Netflix Q2 FY26: $12.56B revenue, $0.80 EPS, 2026 outlook held
Netflix beat nobody and missed nobody: revenue of $12.56 billion and EPS of $0.80 landed essentially at plan, and full-year guidance was narrowed rather than raised. Read the quarter as a deceleration story attached to a strong profit engine — growth slowed to 13.4% and Q3 is guided to 11.7%, while a 33.4% operating margin and $4.71 billion of buybacks did the heavy lifting.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $0.80 was up 11.1% year over year but came in a hair under the $0.8042 consensus estimate. Net income was $3.40 billion, up 8.8%, with operating income of $4.19 billion absorbing a $667.2 million tax bill. Set that against Q1's $1.23, which was flattered by a $2.85 billion interest-and-other income swing, and $0.80 looks like the cleaner read on the business.
Revenue of $12.56 billion rose 13.4% from $11.08 billion a year earlier, and management said it landed in line with its own forecast. Gross margin was 51.9%. The soft spot is geography: UCAN, still the biggest region at $5.43 billion, grew 10.0%, while EMEA ($4.03 billion), LATAM ($1.58 billion) and APAC ($1.51 billion) all grew faster.
Netflix narrowed 2026 revenue to $51.0–$51.4 billion, or 13.0% to 14.0% growth, and left operating margin at 31.5% and free cash flow at about $12.5 billion. For Q3 it guided to $12.86 billion of revenue, 11.7% growth, with a 33.2% operating margin. Ads revenue is still expected to roughly double to about $3 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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