line with guidance at $12.6B, up 13% year over year (+12% FX-neutral), driven by membership growth, pricing and increased ad revenue.

“Operating income in Q2 was $4.2B, up 11% year over year, and operating margin was 33.4% versus 34.1% in Q2’25.”

Operating income was $4.2B, up 11% year over year, with operating margin of 33.4% versus 34.1% in Q2'25.

“Our 2026 outlook is consistent with our prior forecast: we are narrowing our revenue forecast to $51.0-$51.4B, which represents 13%-14% growth (~12% F/X neutral), driven by growth in memberships and pricing, and a projected rough doubling of our ads revenue to approximately $3 billion.”

Full-year 2026 revenue guidance was narrowed to $51.0-$51.4B (13%-14% growth, ~12% FX-neutral), with ads revenue projected to roughly double to approximately $3 billion.

“In Q2, we bought back $4.7B of stock, our largest quarter of share repurchases, and we currently have $27.1B of capacity left in our remaining authorizations.”

Netflix repurchased $4.7B of stock in the quarter — its largest buyback quarter ever — and has $27.1B of capacity left on its authorizations.

“In 2026, GenAI workflows have been used in roughly 300 of our titles, with the largest concentration of work in post-production.”

GenAI adoption in production is scaling: workflows have been used in roughly 300 titles in 2026, with the heaviest use in post-production.

“We're capturing, we think, just 7% of addressable revenue market. It's about $670 billion of addressable revenue in the countries and categories in which we operate today.”

CFO Spence Neumann framed the long-term runway, saying Netflix captures just 7% of an addressable revenue market of about $670 billion.

“And then on quantity, view hours grew 2% in the first half of 2026. That's an incremental 1.5 billion hours relative to the same period last year.”

On engagement, co-CEO Greg Peters said quantity is still growing — view hours grew 2% in the first half of 2026, an incremental 1.5 billion hours — while stressing that not all hours carry equal business value.

“Having said that, there's still a gap between ad tier ARM and then ARM for our standard without ads tier. But that gap is narrowing.”

Peters pointed to the still-narrowing gap between ad-tier ARM and standard-plan ARM as the bulk of the near-term monetization opportunity as ads capabilities improve.

“In Q2, we repurchased $4.7 billion of shares this quarter. That's our largest quarter of share repurchase in our history.”

CFO Spence Neumann confirmed the quarter's $4.7 billion of share repurchases as the largest in company history, and co-CEO Ted Sarandos deflected M&A speculation, reiterating a high bar for big deals.