Netflix, Inc. (NFLX) Earnings Call Summary — Q2 FY26
Netflix is the world's largest paid streaming service, making and licensing shows and movies for ~300M subscribers.
Netflix, Inc. (NFLX) reported Q2 FY26 results on July 16, 2026. Earnings per share came in at $0.80 against a $0.79 consensus, so the company beat on the bottom line. Revenue of $12.56B landed below the $12.58B estimate. NFLX has beaten consensus EPS in 7 of its last 8 reported quarters. Highlights from management's remarks on the call are below.
Key highlights from the call
Analyst (Wells Fargo): “What is the main driver of FX neutral revenue growth slowing from 12% year over year in 2Q to 11% year over year as the guidance for the third quarter suggests?”
CFO: “We are guiding, as you say, to 12% revenue growth in Q3 reported, 11% FX neutral.”
Analyst (Loop Capital Markets): “Can you help investors understand what internal metrics provide confidence and how these translate into lower churn, pricing power, higher ads monetization, etcetera?”
Co-CEO and Chief Product Officer: “I will start by saying there is not a linear relationship between view hours and revenue and profit, because all hours are not created equal.”
Analyst (Wells Fargo): “How is the slate performing, and what metrics are we watching to see how this growth in content drives increased member value?”