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Get filing alertsNetflix reports Q2 revenue of $12.6B (+13% YoY), narrows 2026 guidance to $51.0–$51.4B
Filed July 16, 2026 · Period ending July 16, 2026 · ~1 min read
Key Changes
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high
Q2 revenue reached $12.6B (+13% YoY, +12% FX-neutral) driven by membership growth, pricing, and ad revenue; operating margin of 33.4% and diluted EPS of $0.80 (+11% YoY) both slightly ahead of forecast.
Item 2.02 verify on EDGAR → -
high
Narrowed 2026 revenue guidance to $51.0–$51.4B (13–14% growth, ~12% FX-neutral) with 31.5% operating margin target maintained; projects ad revenue to roughly double to ~$3B and operating income growth exceeding 20%.
Exhibit 99.1 view on EDGAR → -
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Board authorized additional $25B share repurchase in April; Q2 buyback of $4.7B was largest quarterly repurchase to date, leaving $27.1B in remaining capacity.
Exhibit 99.1 view on EDGAR → -
medium
Launched TF1 partnership in France integrating linear channels, on-demand content, and live sports at no extra cost; early engagement growing weekly with TF1's Secret Story reaching Top 10.
Exhibit 99.1 view on EDGAR → -
medium
Shifting What We Watched engagement report from semi-annual to annual publication starting 2027 to emphasize revenue and operating profit as primary metrics; weekly Top 10 lists continue.
Exhibit 99.1 view on EDGAR →
Summary
Netflix delivered solid Q2 2026 results with revenue of $12.6 billion, up 13% year-over-year, driven by membership growth, pricing increases, and rising advertising revenue. Operating margin of 33.4% and diluted EPS of $0.80 both came in slightly ahead of forecast, reflecting disciplined expense management.
The company narrowed its full-year 2026 revenue guidance to $51.0–$51.4 billion while maintaining its 31.5% operating margin target, implying operating income growth exceeding 20% for the year. Management projects advertising revenue to roughly double to approximately $3 billion, underscoring the ad tier's growing contribution.
Capital allocation remains shareholder-friendly: the Board authorized an additional $25 billion in share repurchases in April, and Netflix executed its largest quarterly buyback to date at $4.7 billion in Q2, leaving $27.1 billion in remaining capacity. The TF1 partnership in France represents a strategic bet on bundling local linear and live sports content to deepen engagement in a key European market, with early metrics showing weekly growth in view hours. The shift to annual engagement reporting signals management's intent to keep investor focus on financial performance rather than viewership metrics. For holders, the combination of accelerating operating leverage, robust cash generation, and aggressive buybacks reinforces Netflix's position as a mature, cash-returning growth story.
Section-by-Section Diff
Event · Exhibit 99.1
Netflix reports Q2'26 revenue of $12.6B (+13% YoY), operating margin of 33%, and narrows 2026 revenue guidance to $51.0–$51.4B with 31.5% operating margin.
Added in current filing · view on EDGAR →
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. ... Operating income in Q2 was $4.2B, up 11% year over year, and operating margin was 33.4% versus 34.1% in Q2’25. ... Diluted EPS for the quarter amounted to $0.80 vs. $0.72 in Q2’25 (+11% year over year), slightly above our forecast.
Netflix delivered Q2 revenue of $12.6 billion, up 13% year-over-year (12% on a currency-neutral basis), driven by membership growth, pricing increases, and higher advertising revenue. Operating income reached $4.2 billion with a 33.4% operating margin, slightly ahead of forecast due to expense timing. Diluted earnings per share of $0.80 beat the prior year's $0.72 by 11%.
Event · Item 2.02 — Results of Operations and Financial Condition
Netflix disclosed Q2 2026 financial results via shareholder letter with non-GAAP metrics and reconciliations.
Added in current filing · verify on EDGAR →
On July 16, 2026, Netflix, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2026.
Netflix announced its second quarter 2026 financial results. The detailed results are contained in a shareholder letter attached as an exhibit, which includes non-GAAP financial measures with GAAP reconciliations. The company notes it cannot reconcile certain forward-looking non-GAAP measures due to unpredictable timing and amounts of reconciling items.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 17, 2026 · How we verify