The following is Dolphin Research's Trans of $Netflix(NFLX.US) FY26 Q2 earnings call. For our post-earnings take, see 'Netflix: From internet darling to matron?'

I. Core recap

$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...

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

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.

Below is Dolphin Research's curated Netflix FY25 Q4 earnings call Trans. For our First Take on the print, see 'Netflix: Did M&A sink the content king? 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.

On Dec. 7, the long-running WBD sale neared the finish line as NFLX emerged as the buyer. The company agreed to acquire WBD's assets excluding cable TV for $72bn and to assume $10.7bn of WBD debt.

User engagement is good, and ad sales hit a record high.

$Netflix(NFLX.US) released its Q3 2025 financial report after the market closed on October 21st, Eastern Time. The sharp decline in stock price has already reflected the market sentiment, ostensibly as a punishment for missing earnings, but in reality, it replicates the previous quarter's scenario—under short-term high valuations, not exceeding expectations is equivalent to missing them. Specifically: 1. Earnings actually exceeded expectations: An additional cost provision of as much as $619 million impacted the current profit margin by more than 5 points, creating the illusion of missing expectations. This expense mainly involves municipal service taxes levied by Brazil on streaming companies, which have been a subject of ongoing dispute...

The following are the minutes of Netflix's FY25 Q2 earnings call. For an interpretation of the earnings report, please refer to "Netflix: Can the Recognized Good Student Still Create Surprises?" 1. Review of Core Financial Information 1. Price Increase Drives Growth: Revenue grew by 16% in the second quarter, exceeding guidance and meeting expectations. The growth mainly reflects the impact of price increases in core regions at the beginning of the year. 2. Squid Game Recreates Buzz: The number of users is no longer disclosed starting last quarter. According to Dolphin Research's estimates, the net increase should exceed 8 million, slightly higher than last year. As the highlight of the second quarter and even the entire year, the third season of 'Squid Game' performed well...