NFLX Trending & 2Q Preview, 7/10/26: Focus on Engagement, Content Quality, & Revenue Growth; Remain Overweight: Focus on Engagement, Content Quality, & Revenue Growth; Remain Overweight

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NFLX Trending & 2Q Preview, 7/10/26: Focus on Engagement, Content Quality, & Revenue Growth; Remain Overweight: Focus on Engagement, Content Quality, & Revenue Growth; Remain Overweight

J P M O R G A N North America Equity Research

10 July 2026

Netflix Inc

NFLX Trending & 2Q Preview, 7/10/26: Focus on Overweight

Engagement, Content Quality, & Revenue Growth; NFLX, NFLX US

Remain Overweight Price (09 Jul 26):$75.47

Price Target (Dec-26):$118.00

Investor sentiment remains cautious heading into Netflix’s 2Q earnings on Internet - Large Cap / Mid & Small

Thursday, 7/16, as NFLX shares have traded down -30% since 1Q earnings vs. SPX Cap

+6%. Primary concerns include engagement growth, subscriber trends Doug Anmuth AC

following recent price increases, content quality & investment, & the potential (1-212) 622-6571

for further pursuit of M&A. Engagement time increased ~2% in 1Q26, similar douglas.anmuth@jpmorgan.com

to the growth in 2H25, & slightly ahead of the 1% growth in 1H25. NFLX will Bryan M. Smilek

likely release its semi-annual engagement report concurrent with 2Q earnings. (1-212) 622-8886

However, we do not believe engagement metrics provide a complete view of bryan.smilek@jpmorgan.com

J.P. Morgan Securities LLC

business trends and member satisfaction as NFLX’s primary internal quality

engagement metric hit an all-time high in 1Q, and we continue to view

engagement growth as less correlated with revenue growth on a platform of Quarterly Forecasts (FYE Dec)

325M+ subs, & with additional lift from pricing & advertising. According to Adj. EPS ($)

a WSJ article out after the close Thursday, NFLX may be considering adding live 2025A 2026E 2027E

Q1 0.66 1.23A

channels to its platform, similar to what it did with TF 1 in France, and bundling Q2 0.72 0.78