Netflix's results for Q3 2026 (ended Sep 30, 2026) come from the company's own earnings release, filed with the SEC on 2026-10-20. Everything below is taken from that filing; quotes are copied exactly. Company outlooks are the company's own.
At a glance
| Item | Value |
|---|---|
| Revenue (GAAP) | $12,874 million (+11.8% vs a year earlier) |
| Diluted EPS (GAAP) | $0.87 |
| Full-year guidance | Lowered |
Guidance
Netflix expects 2026 revenue of $51.1B, 0.2% below its prior range midpoint, 31.5% operating margin, and FCF of ~$12.0B versus $12.5B prior.
Why this label: FY2026 revenue $51.1B is '0.2% below the mid-point of our prior 2026 revenue forecast range'; FCF also cut ($12.0B vs $12.5B, non-core); nothing core up.
| Metric | Period | New | Prior (as stated in the release) |
|---|---|---|---|
| revenue | FY2026 | $51.1B (+13% y/y; +12% F/X neutral) | not stated |
| advertising revenue | FY2026 | ~$2.7B | ~$3B |
| operating margin | FY2026 | 31.5% (31.4% at Jan 1, 2026 F/X rates) | not stated |
| free cash flow | FY2026 | ~$12.0B | $12.5B |
Next-quarter outlook:
| Metric | Period | Range |
|---|---|---|
| revenue | Q4 2026 | $13.4B (+12% y/y; +11% F/X neutral) |
| operating margin | Q4 2026 | 26.0% (incl. ~120 bps headcount-reduction impact) |
| diluted EPS | Q4 2026 | $0.67 (forecast) |
From the release
Revenue: "Revenues · $ · 12,874,176 · $ · 12,559,938 · $ · 11,510,307"
Earnings per share: "Diluted · $ · 0.87 · $ · 0.80 · $ · 0.59"
revenue: "Our guidance for Q4 means that for the full year 2026 we expect revenue of $51.1B, or growth of 13% (+12% on a F/X neutral basis). This is 0.2% below the mid-point of our prior 2026 revenue forecast range"
advertising revenue: "we currently expect 2026 ad revenue of ~$2.7B vs. approximately $3B previously (due to slightly slower than expected rollout of some ad product capabilities)"
operating margin: "We anticipate an operating margin of 31.5% for 2026 (31.4% based on F/X rates as of January 1, 2026) vs. 29.5% in 2025. Our updated 2026 margin guidance includes ~30 basis points negative impact associated with our Q4 headcount reductions."
Quotes are copied from the filing; in table rows, cell borders are shown as “·”.
Key fact: Q3 revenue rose 12% to $12.9B; 2026 ad revenue outlook cut to ~$2.7B from ~$3B.
Source
Netflix earnings release (SEC filing), accession 0001065280-26-000290, filed 2026-10-20.
Part of the Q3 2026 Guidance Tracker. Educational only, not advice. Free weekly recap every Sunday: yieldterminalpro.com/newsletter.