longbridge
Netflix
D
Dolphin Research

NFLX: Soft guide dents confidence; can 'new leadership + peak season' reverse the slide?

$Netflix(NFLX.US) released its Q3 2026 results after-hours. The release hit in the early hours of Oct 21 Beijing time.

Heading into the print, sentiment was muted. In late Sep, the co-CEO said at the BBG Screentime conference that growth was 'too slow'. Layoffs announced last week and a shake-up with the Chief Content Officer stepping down further heightened growth uncertainty.

Even so, the print was weak. EPS posted a small beat, but off a low bar and aided by some timing mismatches between revenue and expenses. The upside was low quality...

hatNext?
NFLX Streaming Revenue $100mn 150 DolphinResearch 1 Total Streaming Revenues \ Y
Original Price Current Price Change District Currency Ads Basic Standard Premium
Netflix X Operatingl ng Margin and Expense Ratio 1C Operating margin Cost of rev+9
Netflix

Netflix

USNFLX

D
Dolphin Research

NFLX (Trans): Ads up 80%+ but still below target; U.S. content needs to speed up

Global and U.S. churn improved YoY, beating expectations. Full-year guidance remains intact and on track to be met.

However, the ad biz grew over 80% YoY yet still lagged aggressive targets. U.S. content growth was 'slower than hoped'.

The company replaced its Chief Content Officer. Q4 guidance incorporates ~120 bps of layoff-related costs, and the 2027 outlook was deferred to Jan.

格雷的 五十道阴影 新眼款2 NETFLIX 轉學來的 女生 道夫 文
Sony

Sony

USSONY

D
Dolphin Research

NFLX: From Internet Darling to Pariah?

$Netflix(NFLX.US) Q2 results were underwhelming despite the bar not being high. Near-term softness largely reflects a late-cycle content slate and backlash from price hikes in core markets, and it keeps some investors wary of mid-to-long-term bear cases.

1) Revenue growth kept slowing: Q2 revenue was $12.6bn, up 13% YoY (+12% ex-FX), broadly in line with guidance, but the decelerating trend further erodes confidence in the outlook. There were no price actions in Q2...

NETFLIX TAXI bella Ciao KABIBER hotelsocial AGENT.45 MADEMONLLE ZEN ZACK AMONIN
Netflix (( (NFLX) 2Q26FY Financial Performance (in $100 millions) 3Q24 4Q24 1Q25
Figure 2： Global Search Interest for “Cancel Netflix”；2022-2026 YTD Cancel Netfl
NFLX Streaming Revenue $100mn 140 DolphinResearch 17 7.c .Z/0 Total Streaming Re+9
Netflix

Netflix

USNFLX

D
Dolphin Research

NFLX (Trans): FY revenue guidance already factors in potential price hikes this year

The following is Dolphin Research's transcript of $Netflix(NFLX.US) FY26 Q1 earnings call. For our earnings take, see 'Even without Warner, it still bombed — has Netflix run out of steam?'. I. Key highlights recap follows.

1) Full-year guide unchanged. For 2026, revenue growth of 12–14%, OPM at 31.5%, and ads revenue target of approx. $3bn (YoY ~2x).

2) M&A-related costs. At the start of the year, mgmt. estimated $275mn, incl. the InterPositive acquisition and the Warner Bros. deal...

NETFLIX TAXI bella ciao KALIBER hotelsocial AGENT.45 MADEMONLLE ZEN&ZACK AMONIN
Netflix (NFLX) ) 1Q26FY Financial Performance (in $100 millions) 1Q24A 2Q24A 3Q2
Netflix

Netflix

USNFLX

D
Dolphin Research

No WBD deal, NFLX still bombed — is it out of ideas?

$Netflix(NFLX.US) Q1 once again disappointed on guidance, even as the quarter beat estimates and reaffirmed management's conservative guide.

Market sentiment heading into the print had run hot.

Since scrapping a potential WBD acquisition, risk appetite improved. A surprise price hike in late Mar further reinforced the pricing-power thesis.

Shares rallied 25% into the print, bucking the tape. This reflected hopes that NFLX would revert to the 'price hikes + cost discipline' playbook, but profit guidance suggested that while M&A is off, investment will still continue.

图片 1，共 13 张
Netflix (NFLX) ) 1Q26FY Financial Performance (in $100 millions) 1Q24A 2Q24A 3Q2
NFLX Streaming Revenue $100mn Total Streaming Revenues YoY 140 DolphinResearch 1
Original Price Current Price Change District Currency Ads Basic Standard Premium+9
Warner Bros. Discovery

Warner Bros. Discovery

USWBD

D
Dolphin Research

NFLX: Will M&A Sink the Hit Factory? Time to Test Conviction

$Netflix(NFLX.US) released 2025 Q4 results after the close on Jan 20 ET. Overall a mixed print. Combined with the planned acquisition of WBD, it sets up a clash between near-term pressure and long-term conviction.

Specifically, Q4 beat: revenue and profit both topped estimates, with some noise from remaining Brazil tax liabilities deferred to 2026. Underlying growth was accelerating, driven mainly by the final season of 'Stranger Things'. However, vs. the first three quarters…

NETFLIX NETFLIX NETFLIX NETFLIX IETFLIX NETr t TFI V NETFLIX NETFLIX NE FLIX NET
Netflix ((NFLX) 4Q25FY Financial Performance (in $100 millions) 1Q24A 2Q24A 3Q24
NFLX Streaming Revenue $100mn 140 DolphinResearch ote Streaming Revenues YoY 20
NFLX DAU Y/Y Growth Rates 10% UCAN LATAM e Qe 0% olphinResearch DolphinRese APAC+11
Warner Bros. Discovery

Warner Bros. Discovery

USWBD

© 2026 Longbridge｜Terms of ServicePrivacy Policy