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Netflix (NFLX) Q2 FY2026 earnings: revenue $12.6 billion, up 13.4% on the year

Netflix Inc. (NFLX) reported revenue of $12.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 13.4% on the same quarter a year earlier. Net income was $3.4 billion, up 8.8% on the year, and diluted earnings per share $0.80. The figures are the company's own, from the 10-Q it filed with the SEC on 17 July 2026.

Revenue
$12.6 billion
+13.4% on the year · +2.5% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
33.4%
34.1% a year earlier
Q3 FY2024Q2 FY2026
Net income
$3.4 billion
+8.8% on the year · -35.6% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$0.80
+11.3% on the year · -35.0% on the quarter
Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new, 7 kept.

  • Revenue rose 13% to $12.6B: Q2 revenue was $12.6B, up 13% (12% F/X neutral), in line with forecast and driven by membership growth, pricing and ad revenue.
  • Operating income up 11%: Operating income was $4.2B, up 11%, and operating margin was 33.4% against 34.1%. Management said operating income and margin were slightly ahead of forecast due to expense timing.
  • Double-digit growth in every region: Revenue grew double digits in all regions. EMEA passed $4.0B in the quarter, and LATAM and APAC each passed $1.5B.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ2 FY2026Q1 FY2026Q2 FY2025On the quarterOn the yearLast 8 quarters
Revenue12,56012,25011,079+2.5%+13.4%
Cost of revenue6,0375,8885,325+2.5%+13.4%
Gross profit6,5236,3625,754+2.5%+13.4%
Gross margin51.9%51.9%51.9%
Research and development1,008960825+5.0%+22.2%
Operating income4,1933,9573,775+6.0%+11.1%
Operating margin33.4%32.3%34.1%
Interest expense176262183-33.0%-3.8%
Pre-tax income4,0696,5473,632-37.9%+12.0%
Income tax6671,264506-47.2%+31.8%
Effective tax rate16.4%19.3%13.9%
Net income3,4015,2833,125-35.6%+8.8%
Net margin27.1%43.1%28.2%
Diluted EPS$0.80$1.23$0.72-35.0%+11.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ2 FY2026Q1 FY2026Q2 FY2025On the quarterOn the yearLast 8 quarters
Operating cash flow1,7445,2902,423-67.0%-28.0%
Capital expenditure219196156+11.5%+40.3%
Free cash flow1,5255,0942,267-70.1%-32.7%
Free cash flow margin12.1%41.6%20.5%
Cash from investing-219-782769
Cash from financing-4,670-1,231-2,503
Depreciation and amortisation10198.680.0+2.0%+25.6%
Share-based compensation13114080.9-6.5%+62.4%
Buybacks4,7141,2711,654+271.0%+185.0%
Diluted shares, weighted4,261m4,298m4,349m-0.9%-2.0%
Shares outstanding at period end4,164m4,213m4,249m-1.2%-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ2 FY2026Q1 FY2026Q2 FY2025On the quarterOn the yearLast 8 quarters
Shareholders' equity30,15231,12624,952-3.1%+20.8%
Short-term borrowingsn/an/a0.0
Debt14,30914,36114,453-0.4%-1.0%
Operating lease liabilities1,8991,9482,027-2.5%-6.3%
Other liabilities12,09013,58111,668-11.0%+3.6%
Total liabilities and equity58,45061,01653,100-4.2%+10.1%
Fixed assets2,3992,1481,744+11.7%+37.6%
Intangible assets33,83833,37632,089+1.4%+5.4%
Investments28.728.72130.0%-86.5%
Cash and equivalents9,09912,2608,177-25.8%+11.3%
Other assets13,08613,20310,876-0.9%+20.3%
Total assets58,45061,01653,100-4.2%+10.1%

Questions

What was Netflix's revenue in Q2 FY2026?

Netflix (NFLX) reported revenue of $12.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 13.4% on the same quarter a year earlier.

How much did Netflix earn in Q2 FY2026?

Net income for Q2 FY2026 was $3.4 billion, up 8.8% on the year, and diluted earnings per share $0.80.

When did Netflix report Q2 FY2026 results?

Netflix filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 17 July 2026.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue7,7097,8687,9707,9267,8528,1628,1878,5428,8339,3709,5599,82510,24710,54311,07911,51012,05112,25012,56012,874
Cost of revenue5,2404,2854,6914,7895,4044,8044,6734,9315,3074,9775,1745,1205,7675,2635,3256,1646,5235,8886,0376,079
Gross profit2,4703,5833,2793,1372,4483,3583,5143,6113,5254,3934,3854,7054,4795,2805,7545,3465,5286,3626,5236,795
Gross margin32%46%41%40%31%41%43%42%40%47%46%48%44%50%52%46%46%52%52%53%
R&Dn/a6587176636746876586576737027117357778238258548909601,0081,033
Operating income6321,9721,5781,5335501,7141,8271,9161,4962,6332,6032,9092,2733,3473,7753,2482,9573,9574,1934,459
Operating margin8%25%20%19%7%21%22%22%17%28%27%30%22%32%34%28%25%32%33%35%
Interest expense189188175173171174175176175173168185193184183175234262176185
Pre-tax income5511,9801,6231,62239.31,4691,6791,9091,1482,6152,5142,7032,1343,2143,6323,1092,7686,5474,0694,317
Tax rate-10%19%11%14%-41%11%11%12%18%11%15%13%12%10%14%18%13%19%16%15%
Net income6071,5971,4411,39855.31,3051,4881,6779382,3322,1472,3641,8692,8903,1252,5472,4195,2833,4013,664
Net margin8%20%18%18%1%16%18%20%11%25%22%24%18%27%28%22%20%43%27%28%
Diluted EPS$0.13$0.35$0.32$0.31$0.01$0.29$0.33$0.37$0.21$0.53$0.49$0.54$0.43$0.66$0.72$0.59$0.56$1.23$0.80$0.87
Operating cash flow-4039231035574442,1791,4401,9921,6632,2131,2912,3211,5372,7892,4232,8252,1125,2901,7443,162
Capital expenditure16612190.085.011262.010110481.675.778.3127159128156165239196219279
Free cash flow-56980212.74723322,1171,3391,8881,5812,1371,2132,1941,3782,6612,2672,6601,8725,0941,5252,884
Buybacksn/a0.00.00.00.04006452,5002,5002,0001,6001,7009643,5361,6541,8572,0801,2714,7144,797
Shares outstanding4,440m4,443m4,447m4,450m4,453m4,445m4,431m4,377m4,328m4,310m4,292m4,275m4,278m4,257m4,249m4,237m4,222m4,213m4,164m4,106m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 17 July 2026: the filing.