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

03
Price $67.06
Market Cap (MRQ) $279.23B
P/E (TTM) -20.4
EPS (TTM) $-3.29
Revenue (TTM) $48.37B
ROE (TTM) 49.5%
Debt/Equity (MRQ) 0.5
52W Range $65–$1249

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

04
range
bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 3
Ex-date Split Type
Nov. 17, 2025 10-for-1 Forward
July 15, 2015 7-for-1 Forward
Feb. 12, 2004 2-for-1 Forward

About Netflix, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Netflix, Inc. is an American media company founded on August 29, 1997, by Reed Hastings and Marc Randolph in Scotts Valley, California, and currently based in Los Gatos, California, with production offices and stages at the Los Angeles–based Hollywood studios (formerly old Warner Brothers studios) and the Albuquerque Studios (formerly ABQ studios). It owns and operates an eponymous over-the-top subscription video on-demand service, which showcases acquired and original programming as well as third-party content licensed from other production companies and distributors. Netflix is also the first streaming media company to be a member of the Motion Picture Association.

Netflix initially both sold and rented DVDs by mail, but the sales were eliminated within a year to focus on the DVD rental business. In 2007, Netflix introduced streaming media and video on demand. The company expanded to Canada in 2010, followed by Latin America and the Caribbean. In 2011, the service began to acquire and produce original content, beginning with the crime drama Lilyhammer.

The company has been listed on Nasdaq since 2002 and is ranked 117th on the Fortune 500 and 219th on the Forbes Global 2000. It is the largest entertainment/media company by market capitalization as of 2026 estimated at $450 billion. In 2021, Netflix was ranked as the eighth-most trusted brand globally by Morning Consult. During the 2010s, Netflix was the top-performing stock in the S&P 500 stock market index, with a total return of 3,693%.

The company has two CEOs, Greg Peters and Ted Sarandos, who are split between Los Gatos and Los Angeles, respectively. It also operates international offices in Asia, Europe and Latin America including in Canada, France, Brazil, the Netherlands, India, Italy, Japan, Poland, South Korea, and the United Kingdom. The company has production hubs in Los Angeles, Albuquerque, London, Madrid, Vancouver and Toronto.

History

Launch as a mail-based rental business (1997–2006)

Netflix was founded by Marc Randolph and Reed Hastings on August 29, 1997, in Scotts Valley, California. Hastings, a computer scientist and mathematician, was a cofounder of Pure Software, which was acquired by Rational Software that year for $750 million, the then biggest acquisition in Silicon Valley history. Randolph had worked as a marketing director for Pure Software after Pure Atria acquired a company where Randolph worked. He was previously a co-founder of MicroWarehouse, a computer mail-order company as well as vice president of marketing for Borland. Hastings and Randolph came up with the idea for Netflix while carpooling between their homes in Santa Cruz, California, and Pure Atria's headquarters in Sunnyvale. Patty McCord, later head of human resources at Netflix, was also in the carpool group. Randolph admired Amazon and wanted to find a large category of portable items to sell over the Internet using a similar model. Hastings and Randolph considered and rejected selling and renting VHS as too expensive to stock and too delicate to ship. When they heard about DVDs, first introduced in the United States in early 1997, they tested the concept of selling or renting DVDs by mail by mailing a compact disc to Hastings's house in Santa Cruz. When the disc arrived intact, they decided to enter the $16 billion home video sales and rental industry. Hastings is often quoted saying that he decided to start Netflix after being fined $40 at a Blockbuster store for being late to return a copy of Apollo 13, a claim since repudiated by Randolph. Hastings invested $2.5 million into Netflix from the sale of Pure Atria. Netflix launched as the first DVD rental and sales website with 30 employees and 925 titles available—nearly all DVDs published. Randolph and Hastings met with Jeff Bezos, where Amazon offered to acquire Netflix for between $14 and $16 million. Fearing competition from Amazon, Randolph at first thought the offer was fair, but Hastings, who owned 70% of the company, turned it down on the plane ride home.

Initially, Netflix offered a per-rental model for each DVD but introduced a monthly subscription concept in September 1999. The per-rental model was dropped by early 2000, allowing the company to focus on the business model of flat-fee unlimited rentals without due dates, late fees, shipping and handling fees, or per-title rental fees. In September 2000, during the dot-com bubble, while Netflix was suffering losses, Hastings and Randolph offered to sell the company to Blockbuster for $50 million. John Antioco, CEO of Blockbuster, thought the offer was a joke and declined, saying, "The dot-com hysteria is completely overblown." While Netflix experienced fast growth in early 2001, the continued effects of the dot-com bubble collapse and the September 11 attacks caused the company to hold off plans for its initial public offering (IPO) and to lay off one-third of its 120 employees.

DVD players were a popular gift for holiday sales in late 2001, and demand for DVD subscription services were "growing like crazy", according to chief talent officer Patty McCord. The company went public on NASDAQ under the ticker symbol NFLX on May 29, 2002, selling 5.5 million shares of common stock at US$15.00 per share. In 2003, Netflix was issued a patent by the U.S. Patent and Trademark Office to cover its subscription rental service and several extensions. Netflix posted its first profit in 2003, earning $6.5 million on revenues of $272 million; by 2004, profit had increased to $49 million on over $500 million in revenues. In 2005, 35,000 different films were available, and Netflix shipped 1 million DVDs out every day.

In 2004, Blockbuster introduced a DVD rental service, which not only allowed users to check out titles through online sites but allowed for them to return them at brick and-mortar stores. By 2006, Blockbuster's service reached two million users, and while trailing Netflix's subscriber count, was drawing business away from Netflix. Netflix lowered fees in 2007. While it was an urban legend that Netflix ultimately "killed" Blockbuster in the DVD rental market, Blockbuster's debt load and internal disagreements hurt the company.

On April 4, 2006, Netflix filed a patent infringement lawsuit in which it demanded a jury trial in the U.S. District Court for the Northern District of California, alleging that Blockbuster's online DVD rental subscription program violated two patents held by Netflix. The first cause of action alleged Blockbuster's infringement of copying the "dynamic queue" of DVDs available for each customer, Netflix's method of using the ranked preferences in the queue to send DVDs to subscribers, and Netflix's method permitting the queue to be updated and reordered. The second cause of action alleged infringement of the subscription rental service as well as Netflix's methods of communication and delivery. The companies settled their dispute on June 25, 2007; terms were not disclosed.

On October 1, 2006, Netflix announced the Netflix Prize, $1,000,000 to the first developer of a video recommendation algorithm that could beat its existing algorithm Cinematch, at predicting customer ratings by more than 10%. On September 21, 2009, it awarded the $1,000,000 prize to team "BellKor's Pragmatic Chaos". Cinematch, launched in 2000, is a recommendation system that recommended movies to its users, many of which they might not ever had heard of before.

Through its division Red Envelope Entertainment, Netflix licensed and distributed independent films such as Born into Brothels and Sherrybaby. In late 2006, Red Envelope Entertainment also expanded into producing original content with filmmakers such as John Waters. Netflix closed Red Envelope Entertainment in 2008.

Transition to streaming services (2007–2012)

In January 2007, the company launched a streaming media service, introducing video on demand via the Internet. However, at that time it only had 1,000 films available for streaming, compared to 70,000 available on DVD. The company had for some time considered offering movies online, but it was only in the mid-2000s that data speeds and bandwidth costs had improved sufficiently to allow customers to download movies from the net. The original idea was a "Netflix box" that could download movies overnight, and be ready to watch the next day. By 2005, Netflix had acquired movie rights and designed the box and service. But after witnessing how popular streaming services such as YouTube were despite the lack of high-definition content, the concept of using a hardware device was scrapped and replaced with a streaming concept.

In February 2007, Netflix delivered its billionth DVD, a copy of Babel to a customer in Texas. In April 2007, Netflix recruited ReplayTV founder Anthony Wood, to build a "Netflix Player" that would allow streaming content to be played directly on a television rather than a desktop or laptop. Hastings eventually shut down the project to help encourage other hardware manufacturers to include built-in Netflix support, which would be spun off as the digital media player product Roku.

In January 2008, all rental-disc subscribers became entitled to unlimited streaming at no additional cost. This change came in a response to the introduction of Hulu and to Apple's new video-rental services. In August 2008, the Netflix database was corrupted and the company was not able to ship DVDs to customers for 3 days, leading the company to move all its data to the Amazon Web Services cloud. In November 2008, Netflix began offering subscribers rentals on Blu-ray and discontinued its sale of used DVDs. In 2009, Netflix streams overtook DVD shipments.

On January 6, 2010, Netflix agreed with Warner Bros. to delay new release rentals 28 days prior to retail, in an attempt to help studios sell physical copies, and similar deals involving Universal Pictures and 20th Century Fox were reached on April 9. In July 2010, Netflix signed a deal to stream movies of Relativity Media. In August 2010, Netflix reached a five-year deal worth nearly $1 billion to stream films from Paramount, Lionsgate and Metro-Goldwyn-Mayer. The deal increased Netflix's annual spending fees, adding roughly $200 million per year. It spent $117 million in the first six months of 2010 on streaming, up from $31 million in 2009. On September 22, 2010, Netflix launched in Canada, its first international market. In November 2010, Netflix began offering a standalone streaming service separate from DVD rentals.

In 2010, Netflix acquired the rights to Breaking Bad, produced by Sony Pictures Television, after the show's third season, at a point where original broadcaster AMC had expressed the possibility of cancelling the show. Sony pushed Netflix to release Breaking Bad in time for the fourth season, which as a result greatly expanded the show's audience on AMC due to new viewers binging on the Netflix past episodes, and doubling the viewership by the time of the fifth season. Breaking Bad is considered the first such show to have this "Netflix effect".

In January 2011, Netflix announced agreements with several manufacturers to include branded Netflix buttons on the remote controls of devices compatible with the service, such as Blu-ray players. By May 2011, Netflix had become the largest source of Internet streaming traffic in North America, accounting for 30% of traffic during peak hours.

On July 12, 2011, Netflix announced that it would separate its existing subscription plans into two separate plans: one covering the streaming and the other DVD rental services. The cost for streaming would be $7.99 per month, while DVD rental would start at the same price. On September 11, 2011, Netflix expanded to 43 countries in Latin America. On September 18, 2011, Netflix announced its intentions to rebrand and restructure its DVD home media rental service as an independent subsidiary called Qwikster, separating DVD rental and streaming services. On September 26, 2011, Netflix announced a content deal with DreamWorks Animation. On October 10, 2011, Netflix announced that it would retain its DVD service under the name Netflix and that its streaming and DVD-rental plans would remain branded together.

On January 9, 2012, Netflix started its expansion to Europe, launching in the United Kingdom and Ireland. In February 2012, Netflix reached a multi-year agreement with The Weinstein Company. In March 2012, Netflix acquired the domain name DVD.com. By 2016, Netflix rebranded its DVD-by-mail service under the name DVD.com, A Netflix Company. In April 2012, Netflix filed with the Federal Election Commission (FEC) to form a political action committee (PAC) called FLIXPAC. Netflix spokesperson Joris Evers tweeted that the intent was to "engage on issues like net neutrality, bandwidth caps, UBB and VPPA". In June 2012, Netflix signed a deal with Open Road Films.

On August 23, 2012, Netflix and The Weinstein Company signed a multi-year output deal for RADiUS-TWC films. In August 2010, Epix signed a five-year streaming deal with Netflix. For the initial two years of this agreement, first-run and back-catalog content from Epix was exclusive to Netflix. Epix films came to Netflix 90 days after premiering on Epix. These included films from Paramount, Metro-Goldwyn-Mayer and Lionsgate.

On October 18, 2012, Netflix launched in Denmark, Finland, Norway and Sweden. On December 4, 2012, Netflix and Disney announced an exclusive multi-year agreement for first-run United States subscription television rights to Walt Disney Studios' animated and live-action films, with classics such as Dumbo, Alice in Wonderland and Pocahontas available immediately and others available on Netflix beginning in 2016. Direct-to-video releases were made available in 2013.

On January 14, 2013, Netflix signed an agreement with Time Warner's Turner Broadcasting System and Warner Bros. Television to distribute Cartoon Network, Warner Bros. Animation, and Adult Swim content, as well as TNT's Dallas, beginning in March 2013. The rights to these programs were given to Netflix shortly after deals with Viacom to stream Nickelodeon and Nick Jr. Channel programs expired.

For cost reasons, Netflix stated that it would limit its expansion in 2013, adding only one new market—the Netherlands—in September of that year. This expanded its availability to 40 territories.

Development of original programming (2013–2017)

Netflix began efforts to develop original content in 2011; in March, Netflix made a straight-to-series order for the Kevin Spacey-led political drama House of Cards from MRC. Beating out other U.S. cable networks, it marked the first first-run television series to be specifically commissioned by the service. In November 2011, Netflix then ordered Orange is the New Black, a comedy-drama adapted from Piper Kerman's memoir of the same name, and a new season of the cancelled Fox sitcom Arrested Development. Netflix also acquired U.S. rights to the Norwegian drama Lilyhammer; following its television premiere on Norway's NRK1 on January 25, 2012, the entirety of its first season was released by Netflix on February 8—a notable departure from the broadcast television model of premiering episodes on a weekly basis.

House of Cards was released by Netflix on February 1, 2013, marketed as the first "Netflix Original" production. Later that month, Netflix announced an agreement with DreamWorks Animation to commission children's television series based on its properties, beginning with Turbo: F.A.S.T., a spin-off of its film Turbo. Orange is the New Black would premiere in July 2013; Netflix stated that Orange is the New Black had been its most-watched original series so far, with all of them having "an audience comparable with successful shows on cable and broadcast TV."

On March 13, 2013, Netflix added a Facebook sharing feature, letting United States subscribers access "Watched by your friends" and "Friends' Favorites" by agreeing. This was not legal until the Video Privacy Protection Act was modified in early 2013. On August 1, 2013, Netflix reintroduced the "Profiles" feature that permits accounts to accommodate up to five user profiles.

In November 2013, Marvel Television and ABC Studios announced Netflix had ordered a slate of four television series based on the Marvel Comics characters Daredevil, Jessica Jones, Iron Fist and Luke Cage. Each of the four series received an initial order of 13 episodes, and Netflix also ordered a Defenders miniseries that would tie them together. Daredevil and Jessica Jones premiered in 2015. The Luke Cage series premiered on September 30, 2016, followed by Iron Fist on March 17, 2017, and The Defenders on August 18, 2017. Marvel owner Disney later entered into other content agreements with Netflix, including acquiring its animated Star Wars series Star Wars: The Clone Wars, and a new sixth season.

In February 2014, Netflix began to enter into agreements with U.S. internet service providers, beginning with Comcast (whose customers had repeatedly complained of frequent buffering when streaming Netflix), to provide the service a direct connection to their networks. In April 2014, Netflix signed Arrested Development creator Mitchell Hurwitz and his production firm The Hurwitz Company to a multi-year deal to create original projects for the service. In May 2014, Netflix acquired streaming rights to films produced by Sony Pictures Animation. It also quietly began to introduce an updated logo, with a flatter appearance and updated typography.

In September 2014, Netflix expanded into six new European markets, including Austria, Belgium, France, Germany, Luxembourg, and Switzerland. On September 10, 2014, Netflix participated in Internet Slowdown Day by deliberately slowing down its speed in support of net neutrality regulations in the United States. In October 2014, Netflix announced a four-film deal with Adam Sandler and his Happy Madison Productions.

In April 2015, following the launch of Daredevil, Netflix director of content operations Tracy Wright announced that Netflix had added support for audio description (a narration track with aural descriptions of key visual elements for the blind or visually impaired), and had begun to work with its partners to add descriptions to its other original series over time. The following year, as part of a settlement with the American Council of the Blind, Netflix agreed to provide descriptions for its original series within 30 days of their premiere, and add screen reader support and the ability to browse content by availability of descriptions.

In March 2015, Netflix expanded to Australia and New Zealand. In September 2015, Netflix launched in Japan, its first country in Asia. In October 2015, Netflix launched in Italy, Portugal, and Spain.

In January 2016, at the Consumer Electronics Show, Netflix announced a major international expansion of its service into 130 additional countries. It then had become available worldwide except China, Syria, North Korea, Kosovo and Crimea. In May 2016, Netflix created a tool called Fast.com to determine the speed of an Internet connection. It received praise for being "simple" and "easy to use", and does not include online advertising, unlike competitors. On November 30, 2016, Netflix launched an offline playback feature, allowing users of the Netflix mobile apps on Android or iOS to cache content on their devices in standard or high quality for viewing offline, without an Internet connection.

In 2016, Netflix released an estimated 126 original series or films, more than any other network or cable channel. In April 2016, Hastings stated that the company planned to expand its in-house, Los Angeles-based Netflix Studios to grow its output; Hastings ruled out any potential acquisitions of existing studios, stating that "It's been 15 years we've been public and 20 years existing, and we've done no [mergers and acquisitions]. So I think that probably speaks for itself."

In February 2017, Netflix signed a music publishing deal with BMG Rights Management, whereby BMG will oversee rights outside of the United States for music associated with Netflix original content. Netflix continues to handle these tasks in-house in the United States. On April 25, 2017, Netflix signed a licensing deal with IQiyi, a Chinese video streaming platform owned by Baidu, to allow selected Netflix original content to be distributed in China on the platform.

On August 7, 2017, Netflix acquired Millarworld, the creator-owned publishing company of comic book writer Mark Millar. The purchase marked the first corporate acquisition to have been made by Netflix. On August 14, 2017, Netflix entered into an exclusive development deal with Shonda Rhimes and her production company Shondaland.

In September 2017, Netflix announced it would offer its low-broadband mobile technology to airlines to provide better in-flight Wi-Fi so that passengers can watch movies on Netflix while on planes.

In September 2017, Minister of Heritage Mélanie Joly announced that Netflix had agreed to make a CA$500 million (US$400 million) investment over the next five years in producing content in Canada. The company denied that the deal was intended to result in a tax break. Netflix realized this goal by December 2018.

In October 2017, Netflix iterated a goal of having half of its library consist of original content by 2019, announcing a plan to invest $8 billion on original content in 2018. There will be a particular focus on films and anime through this investment, with a plan to produce 80 original films and 30 anime series. In October 2017, Netflix introduced the "Skip Intro" feature which allows customers to skip the intros to shows on its platform through a variety of techniques including manual reviewing, audio tagging, and machine learning.

In November 2017, Netflix signed an exclusive multi-year deal with Orange Is the New Black creator Jenji Kohan. In November 2017, Netflix withdrew from co-hosting a party at the 75th Golden Globe Awards with The Weinstein Company due to the Harvey Weinstein sexual abuse cases.

Expansion into international productions (2017–2020)

In November 2017, Netflix announced that it would be making its first original Colombian series, to be executive produced by Ciro Guerra. In December 2017, Netflix signed Stranger Things director-producer Shawn Levy and his production company 21 Laps Entertainment to what sources say is a four-year deal. In 2017, Netflix invested in distributing exclusive stand-up comedy specials from Dave Chappelle, Louis C.K., Chris Rock, Jim Gaffigan, Bill Burr and Jerry Seinfeld.

In February 2018, Netflix acquired the rights to The Cloverfield Paradox from Paramount Pictures for $50 million and launched on its service on February 4, 2018, shortly after airing its first trailer during Super Bowl LII. Analysts believed that Netflix's purchase of the film helped to make the film instantly profitable for Paramount compared to a more traditional theatrical release, while Netflix benefited from the surprise reveal. Other films acquired by Netflix include international distribution for Paramount's Annihilation and Universal's News of the World and worldwide distribution of Universal's Extinction, Warner Bros.' Mowgli: Legend of the Jungle, Paramount's The Lovebirds and 20th Century Studios' The Woman in the Window. In March, the service ordered Formula 1: Drive to Survive, a racing docuseries following teams in the Formula One world championship.

In March 2018, Sky UK announced an agreement with Netflix to integrate Netflix's subscription VOD offering into its pay-TV service. Customers with its high-end Sky Q set-top box and service will be able to see Netflix titles alongside their regular Sky channels. In October 2022, Netflix revealed that its annual revenue from the UK subscribers in 2021 was £1.4bn.

In April 2018, Netflix pulled out of the Cannes Film Festival, in response to new rules requiring competition films to have been released in French theaters. The Cannes premiere of Okja in 2017 was controversial, and led to discussions over the appropriateness of films with simultaneous digital releases being screened at an event showcasing theatrical film; audience members also booed the Netflix production logo at the screening. Netflix's attempts to negotiate to allow a limited release in France were curtailed by organizers, as well as French cultural exception law—where theatrically screened films are legally forbidden from being made available via video-on-demand services until at least 36 months after their release. Besides traditional Hollywood markets as well as from partners like the BBC, Sarandos said the company also looking to expand investments in non-traditional foreign markets due to the growth of viewers outside of North America. At the time, this included programs such as Dark from Germany, Ingobernable from Mexico and 3% from Brazil.

On May 22, 2018, former president, Barack Obama, and his wife, Michelle Obama, signed a deal to produce docu-series, documentaries and features for Netflix under the Obamas' newly formed production company, Higher Ground Productions.

In June 2018, Netflix announced a partnership with Telltale Games to port its adventure games to the service in a streaming video format, allowing simple controls through a television remote. The first game, Minecraft: Story Mode, was released in November 2018. In July 2018, Netflix earned the most Emmy nominations of any network for the first time with 112 nods. On August 27, 2018, the company signed a five-year exclusive overall deal with international best–selling author Harlan Coben. On the same day, the company inked an overall deal with Gravity Falls creator Alex Hirsch. In October 2018, Netflix paid under $30 million to acquire Albuquerque Studios (ABQ Studios), a $91 million film and TV production facility with eight sound stages in Albuquerque, New Mexico, for its first U.S. production hub, pledging to spend over $1 billion over the next decade to create one of the largest film studios in North America. In November 2018, Paramount Pictures signed a multi-picture film deal with Netflix, making Paramount the first major film studio to sign a deal with Netflix. A sequel to AwesomenessTV's To All the Boys I've Loved Before was released on Netflix under the title To All the Boys: P.S. I Still Love You as part of the agreement. In December 2018, the company announced a partnership with ESPN Films on a television documentary chronicling Michael Jordan and the 1997–98 Chicago Bulls season titled The Last Dance. It was released internationally on Netflix and became available for streaming in the United States three months after a broadcast airing on ESPN.

In January 2019, Sex Education made its debut as a Netflix original series with much critical acclaim. On January 22, 2019, Netflix sought and was approved for membership into the Motion Picture Association of America (MPAA), as the first streaming service to become a member of the association. In February 2019, The Haunting creator Mike Flanagan joined frequent collaborator Trevor Macy as a partner in Intrepid Pictures and the duo signed an exclusive overall deal with Netflix to produce television content. On May 9, 2019, Netflix contracted with Dark Horse Entertainment to make television series and films based on comics from Dark Horse Comics. In July 2019, Netflix announced that it would be opening a hub at Shepperton Studios as part of a deal with Pinewood Group. In early-August 2019, Netflix negotiated an exclusive multi-year film and television deal with Game of Thrones creators and showrunners David Benioff and D.B. Weiss. The first Netflix production created by Benioff and Weiss was planned as an adaptation of Liu Cixin's science fiction novel The Three-Body Problem, part of the Remembrance of Earth's Past trilogy. On September 30, 2019, in addition to renewing Stranger Things for a fourth season, Netflix signed The Duffer Brothers to an overall deal covering future film and television projects for the service.

On November 13, 2019, Netflix and Nickelodeon entered into a multi-year agreement to produce several original animated feature films and television series based on Nickelodeon's library of characters. This agreement expanded on their existing relationship, in which new specials based on the past Nickelodeon series Invader Zim and Rocko's Modern Life (Invader Zim: Enter the Florpus and Rocko's Modern Life: Static Cling respectively) were released by Netflix. Other new projects planned under the team-up include a music project featuring Squidward Tentacles from the animated television series SpongeBob SquarePants, and films based on The Loud House and Rise of the Teenage Mutant Ninja Turtles. The agreement with Disney ended in 2019 due to the launch of Disney+, with its Marvel productions moving exclusively to the service in 2022.

In November 2019, Netflix announced that it had signed a long-term lease to save the Paris Theatre, the last single-screen movie theater in Manhattan. The company oversaw several renovations at the theater, including new seats and a concession stand.

In January 2020, Netflix announced a new four-film deal with Adam Sandler worth up to $275 million. On February 25, 2020, Netflix formed partnerships with six Japanese creators to produce an original Japanese anime project. This partnership includes manga creator group CLAMP, mangaka Shin Kibayashi, mangaka Yasuo Ohtagaki, novelist and film director Otsuichi, novelist Tow Ubukata, and manga creator Mari Yamazaki. On March 4, 2020, ViacomCBS announced that it will be producing two spin-off films based on SpongeBob SquarePants for Netflix. On April 7, 2020, Peter Chernin's Chernin Entertainment made a multi-year first-look deal with Netflix to make films. On May 29, 2020, Netflix announced the acquisition of Grauman's Egyptian Theatre from the American Cinematheque to use as a special events venue. In July 2020, Netflix appointed Sarandos as co-CEO. In July 2020, Netflix invested in Black Mirror creators Charlie Brooker and Annabel Jones' new production outfit Broke And Bones.

Expansion into gaming, end of DVDs, etc. (2021–2025)

In March 2021, Netflix earned the most Academy Award nominations of any studio, with 36. Netflix won seven Academy Awards, which was the most by any studio. Later that year, Netflix also won more Emmys than any other network or studio with 44 wins, tying the record for most Emmys won in a single year set by CBS in 1974. On April 8, 2021, Sony Pictures Entertainment announced an agreement for Netflix to hold the U.S. pay television window rights to its releases beginning in 2022, replacing Starz and expanding upon an existing agreement with Sony Pictures Animation. The agreement also includes a first-look deal for any future direct-to-streaming films being produced by Sony Pictures, with Netflix required to commit to a minimum number of them. On April 27, 2021, Netflix announced that it was opening its first Canadian headquarters in Toronto. The company also announced that it would open an office in Sweden as well as Rome and Istanbul to increase its original content in those regions.

In early-June, Netflix hosted a first-ever week-long virtual event called "Geeked Week", where it shared exclusive news, new trailers, cast appearances and more about upcoming genre titles like The Witcher, The Cuphead Show!, and The Sandman.

In July 2021, Netflix hired Mike Verdu, a former executive from Electronic Arts and Facebook, as vice president of game development, along with plans to add video games by 2022. Netflix announced plans to release mobile games which would be included in subscribers' plans to the service. Trial offerings were first launched for Netflix users in Poland in August 2021, offering premium mobile games based on Stranger Things including Stranger Things 3: The Game, for free to subscribers through the Netflix mobile app.

Also in September, the company announced The Queen's Ball: A Bridgerton Experience, launching in 2022 in Los Angeles, Chicago, Montreal, and Washington, D.C.

On September 20, 2021, Netflix signed a long-term lease with Aviva Investors to operate and expand the Longcross Studios in Surrey, UK. On September 21, 2021, Netflix announced that it would acquire the Roald Dahl Story Company, which manages the rights to Roald Dahl's stories and characters, for an undisclosed price and would operate it as an independent company. The company acquired Night School Studio, an independent video game developer, on September 28, 2021. Netflix officially launched mobile games on November 2, 2021, for Android users around the world. Through the app, subscribers had free access to five games, including two previously made Stranger Things titles. Netflix intends to add more games to this service over time. On November 9, the collection launched for iOS. Some games in the collection require an active internet connection to play, while others will be available offline. Netflix Kids' accounts will not have games available.

On October 13, 2021, Netflix announced the launch of the Netflix Book Club, where readers will hear about new books, films, and series adaptations and have exclusive access to each book's adaptation process. Netflix will partner with Starbucks to bring the book club to life via a social series called But Have You Read the Book?. Uzo Aduba will serve as the inaugural host of the series and announce monthly book selections set to be adapted by the streamer. Aduba will also speak with the cast, creators, and authors about the book adaptation process over a cup of coffee at Starbucks. Through October 2021, Netflix commonly reported viewership for its programming based on the number of viewers or households that watched a show in a given period (such as the first 28 days from its premiere) for at least two minutes. On the announcement of its quarterly earnings in October 2021, the company stated that it would switch its viewership metrics to measuring the number of hours that a show was watched, including rewatches, which the company said was closer to the measurements used in linear broadcast television, and thus "our members and the industry can better measure success in the streaming world." On November 16, 2021, Netflix announced the launch of "Top10 on Netflix.com", a new website with weekly global and country lists of the most popular titles on their service based on their new viewership metrics.

On November 22, 2021, Netflix announced that it would acquire Scanline VFX, the visual effects and animation company behind Cowboy Bebop and Stranger Things. On the same day, Roberto Patino signed a deal with Netflix and established his own production banner, Analog Inc., in partnership with the company. Patino's first project under the deal is a series adaptation of Image Comics' Nocterra. On December 6, 2021, Netflix and Stage 32 announced that they have teamed up the workshops at the Creating Content for the Global Marketplace program. On December 7, 2021, Netflix partnered with IllumiNative, a woman-led non-profit organization, for the Indigenous Producers Training Program.

On December 9, 2021, Netflix announced the launch of "Tudum", an official companion website that offers news, exclusive interviews, and behind-the-scenes videos for its original television shows and films. On December 13, 2021, Netflix signed a multi-year overall deal with Kalinda Vazquez. On December 16, 2021, Netflix signed a multi-year creative partnership with Spike Lee and his production company 40 Acres and a Mule Filmworks to develop film and television projects. In December 2021, former Netflix engineer Sung Mo Jun was sentenced to 2 years in prison for an insider trading scheme where he leaked subscriber numbers in advance of official releases.

In compliance with the EU Audiovisual Media Services Directive and its implementation in France, Netflix reached commitments with French broadcasting authorities and film guilds, as required by law, to invest a specific amount of its annual revenue into original French films and series. These films must be theatrically released and would not be allowed to be carried on Netflix until 15 months after their release.

The company announced plans to acquire Next Games in March 2022 for €65 million as part of Netflix's expansions into gaming. Next Games had developed the mobile title Stranger Things: Puzzle Tales as well as two The Walking Dead mobile games. Later in the month, Netflix also acquired the Texas-based mobile game developer, Boss Fight Entertainment, for an undisclosed sum.

Following the 2022 Russian invasion of Ukraine, Netflix suspended its operations and future projects in Russia. It also announced that it would not comply with a proposed directive by Roskomnadzor requiring all internet streaming services with more than 100,000 subscribers to integrate the major free-to-air channels (which are primarily state-owned). A month later, ex-Russian subscribers filed a class action lawsuit against Netflix.

At the end of Q1 2022, Netflix announced a decline in subscribers, with almost 200,000 fewer viewers than at the end of the previous year. Netflix stated that 100 million households globally were sharing passwords to their account with others, and that Canada and the United States accounted for 30 million of them. Following these announcements, Netflix's stock price fell by 35 percent. By June 2022, Netflix had laid off 450 full-time and contract employees as part of the company's plan to trim costs amid lower than expected subscriber growth. The layoffs represented approximately 2 percent of the workforce and spread across the company globally.

On April 28, 2022, the company launched its inaugural Netflix Is a Joke comedy festival, featuring more than 250 shows over 12 nights at 30-plus locations across Los Angeles, including the first-ever stand-up show at Dodger Stadium.

On July 19, 2022, Netflix announced plans to acquire Australian animation studio Animal Logic.

On September 5, 2022, Netflix opened an office in Warsaw, Poland responsible for the service's operations in 28 markets in Central and Eastern Europe.

On October 4, 2022, Netflix have signed a creative partnership with Andrea Berloff and John Gatins.

On October 11, 2022, Netflix signed up to the Broadcasters' Audience Research Board for external measurement of viewership in the UK.

On October 12, 2022, Netflix signed to build a production complex at Fort Monmouth in Eatontown, New Jersey.

On October 18, 2022, Netflix began exploring a cloud gaming offering and opened a new gaming studio in Southern California.

On January 10, 2023, Netflix announced plans to open an engineering hub in its Warsaw office. The hub is to provide Netflix's creative partners with software solutions in the production of films and series.

On April 18, 2023, Netflix announced that it would discontinue their DVD-by-mail service on September 29.

Netflix reworked its viewership metrics again in June 2023. Viewership of shows were measured during the first 91 days of availability, instead of the first 28 days, and now are based on the total viewership hours divided by the total hours of the show itself. This provided more equal considerations for shorter shows and movies compared to longer ones.

In August 2023, the company announced Netflix Stories, a collection of interactive narrative games from Netflix series and films such as Love is Blind, Money Heist and Virgin River.

Netflix discontinued its DVD mailing service as planned on September 29, 2023, in favor of its streaming business. Users of the service were able to keep the DVDs that they had received. Over its lifetime the service had sent out over 5 billion shipments.

In October 2023, Eunice Kim was promoted to Chief Product Officer and Elizabeth Stone was promoted to Chief Technology Officer. That same month, Netflix and Skydance Media entered a multi-year pact to develop and produce animated films, ending Skydance's partnership with Apple. First one under the deal was Spellbound, which premiered in 2024. Netflix would also take over distribution of preexisting Skydance Animation titles, including Ray Gunn and Swapped.

In April 2024, Netflix announced that starting in 2025, it would stop regularly reporting subscriber numbers.

In November 2024, Netflix offices in Paris and Amsterdam have been raided by the French and Dutch authorities as part of an investigation into tax fraud. The company is also under investigation for tax filings for 2019, 2020 and 2021.

The service began venturing into live sports broadcasting with the Jake Paul vs. Mike Tyson boxing match in November 2024, followed by a pair of National Football League games on Christmas Day. In January 2025, Netflix began a global broadcasting agreement with professional wrestling company WWE, under which its weekly series WWE Raw moved to Netflix worldwide, as well as rights outside of the United States to its library content, main roster live events, and all three of its main weekly programs.

In March 2026, Netflix announced its acquisition of Ben Affleck's artificial intelligence startup InterPositive, which was developing a generative AI model for use in filmmaking, trained initially on specially-filmed footage and designed to "understand visual logic and editorial consistency, while preserving cinematic rules under real-world production challenges". Affleck, Matt Damon, and Gerry Cardinale's studio Artists Equity also recently agreed to a first-look deal with Netflix.

Attempted acquisition of Warner Bros. (2025–2026)

On October 31, 2025, Netflix, Inc. was reported to be actively exploring a bid for the studios and streaming assets of Warner Bros. Discovery. According to the report, Netflix retained investment bank Moelis & Co. to evaluate a potential offer and had been granted access to Warner Bros. Discovery's financial data room as part of its preparatory due-diligence. Netflix stressed that it remains "predominantly focused on growing organically" and is not interested in owning legacy cable networks such as CNN, TBS and TNT.

Netflix had previously considered buying other companies such as 20th Century Fox (now 20th Century Studios), Paramount, The Walt Disney Company, and even Electronic Arts. But the price and the fear of a possible shareholder reaction prevented that.

On December 4, 2025, Netflix won the bidding war for Warner Bros. Discovery, to be followed by exclusive talks to finalize a deal. On December 5, Netflix announced a proposed agreement to acquire Warner Bros. Discovery's "Streaming and Studios" businesses for $72 billion, with a total asset value of $82.7 billion. As part of the deal, Netflix would acquire the Warner Bros. division, including its film, television and video game studios, HBO/HBO Max and their respective libraries, DC Entertainment/DC Studios and WBD's distribution, publishing and licensing divisions. The acquisition would have excluded the company's "Global Linear Networks" division (aside from Turner Classic Movies, which is aligned with the Warner Bros. film studio), which would have been divested as the separate company Discovery Global.

Paramount Skydance entered a hostile bid for the entirety of WBD at $30 per share, in an all-cash offer higher than Netflix's $27.75 per share offer for just the studios division; Paramount Skydance assessed its offer as having fewer regulatory hurdles than the Netflix offer. WBD rejected the offer due to concerns over its credibility, believing that it was inferior to Netflix's offer. On January 20, 2026, Netflix amended its own offer to an all-cash offer; WBD shareholders were expected to vote on the deal by April. On February 26, 2026, WBD agreed to a competing bid by Paramount Skydance at $31 per-share, valuing the company at approximately $111 billion. Netflix subsequently backed out, with its co-CEOs issuing a statement that its offer was "no longer financially attractive." Netflix received a $2.8 billion breakup fee from Paramount Skydance, and later announced that it would add $25 billion to its share buyback program.

Corporate affairs

Historical financials and membership growth

Board of directors

As of November 2024, the company's board consisted of the following directors:

Rich Barton (co-founder of Zillow)

Mathias Döpfner (CEO of Axel Springer SE)

Timothy M. Haley (co-founder of Redpoint Ventures)

Jay Hoag (chairman of Netflix, founding partner at TCV)

Leslie Kilgore (former Chief Marketing Officer of Netlix)

Strive Masiyiwa (chairman and founder of Econet)

Ann Mather (former Executive Vice President and Chief Financial Officer of Pixar)

Greg Peters (co-CEO of Netflix)

Susan Rice (former US National Security Advisor and ambassador to the United Nations)

Ted Sarandos (co-CEO of Netflix)

Brad Smith (vice chairman of Microsoft)

Anne Sweeney (former President of the Disney–ABC Television Group)

Corporate culture

Netflix grants all employees extremely broad discretion with respect to business decisions, expenses, and vacation—but in return expects consistently high performance, as enforced by what is known as the "keeper test". All supervisors are expected to constantly ask themselves if they would fight to keep an employee. If the answer is no, then the employee is dismissed. A slide from an internal presentation on Netflix's corporate culture summed up the test as: "Adequate performance gets a generous severance package." Such packages reportedly range from four months' salary in the United States to as much as six months in the Netherlands.

The company offers unlimited vacation time for salaried workers and allows employees to take any amount of their paychecks in stock options.

About the culture that results from applying such a demanding test, Hastings has said that "You gotta earn your job every year at Netflix," and, "There's no question it's a tough place ... There's no question it's not for everyone." Hastings has drawn an analogy to athletics: professional athletes lack long-term job security because an injury could end their career in any particular game, but they learn to put aside their fear of that constant risk and focus on working with great colleagues in the current moment.

Environmental impact

According to a study conducted by the International Energy Agency, streaming a 30-minute show on Netflix in 2019 released around 0.018 kg CO2.

In March 2021, Netflix announced that it would work to reach net zero greenhouse gas emissions by the end of 2022, while investing in programs to preserve or restore ecosystems. The company stated that it would cut emissions from its operations and electricity use by 45 percent by 2030. Due to the COVID-19 pandemic and lack of content production, Netflix had a 14 percent drop in emissions in 2020.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorCommunication Services industryMedia employees16,000 countryUS

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

06
Revenue$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
Net margin28.2%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

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

Metric 5Y trend NFLX 5Y avg Peer Median Verdict
P/E (TTM) -20.45Y avg ≈195.2 ≈195.2 · ·
P/S (TTM) 5.85Y avg ≈7.6 ≈7.6 1.9 Overvalued
P/B (MRQ) 9.35Y avg ≈12.7 ≈12.7 7.3 Overvalued
EV / EBITDA (TTM) 19.35Y avg ≈32.4 ≈32.4 · ·
Price / FCF (TTM) 25.05Y avg ≈-363.6 ≈-363.6 · ·
Price / Cash Flow (TTM) 23.35Y avg ≈173.2 ≈173.2 24.0 Overvalued
EV / Revenue (TTM) 5.95Y avg ≈7.8 ≈7.8 · ·
EV / FCF (TTM) 25.55Y avg ≈-376.3 ≈-376.3 · ·
Price / Tangible Book (MRQ) -75.85Y avg ≈11.1 ≈11.1 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

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

14
Avg Surprise -2.6%
Next Report Oct 19, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Jul 16, 2026 $0.80 $0.80 -0.52%
March 31, 2026 $0.70 $0.78 -10.2%
Dec. 31, 2025 $0.56 $0.56 -0.50%
Sept. 30, 2025 $0.59 $0.71 -17.4%
June 30, 2025 $0.72 $0.72 -0.40%
March 31, 2025 $0.66 $0.58 13.4%

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

15
Income Statement 16
Metric Trend 202520242023202220212020201920182017201620152014
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) 4,249,512,0004,295,191,0004,415,712,000444,698,000443,155,000440,922,000437,799,000435,374,000431,885,000428,822,000425,889,000420,544,000
Shares (Diluted) 4,343,863,0004,392,608,0004,494,966,000451,290,000455,372,000454,208,000451,765,000451,244,000446,814,000438,652,000436,456,000431,894,000
EBITDA $13.66B$10.75B$7.31B$5.97B$6.40B$4.70B$2.71B·$911M$437M$368M$457M
Balance Sheet 27
Metric Trend 202520242023202220212020201920182017201620152014
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 4,222,162,1504,277,571,000432,759,584445,346,776443,963,107442,895,261438,806,649436,598,597433,392,686430,054,212427,940,440422,910,887
Cash Flow 17
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.21.21.11.21.01.30.9·1.41.21.51.5
Quick Ratio 0.80.90.80.80.71.10.7·0.50.40.70.6
Debt / Equity 0.50.60.70.71.01.51.9·1.81.31.10.5
LT Debt / Equity 0.50.60.70.70.91.41.9·1.81.31.10.5
Interest Coverage ··9.98.08.16.04.2·3.52.52.38.0
Efficiency 1
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.80.80.70.70.70.70.7·0.70.70.80.9
Per Share 5
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
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 37.1450.2405.729.653.688.978.399.9153.6287.9408.578.7
P/S 8.89.86.24.29.09.67.0·7.16.07.20.5
P/B 14.915.410.26.316.921.618.7·23.219.922.01.6
P / Tangible Book ··10.26.316.921.6······
P / Cash Flow 39.051.829.064.8681.298.7-49.2·-46.6-36.1-65.3178.9
P / FCF 41.855.130.481.1-2026.6124.1-45.2·-42.5-33.7-58.2-55.4
EV / EBITDA 29.436.029.823.443.252.756.0·95.4125.5133.14.9
EV / FCF 42.455.931.586.3-2097.6128.3-48.3·-44.3-34.7-58.3-42.1
EV / Revenue 8.99.96.54.49.39.97.5·7.46.27.20.4
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%

Most recent period on the left · null values shown as ·

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

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
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

Institutional owners (13F) 3,784 filers · $299.3B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 3,784
Value held $299.3B
New positions 223
Exited positions 372
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
223 (-245 vs prior Q) 372 (+149 vs prior Q) 1,531 (-372 vs prior Q) 1,408 (+317 vs prior Q) -18.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $36,567,804,619 390,014,981 12.22% Shares
BlackRock, Inc. $24,902,220,805 348,770,600 8.32% Shares
VANGUARD CAPITAL MANAGEMENT LLC $19,636,923,230 275,026,936 6.56% Shares
STATE STREET CORP $12,861,252,155 180,129,582 4.30% Shares
FMR LLC $9,705,920,859 135,937,268 3.24% Shares
Invesco Ltd. $9,668,928,498 135,419,167 3.23% Shares
GEODE CAPITAL MANAGEMENT, LLC $7,847,639,252 110,312,736 2.62% Shares
MORGAN STANLEY $7,120,249,181 99,723,374 2.38% Shares
Capital World Investors $6,236,148,079 87,336,163 2.08% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $5,359,034,956 75,056,512 1.79% Shares
Capital Research Global Investors $4,905,520,791 68,701,246 1.64% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,193,986,020 58,739,300 1.40% Call option
NORGES BANK $4,137,730,317 57,951,405 1.38% Shares
ALLIANCEBERNSTEIN L.P. $3,370,008,271 35,049,488 1.13% Shares
JPMORGAN CHASE & CO $3,270,113,543 44,322,490 1.09% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $3,255,458,334 33,858,121 1.09% Shares
NORTHERN TRUST CORP $2,985,573,792 41,814,759 1.00% Shares
LOOMIS SAYLES & CO L P $2,857,246,791 40,017,462 0.95% Shares
GOLDMAN SACHS GROUP INC $2,749,397,069 38,506,961 0.92% Shares
BANK OF AMERICA CORP /DE/ $2,674,454,612 37,457,348 0.89% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $2,407,890,102 33,723,951 0.80% Shares
CITADEL ADVISORS LLC $2,254,162,260 31,570,900 0.75% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2,231,678,400 31,256,000 0.75% Put option
BANK OF MONTREAL /CAN/ $2,204,691,654 30,878,034 0.74% Shares
CITADEL ADVISORS LLC $2,150,096,760 30,113,400 0.72% Put option
JANE STREET GROUP, LLC $2,040,919,020 28,584,300 0.68% Call option
WELLINGTON MANAGEMENT GROUP LLP $1,997,223,935 27,972,324 0.67% Shares
JENNISON ASSOCIATES LLC $1,931,513,680 27,052,012 0.65% Shares
Bank of New York Mellon Corp $1,906,482,368 26,701,433 0.64% Shares
Legal & General Group Plc $1,886,525,730 26,421,929 0.63% Shares
Nuveen, LLC $1,854,981,003 25,980,127 0.62% Shares
UBS Group AG $1,835,500,650 25,707,292 0.61% Shares
JANE STREET GROUP, LLC $1,824,876,900 25,558,500 0.61% Put option
Amundi $1,821,639,267 25,513,155 0.61% Shares
VANGUARD FIDUCIARY TRUST CO $1,727,451,957 24,194,005 0.58% Shares
AMERICAN CENTURY COMPANIES INC $1,601,093,402 22,424,271 0.53% Shares
ROYAL BANK OF CANADA $1,546,989,000 21,666,541 0.52% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,481,302,956 20,746,540 0.49% Shares
Fisher Asset Management, LLC $1,457,653,353 20,415,312 0.49% Shares
DEUTSCHE BANK AG\ $1,436,862,024 20,124,118 0.48% Shares
JANUS HENDERSON GROUP PLC $1,431,141,205 14,884,336 0.48% Shares
WOLVERINE TRADING, LLC $1,256,596,656 1,041,600 0.42% Put option
PeakShares LLC $1,159,750,000 16,243 0.39% Shares
BAILLIE GIFFORD & CO $1,154,810,962 16,173,823 0.39% Shares
WOLVERINE TRADING, LLC $1,153,448,601 956,100 0.39% Call option
Clearbridge Investments, LLC $1,142,901,425 16,007,023 0.38% Shares
BARCLAYS PLC $1,113,828,006 15,599,832 0.37% Shares
DIMENSIONAL FUND ADVISORS LP $1,084,701,251 15,188,196 0.36% Shares
SRS Investment Management, LLC $1,084,175,442 15,184,530 0.36% Shares
FIL Ltd $1,042,206,879 14,596,735 0.35% Shares

Show all 3,784 institutional owners →

Activists & 5%+ owners 10 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., Beckton Corp., Carl C. Icahn ×3 filings Oct. 22, 2013 · Initial filing · SEC
Nov. 5, 2012 · Initial filing · SEC
TCV IV, L.P., TCV IV STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER MANAGEMENT IV, L.L.C., TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×8 filings Feb. 4, 2011 · Initial filing · SEC
TECHNOLOGY CROSSOVER VENTURES II, L.P., TCV II (Q), L.P., TCV II, V.O.F., TCV II STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER VENTURES II, C.V., TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C., TCV IV, L.P., TCV IV STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER MANAGEMENT IV, L.L.C., TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×3 filings Aug. 14, 2008 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person Feb. 17, 2004 · Initial filing Passive investment SEC
TCV IV, L.P. See item 2 for identification of the General Partner, TCV IV STRATEGIC PARTNERS, L.P. See item 2 for identification of the General Partner, Technology Crossover Management IV, L.L.C. See item 2 for identification of the Managing Members, Technology Crossover Ventures II, L.P. See item 2 for identification of the General Partner, TCV II (Q), L.P. See item 2 for identification of the General Partner, TCV II, V.O.F. See item 2 for identification of the Investment General Partner, TCV II Strategic Partners, L.P. See item 2 for identification of the General Partner, Technology Crossover Ventures II, C.V. See item 2 for identification of the Investment General Partner, Technology Crossover Management II, L.L.C. See item 2 for identification of the Managing Members, JAY C. HOAG, RICHARD H. KIMBALL Jan. 30, 2004 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 10, 2003 · Initial filing Passive investment SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 14, 2003 · Initial filing Passive investment SEC
TCVF Management, L.L.C. See item 2 for identification of the Managing Members --------------------------------------------------------------------- (2), JAY C. HOAG --------------------------------------------------------------------- (2), RICHARD H. KIMBALL --------------------------------------------------------------------- (2) Aug. 13, 2002 · Initial filing Passive investment SEC
TCV IV, L.P. See item 2 for identification of the General Partner --------------------------------------------------------------------- (2), TCV II (Q) L.P. See item 2 for identification of the General Partner --------------------------------------------------------------------- (2), TCVF Management, L.L.C. See item 2 for identification of the Mananging Members --------------------------------------------------------------------- (2), JAY C. HOAG --------------------------------------------------------------------- (2), RICHARD H. KIMBALL --------------------------------------------------------------------- (2) May 29, 2002 · Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 44 insiders · 21 officers · 20 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Theodore A Sarandos Co-CEO Aug. 3, 2026 M 178,954 0 7 $-14,349,918
David B Wells CFO Jan. 2, 2019 A 0 0 0 $0
Barry Mccarthy Chief Financial Officer Dec. 1, 2010 A 51,563 0 0 $0
Jeffrey William Karbowski Chief Accounting Officer Oct. 1, 2026 A 0 0 0 $0
Cletus R Willems Chief Global Affairs Officer Aug. 3, 2026 M 6,277 0 2 $-521,132
David A Hyman Chief Legal Officer Aug. 3, 2026 M 316,100 0 6 $-38,053,545
Dicus Marian Lee Chief Marketing Officer Jan. 3, 2023 A · 0 0 $0
Meabe Sergio Ezama Chief Talent Officer Jan. 3, 2023 A · 0 0 $0
Rachel Whetstone Chief Communications Officer Jan. 3, 2023 A · 0 0 $0
Kenneth A Barker Chief Accounting Officer Oct. 3, 2022 A · 0 0 $0
John Bozoma Saint Chief Marketing Officer March 1, 2022 A · 0 0 $0
Jessica Neal Chief Talent Officer May 3, 2021 A 0 0 0 $0
Kelly Bennett Chief Marketing Officer March 1, 2019 A 0 0 0 $0
Jonathan Friedland Chief Communications Officer June 1, 2018 A 0 0 0 $0
Neil D Hunt Chief Product Officer June 1, 2017 A 459,952 0 0 $0
Tawni Cranz Chief Talent Officer April 3, 2017 A 0 0 0 $0
William J Holmes Chief Business Dev Officer July 1, 2013 A 0 0 0 $0
Patricia J Mccord Chief Talent Officer Oct. 1, 2012 A 4,283 0 0 $0
Jessica T Becker Interim Chief Mktng Officer July 2, 2012 A · 0 0 $0
Andrew S Rendich Chief Service and Ops Officer July 1, 2011 A 0 0 0 $0
Thomas R Dillon Chief Operations Officer April 3, 2006 A 27,641 0 0 $0
Elinor Mertz Director Oct. 1, 2026 A · 0 0 $0
Strive Masiyiwa Director Oct. 1, 2026 A 0 0 0 $0
Susan E Rice Director Oct. 1, 2026 A 0 0 0 $0
Mathias Dopfner Director Oct. 1, 2026 A 25 0 0 $0
Ann Mather Director Oct. 1, 2026 A 0 0 0 $0
Leslie J Kilgore Director Oct. 1, 2026 A 35,396 0 0 $0
Bradford L Smith Director Oct. 1, 2026 A 79,690 0 5 $-5,614,593
Richard N. Barton Director Oct. 1, 2026 A 2,460 0 4 $-327,189
Jay C Hoag Director Oct. 1, 2026 A 63,040 0 0 $0
Anne M Sweeney Director July 1, 2026 A 0 0 0 $0
Reed Hastings Director June 1, 2026 A 3,940 0 47 $-308,952,910
Timothy M Haley Director June 2, 2025 A 0 0 0 $0
Rodolphe Belmer Director Oct. 3, 2022 A 0 0 0 $0
George A Battle Director Dec. 3, 2018 A 46,050 0 0 $0
Charles H Giancarlo Director June 1, 2012 A 2,499 0 0 $0
Gregory S Stanger Director July 1, 2010 A 0 0 0 $0
Michael N Schuh Director May 3, 2010 A 0 0 0 $0
Robert A Pisano Director Oct. 3, 2005 A 3,000 0 0 $0
Michael Ramsay Director Oct. 17, 2003 M 0 0 0 $0
William Griffith 10% owner Aug. 10, 2010 S 14,356 0 0 $0
Rick Kimball 10% owner Aug. 25, 2008 G 0 0 0 $0
Spencer Adam Neumann · Aug. 10, 2026 S 73,787 0 46 $-16,946,353
Gregory K Peters · Aug. 6, 2026 S 120,931 0 8 $-17,697,970

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 177 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
NFXL · Direxion Shares ETF Trust 15.11% 286,635 NS July 31, 2026 N-PORT
GGME · Invesco Exchange-Traded Fund Trust 7.13% 45,912 SH Oct. 1, 2026 Daily
FCOM · FIDELITY COVINGTON TRUST 4.32% 1,042,475 NS July 31, 2026 N-PORT
RSPC · Invesco Exchange-Traded Fund Trust 4.27% 33,327 SH Oct. 1, 2026 Daily
VOX · VANGUARD WORLD FUND 4.22% 3,538,124 SH Aug. 19, 2026 Daily
FEPI · ETF Opportunities Trust 4.21% 379,552 NS July 31, 2026 N-PORT
IYC · iShares Trust 4.09% 621,573 SH Sept. 11, 2026 Daily
IXP · iShares Trust 4.03% 245,778 SH Sept. 11, 2026 Daily
QUSA · Tidal Trust III 3.79% 11,328 NS July 31, 2026 N-PORT
FDND · First Trust Exchange-Traded Fund IV 3.76% 5,120 NS July 31, 2026 N-PORT
NITE · Capitol Series Trust 3.64% 15,758 NS July 31, 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 3.64% 9,754,729 SH Oct. 1, 2026 Daily
PNQI · Invesco Exchange-Traded Fund Trust 3.54% 270,623 SH Oct. 1, 2026 Daily
TECB · iShares Trust 3.29% 213,446 SH Sept. 11, 2026 Daily
FNGG · Direxion Shares ETF Trust 3.20% 54,002 NS July 31, 2026 N-PORT
LCLG · Advisors Series Trust 2.67% 40,114 NS July 31, 2026 N-PORT
PEXL · Pacer Funds Trust 2.48% 17,490 NS July 31, 2026 N-PORT
WEBL · Direxion Shares ETF Trust 2.44% 31,842 NS July 31, 2026 N-PORT
HAPI · Harbor ETF Trust 2.26% 154,369 NS July 31, 2026 N-PORT
FGSI · First Trust Exchange-Traded Fund IV 2.03% 586 NS July 31, 2026 N-PORT
QTOP · iShares Trust 1.90% 70,633 SH Sept. 11, 2026 Daily
NULG · Nushares ETF Trust 1.86% 693,098 NS July 31, 2026 N-PORT
QUAL · iShares Trust 1.84% 11,254,784 SH Sept. 11, 2026 Daily
RILA · Spinnaker ETF Series 1.80% 10,586 NS July 31, 2026 N-PORT
PALC · Pacer Funds Trust 1.76% 51,544 NS July 31, 2026 N-PORT
BIGY · Tidal Trust II 1.64% 12,411 NS July 31, 2026 N-PORT
WINN · Harbor ETF Trust 1.62% 255,352 NS July 31, 2026 N-PORT
HEQQ · J.P. Morgan Exchange-Traded Fund Tr… 1.55% 6,473 NS July 31, 2026 N-PORT
IGM · iShares Trust 1.43% 1,987,154 SH Sept. 11, 2026 Daily
QYLD · Global X Funds 1.41% 1,587,968 NS July 31, 2026 N-PORT
QRMI · Global X Funds 1.40% 2,795 NS July 31, 2026 N-PORT
QYLG · Global X Funds 1.39% 30,787 NS July 31, 2026 N-PORT
PTNQ · Pacer Funds Trust 1.38% 230,240 NS July 31, 2026 N-PORT
QQWZ · Pacer Funds Trust 1.38% 9,786 NS July 31, 2026 N-PORT
QTR · Global X Funds 1.34% 1,421 NS July 31, 2026 N-PORT
QCLR · Global X Funds 1.31% 605 NS July 31, 2026 N-PORT
QSIX · Pacer Funds Trust 1.27% 3,251 NS July 31, 2026 N-PORT
QQQM · Invesco Exchange-Traded Fund Trust … 1.21% 19,143,382 SH Oct. 1, 2026 Daily
QQQ · Invesco QQQ Trust, Series 1 1.21% 86,974,420 SH Oct. 1, 2026 Daily
ARKW · ARK ETF Trust 1.19% 266,351 NS July 31, 2026 N-PORT
WLTG · ETF Opportunities Trust 1.18% 12,694 NS July 31, 2026 N-PORT
AQLT · iShares Trust 1.16% 49,683 SH Sept. 11, 2026 Daily
TEC · Harbor ETF Trust 1.14% 1,009 NS July 31, 2026 N-PORT
IWY · iShares Trust 1.12% 2,305,206 SH Sept. 11, 2026 Daily
MGK · VANGUARD WORLD FUND 1.12% 5,218,895 SH Aug. 19, 2026 Daily
SPGP · Invesco Exchange-Traded Fund Trust 1.07% 314,263 SH Oct. 1, 2026 Daily
PEVC · Pacer Funds Trust 1.02% 342 NS July 31, 2026 N-PORT
ILCG · iShares Trust 1.01% 411,473 SH Sept. 11, 2026 Daily
SEMI · Columbia ETF Trust I 0.99% 5,176 NS July 31, 2026 N-PORT
ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 0.98% 1,149 NS July 31, 2026 N-PORT
IWF · iShares Trust 0.97% 15,769,276 SH Sept. 11, 2026 Daily
QQQG · Pacer Funds Trust 0.93% 2,655 NS July 31, 2026 N-PORT
EQWL · Invesco Exchange-Traded Fund Trust 0.93% 370,445 SH Oct. 1, 2026 Daily
IVW · iShares Trust 0.90% 8,980,812 SH Sept. 11, 2026 Daily
VFQY · VANGUARD WELLINGTON FUND 0.89% 59,282 SH Aug. 19, 2026 Daily
VONG · VANGUARD SCOTTSDALE FUNDS 0.89% 6,643,876 SH Aug. 19, 2026 Daily
IUSG · iShares Trust 0.85% 3,707,327 SH Sept. 11, 2026 Daily
VOOG · VANGUARD ADMIRAL FUNDS 0.85% 3,128,772 SH Aug. 19, 2026 Daily
QQQE · Direxion Shares ETF Trust 0.85% 158,017 NS July 31, 2026 N-PORT
DYNF · BlackRock ETF Trust 0.85% 4,631,452 SH Sept. 11, 2026 Daily
VUG · VANGUARD INDEX FUNDS 0.84% 44,610,196 SH Aug. 19, 2026 Daily
MPLY · Strategy Shares 0.73% 1,610 NS July 31, 2026 N-PORT
GLBL · Pacer Funds Trust 0.72% 111 NS July 31, 2026 N-PORT
XLG · Invesco Exchange-Traded Fund Trust 0.69% 1,151,316 SH Oct. 1, 2026 Daily
OEF · iShares Trust 0.67% 1,780,199 SH Sept. 11, 2026 Daily
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 0.67% 10,528 NS July 31, 2026 N-PORT
NULC · Nushares ETF Trust 0.65% 6,361 NS July 31, 2026 N-PORT
IIGD · Invesco Exchange-Traded Self-Indexe… 0.64% 162,000 Oct. 1, 2026 Daily
HFGO · Hartford Funds Exchange-Traded Trust 0.64% 17,946 NS July 31, 2026 N-PORT
ACIO · ETF Series Solutions 0.63% 208,101 NS July 31, 2026 N-PORT
ADME · ETF Series Solutions 0.63% 25,914 NS July 31, 2026 N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe… 0.61% 411,144 SH Oct. 1, 2026 Daily
FQAL · FIDELITY COVINGTON TRUST 0.60% 118,782 NS July 31, 2026 N-PORT
DUHP · Dimensional ETF Trust 0.60% 1,025,735 NS July 31, 2026 N-PORT
TOPC · iShares Trust 0.59% 2,563 SH Sept. 11, 2026 Daily
USCL · iShares Trust 0.59% 220,387 SH Sept. 11, 2026 Daily
RPG · Invesco Exchange-Traded Fund Trust 0.57% 158,689 SH Oct. 1, 2026 Daily
MGC · VANGUARD WORLD FUND 0.57% 841,756 SH Aug. 19, 2026 Daily
IWL · iShares Trust 0.56% 162,859 SH Sept. 11, 2026 Daily
FHEQ · Fidelity Greenwood Street Trust 0.56% 72,370 NS July 31, 2026 N-PORT
UPSD · ETF Series Solutions 0.56% 9,099 NS July 31, 2026 N-PORT
FFLG · FIDELITY COVINGTON TRUST 0.56% 45,786 NS July 31, 2026 N-PORT
OEI · Listed Funds Trust 0.55% 3,580 NS July 31, 2026 N-PORT
FBCG · FIDELITY COVINGTON TRUST 0.55% 531,326 NS July 31, 2026 N-PORT
XVV · iShares Trust 0.55% 48,452 SH Sept. 11, 2026 Daily
QVML · Invesco Exchange-Traded Fund Trust … 0.55% 130,122 SH Oct. 1, 2026 Daily
GARP · iShares Trust 0.54% 216,490 SH Sept. 11, 2026 Daily
TRFM · ETF Series Solutions 0.53% 18,360 NS July 31, 2026 N-PORT
EGUS · iShares Trust 0.52% 1,902 SH Sept. 11, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.51% 948,568 SH Aug. 19, 2026 Daily
FYEE · Fidelity Greenwood Street Trust 0.50% 15,273 NS July 31, 2026 N-PORT
BSCQ · Invesco Exchange-Traded Self-Indexe… 0.50% 15,913,000 Sept. 30, 2026 Daily
IVV · iShares Trust 0.49% 53,074,428 SH Sept. 11, 2026 Daily
FBUF · Fidelity Greenwood Street Trust 0.49% 1,621 NS July 31, 2026 N-PORT
ILCB · iShares Trust 0.48% 81,987 SH Sept. 11, 2026 Daily
XRMI · Global X Funds 0.48% 3,316 NS July 31, 2026 N-PORT
CHRI · Global X Funds 0.47% 527 NS July 31, 2026 N-PORT
CATH · Global X Funds 0.47% 85,525 NS July 31, 2026 N-PORT
VOO · VANGUARD INDEX FUNDS 0.47% 109,375,220 SH Aug. 19, 2026 Daily
VV · VANGUARD INDEX FUNDS 0.47% 4,917,755 SH Aug. 19, 2026 Daily
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.47% 582,457 NS July 31, 2026 N-PORT
PTLC · Pacer Funds Trust 0.47% 212,946 NS July 31, 2026 N-PORT
XYLD · Global X Funds 0.47% 211,576 NS July 31, 2026 N-PORT
XYLG · Global X Funds 0.47% 4,176 NS July 31, 2026 N-PORT
VOTE · TCW ETF Trust 0.47% 71,437 NS July 31, 2026 N-PORT
BKLC · BNY Mellon ETF Trust 0.47% 356,119 NS July 31, 2026 N-PORT
XTR · Global X Funds 0.47% 313 NS July 31, 2026 N-PORT
XCLR · Global X Funds 0.46% 231 NS July 31, 2026 N-PORT
SUSA · iShares Trust 0.46% 245,054 SH Sept. 11, 2026 Daily
VOXP · Advisors Series Trust 0.46% 372 NS July 31, 2026 N-PORT
TOV · EA Series Trust 0.46% 16,776 NS July 31, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.46% 145,060 NS July 31, 2026 N-PORT
IYY · iShares Trust 0.46% 180,619 SH Sept. 11, 2026 Daily
IWB · iShares Trust 0.46% 2,902,886 SH Sept. 11, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 0.45% 15,391,000 Oct. 1, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.45% 24,773 SH Oct. 1, 2026 Daily
COWG · Pacer Funds Trust 0.44% 135,538 NS July 31, 2026 N-PORT
PBUS · Invesco Exchange-Traded Fund Trust … 0.44% 718,506 SH Oct. 1, 2026 Daily
IWV · iShares Trust 0.44% 1,155,500 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.44% 5,482,112 SH Sept. 11, 2026 Daily
SPUU · Direxion Shares ETF Trust 0.43% 15,886 NS July 31, 2026 N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS 0.43% 691,880 SH Aug. 19, 2026 Daily
QDPL · Pacer Funds Trust 0.43% 101,450 NS July 31, 2026 N-PORT
NUGO · Nushares ETF Trust 0.42% 143,449 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.42% 1,212,661 NS July 31, 2026 N-PORT
QLC · FlexShares Trust 0.42% 58,688 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.41% 133,701,685 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.41% 353,280 SH Aug. 19, 2026 Daily
ESGU · iShares Trust 0.40% 932,675 SH Sept. 11, 2026 Daily
TOK · iShares Trust 0.37% 11,670 SH Sept. 11, 2026 Daily
HCMT · Direxion Shares ETF Trust 0.37% 29,301 NS July 31, 2026 N-PORT
QIDX · Spinnaker ETF Series 0.37% 1,982 NS July 31, 2026 N-PORT
PHDG · Invesco Actively Managed Exchange-T… 0.37% 3,280 SH Oct. 1, 2026 Daily
LRGF · iShares Trust 0.37% 178,695 SH Sept. 11, 2026 Daily
URTH · iShares, Inc. 0.35% 377,433 SH Sept. 11, 2026 Daily
SPXL · Direxion Shares ETF Trust 0.35% 329,191 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.35% 599,824 NS July 31, 2026 N-PORT
CRBN · iShares Trust 0.33% 49,945 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.31% 94,010 NS July 31, 2026 N-PORT
ACWI · iShares Trust 0.31% 1,326,739 SH Sept. 11, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.30% 385,000 Oct. 1, 2026 Daily
DCOR · Dimensional ETF Trust 0.29% 136,941 NS July 31, 2026 N-PORT
FCPI · FIDELITY COVINGTON TRUST 0.28% 10,728 NS July 31, 2026 N-PORT
IUS · Invesco Exchange-Traded Self-Indexe… 0.28% 38,946 SH Oct. 1, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.26% 3,512,331 SH Aug. 19, 2026 Daily
HELO · J.P. Morgan Exchange-Traded Fund Tr… 0.26% 166,948 NS July 31, 2026 N-PORT
HQGO · Lattice Strategies Trust 0.26% 1,766 NS July 31, 2026 N-PORT
DFVX · Dimensional ETF Trust 0.26% 18,736 NS July 31, 2026 N-PORT
INFO · Harbor ETF Trust 0.24% 28,560 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.23% 1,541,899 NS July 31, 2026 N-PORT
RWL · Invesco Exchange-Traded Fund Trust … 0.23% 319,786 SH Oct. 1, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.22% 314,779 SH Oct. 1, 2026 Daily
JOYT · J.P. Morgan Exchange-Traded Fund Tr… 0.22% 3,013 NS July 31, 2026 N-PORT
LGDX · Tidal Trust III 0.20% 3,981 NS July 31, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.20% 14,996 NS July 31, 2026 N-PORT
EUSA · iShares, Inc. 0.19% 48,643 SH Sept. 11, 2026 Daily
BSCT · Invesco Exchange-Traded Self-Indexe… 0.19% 5,381,000 Oct. 1, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.19% 2,572,851 SH Oct. 1, 2026 Daily
USMV · iShares Trust 0.18% 566,367 SH Sept. 11, 2026 Daily
GLOF · iShares Trust 0.17% 4,451 SH Sept. 11, 2026 Daily
SIZE · iShares Trust 0.15% 8,245 SH Sept. 11, 2026 Daily
HDUS · Lattice Strategies Trust 0.13% 3,738 NS July 31, 2026 N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.09% 106,435 NS July 31, 2026 N-PORT
ROUS · Lattice Strategies Trust 0.08% 7,413 NS July 31, 2026 N-PORT
FEUS · FlexShares Trust 0.06% 990 NS July 31, 2026 N-PORT
PABU · iShares Trust 0.06% 19,676 SH Sept. 11, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.06% 6,552 SH Oct. 1, 2026 Daily
ACWV · iShares, Inc. 0.06% 24,435 SH Sept. 11, 2026 Daily
NEAR · iShares U.S. ETF Trust 0.04% 2,277,000 SH Sept. 11, 2026 Daily
GTO · Invesco Actively Managed Exchange-T… 0.00% 1,000 Sept. 30, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VTC · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDW · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDX · VANGUARD CHARLOTTE FUNDS · · July 15, 2026 Daily
VCEB · VANGUARD WORLD FUND · · July 30, 2026 Daily

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

21
rating · 58 analysts BUY
Median target $93.00 +38.7%
14 24.1% Strong Buy
29 50.0% Buy
15 25.9% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

45 analysts · 2026-09-20

Mean target $93.37 +39.2%

Now Current price $67.06
Low$57.00 Mean$93.37 High$135.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

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 · 1255.8 11.0% 0.67% -2.9% ·
SPHR · 128.5 79.0% 2.7% 1.5% ·
CNK · 22.3 2.1% 4.4% · ·

Latest News Recent headlines mentioning this company

23

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

24
Panel Verdict NEUTRAL Confidence 0.68 4 of 4 reported forecast spread ·

Netflix faces a tug-of-war between its dominant profitability and a valuation that leaves no room for error. Grok and Gemini highlight the company's 41% return on equity as proof of a durable profit engine, while Claude warns that high leverage and leadership changes create significant downside risk. The panel remains split on whether the current premium pricing is justified, ultimately converging on a cautious hold as the company navigates a critical transition toward ad-supported revenue.

Round 1 — Opening Takes

Grok NEUTRAL
Confidence 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
Confidence 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
Confidence 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
Confidence 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

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

Round 3 — Final Rebuttals

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.

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.

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.

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
Grok $1280.00 $1350.00 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.
Claude $1080.00 $1020.00 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.
Gemini $1180.00 $1250.00 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.
Chatgpt $1150.00 $1250.00 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.

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

No open signal right now — no card is filled, and that's honest.

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Source: SEC 10-Q filed Jul 17, 2026