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Full earnings analysis

Research updated: Jul 11, 2026, 12:00 AM UTC

Netflix (NFLX) Q1 2026

Netflix reported first-quarter 2026 results and described its content, live-programming, advertising, pricing and distribution priorities.

Reported outcomes

Revenue
US$12.250 billion
Up 16% from US$10.543 billion in Q1 2025
Free cash flow
US$5.1 billion
Up from US$2.7 billion in Q1 2025, partly reflecting a transaction termination-fee receipt
APAC revenue
US$1.509 billion
Up 20% year over year

Management guidance

  • Netflix continued to expect approximately US$3 billion of 2026 advertising revenue, about twice the 2025 level.

Risks that still need monitoring

  • Intense competition

    Netflix competes with global streaming, technology, social-video, gaming and traditional-media platforms for attention and content.

  • Content execution

    Weak programming quality, mistimed releases or production disruption could reduce acquisition, engagement and retention.

  • Monetization execution

    Price increases or advertising changes that reduce perceived member value could increase churn or slow adoption.

Market reaction

-9.66%

2026-04-15 $107.71 → 2026-04-17 $97.31

Method: previous trading-day close to the first full trading-day close after the announcement.

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Primary sources

Netflix Q1 2026 Shareholder LetterNetflix, Inc. · earningsVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 16, 2026, 12:00 AM

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Netflix Investor RelationsNetflix, Inc. · companyVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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Netflix SEC FilingsNetflix, Inc. · filingVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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NFLX editorial research profileAlphaVue Research · editorialVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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