Netflix Q1 2026 earnings preview

When will Netflix report its latest earnings?

Netflix is scheduled to report its first quarter (Q1) 2026 financial results on Friday, 17 April at 3.00am SGT, after the market closes.

Highlights from the previous quarter

Netflix closed out 2025 on a solid note. The streaming giant reported fourth quarter (Q4) revenue of $12.05 billion, up 18% year-on-year (YoY) and slightly ahead of Wall Street expectations. Adjusted earnings per share (EPS) came in at $0.56, narrowly exceeding the $0.55 consensus estimate.

The results were driven by steady membership growth, well‑timed pricing actions and a clear acceleration in advertising revenue.

A standout milestone was Netflix surpassing 325 million paid memberships - a particularly notable achievement given that the company stopped routinely publishing total membership numbers more than a year earlier.

Despite the strong headline figures, the market response was muted. Shares initially declined by more than 4% in after‑hours trading as investors assessed Netflix’s Q1 2026 guidance and full year (FY) outlook, both of which came in slightly below the more optimistic end of analyst expectations.

Summary of Netflix’s Q4 earnings results

Netflix Q1 2026 earnings expectations

• Revenue: $12.16 billion, +15.3% YoY
• EPS: $0.76, up approximately 15% YoY, in line with company guidance

Netflix long term share price performance chart

Key areas of focus

Investors will be closely monitoring four core themes when Netflix reports its Q1 earnings.

• Advertising momentum takes centre stage

The advertising‑supported tier remains one of Netflix’s most important growth drivers for 2026. The Q1 results will be the first meaningful test of whether the business is scaling as confidently as management indicated towards the end of last year.

After more than doubling advertising revenue in FY 2025, Netflix has guided for another strong increase in FY 2026. Investors will be looking for early commentary on advertiser demand, inventory sell‑through rates and whether the rollout of Netflix’s in‑house advertising technology is delivering the expected pricing leverage.

• Subscriber trends, churn and pricing power

Having surpassed 325 million paid memberships in Q4, the market will be seeking confirmation that subscriber growth remains resilient as price increases continue to flow through.

Key areas of focus will include net additions, regional performance, particularly in mature markets such as the United States (US), and any indications that higher pricing or the ongoing password‑sharing crackdown is beginning to impact churn. Management commentary on retention and average revenue per user (ARPU) will be closely examined for insight into the durability of the current growth profile.

• Content pipeline and engagement

Netflix’s ability to sustain viewer engagement remains central to its business model. With major returning series such as Bridgerton season 4 and the final season of Stranger Things, alongside a broad slate of international originals and live programming, investors will be looking for early signals around viewership trends.

Positive commentary in this area would help address concerns that engagement growth may be moderating as the platform matures.

• Capital allocation and the post Warner landscape

The abrupt end to discussions around a potential mergers and acquisitions (M&A) transaction with Warner Bros. Discovery removed a significant source of speculation that had been weighing on the stock.

Earlier in the year, the prospect of a competitive bidding process introduced uncertainty, with investors concerned about rising acquisition costs, increased balance‑sheet leverage and execution risk. These concerns contributed to the share price falling to a low of $75.01.

When Netflix formally withdrew from the talks on 26 February 2026, stating that the revised valuation was ‘no longer financially attractive’, the stock rebounded sharply. The market welcomed the return to a clear standalone strategy, supported by the $2.8 billion termination fee.

With no large‑scale M&A activity currently on the agenda, Netflix is firmly back in execution mode. Investors will be listening closely for any changes in capital allocation priorities, particularly around share buybacks, content spend discipline and free cash flow generation.

Is Netflix a buy or a sell?

Netflix currently holds a TipRanks Smart Score of '5 neutral' and carries a consensus ‘strong buy’ rating from analysts. As at 6 April 2026, this consists of 31 'buy', 10 'hold' and zero 'sell' recommendations.

Netflix TipRanks Smart Score

Netflix technical analysis

On the big picture weekly chart, Netflix remains firmly in a long term uptrend. This impressive move has been in place since the post‑Covid-19 pandemic low in May 2022, when the share price rallied from $16.27 to an all‑time high of $134.12 in June 2025 - an absolute monster move of around 700%.

After hitting that peak, the stock went through a classic correction and eventually bottomed earlier this year at $75.01. That low aligned closely with the 50% Fibonacci retracement of the entire 2022 - 2025 rally, located at $75.19.

From the $75.01 low, the price has staged a solid recovery. It is now retesting the psychological $100 level, as well as key resistance at $106.45 from February 2025. If the share price can remain above that crucial $75 support and then achieve a sustained break above $106.45, it would open a clear path for a retest of the $134.12 record high.

Overall, the chart remains bullish as long as Netflix holds above the $75 Fibonacci level. The strong recovery from the 50% retracement point is a very positive sign that the underlying uptrend remains intact. A decisive break and hold above $106.45 would help confirm the next significant leg higher.

Netlfix weekly candlestick chart

• _{Source: TradingView. The figures stated are as of 7 April 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}