NFLX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$88.30

Market Cap

$395.87B

P/E (TTM)

37.1

EPS (TTM)

$2.53

Revenue (TTM)

$45.18B

Div Yield

—

ROE

42.6%

Debt/Equity

0.5

52W Range

$75 – $1341

NFLX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $45.18B

2016-12-31 → 2025-12-31

EPS $2.53

2016-12-31 → 2025-12-31

Free Cash Flow $9.46B

2016-12-31 → 2025-12-31

Margins 24.3%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

NFLX

Peer Median

P/E (TTM)

37.1

42.5

P/S (TTM)

8.8

0.7

P/B

14.9

3.7

EV / EBITDA

29.4

—

Price / FCF

41.8

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

NFLX

Peer Median

Operating Margin

29.5%

—

Net Profit Margin

24.3%

-9.3%

ROA

20.1%

-10.6%

ROE

42.6%

-22.2%

ROIC

28.0%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

NFLX

Peer Median

Debt / Equity

0.5

99.2

Current Ratio

1.2

0.6

Quick Ratio

0.8

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

NFLX

Peer Median

Revenue YoY

15.8%

—

Revenue CAGR 3Y

12.6%

—

Revenue CAGR 5Y

12.6%

—

EPS YoY

27.8%

—

Net Income YoY

26.1%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

NFLX

Peer Median

EPS (Diluted)

$2.53

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

NFLX

Peer Median

NFLX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 59 analysts

Strong Buy 17 28.8%
Buy 29 49.2%
Hold 13 22.0%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

44 analysts · 2026-05-17

Median $115.00

Now $88.30

Low $80.00

High $151.40

Median target $115.00 +30.2%

Mean target $114.56 +29.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

-0.03%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$0.70	$0.78	-0.08%
Dec. 31, 2025	$0.56	$0.56	-0.00%
Sept. 30, 2025	$0.59	$0.71	-0.12%
June 30, 2025	$0.72	$0.72	-0.00%
March 31, 2025	$0.66	$0.58	0.08%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
NFLX	$395.87B	37.1	15.8%	24.3%	42.6%	—
DIS	$215.59B	16.6	3.4%	13.1%	11.8%	—
WBD	$71.47B	99.4	-5.1%	1.9%	2.1%	—
LYV	$33.55B	-593.8	8.8%	2.0%	223.3%	—
TKO	—	92.5	-3.0%	4.1%	5.0%	—
FWONA	—	67.7	22.7%	12.4%	7.5%	—
ROKU	$16.04B	183.9	15.2%	1.9%	3.4%	43.8%
WMG	—	—	4.4%	5.4%	62.7%	—
MSGS	—	-224.7	1.2%	-2.2%	8.1%	—
SPHR	—	128.5	79.0%	2.7%	1.5%	—
STUB	$4.68B	-2.2	-1.4%	-109.2%	-192.2%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$45.18B	$39.00B	$33.72B	$31.62B	$29.70B	$25.00B	$20.16B	$15.79B	$11.69B	$8.83B	$6.78B	$5.50B
Cost of Revenue	$23.28B	$21.04B	$19.72B	$19.17B	$17.33B	$15.28B	$12.44B	$9.97B	$8.03B	$6.26B	$4.59B	$3.75B
R&D Expense	$3.39B	$2.93B	$2.68B	$2.71B	$2.27B	$1.83B	$1.67B	$1.22B	$981M	$768M	$570M	$398M
SG&A Expense	$1.89B	$1.70B	$1.72B	$1.57B	$1.35B	$1.08B	$914M	$630M	$431M	$316M	$407M	$270M
Operating Income	$13.33B	$10.42B	$6.95B	$5.63B	$6.19B	$4.59B	$2.60B	$1.61B	$839M	$380M	$306M	$403M
Interest Expense	·	·	$700M	$706M	$766M	$767M	$626M	$420M	$238M	$150M	$133M	$50M
Interest Income	·	$294M	$281M	$60M	·	·	·	·	·	·	·	·
Other Non-op	$172M	$267M	$-49M	$337M	$411M	$-618M	$84M	$42M	$-115M	$31M	$-31M	$-3M
Pretax Income	$12.72B	$9.97B	$6.21B	$5.26B	$5.84B	$3.20B	$2.06B	$1.23B	$485M	$261M	$142M	$349M
Income Tax	$1.74B	$1.25B	$797M	$772M	$724M	$438M	$195M	$15M	$-74M	$74M	$19M	$83M
Net Income	$10.98B	$8.71B	$5.41B	$4.49B	$5.12B	$2.76B	$1.87B	$1.21B	$559M	$187M	$123M	$267M
EPS (Basic)	$2.58	$2.03	$1.22	$10.10	$11.55	$6.26	$4.26	$2.78	$1.29	$0.44	$0.29	$0.63
EPS (Diluted)	$2.53	$1.98	$1.20	$9.95	$11.24	$6.08	$4.13	$2.68	$1.25	$0.43	$0.28	$0.62
Shares (Basic)	4,249,512,000	4,295,191,000	4,415,712,000	444,698,000	443,155,000	440,922,000	437,799,000	435,374,000	431,885,000	428,822,000	425,889,000	420,544,000
Shares (Diluted)	4,343,863,000	4,392,608,000	4,494,966,000	451,290,000	455,372,000	454,208,000	451,765,000	451,244,000	446,814,000	438,652,000	436,456,000	431,894,000
EBITDA	$13.66B	$10.75B	$7.31B	$5.97B	$6.40B	$4.70B	$2.71B	·	$911M	$437M	$368M	$457M

Balance Sheet 27

Annual Balance Sheet data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$9.03B	$7.80B	$7.12B	$5.15B	$6.03B	$8.21B	$5.02B	$3.79B	$2.82B	$1.47B	$1.81B	$1.11B
Short-term Investments	$29M	$1.78B	$21M	$911M	$0	·	·	·	$0	$266M	$501M	$495M
Prepaid Expense	$498M	$432M	$409M	$393M	$324M	$203M	$181M	$179M	·	·	·	·
Other Current Assets	$3.96B	$3.52B	$2.78B	$3.21B	$2.04B	$1.56B	$1.16B	$748M	$536M	$260M	$215M	$152M
Current Assets	$13.02B	$13.10B	$9.92B	$9.27B	$8.07B	$9.76B	$6.18B	$9.69B	$7.67B	$5.72B	$5.43B	$3.93B
PP&E (Net)	$2.00B	$1.59B	$1.49B	$1.40B	$1.32B	$960M	$565M	$418M	$319M	$250M	$173M	$150M
PP&E (Gross)	$3.10B	$2.51B	$2.35B	$2.15B	$1.94B	$1.45B	$981M	$787M	$641M	$545M	$471M	$415M
Accum. Depreciation	$1.10B	$918M	$855M	$754M	$616M	$495M	$416M	$369M	$322M	$294M	$297M	$265M
Intangibles	$32.78B	$32.45B	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$7.79B	$6.48B	$5.66B	$5.19B	$4.27B	$3.17B	$2.73B	$911M	$652M	$341M	$285M	$192M
Total Assets	$55.60B	$53.63B	$48.73B	$48.59B	$44.58B	$39.28B	$33.98B	$25.97B	$19.01B	$13.59B	$10.20B	$7.04B
Accounts Payable	$901M	$900M	$747M	$672M	$837M	$656M	$674M	$563M	$360M	$313M	$253M	$202M
Accrued Liabilities	$3.22B	$2.16B	$1.80B	$1.51B	$1.45B	$1.10B	$843M	$482M	$315M	$198M	$140M	$70M
Short-term Debt	$999M	$1.78B	$400M	$0	$700M	$500M	$0	·	·	·	·	·
Current Liabilities	$10.98B	$10.76B	$8.86B	$7.93B	$8.49B	$7.81B	$6.86B	$6.49B	$5.47B	$4.59B	$3.53B	$2.66B
Capital Leases	$2.05B	$1.98B	$2.05B	$2.22B	$2.41B	$1.95B	$1.42B	·	·	·	·	·
Other Non-current Liabilities	$2.96B	$2.55B	$2.56B	$2.45B	$2.46B	$1.98B	$1.44B	$129M	$135M	$61M	$52M	$60M
Total Liabilities	$28.98B	$28.89B	$28.14B	$27.82B	$28.74B	$28.22B	$26.39B	$20.74B	$15.43B	$10.91B	$7.98B	$5.18B
Long-term Debt	·	·	·	·	·	$21.86B	$20.72B	$14.87B	$9.05B	·	·	·
Total Debt	$14.46B	$15.58B	$14.54B	$14.35B	$15.39B	$16.31B	$14.76B	·	$6.50B	$3.36B	$2.37B	$900M
Common Stock	$7.29B	$6.25B	$5.15B	$4.64B	$4.02B	$3.45B	$2.79B	$2.32B	$1.87B	$1.60B	$1.32B	$1.04B
Retained Earnings	$42.28B	$31.30B	$22.59B	$17.18B	$12.69B	$7.57B	$4.81B	$2.94B	$1.73B	$1.13B	$942M	$819M
Treasury Stock	$22.37B	$13.17B	$6.92B	$824M	$824M	$0	·	·	·	·	·	·
AOCI	$-580M	$362M	$-224M	$-217M	$-40M	$44M	$-24M	$-20M	$-21M	$-49M	$-43M	$-4M
Stockholders' Equity	$26.62B	$24.74B	$20.59B	$20.78B	$15.85B	$11.07B	$7.58B	$5.24B	$3.58B	$2.68B	$2.22B	$1.86B
Liabilities + Equity	$55.60B	$53.63B	$48.73B	$48.59B	$44.58B	$39.28B	$33.98B	$25.97B	$19.01B	$13.59B	$10.20B	$7.04B
Shares Outstanding	4,222,162,150	4,277,571,000	432,759,584	445,346,776	443,963,107	442,895,261	438,806,649	436,598,597	433,392,686	430,054,212	427,940,440	422,910,887

Cash Flow 17

Annual Cash Flow data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$333M	$329M	$357M	$337M	$208M	$116M	$104M	$83M	$72M	$58M	$62M	$54M
Stock-based Comp	$368M	$273M	$339M	$575M	$403M	$415M	$405M	$321M	$182M	$174M	$125M	$115M
Deferred Tax	$-449M	$-591M	$-543M	$-135M	$200M	$70M	$-95M	$-86M	$-209M	$-47M	$-59M	$-30M
Other Non-cash	$-1.08B	$-1.36B	$1.71B	$-3.24B	$-5.53B	$-935M	$-5.17B	·	$-2.39B	$-1.85B	$-1.00B	$-390M
Operating Cash Flow	$10.15B	$7.36B	$7.27B	$2.03B	$393M	$2.43B	$-2.89B	$-2.68B	$-1.79B	$-1.47B	$-749M	$16M
CapEx	$688M	$440M	$349M	$408M	$525M	$498M	$253M	$174M	$173M	$108M	$91M	$70M
Investing Cash Flow	$1.04B	$-2.18B	$542M	$-2.08B	$-1.34B	$-505M	$-387M	$-339M	$34M	$50M	$-179M	$-43M
Debt Issued	·	·	·	·	·	·	·	·	$3.02B	$1.00B	$1.50B	$400M
Net Debt Issued	$-1.83B	$-400M	$0	$-700M	$-500M	·	·	·	$3.02B	$1.00B	$1.50B	$400M
Stock Issued	·	·	·	·	$174M	$235M	$72M	$125M	$88M	$37M	$78M	$61M
Stock Repurchased	$9.13B	$6.26B	$6.05B	$0	$600M	$0	$0	·	·	·	·	·
Net Stock Activity	$-9.13B	$-6.26B	$-6.05B	$0	$-426M	$235M	$72M	·	$88M	$37M	$78M	$61M
Financing Cash Flow	$-10.35B	$-4.07B	$-5.95B	$-664M	$-1.15B	$1.24B	$4.51B	$4.05B	$3.08B	$1.09B	$1.64B	$542M
Net Change in Cash	$1.23B	$689M	$1.95B	$-885M	$-2.18B	$3.20B	$1.23B	$989M	$1.36B	$-342M	$696M	$509M
Taxes Paid	$2.22B	$1.64B	$1.16B	·	·	·	·	·	·	·	·	·
Free Cash Flow	$9.46B	$6.92B	$6.93B	$1.62B	$-132M	$1.93B	$-3.14B	·	$-1.96B	$-1.58B	$-841M	$-53M
Levered FCF	·	·	$6.32B	$1.02B	$-803M	$1.27B	$-3.71B	·	$-2.23B	$-1.69B	$-955M	$-92M

Profitability 7

Annual Profitability data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	29.5%	26.7%	20.6%	17.8%	20.9%	18.3%	12.9%	·	7.2%	4.3%	4.5%	7.3%
Net Margin	24.3%	22.3%	16.0%	14.2%	17.2%	11.1%	9.3%	·	4.8%	2.1%	1.8%	4.9%
Pretax Margin	28.2%	25.6%	18.4%	16.7%	19.7%	12.8%	10.2%	·	4.2%	2.9%	2.1%	6.3%
EBITDA Margin	30.2%	27.6%	21.7%	18.9%	21.6%	18.8%	13.4%	·	7.8%	5.0%	5.4%	8.3%
ROA	20.1%	17.0%	11.1%	9.6%	12.2%	7.5%	6.2%	·	3.4%	1.6%	1.4%	4.3%
ROE	42.6%	36.7%	25.3%	21.8%	32.8%	25.8%	25.9%	·	17.8%	7.6%	6.0%	16.7%
ROIC	28.0%	22.6%	17.2%	13.7%	17.4%	14.5%	10.5%	·	9.6%	4.5%	5.8%	11.2%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.2	1.2	1.1	1.2	1.0	1.3	0.9	·	1.4	1.2	1.5	1.5
Quick Ratio	0.8	0.9	0.8	0.8	0.7	1.1	0.7	·	0.5	0.4	0.7	0.6
Debt / Equity	0.5	0.6	0.7	0.7	1.0	1.5	1.9	·	1.8	1.3	1.1	0.5
LT Debt / Equity	0.5	0.6	0.7	0.7	0.9	1.4	1.9	·	1.8	1.3	1.1	0.5
Interest Coverage	·	·	9.9	8.0	8.1	6.0	4.2	·	3.5	2.5	2.3	8.0

Efficiency 1

Annual Efficiency data for NFLX
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.8	0.8	0.7	0.7	0.7	0.7	0.7	·	0.7	0.7	0.8	0.9

Per Share 5

Annual Per Share data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$6.30	$57.84	$47.57	$46.65	$35.70	$24.98	$17.28	·	$8.26	$6.23	$5.20	$30.75
Revenue / Share	$10.40	$88.79	$75.02	$70.06	$65.22	$55.03	$44.62	·	$26.17	$20.13	$15.53	$89.22
Cash Flow / Share	$2.34	$16.76	$16.18	$4.49	$0.86	$5.34	$-6.39	·	$-4.00	$-3.36	$-1.72	$0.27
Cash / Share	$2.14	$18.25	$16.45	$11.56	$13.58	$18.53	$11.44	·	$6.51	$3.41	$4.23	$18.43
EPS (TTM)	$2.53	$1.98	$1.20	$9.95	$11.24	$6.08	$4.13	$2.68	$1.25	$0.43	$0.28	$0.62

Growth Rates 9

Annual Growth Rates data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	15.8%	15.7%	6.7%	6.5%	18.8%	·	·	·	·	·	·	·
Revenue CAGR 3Y	12.6%	9.5%	10.5%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	12.6%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	27.8%	65.0%	-87.9%	-11.5%	84.9%	·	·	·	·	·	·	·
EPS CAGR 3Y	-36.6%	-43.9%	-41.8%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	-16.1%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	26.1%	61.1%	20.4%	-12.2%	85.3%	·	·	·	·	·	·	·
Net Income CAGR 3Y	34.7%	19.4%	25.1%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	31.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for NFLX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$45.18B	$39.00B	$33.72B	$31.62B	$29.70B	$25.00B	$20.16B	$15.79B	$11.69B	$8.83B	$6.78B	$5.50B
Net Income TTM	$10.98B	$8.71B	$5.41B	$4.49B	$5.12B	$2.76B	$1.87B	$1.21B	$559M	$187M	$123M	$267M
Market Cap	$395.87B	$381.27B	$210.70B	$131.32B	$267.46B	$239.49B	$141.98B	·	$83.19B	$53.24B	$48.95B	$2.95B
Enterprise Value	$401.27B	$387.27B	$218.11B	$139.62B	$276.83B	$247.59B	$151.73B	·	$86.87B	$54.87B	$49.01B	$2.24B
P/E	37.1	450.2	405.7	29.6	53.6	88.9	78.3	99.9	153.6	287.9	408.5	78.7
P/S	8.8	9.8	6.2	4.2	9.0	9.6	7.0	·	7.1	6.0	7.2	0.5
P/B	14.9	15.4	10.2	6.3	16.9	21.6	18.7	·	23.2	19.9	22.0	1.6
P / Tangible Book	·	·	10.2	6.3	16.9	21.6	·	·	·	·	·	·
P / Cash Flow	39.0	51.8	29.0	64.8	681.2	98.7	-49.2	·	-46.6	-36.1	-65.3	178.9
P / FCF	41.8	55.1	30.4	81.1	-2026.6	124.1	-45.2	·	-42.5	-33.7	-58.2	-55.4
EV / EBITDA	29.4	36.0	29.8	23.4	43.2	52.7	56.0	·	95.4	125.5	133.1	4.9
EV / FCF	42.4	55.9	31.5	86.3	-2097.6	128.3	-48.3	·	-44.3	-34.7	-58.3	-42.1
EV / Revenue	8.9	9.9	6.5	4.4	9.3	9.9	7.5	·	7.4	6.2	7.2	0.4
Earnings Yield	2.7%	0.22%	0.25%	3.4%	1.9%	1.1%	1.3%	1.0%	0.65%	0.35%	0.24%	1.3%

Income Statement 15

Quarterly Income Statement data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$12.25B	$12.05B	$11.51B	$11.08B	$10.54B	$10.25B	$9.82B	$9.56B	$9.37B	$8.83B	$8.54B	$8.19B	$8.16B	$7.85B	$7.93B	$7.97B
Cost of Revenue	$5.89B	$6.52B	$6.16B	$5.33B	$5.26B	$5.77B	$5.12B	$5.17B	$4.98B	$5.31B	$4.93B	$4.67B	$4.80B	$5.40B	$4.79B	$4.69B
R&D Expense	$960M	$890M	$854M	$825M	$823M	$777M	$735M	$711M	$702M	$673M	$657M	$658M	$687M	$674M	$663M	$717M
SG&A Expense	$603M	$568M	$458M	$441M	$421M	$454M	$417M	$427M	$404M	$439M	$479M	$401M	$401M	$392M	$373M	$409M
Operating Income	$3.96B	$2.96B	$3.25B	$3.77B	$3.35B	$2.27B	$2.91B	$2.60B	$2.63B	$1.50B	$1.92B	$1.83B	$1.71B	$550M	$1.53B	$1.58B
Interest Expense	·	·	·	·	·	·	$185M	$168M	$173M	·	$176M	$175M	$174M	·	$173M	$175M
Other Non-op	$2.85B	$45M	$36M	$40M	$51M	$54M	$-22M	$79M	$155M	$-173M	$168M	$27M	$-71M	$-340M	$261M	$220M
Pretax Income	$6.55B	$2.77B	$3.11B	$3.63B	$3.21B	$2.13B	$2.70B	$2.51B	$2.61B	$1.15B	$1.91B	$1.68B	$1.47B	$39M	$1.62B	$1.62B
Income Tax	$1.26B	$349M	$562M	$506M	$323M	$266M	$339M	$367M	$282M	$210M	$232M	$192M	$164M	$-16M	$224M	$182M
Net Income	$5.28B	$2.42B	$2.55B	$3.13B	$2.89B	$1.87B	$2.36B	$2.15B	$2.33B	$938M	$1.68B	$1.49B	$1.31B	$55M	$1.40B	$1.44B
EPS (Basic)	$1.25	$-11.45	$6.00	$7.35	$0.68	$-13.88	$5.52	$4.99	$5.40	$-8.86	$3.80	$3.35	$2.93	$0.12	$3.14	$3.24
EPS (Diluted)	$1.23	$-11.19	$5.87	$7.19	$0.66	$-13.58	$5.40	$4.88	$5.28	$-8.70	$3.73	$3.29	$2.88	$0.12	$3.10	$3.20
Shares (Basic)	4,222,787,000	-872,849,000	424,455,000	425,211,000	4,272,695,000	3,004,797,000	428,239,000	430,065,000	432,090,000	3,085,050,000	441,537,000	443,881,000	445,244,000	-888,883,000	444,878,000	444,557,000
Shares (Diluted)	4,298,437,000	-894,682,000	434,039,000	434,883,000	4,369,623,000	3,073,317,000	437,898,000	439,739,000	441,654,000	3,140,966,000	450,011,000	451,572,000	452,417,000	-902,207,000	450,344,000	450,169,000
EBITDA	$4.06B	·	$3.34B	$3.85B	$3.43B	·	$2.99B	$2.68B	$2.72B	·	$2.01B	$1.92B	$1.80B	·	$1.62B	$1.66B

Balance Sheet 26

Quarterly Balance Sheet data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$12.26B	$9.03B	$9.29B	$8.18B	$7.20B	$7.80B	$7.46B	$6.62B	$7.02B	·	$7.35B	$7.66B	$6.71B	·	$6.11B	$5.82B
Short-term Investments	$29M	$29M	$37M	$213M	$1.17B	$1.78B	$1.77B	$31M	$21M	·	$514M	$914M	$1.11B	·	·	·
Prepaid Expense	$602M	$498M	$468M	$451M	$484M	$432M	$436M	$446M	$454M	·	$482M	$482M	$486M	·	$392M	$368M
Other Current Assets	$4.78B	$3.96B	$3.64B	$3.60B	$3.33B	$3.52B	$2.91B	$2.96B	$2.88B	·	$2.91B	$2.93B	$2.66B	·	$2.70B	$2.02B
Current Assets	$17.07B	$13.02B	$12.96B	$11.99B	$11.70B	$13.10B	$12.13B	$9.62B	$9.92B	·	$10.78B	$11.51B	$10.48B	·	$8.82B	$7.84B
PP&E (Net)	$2.15B	$2.00B	$1.84B	$1.74B	$1.64B	$1.59B	$1.57B	$1.51B	$1.50B	·	$1.50B	$1.47B	$1.41B	·	$1.37B	$1.36B
PP&E (Gross)	$3.30B	$3.10B	$2.88B	$2.78B	$2.62B	$2.51B	$2.49B	$2.43B	$2.39B	·	$2.40B	$2.34B	$2.22B	·	$2.08B	$2.03B
Accum. Depreciation	$1.16B	$1.10B	$1.05B	$1.04B	$976M	$918M	$922M	$915M	$885M	·	$903M	$871M	$808M	·	$710M	$665M
Intangibles	$33.38B	$32.78B	$32.64B	$32.09B	$32.04B	$32.45B	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$8.42B	$7.79B	$7.49B	$7.27B	$6.70B	$6.48B	$6.41B	$6.05B	$5.74B	·	$5.47B	$5.32B	$5.25B	·	$4.60B	$4.62B
Total Assets	$61.02B	$55.60B	$54.93B	$53.10B	$52.09B	$53.63B	$52.28B	$49.10B	$48.83B	·	$49.50B	$50.82B	$49.49B	·	$47.56B	$46.35B
Accounts Payable	$895M	$901M	$793M	$633M	$614M	$900M	$642M	$599M	$607M	·	$534M	$615M	$592M	·	$560M	$504M
Accrued Liabilities	$4.44B	$3.22B	$3.11B	$2.49B	$2.36B	$2.16B	$2.24B	$1.88B	$1.98B	·	$1.84B	$1.91B	$1.72B	·	$1.80B	$1.60B
Short-term Debt	$999M	$999M	$0	$0	$1.01B	$1.78B	$1.82B	$1.80B	$799M	·	$400M	$399M	$399M	·	$0	$0
Current Liabilities	$12.13B	$10.98B	$9.73B	$8.94B	$9.72B	$10.76B	$10.71B	$10.14B	$9.29B	·	$8.34B	$8.68B	$8.32B	·	$7.77B	$7.50B
Capital Leases	$1.95B	$2.05B	$2.16B	$2.03B	$1.97B	$1.98B	$2.09B	$2.13B	$2.10B	·	$2.09B	$2.15B	$2.16B	·	$2.21B	$2.34B
Other Non-current Liabilities	$2.77B	$2.96B	$3.19B	$3.15B	$2.63B	$2.55B	$2.77B	$2.64B	$2.59B	·	$2.49B	$2.39B	$2.40B	·	$2.42B	$2.55B
Total Liabilities	$29.89B	$28.98B	$28.98B	$28.15B	$28.06B	$28.89B	$29.56B	$26.99B	$27.46B	·	$27.39B	$27.99B	$27.66B	·	$27.03B	$27.27B
Total Debt	$14.36B	·	$14.46B	$14.45B	$15.02B	·	$15.98B	$13.98B	$14.02B	·	$14.30B	$14.47B	$14.44B	·	$13.89B	$14.23B
Common Stock	$7.48B	$7.29B	$7.08B	$6.93B	$6.68B	$6.25B	$5.89B	$5.68B	$5.49B	·	$5.01B	$4.87B	$4.76B	·	$4.47B	$4.32B
Retained Earnings	$47.56B	$42.28B	$39.86B	$37.32B	$34.19B	$31.30B	$29.43B	$27.07B	$24.92B	·	$21.65B	$19.97B	$18.49B	·	$17.13B	$15.73B
Treasury Stock	$23.68B	$22.37B	$20.27B	$18.39B	$16.75B	$13.17B	$12.25B	$10.55B	$8.93B	·	$4.40B	$1.88B	$1.23B	·	$824M	$824M
AOCI	$-235M	$-580M	$-719M	$-905M	$-86M	$362M	$-345M	$-89M	$-112M	·	$-156M	$-139M	$-192M	·	$-248M	$-144M
Stockholders' Equity	$31.13B	$26.62B	$25.95B	$24.95B	$24.03B	$24.74B	$22.72B	$22.11B	$21.37B	$20.59B	$22.11B	$22.83B	$21.83B	$20.78B	$20.53B	$19.08B
Liabilities + Equity	$61.02B	$55.60B	$54.93B	$53.10B	$52.09B	$53.63B	$52.28B	$49.10B	$48.83B	·	$49.50B	$50.82B	$49.49B	·	$47.56B	$46.35B
Shares Outstanding	4,212,794,271	4,222,162,150	423,732,334	424,926,346	425,683,210	4,277,571,000	427,458,114	429,164,615	430,964,991	·	437,679,669	443,146,751	444,536,878	445,346,776	445,020,494	444,705,591

Cash Flow 14

Quarterly Cash Flow data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$99M	$86M	$87M	$80M	$80M	$80M	$81M	$81M	$87M	$87M	$91M	$89M	$90M	$93M	$85M	$84M
Stock-based Comp	$140M	$135M	$81M	$81M	$72M	$62M	$66M	$69M	$76M	$83M	$80M	$78M	$99M	$154M	$152M	$150M
Deferred Tax	·	·	·	·	·	·	·	·	·	·	·	·	·	$108M	$-58M	$-116M
Other Non-cash	$-232M	·	$110M	$-863M	$-253M	·	$-189M	$-1.01B	$-283M	·	$145M	$-215M	$684M	·	$-1.02B	$-1.46B
Operating Cash Flow	$5.29B	$2.11B	$2.83B	$2.42B	$2.79B	$1.54B	$2.32B	$1.29B	$2.21B	$1.66B	$1.99B	$1.44B	$2.18B	$444M	$557M	$103M
CapEx	$196M	$239M	$165M	$156M	$128M	$159M	$127M	$78M	$76M	$82M	$104M	$101M	$62M	$112M	$85M	$90M
Investing Cash Flow	$-782M	$-257M	$44M	$769M	$486M	$-159M	$-1.87B	$-78M	$-76M	$412M	$296M	$98M	$-264M	$-1.59B	$-85M	$-159M
Net Debt Issued	$0	·	$0	$-1.03B	$-800M	·	$0	$0	$-400M	·	$0	$0	$0	·	$0	$0
Stock Repurchased	$1.27B	$2.08B	$1.86B	$1.65B	$3.54B	$964M	$1.70B	$1.60B	$2.00B	$2.50B	$2.50B	$645M	$400M	$0	$0	$0
Net Stock Activity	$-1.27B	·	$-1.86B	$-1.65B	$-3.54B	·	$-1.70B	$-1.60B	$-2.00B	·	$-2.50B	$-645M	$-400M	·	$0	$0
Financing Cash Flow	$-1.23B	$-2.08B	$-1.74B	$-2.50B	$-4.03B	$-679M	$227M	$-1.49B	$-2.13B	$-2.45B	$-2.48B	$-649M	$-374M	$7M	$4M	$11M
Net Change in Cash	$3.23B	$-252M	$1.11B	$977M	$-603M	$348M	$832M	$-400M	$-92M	$-238M	$-309M	$928M	$1.57B	$-970M	$296M	$-190M
Free Cash Flow	$5.09B	·	$2.66B	$2.27B	$2.66B	·	$2.19B	$1.21B	$2.14B	·	$1.89B	$1.34B	$2.12B	·	$472M	$13M
Levered FCF	·	·	·	·	·	·	$2.03B	$1.07B	$1.98B	·	$1.73B	$1.18B	$1.96B	·	$323M	$-143M

Profitability 7

Quarterly Profitability data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Operating Margin	32.3%	·	28.2%	34.1%	31.8%	·	29.6%	27.2%	28.1%	·	22.4%	22.3%	21.0%	·	19.3%	19.8%
Net Margin	43.1%	·	22.1%	28.2%	27.4%	·	24.1%	22.5%	24.9%	·	19.6%	18.2%	16.0%	·	17.6%	18.1%
Pretax Margin	53.4%	·	27.0%	32.8%	30.5%	·	27.5%	26.3%	27.9%	·	22.4%	20.5%	18.0%	·	20.5%	20.4%
EBITDA Margin	33.1%	·	29.0%	34.8%	32.5%	·	30.4%	28.1%	29.0%	·	23.5%	23.4%	22.1%	·	20.4%	20.8%
ROA	9.3%	·	4.8%	6.1%	5.7%	·	4.6%	4.3%	4.7%	·	3.5%	3.1%	2.8%	·	3.1%	3.3%
ROE	19.2%	·	10.5%	13.3%	12.7%	·	10.5%	9.6%	10.8%	·	7.9%	7.1%	6.6%	·	7.8%	8.8%
ROIC	7.0%	·	6.6%	8.2%	7.7%	·	6.6%	6.2%	6.6%	·	4.6%	4.3%	4.2%	·	3.8%	4.2%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	1.4	·	1.3	1.3	1.2	·	1.1	0.9	1.1	·	1.3	1.3	1.3	·	1.1	1.0
Quick Ratio	1.0	·	1.0	0.9	0.9	·	0.9	0.7	0.8	·	0.9	1.0	0.9	·	0.8	0.8
Debt / Equity	0.5	·	0.6	0.6	0.6	·	0.7	0.6	0.7	·	0.6	0.6	0.7	·	0.7	0.7
LT Debt / Equity	0.4	·	0.6	0.6	0.6	·	0.6	0.6	0.6	·	0.6	0.6	0.6	·	0.7	0.7
Interest Coverage	·	·	·	·	·	·	15.7	15.5	15.2	·	10.9	10.5	9.8	·	8.9	9.0

Efficiency 1

Quarterly Efficiency data for NFLX
Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover		0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2

Per Share 5

Quarterly Per Share data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$7.39	·	$61.25	$58.72	$56.45	·	$53.15	$51.52	$49.58	·	$50.51	$51.52	$49.10	·	$46.13	$42.90
Revenue / Share	$2.85	·	$26.52	$25.48	$24.13	·	$22.44	$21.74	$21.22	·	$18.98	$18.13	$18.04	·	$17.60	$17.70
Cash Flow / Share	$1.23	·	$6.51	$5.57	$6.38	·	$5.30	$2.94	$5.01	·	$4.43	$3.19	$4.82	·	$1.24	$0.23
Cash / Share	$2.91	·	$21.92	$19.24	$16.91	·	$17.45	$15.44	$16.30	·	$16.80	$17.29	$15.10	·	$13.74	$13.09
EPS (TTM)	$14.95	·	$19.12	$18.13	$16.22	·	$19.29	$17.18	$15.18	·	$13.00	$12.47	$12.71	·	$13.02	$12.89

Valuation (TTM) 14

Quarterly Valuation (TTM) data for NFLX
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$45.38B	·	$42.96B	$41.01B	$39.30B	·	$37.30B	$35.66B	$34.26B	·	$32.82B	$32.24B	$31.93B	·	$31.25B	$30.66B
Net Income TTM	$13.85B	·	$10.93B	$10.53B	$9.73B	·	$8.52B	$7.64B	$6.80B	·	$5.87B	$5.63B	$5.74B	·	$5.89B	$5.84B
Market Cap	$405.06B	·	$508.02B	$569.03B	$396.96B	·	$303.18B	$289.63B	$261.74B	·	$165.27B	$195.20B	$153.58B	·	$104.78B	$77.77B
Enterprise Value	$407.13B	·	$513.16B	$575.09B	$403.61B	·	$309.94B	$296.96B	$268.71B	·	$171.70B	$201.09B	$160.19B	·	$112.55B	$86.18B
P/E	6.4	·	62.7	73.9	57.5	·	36.8	39.3	40.0	·	29.0	35.3	27.2	·	18.1	13.6
P/S	8.9	·	11.8	13.9	10.1	·	8.1	8.1	7.6	·	5.0	6.1	4.8	·	3.4	2.5
P/B	13.0	·	19.6	22.8	16.5	·	13.3	13.1	12.3	·	7.5	8.5	7.0	·	5.1	4.1
P / Tangible Book	·	·	·	·	·	·	13.3	13.1	12.3	·	7.5	8.5	7.0	·	5.1	4.1
P / Cash Flow	76.6	·	179.8	234.8	142.3	·	130.6	224.4	118.3	·	83.0	135.5	70.5	·	188.2	756.8
P / FCF	79.5	·	191.0	251.0	149.2	·	138.2	238.9	122.5	·	87.5	145.8	72.6	·	222.1	6107.9
EV / EBITDA	100.4	·	153.8	149.2	117.8	·	103.6	110.6	98.8	·	85.5	104.9	88.8	·	69.6	51.9
EV / FCF	79.9	·	192.9	253.6	151.7	·	141.3	244.9	125.8	·	90.9	150.2	75.7	·	238.5	6768.7
EV / Revenue	9.0	·	11.9	14.0	10.3	·	8.3	8.3	7.8	·	5.2	6.2	5.0	·	3.6	2.8
Earnings Yield	15.6%	·	1.6%	1.4%	1.7%	·	2.7%	2.5%	2.5%	·	3.4%	2.8%	3.7%	·	5.5%	7.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$45.18B	$39.00B	$33.72B	$31.62B	$29.70B
Operating Margin %	29.5%	26.7%	20.6%	17.8%	20.9%
Net Income	$10.98B	$8.71B	$5.41B	$4.49B	$5.12B
Diluted EPS	$2.53	$1.98	$1.20	$9.95	$11.24

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.5	0.6	0.7	0.7	1.0
Current Ratio	1.2	1.2	1.1	1.2	1.0
Quick Ratio	0.8	0.9	0.8	0.8	0.7

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$9.46B	$6.92B	$6.93B	$1.62B	$-132M

NFLX AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75

↑ Bullish

I see Netflix as the streaming profitability king, leveraging content moats and ad-tier upside to drive sustained earnings power into 2026Q2. Its 41.86% ROE shows the company turns shareholder equity into profits far better than peers like Disney's 11%, funding more hits without dilution. Gross margins at 48% remain rock-solid, proving pricing power holds even as costs stabilize. Q1 revenue beat on April 16 news signals momentum, with termination fees as a bonus kicker.

↓ Bearish

My read is Netflix's sky-high valuation bakes in perfection that subscriber saturation and rivalry could shatter by 2026Q2. P/E at 41 towers over Disney's 14, leaving no room for earnings misses in a crowded market. Market cap has slid 16% from 512 billion in 2025Q3 to 428 billion now, reflecting growth fears. Reed Hastings' chairman exit on April 16 adds leadership risk at a pivotal ad pivot.

Claude NEUTRAL 0.62

↑ Bullish

Netflix has proven it can grow revenue double-digit while expanding margins — the core streaming model is working. Gross margin sits at 48%, which is fortress-level for a media company, and net margin of 24% shows pricing power is real. The 41.86% ROE tells you management is extracting genuine returns from shareholder capital, not just financial engineering. At 41 times trailing earnings, yes, the multiple is steep, but if subscriber growth and ad-tier penetration hold, the cash generation justifies a premium to Disney's 14x multiple. Reed Hastings stepping down is leadership continuity risk, not a death knell.

↓ Bearish

Netflix trades at 41 times earnings while Disney trades at 14 times — that gap only closes if Netflix grows earnings faster than Disney for years, and I see no evidence that's happening. The stock is down from $1,331 to $1,245 in three weeks, and market cap fell $30 billion last quarter. More troubling: debt-to-equity is 55.7%, which means Netflix is leveraged to the hilt to fund buybacks and content. If subscriber growth slows or ad rates compress, that leverage becomes a trap. The Warner Bros. termination fee was a one-time tailwind masking underlying momentum questions.

Gemini NEUTRAL 0.70

↑ Bullish

Netflix is successfully transitioning from a growth-at-all-costs player to a highly efficient profit machine. The company currently delivers a 41.86% ROE, which demonstrates an exceptional ability to generate substantial returns on shareholder capital even as the streaming market matures. This efficiency is supported by a solid 24.05% net profit margin, showing they have moved past the heavy cash-burn era of original content production. By maintaining a current ratio of 1.33, they ensure they have enough liquid assets to cover short-term obligations while still investing in the next generation of global content hits.

↓ Bearish

The valuation remains disconnected from the company's slowing growth trajectory. Investors are currently paying 41.07 times trailing earnings for a stock whose EPS has seen a significant contraction from previous quarters. This P/E multiple is steep when you consider that the company is facing a major leadership transition with Reed Hastings stepping down as chairman. Furthermore, with a price-to-sales ratio of 9.88, the market is pricing in perfection at a time when the streaming sector is becoming increasingly crowded and the company’s own market capitalization has been trending downward over the last three quarters.

Chatgpt NEUTRAL 0.62

↑ Bullish

I think the strongest bullish case is that Netflix still delivers high profitability on equity and healthy gross margins, which supports a durable earnings story even as it funds ongoing content investments. ROE 41.86% — That level signals Netflix turns a large portion of equity into profit, implying strong pricing power and capital efficiency. Gross margin 48.09% — That margin supports sustained profitability and greater operating leverage as scale widens. Debt/Equity 55.73% — That leverage level suggests Netflix can fund ongoing expansions without immediate liquidity risk, though it keeps some balance-sheet risk if cash flows weaken.

↓ Bearish

I think the strongest bearish case is that the stock remains richly valued versus peers and faces leadership-transition risk that could curb execution if growth slows. P/E TTM 41.07 — That high multiple implies the stock is priced for outsized growth; any near-term slowdown can trigger multiple compression. P/S TTM 9.88 — That multiple indicates investors are paying a premium for revenue; a deceleration in growth would pressure valuation. EPS TTM 2.39 — Modest trailing earnings against a high multiple heightens risk if margins or subscriber growth deteriorate.

Round 2 — Responses & Rebuttals

Grok

Claude, your bearish take misses how Netflix's 55.7% debt-to-equity isn't a trap but a smart accelerator for content dominance. That ratio means for every dollar of equity, debt adds just over half a dollar—manageable given the 1.33 current ratio covers short-term obligations comfortably. With 24% net margins generating cash, this leverage fuels buybacks and hits without dilution risk, unlike riskier peers like Warner Bros.

Claude

I need to push back on Grok's read of that market-cap decline. Grok says Netflix dropped 16% from 512 billion to 428 billion and frames that as growth fears, but that math doesn't match the stock action we're seeing. The weekly chart shows NFLX trading between $1,245 and $1,331 over the last month — that's a 6.5% swing, not 16%. Market cap moves are noise when you're looking at a $428 billion company with normal weekly volatility. What actually matters is whether the Q1 revenue beat Grok cited holds up in guidance, and whether that Warner Bros. termination fee — which I flagged as one-time — gets repeated. If it doesn't, the multiple compression risk I outlined becomes real fast.

Gemini

Claude, your point about the debt-to-equity ratio being a trap misses the reality of Netflix's current capital structure. You cited a 55.7% debt-to-equity ratio as evidence of dangerous leverage, but this level is actually quite manageable for a company generating such consistent cash flow. This ratio tells us that for every dollar of equity, the company carries about 56 cents in debt, which is a conservative footprint for a mature media giant. I believe Netflix has successfully moved past the debt-fueled growth phase, making your concerns about their balance sheet slightly overstated.

Chatgpt

Claude, your leverage concern is valid, but the key signal to my eye is Netflix's profitability power. ROE 41.86% signals Netflix turns equity into profits at a rate far above peers. That translates to pricing power and capital efficiency guiding the cash engine. Yet a high multiple stays risky if growth slows or cash flow falters, keeping debt in the spotlight.

Round 3 — Final Rebuttals

G

Grok

Claude, expanding on your weekly chart, volume divergence signals institutional distribution that's bearish into 2026Q2. The April 25 post-earnings breakout surged on 35 million shares, drawing big-money buys. Recent downside like July 11's drop trades on half that volume—thinner support means sellers dominate, risking more compression on top of the valuation stretch we all flagged.

C

Claude

I want to push back on something Gemini and Grok both let slide: the claim that Netflix's 55.7% debt-to-equity is 'manageable' or 'conservative' for a media company. That's not accurate. Disney carries a D/E of roughly 1.2x — nearly double Netflix's ratio — and Disney is a capital-intensive conglomerate with theme parks and linear TV. Netflix's 55.7% D/E is actually on the high end for streaming. What matters more: Netflix's net margin of 24% is real, but it's not growing. If subscriber growth plateaus and ad rates face pressure — both real risks in a saturated market — that leverage becomes a millstone, not a feature. Grok frames buybacks as 'without dilution risk,' but buybacks funded by debt in a slowing-growth environment are exactly how you destroy shareholder value. I'm not moving my hold, but I'm more concerned about the balance-sheet math than the panel is.

G

Gemini

Claude, I have to challenge your dismissal of the leadership transition as mere continuity risk. Reed Hastings stepping down as chairman on April 16 is a massive structural shift for a company that has relied on his specific vision for nearly three decades. This is not just a management change; it is the departure of the primary architect of the streaming model at a time when the company needs to pivot toward ad-supported tiers. If the new leadership fails to navigate this identity change, the current 41.07 P/E ratio, which represents the premium investors pay for future earnings, will likely collapse.

C

Chatgpt

I think we should widen the frame to competitive dynamics, not just fundamentals. Claude, your leverage take is important, but Disney’s ongoing ad-supported tier expansion and bundling strategy with Hulu create a real price-and-demand pressure on NFLX. If Disney accelerates international rollout or increases live sports exposure, NFLX faces more competition for the same ad dollars and premium subscribers. Gemini, Grok, the market’s focus on profitability will hinge less on margins alone and more on how NFLX sustains demand share against these roadmaps.

Price Forecasts

Model	3M Target	6M Target	Reasoning
G Grok	3M Target $1280.00	6M Target $1350.00	Reasoning I think Netflix grinds higher into 2026Q2 if ad-tier subscriber adds validate profitability moats against peers. The key catalyst is Q2 earnings on or around July 23, 2026, where guidance for 15%+ revenue growth from ads could spark multiple expansion. The big risk is a subscriber growth miss below 5 million nets, reigniting saturation fears and compressing the 41 P/E—which already prices in flawless execution with no margin for rivals like Disney to steal share. At a forward P/E of 38 implied by my 6-month 1350 target from today's 1245 close, that assumes steady EPS delivery without leadership wobbles post-Hastings.
C Claude	3M Target $1080.00	6M Target $1020.00	Reasoning Netflix is caught between fortress profitability and valuation that leaves no room for error in a saturated market. My thesis: the 41x P/E multiple compresses if subscriber growth stalls or ad rates soften, both real risks by Q3 2026. The concrete catalyst is Q2 earnings guidance on July 18 — if management signals slower net-add growth or flattening ARPU, the market reprices downward fast. The risk that breaks this: ad-tier adoption accelerates beyond consensus, justifying the multiple. On valuation: 41 times earnings means the market is pricing in 15%+ annual earnings growth for years; Netflix's net margin of 24% is solid but flat, not expanding. Hastings' exit adds execution risk. I'm forecasting 3-month weakness to $1,080 as leverage concerns resurface, then stabilization near $1,020 by October as the market reprices to 35x earnings — still premium, but more honest.
G Gemini	3M Target $1180.00	6M Target $1250.00	Reasoning My thesis is that Netflix will trade sideways as it absorbs the leadership transition, eventually breaking higher only if ad-tier revenue offsets subscriber saturation. The primary catalyst is the 2026Q3 earnings report, which will serve as the first true test of management's ability to scale ad-tier profitability without Reed Hastings. The major risk is a significant contraction in the 24.05% net margin, which would signal that competition is finally eroding their pricing power. Investors are currently paying 41.07 times trailing earnings, meaning the market is betting on sustained, high-margin growth that leaves zero room for error in the upcoming quarters.
C Chatgpt	3M Target $1150.00	6M Target $1250.00	Reasoning I think NFLX can drift higher in the coming months as profitability remains durable. Catalyst: the Q2 2026 earnings print reinforces that growth and margin discipline are intact. Risk: a Q2 miss or weak forward guidance could trigger multiple compression. That 41x trailing P/E means Netflix is priced for outsized future earnings, so any near-term miss could trigger multiple compression.

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NFLX AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

Price Forecasts

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