OpenNashEarnings

Media & Streaming · Nasdaq: NFLX

Netflix earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 19 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Netflix Q3 revenue grew 12% year over year to $12.9B, with operating margin of 34.6% and diluted EPS of $0.87.

Netflix grew revenue 12% year over year to $12.9B in Q3, in line with its own forecast. Operating margin reached 34.6%, up from 28.2% a year earlier and ahead of forecast, mainly because of the timing of expenses. Diluted EPS was $0.87 versus $0.59. Management said churn improved year over year, including in the US, and that members accepted the 2026 price increases as expected. Netflix also bought back $4.8B of stock, its largest quarter ever.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$12.9B+11.8% y/yQ3 2026
Q4 2024: $10.2B (worked out from the annual figure)Q4 ’24$10.2BQ1 2025: $10.5BQ1 ’25$10.5BQ2 2025: $11.1BQ2 ’25$11.1BQ3 2025: $11.5BQ3 ’25$11.5BQ4 2025: $12.1B (worked out from the annual figure)Q4 ’25$12.1BQ1 2026: $12.2BQ1 ’26$12.2BQ2 2026: $12.6BQ2 ’26$12.6BQ3 2026: $12.9BQ3 ’26$12.9B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$10.2B *
Q1 2025$10.5B
Q2 2025$11.1B
Q3 2025$11.5B
Q4 2025$12.1B *
Q1 2026$12.2B
Q2 2026$12.6B
Q3 2026$12.9B
Diluted EPS (GAAP)$0.87+47.5% y/yQ3 2026
Q1 2025: $0.66Q1 ’25$0.66Q2 2025: $0.72Q2 ’25$0.72Q3 2025: $0.59Q3 ’25$0.59Q1 2026: $1.23Q1 ’26$1.23Q2 2026: $0.80Q2 ’26$0.80Q3 2026: $0.87Q3 ’26$0.87
Data
Q1 2025$0.66
Q2 2025$0.72
Q3 2025$0.59
Q1 2026$1.23
Q2 2026$0.80
Q3 2026$0.87

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin34.6%+6.4 pts y/yQ3 2026
Q4 2024: 22.2%Q4 ’2422.2%Q1 2025: 31.7%Q1 ’2531.7%Q2 2025: 34.1%Q2 ’2534.1%Q3 2025: 28.2%Q3 ’2528.2%Q4 2025: 24.5%Q4 ’2524.5%Q1 2026: 32.3%Q1 ’2632.3%Q2 2026: 33.4%Q2 ’2633.4%Q3 2026: 34.6%Q3 ’2634.6%
Data
Q4 202422.2%
Q1 202531.7%
Q2 202534.1%
Q3 202528.2%
Q4 202524.5%
Q1 202632.3%
Q2 202633.4%
Q3 202634.6%
Free cash flow$2.9B+8.4% y/yQ3 2026
Q4 2024: $1.4BQ4 ’24$1.4BQ1 2025: $2.7BQ1 ’25$2.7BQ2 2025: $2.3BQ2 ’25$2.3BQ3 2025: $2.7BQ3 ’25$2.7BQ4 2025: $1.9BQ4 ’25$1.9BQ1 2026: $5.1BQ1 ’26$5.1BQ2 2026: $1.5BQ2 ’26$1.5BQ3 2026: $2.9BQ3 ’26$2.9B
Data
Q4 2024$1.4B
Q1 2025$2.7B
Q2 2025$2.3B
Q3 2025$2.7B
Q4 2025$1.9B
Q1 2026$5.1B
Q2 2026$1.5B
Q3 2026$2.9B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$10.2Bd$10.5B$11.1B$11.5B$12.1Bd$12.2B$12.6B$12.9B
Operating income$2.3Bd$3.3B$3.8B$3.2B$3.0Bd$4.0B$4.2B$4.5B
Operating margin22.2%31.7%34.1%28.2%24.5%32.3%33.4%34.6%
Net income$1.9Bd$2.9B$3.1B$2.5B$2.4Bd$5.3B$3.4B$3.7B
Diluted EPS—$0.66$0.72$0.59—$1.23$0.80$0.87
Operating cash flow$1.5Bd$2.8B$2.4B$2.8B$2.1Bd$5.3B$1.7B$3.2B
Capital expenditure$158.7Md$128.3M$155.9M$164.7M$239.3Md$196.1M$218.6M$278.8M
Free cash flow$1.4B$2.7B$2.3B$2.7B$1.9B$5.1B$1.5B$2.9B
R&D expense$776.5Md$822.8M$824.7M$853.6M$890.3Md$959.7M$1.0B$1.0B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings