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Sentiment · FY2026 Q1
A pre-earnings brief is ready for NFLX: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vikram Kasturi | Robert W. Baird | 7 (0%) |
| Rich Greenfield | LightShed Partners | 7 (0%) |
| Rob Fishman | MoffettNathanson | 6 (0%) |
| Steve Cahall | Wells Fargo | 5 (0%) |
| Ben Swinburne | Morgan Stanley | 5 (20%) |
| Justin Patterson | KeyBanc Capital Markets | 4 (0%) |
| Dan Salmon | New Street Research | 4 (0%) |
| Jessica Reif Ehrlich | Bank of America | 3 (0%) |
| Doug Anmuth | JPMorgan | 3 (0%) |
| Eric Sheridan | Goldman Sachs | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert W. Baird | 1 | 7 (0%) |
| LightShed Partners | 1 | 7 (0%) |
| Morgan Stanley | 2 | 6 (17%) |
| MoffettNathanson |
| 1 |
| 6 (0%) |
| Wells Fargo | 1 | 5 (0%) |
| KeyBanc Capital Markets | 1 | 4 (0%) |
| New Street Research | 1 | 4 (0%) |
| Goldman Sachs | 1 | 3 (0%) |
Netflix closed FY2025 with Q4 revenue growing 18% and EPS up 30%, surpassing 325 million paid members as ad sales finished up two and a half times year-over-year and the WBD/HBO acquisition was positioned as a strategic accelerant. Management introduced FY2026 revenue guidance of $51 billion representing 14% growth and operating margin of 31.5%, up two percentage points from 2025, while content amortization was expected to grow roughly 10% and the cloud-first TV games strategy scaled with the party-game launch.
Revenue Growth | Product Launch | Competitive Dynamics | Demand | Innovation & R&D | Subscriber Growth | Pricing | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 5 | 4 | 2 | 3 | 2 | 2 |
| 2025Q1 | 5 | 2 | 2 | 5 | 4 | 2 | 3 | 2 |
| 2025Q2 | 5 | 7 | 4 | 2 | 4 | 1 | 3 | 2 |
| 2025Q3 | 5 | 6 | 5 | 4 | 3 | 2 | 2 | 3 |
| 2025Q4 | 2 | 1 | 2 | 3 | 1 | 2 | 1 | |
| 2026Q1 | 2 | 3 | 3 | 3 | 5 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4 | 5 | 5 | 5 | 2 | 2 |
| Product Launch | 4 | 2 | 7 | 6 | 1 | 3 |
| Competitive Dynamics | 5 | 2 | 4 | 5 | 2 | 3 |
| Demand | 4 | 5 | 2 | 4 | 3 | |
| Innovation & R&D | 2 | 4 | 4 | 3 | 3 | |
| Subscriber Growth | 3 | 2 | 1 | 2 | 1 | 5 |
| Pricing | 2 | 3 | 3 | 2 | 2 | 1 |
| Capital Allocation | 2 | 2 | 2 | 3 | 1 | 2 |
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“During the quarter, we launched WWE 2K's Mobile for Netflix and Red Dead Redemption and Undead Nightmare for several new platforms.”
Take-Two distributed WWE 2K Mobile through Netflix, a games-distribution partnership with Netflix.
“we anticipate a Bridgerton boost with the recent premiere of Season 4 on Netflix”
News Corp expects the Netflix premiere of Bridgerton Season 4 to boost related HarperCollins book sales, an IP read-through tied to Netflix's content slate.
“In terms of other media, that's an area where we have done some deals in the past, and we are doing a BioShock movie with Netflix so we are looking at things like that opportunity.”
Beyond games distribution, Take-Two is also partnering with Netflix on a BioShock film adaptation, extending the relationship into media/IP licensing.
“So our partnership with Netflix has been fantastic. Obviously, the most attractive part of that is that, number one, they seem very serious about gaming and have shown that over and over at this point, which is great news for us and there are a lot of consumers. And when Netflix gets together and with the marketing power that they have with incredible content, which we've been able to offer, then you know that's going to be a great recipe for success.”
Take-Two describes its distribution partnership with Netflix for mobile game scaling as very positive, citing Netflix's serious commitment to gaming and marketing power as key value-adds.
“put us in a very different kind of business than perhaps what you are witnessing with Paramount, Netflix, and Warner Brothers, what their ambitions may be.”
Comcast contrasts its parks/studios/streaming mix with Netflix and other media peers, positioning itself differently from Netflix's pure-streaming model.
“we added K-Pop Demon Hunters, the global phenomenon and Netflix's most popular film, as a co-master toy licensee.”
Hasbro became co-master toy licensee for Netflix's K-Pop Demon Hunters, a positive merchandising read-through for Netflix's biggest film.
“you also get Netflix on us.”
T-Mobile bundles Netflix as an included perk on its plans, making it a content-distribution partner reaching T-Mobile's postpaid base.
“In December, Season 3 of King of Collectibles: The Goldin Touch debuted on Netflix and ranked in the top 10 shows in 7 countries, including the U.S., U.K., Australia and Canada.”
eBay's Goldin collectibles brand runs a hit series on Netflix, a content-distribution tie-up.
“We launched WWE on Netflix in January 2025. Over the course of the first year of this 10-year deal, viewers streamed 525 million hours of content”
WWE's 10-year Netflix deal drove 525 million hours streamed in year one, with Raw a mainstay of Netflix's weekly top 10.
“As noted in our shareholder letter, management will not be taking questions regarding the Netflix transaction.”
WBD references an in-progress Netflix transaction as part of its strategic review, though management declined to discuss it on the call.
“In addition, 2K and Netflix are collaborating to bring WWE 2K exclusively to mobile devices this fall.”
Take-Two's 2K label is partnering with Netflix to bring WWE 2K exclusively to mobile devices via Netflix this fall, one of several distribution partnerships management says it evaluates based on consumer benefit.
“Just this week, we announced an exciting collaboration tied to Netflix hit film, KPop Demon Hunters.”
Hasbro struck a licensing collaboration with Netflix around KPop Demon Hunters, with product launching in 2026.
“And Instagram is coming next.”
Netflix flags Instagram (Meta) as the next platform entering the TV/video content space, extending the competitive set for viewer attention.
“Apple's competing for Emmys and Oscars.”
Netflix names Apple as a content competitor now competing for major awards, part of the broadening set of streaming/tech rivals.
“Amazon owns MGM.”
Netflix cites Amazon (owner of MGM) as part of the intensifying competitive landscape in TV and film content.
“YouTube has full name films. New episodes of scripted and unscripted TV shows. They have NFL football games. They have the Oscars.”
Netflix positions YouTube (Alphabet) as a formidable and growing competitor for viewing time now spanning films, scripted/unscripted TV, the NFL and the Oscars.
“We have a new slate of licensed titles from Paramount which is gonna bring a lot of new series and television shows that Netflix has never had around the world.”
Netflix has a new content-licensing slate from Paramount, a partner/supplier read-through for PSKY as a licensor of series and TV to Netflix globally.
“We've expanded our universal licensing deal for the kind of that already included some very successful animation films. To include live action films.”
Netflix expanded its Universal licensing deal to add live-action films on top of animation, deepening Universal's role as a film-content licensing partner.
“we've got some new license deals in place with Sony. That includes the first of its kind global pay one movie deal.”
Netflix signed a first-of-its-kind global pay-one movie licensing deal with Sony, positioning Sony as a content-licensing partner/supplier to Netflix.
“We're working really hard to close the acquisition of Warner Brothers Studios and HBO, which we see as a strategic accelerant.”
Netflix frames its pending acquisition of Warner Bros. (studios and HBO) as a strategic accelerant, a major positive read-through for WBD as the target being taken out.
“Not everything on YouTube is a fit for us, but there are some creators like Mark Rober, like Miss Rachel, that are great fits for us.”
Netflix is selectively signing top YouTube creators, a competitive dynamic for creator talent against Google's YouTube.
“Not surprising given the announcement from our friends at Warner Brothers Discovery.”
Netflix fielded M&A questions prompted by Warner Bros. Discovery's strategic announcement, framing potential consolidation among competitors.
“We are adding more demand sources like Amazon DSP, AJA in Japan.”
Netflix is integrating Amazon's demand-side platform as a programmatic ad demand source, a modest read-through for Amazon's advertising business.
“This deal is a video co-exclusive partnership with Spotify that secures a curated selection of their top podcasts.”
Netflix struck a video co-exclusive deal with Spotify for top podcasts, extending Spotify's video-podcast distribution beyond its own app.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NFLX Netflix, Inc. | 8 | +16.2% | |
| DIS The Walt Disney Company | 7 | +6.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| TKO TKO Group Holdings | 8 | +25.9% | |
| WBD Warner Bros. Discovery | 4 | -0.8% |