What to expect from Netflix’s Q2 results
Consensus points to adjusted earnings per share of around $0.80 for the quarter, with revenue near $12.58 billion. That represents year-on-year revenue growth of about 13.5%, keeping Netflix firmly in double-digit territory.
Management has guided to a second-quarter operating margin of roughly 32.6%, with the full-year figure held at 31.5%. Elevated content spending, weighted towards the first half, is expected to weigh on margins before easing later in the year.
The company has also raised its 2026 free cash flow target to $12.5 billion, up from $9.5 billion in 2025, helped in part by a break fee tied to abandoned M&A. That is a meaningful step up, and a reminder of how cash-generative the model has become.
One quirk worth noting: Netflix no longer discloses subscriber numbers, so the market will lean harder on revenue and margin commentary. Analysts still pencil in around 3.7 million net additions, but the read-through will come from the financials rather than the headline count.