NFLXNetflix, Inc.
Industry Media entertainment Price 23 Oct 2026
If management hits its targets, one share in 12 months
$65.85 → $75.96
What the podcasts say
1 bullish · 5 bearish · 4 speakers · 3 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bearish
- Bearish
- Bearish
- Bearish
- Bearish
- Bullish
Promises vs. what happened
16 claims · 8 lettersEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2025: $43.5–44.5B, 29% margin | Q4 '24 | $45.2B, 29.5% | Held |
| Ads double in '25 | Q4 '24 | more than 2.5×, over $1.5B | Held |
| Ads scale in 12 markets, '25 | Q4 '24 | declared Oct '25 | Held |
| 2025 FCF ~$8B | Q4 '24 | $9.5B | Held |
| Pause buybacks for WBD | Q4 '25 | paused, then a record $4.7B | Held |
| TF1 live in France, summer '26 | Q2 '25 | June '26 | Held |
| Q3 '26: +12%, 33.2% margin | Q2 '26 | +11.8%, 34.6% | Held |
| Hours report twice a year | Q4 '24 | annual from '27 | Late |
| 2026 FCF ~$11B | Q4 '25 | ~$12.5B, then ~$12.0B | Open |
| 2026: $50.7–51.7B, 31.5% | Q4 '25 | set at $51.1B, Oct '26 | Open |
| Q4 '26: $13.4B, 26.0% margin | Q3 '26 | reports Jan '27 | Open |
| Ads in 15 more countries, '27 | Q3 '26 | first 12 in Mar '27 | Open |
| Multiyear growth beyond 12–14% | Q1 '26 call | no number given | Open |
| Q3 '25 margin 31.5% | Q2 '25 | 28.2%: Brazil, $619M | Missed |
| Ads ~$3B in '26 | Q4 '25 | cut to ~$2.7B, Oct '26 | Missed |
| Buy Warner Bros. | Q4 '25 | walked away; $2.8B fee | Missed |
What they’re pitching
the headline page, letter by letterThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26
Two numbersPage one since Q2 '26
EngagementOff page one Q3 '26
AdsOff page one Q2 '26
LiveOff page one Q2 '26
SlatePage one since Q2 '26
AI / productOff page one Q3 '26
Warner Bros.Off page one Q1 '26
New categoriesOff page one Q3 '26
BuybacksFirst seen Q4 '24
LicensingNew Q2 '26 · Page one since Q3 '26
on the headline page further in the letter not in the letter▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Revenue growth and operating margin, the two numbers guided
“For the year, revenue grew 16% and operating margin expanded six points to 27%.”
Deck Netflix Q4 2024 Letter to Shareholders · p. 1 ·
Revenue growth and operating margin, the two numbers guided
“In Q2, we grew revenue 16% and our operating margin of 34% expanded seven points year over year.”
Deck Netflix Q2 2025 Letter to Shareholders · p. 1 ·
Revenue growth and operating margin, the two numbers guided
“Revenue in Q3 grew 17%, in-line with our forecast.”
Deck Netflix Q3 2025 Letter to Shareholders · p. 1 ·
Revenue growth and operating margin, the two numbers guided
“In 2025, we met or exceeded all of our financial objectives.”
Deck Netflix Q4 2025 Letter to Shareholders · p. 1 ·
Revenue growth and operating margin, the two numbers guided
“Q2 revenue grew 13% year over year”
Deck Netflix Q2 2026 Letter to Shareholders · p. 1 ·
Revenue growth and operating margin, the two numbers guided
“We delivered our Q3 forecast and expect to deliver on our full year 2026 guidance.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) ·
Engagement as the proxy for member happiness
“we believe it is the best proxy for customer satisfaction,”
Deck Netflix Q4 2024 Letter to Shareholders · p. 3 ·
Engagement as the proxy for member happiness
“4 billion hours on Netflix in the first half of the year, a 1% increase year over year.”
Deck Netflix Q2 2025 Letter to Shareholders · p. 3 ·
Engagement as the proxy for member happiness
“In the second half of 2025, view hours increased 2% year over year,”
Deck Netflix Q4 2025 Letter to Shareholders · p. 1 ·
Engagement as the proxy for member happiness
“Our primary internal quality engagement metric hit an all time high in Q1”
Deck Netflix Q1 2026 Letter to Shareholders · p. 1 ·
Engagement as the proxy for member happiness
“View hours grew +2% in H1’26 vs. +1.5% growth in 2025,”
Deck Netflix Q2 2026 Letter to Shareholders · p. 1 ·
Engagement as the proxy for member happiness
“We know there’s some investor concern about our view hours growth.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) · Our Focus ·
The advertising build-out
“growth of our ads business;”
Deck Netflix Q4 2024 Letter to Shareholders · p. 1 ·
The advertising build-out
“We have completed the rollout of the Netflix Ads Suite,”
Deck Netflix Q2 2025 Letter to Shareholders · p. 1 ·
The advertising build-out
“We recorded our best ad sales quarter ever and doubled our commitments in the US upfront.”
Deck Netflix Q3 2025 Letter to Shareholders · p. 1 ·
The advertising build-out
“1 2.5x to over $1.5B.”
Deck Netflix Q4 2025 Letter to Shareholders · p. 1 ·
The advertising build-out
“our advertising revenue remains on track to reach $3B in 2026,”
Deck Netflix Q1 2026 Letter to Shareholders · p. 1 ·
The advertising build-out
“This is 0.2% below the mid-point of our prior 2026 revenue forecast range - while subscription revenue growth has outperformed our expectations, we currently expect 2026 ad revenue of ~$2.7B vs. approximately $3B previously (due to slightly slower than expected rollout of some ad product capabilities).”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) ·
Live events
“the Jake Paul vs. Mike Tyson fight became the most-streamed sporting event ever”
Deck Netflix Q4 2024 Letter to Shareholders · p. 1 ·
Live events
“We’re building out our live offering with our Q1 launch of WWE RAW,”
Deck Netflix Q1 2025 Letter to Shareholders · p. 1 ·
Live events
“The Canelo vs. Crawford boxing match became the most-viewed men’s championship fight this century.”
Deck Netflix Q3 2025 Letter to Shareholders · p. 1 ·
Live events
“our first regional live event — the World Baseball Classic, which broke viewing records in Japan”
Deck Netflix Q1 2026 Letter to Shareholders · p. 1 ·
Live events
“For example, in 2026, we expect live programming to account for just over 5% of our content spend but only ~1% of view hours.”
Deck Netflix Q2 2026 Letter to Shareholders · p. 3 ·
Live events
“And we have our biggest quarterly live slate to date with the NFL’s inaugural Thanksgiving Eve game (with a halftime performance by U2) and a Christmas Day doubleheader, plus the Tyson Fury vs. Anthony Joshua boxing match.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) · Our Focus ·
The slate and the hits
“Our Q4 slate outperformed even our high expectations:”
Deck Netflix Q4 2024 Letter to Shareholders · p. 1 ·
The slate and the hits
“We delivered a solid slate in Q1 with one series (Adolescence) and three films (Back in Action, Ad Vitam and Counterattack) all breaking into our all-time most popular lists.”
Deck Netflix Q1 2025 Letter to Shareholders · p. 1 ·
The slate and the hits
“In Q2, we had a wide variety of hit series”
Deck Netflix Q2 2025 Letter to Shareholders · p. 1 ·
The slate and the hits
“while KPop Demon Hunters became our most popular film ever.”
Deck Netflix Q3 2025 Letter to Shareholders · p. 1 ·
The slate and the hits
“Harlan Coben’s I Will Find You is our most viewed new original series debut in 2026”
Deck Netflix Q2 2026 Letter to Shareholders · p. 1 ·
The slate and the hits
“The core of our service is delivering differentiated, exclusive, professionally produced series, films and live events.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) ·
AI and the product
“We have also launched our redesigned TV homepage,”
Deck Netflix Q2 2025 Letter to Shareholders · p. 1 ·
AI and the product
“We believe Generative AI presents a significant opportunity for us”
Deck Netflix Q3 2025 Letter to Shareholders · p. 5 ·
AI and the product
“We continue to harness AI to enhance the experience for our members, and we’re expanding these capabilities”
Deck Netflix Q4 2025 Letter to Shareholders · p. 5 ·
AI and the product
“We are continually expanding how we can leverage AI to improve the member experience,”
Deck Netflix Q1 2026 Letter to Shareholders · p. 1 ·
AI and the product
“We are leveraging AI to provide a more personalized, immersive and interactive experience for members,”
Deck Netflix Q2 2026 Letter to Shareholders · p. 1 ·
AI and the product
“Our investment in our product capabilities, including our new TV UI, enables us to seamlessly integrate and merchandise more third party content to Netflix members.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) · Our Focus ·
Warner Bros.
“Working to close our acquisition of Warner Bros.”
Deck Netflix Q4 2025 Letter to Shareholders · p. 1 ·
Warner Bros.
“Warner Bros. would have been a nice accelerant for our strategy, but only at the right price.”
Deck Netflix Q1 2026 Letter to Shareholders · p. 2 ·
Games, podcasts and new categories
“In games, we’ve learned a lot in our first three years and we continue to make progress and refine our strategy.”
Deck Netflix Q4 2024 Letter to Shareholders · p. 5 ·
Games, podcasts and new categories
“expanding into more content categories like video podcasts, and scaling our cloud-first games strategy.”
Deck Netflix Q4 2025 Letter to Shareholders · p. 1 ·
Games, podcasts and new categories
“a new standalone gaming app for kids.”
Deck Netflix Q1 2026 Letter to Shareholders · p. 1 ·
Games, podcasts and new categories
“we’re continuing to expand the variety of our entertainment offering with video podcasts,”
Deck Netflix Q2 2026 Letter to Shareholders · p. 1 ·
Buybacks and the balance sheet
“Our Board has approved an incremental $15B for the program”
Deck Netflix Q4 2024 Letter to Shareholders · p. 6 ·
Buybacks and the balance sheet
“we’ll pause our share buybacks to accumulate cash to help fund the pending acquisition of Warner Bros.”
Deck Netflix Q4 2025 Letter to Shareholders · p. 7 ·
Buybacks and the balance sheet
“In April, our Board of Directors authorized the repurchase of an additional $25B of our stock”
Deck Netflix Q2 2026 Letter to Shareholders · p. 6 ·
Buybacks and the balance sheet
“In Q3, we bought back 63.9 million shares for $4.8B, our largest quarter ever of stock repurchases, and we currently have $22.3B of capacity left in our remaining authorizations.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) · Cash Flow and Capital Structure ·
Licensing and third-party content
“last month we launched a partnership with leading local French broadcaster TF1.”
Deck Netflix Q2 2026 Letter to Shareholders · p. 4 ·
Licensing and third-party content
“We’ll continue to expand our entertainment offering through licensing and new ways to bring more third-party content to our service, like our TF1 partnership in France.”
Deck Netflix Q3 2026 Letter to Shareholders (8-K Ex. 99.1) ·
What they keep talking about · 12
The themes that show up deck after deck, and the ones that disappear.
- Two numbers
- Revenue growth and operating margin open all eight letters, with the next quarter's guide in the same table. The 2025 guides were raised during the year and then met; 2026 revenue was set at $51.1B in October, just under the earlier midpoint, with the 31.5% margin held.
- Engagement
- Hours per member (Q3 '24) became total hours per half (Q2 '25), then an unnamed "internal quality metric" at an all-time high (Q1 '26). The half-year hours report leaves the earnings cycle after H1 '26; in Q3 '26 the letter answers "investor concern" about hours growth with member response to price rises.
- Ads
- On the headline page of every letter; a dollar figure only from Q4 '25 (over $1.5B), then ~$3B guided for 2026, cut to ~$2.7B in Q3 '26 for a slower rollout of ad features. Ad tech in every market by Jul '25, scale declared in all 12; 15 more countries in 2027.
- Live
- Tyson–Paul, NFL Christmas, WWE, Canelo–Crawford, the World Baseball Classic in Japan: a headline bullet in four of eight letters. First spend figure in Q2 '26: just over 5% of content spend for ~1% of hours; Q4 '26 is billed as the biggest live quarter yet.
- Slate
- A hit list on page one every quarter, with 91-day view counts; KPop Demon Hunters became the most-watched film ever (Q3 '25).
- AI / product
- The redesigned TV homepage (Q2 '25), then generative AI from Q3 '25; a headline bullet from Q1 '26, with ~300 titles using GenAI workflows by Q2 '26. No mention of AI in the Q3 '26 letter.
- Warner Bros.
- A 2026 priority in the Q4 '25 letter, with a buyback pause to pay for it; "only at the right price" and a $2.8B fee in Q1 '26.
- New categories
- Games since Q4 '24, video podcasts from Q4 '25, a kids' gaming app in Q1 '26. No revenue or spend figure for any of them.
- Buybacks
- Never on page one. $15B added Dec '24, paused Jan '26, resumed Mar '26, $25B added Apr '26, a record $4.7B bought in Q2 '26 and $4.8B in Q3; $22.3B of authority left.
- Licensing
- On page one from Q3 '26: TF1 in France since June, a Disney licensing deal and a Grand Theft Auto VI preview with Take-Two, beside the originals.
- New
- Q3 '26: a dated plan for 15 more ads countries in 2027; Q2 '26: live's share of spend and hours; a 'quality' engagement metric with no definition (Q1 '26); the first ad revenue dollar figure (Q4 '25).
- Quiet
- Paid memberships and ARM gone from the table since Q1 '25 (milestones only: 325M at Q4 '25); the twice-yearly hours report moves to annual and away from results in 2027.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q3 2026 letter · 8-K 20 Oct 2026
- H1 2026 letter · 8-K 16 Jul 2026
- Q1 2026 letter · 8-K 16 Apr 2026
- Q4 2025 letter · 8-K 20 Jan 2026
- Q3 2025 letter · 8-K 21 Oct 2025
- Q2 2025 letter · 8-K 17 Jul 2025
- Q1 2025 letter · 8-K 17 Apr 2025
- Q4 2024 letter · 8-K 21 Jan 2025
- Q3 2024 letter · 8-K 17 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 6% | · | 13% | 6% | 25% | 12% | 23% | 13% |
| Growth & sales | 19% | 12% | 20% | 17% | 12% | 31% | 23% | 40% |
| Pricing & margins | 19% | 19% | 27% | 11% | · | 19% | 15% | 20% |
| Guidance & outlook | 12% | 19% | 20% | 11% | 6% | 19% | 8% | 7% |
| Capacity & supply | 12% | · | 7% | · | 6% | 12% | · | 7% |
| Capital & financing | 19% | 25% | 20% | 17% | 31% | 25% | 31% | 20% |
| Competition | 6% | 6% | · | · | 12% | · | 8% | 20% |
| Products & technology | 6% | 19% | 27% | 17% | 19% | 6% | 8% | 27% |
| Macro & regulation | · | 6% | 7% | 17% | · | 12% | · | 7% |
| Other | 31% | 38% | 20% | 33% | 38% | 31% | 23% | 20% |
| Questions | 16 | 16 | 15 | 18 | 16 | 16 | 13 | 15 |
How these calls run. On every call, investors send questions in advance and investor relations reads them out, sometimes rephrased, and picks who answers. No analyst is heard live and nobody gets a follow-up, so this table shows the questions the company chose to read.
Who’s in charge, who’s selling
read from the filings · 23 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · live
The board rejected a 78% vote against its lead director, then made him Chairman
Hoag, a director since 1999, failed the majority vote on 5 Jun '25 (71.4M for, 259.9M against) over 2024 attendance below 75%. The board rejected his resignation on 22 Jun '25; he was re-elected in 2026 with 6.9% against and appointed Chairman from 4 Jun '26, ending the lead-director role. He chairs the committee that recommended keeping him.
Tier 2 · worsening
Say on pay 14% then 16% against; co-CEOs at $53.9M and $53.2M, 255× the median
2025 pay $53.9M (Sarandos) and $53.2M (Peters), $41.4M of it stock; median employee $211,201. Against: 47.8M votes (14.4%) in 2025 and 517.3M (16.3%) in 2026, up from 17.8% against in 2024. Directors are paid only in monthly, fully vested options, unchanged since 2016.
Tier 2 · stable
$455M sold, $0 bought, in twelve months; the founder sold $358M and left
148 Form 4 sales by 8 insiders, Oct '25–Sep '26; 96% under 10b5-1 plans. Hastings $358M in monthly lots to 1 Jun '26; Hyman $38M, $34M of it on one day at $1,100 pre-split; Neumann $20M; Peters $18M, half outside a plan after swapping plans the day the split was announced; Sarandos $14M.
Tier 3 · live
A $619M Brazilian tax charge was a disclosed exposure that was not in the guide
Booked in Q3 '25 for 2022–Q3 '25 after another taxpayer's case made a loss probable; ~$700M of deposits shifted into 2026 ($729M paid in H1 '26). The only margin guide missed in eight letters.
Tier 3 · stable
The co-CEO's wife and son work on Netflix productions
In 2025 his son earned over $120,000 as an editor and his wife was engaged as a producer on two productions, eligible for up to $1.3M contingent on milestones, $6,250 paid. Reviewed by the Audit Committee at what the proxy calls standard rates.
Accounting rule changes 4 in 7 quarters
- Q4 '24Paid memberships and ARM no longer reported quarterly from Q1 '25
- Q3 '25Free cash flow redefined as operating cash flow less capex only (no "change in other assets")
- Q4 '25Ten-for-one stock split; shares and per-share figures restated
- Q2 '26The engagement report moves to once a year, separate from results, from 2027
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Hoag (now Chairman)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 259.9M | 220.8M | 6.9% |
| Barton (Audit)A board seat. | 30.0M | 293.6M | 9.2% |
| Mertz (Audit, joined Jun '25)A board seat. | — | 279.7M | 8.8% |
| Mather (Audit chair)A board seat. | 15.5M | 209.8M | 6.6% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 47.8M | 517.3M | 16.3% |
| Sarandos (co-CEO)A board seat. | 6.3M | 47.7M | 1.5% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25–Sep '26 | Sold | Note |
|---|---|---|
| Hastings, chairman until Jun '26 | $358.4M | 3.64M shares in monthly plan lots; last sale three days before leaving |
| Hyman, chief legal officer | $38.1M | $34.1M of it on 4 Nov '25 at $1,100 pre-split, under a plan |
| Neumann, CFO | $20.0M | 85% under a plan adopted 23 Oct '25 |
| Peters, co-CEO | $17.7M | half outside a plan; swapped plans on 30 Oct '25 |
| Sarandos, co-CEO | $14.3M | under a plan adopted 4 May '26 from August |