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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vikram Kesavabhotla | Robert W. Baird | 9 (0%) |
| Rich Greenfield | LightShed Partners | 9 (22%) |
| Robert Fishman | MoffettNathanson | 8 (0%) |
| Steve Cahall | Wells Fargo | 8 (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 | 4 (0%) |
| Mike Morris | Guggenheim | 3 (0%) |
| John Hodulik | UBS | 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 | 9 (0%) |
| LightShed Partners | 1 | 9 (22%) |
| Morgan Stanley | 2 | 8 (13%) |
| MoffettNathanson |
Netflix delivered Q1 revenue growth of 16% with sustained double-digit growth and the advertising business scaling rapidly, as live sports drove outsized engagement and acquisition while the subscriber base exceeded 325 million members. Management reiterated FY2026 guidance of 12-14% revenue growth and 31.5% operating margin, with the advertiser base growing over 70% year-over-year to more than 4,000 advertisers and gaming expansion advancing through Playground and the kids strategy.
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 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.25B | +16.0% | $0.43 | +103.8% | 43.7% | 22.2% | 18.2% | $1.38B |
| FY2025 Q1 | $10.54B | +12.5% | $0.66 | +24.5% | 50.1% | 31.7% | 27.4% | $2.66B |
| FY2025 Q2 | $11.08B | +15.9% | $0.72 |
| 1 |
| 8 (0%) |
| Wells Fargo | 1 | 8 (0%) |
| KeyBanc Capital Markets | 1 | 4 (0%) |
| New Street Research | 1 | 4 (0%) |
| Loop Capital | 2 | 4 (25%) |
| +46.9% |
| 51.9% |
| 34.1% |
| 28.2% |
| $2.27B |
| FY2025 Q3 | $11.51B | +17.2% | $0.59 | +9.3% | 46.4% | 28.2% | 22.1% | $2.66B |
| FY2025 Q4 | $12.05B | +17.6% | $0.56 | +30.2% | 45.9% | 24.5% | 20.1% | $1.87B |
| FY2026 Q1 | $12.25B | +16.2% | $1.23 | +86.4% | 51.9% | 32.3% | 43.1% | $5.09B |
| FY2026 Q2 | $12.56B | +13.4% | $0.80 | +11.1% | 51.9% | 33.4% | 27.1% | $1.37B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What NFLX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We are also heartened by the release of the Remarkably Bright Creature movie on Netflix this week and by releases from the gifted Sarah A. Parker and the inimitable Dana Perino.”
A Netflix movie adaptation of a HarperCollins title (Remarkably Bright Creatures) supports News Corp's book-publishing demand.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names Netflix among streaming competitors increasing their position in live sports, a read-through to Netflix's expanding live-sports ambitions.
“we talked about the Netflix announcement—they will do clips.”
Roku responds to Netflix's move into short-form clips, noting it already carries such content and is not trying to compete with YouTube.
“Early in Q1, Netflix became the official U.S. home of WWE's archive, which comprises decades of WrestleMania, SummerSlam and Royal Rumble content.”
Netflix licensed WWE's archive as its official U.S. home, expanding a relationship TKO says was driven by Netflix's early success with WWE premium content and the Unreal docuseries.
“We deepened our Netflix partnership with Amazon Audiences, which enables advertisers to apply Amazon's exclusive signals from shopping, browsing and streaming to Netflix's highly engaged viewers to reach the right audiences and drive even stronger performance.”
Amazon Ads expanded its ad-targeting partnership with Netflix, a read-through for Netflix's advertising business.
“you noted several studio titles in production that will be released on Netflix and on Prime Video.”
Paramount licenses several of its studio titles to Netflix, making the streamer a content buyer even as the two compete for subscribers and engagement.
“you see the Netflix break fee that we didn't even pay -- flow through our P&L”
WBD's restructuring line includes a Netflix break fee it never paid, implying Netflix had been a bidder/counterparty in WBD's sale process before the Paramount Skydance deal.
“we launched the KPop Demon Hunters partnership with Netflix, a campaign built for a more digitally native customer”
McDonald's ran a Happy Meal marketing partnership with Netflix's KPop Demon Hunters IP, leveraging Netflix content for a digitally native customer campaign.
“Our partnership with Netflix is a source of optimism for us, but also for the open Internet.”
Netflix's methodical ad rollout and partnership with The Trade Desk is highlighted as a positive for Netflix's ad business and the open Internet.
“the new Netflix series which is going to be killer, probably one of the biggest animation events that certainly for fans that Netflix has helped to invest in”
A new Netflix-invested Magic animation series is expected to be a major event that could positively influence Hasbro's first-party Magic mix.
“we have one with NBCUniversal that includes DreamWorks Animation and Illumination”
Netflix has a Pay-1 deal with NBCUniversal (Comcast) covering DreamWorks Animation and Illumination films.
“We have a Pay-1 deal with Sony”
Netflix has a Pay-1 output deal with Sony for theatrical films.
“We license shows like Watson and Mayor of Kingstown from Paramount.”
Netflix licenses shows (Watson, Mayor of Kingstown) from Paramount, a content-licensing supplier relationship.
“Nielsen’s methodology change in the Gauge reporting is a change in how they calculate the national TV universe.”
Netflix downplays Nielsen's Gauge methodology change, saying it lowers reported streaming share without reflecting actual viewing behavior.
“With our acquisition of Interpositive, we think it accelerates our GenAI capability because it is proprietary technology created specifically for filmmakers and filmmaking, different from other GenAI video applications.”
Netflix acquired Interpositive, a proprietary GenAI filmmaking technology, to accelerate its generative-AI content capabilities.
“Running Point is produced by Warner Brothers for us.”
Warner Brothers produces the series Running Point for Netflix, a content-supplier relationship alongside the failed acquisition.
“For Warner Brothers specifically, even though we walked away from the deal, some of our initially planned costs for the deal will not fully materialize, but some that we were planning to carry into 2027 were pulled forward into 2026.”
Netflix walked away from its bid for Warner Brothers after deal cost exceeded net value, leaving WBD without the Netflix acquisition.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NFLX Netflix, Inc. | 8 | +16.2% | |
| DIS The Walt Disney Company | 6 | +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% | |
| ROKU Roku, Inc. | 9 | +22.4% | |
| TKO TKO Group Holdings | 7 | +25.9% | |
| WBD Warner Bros. Discovery | 4 | -1.0% |