Netflix Inc. (NFLX): Q2‘26 Earnings Review: Management Team Focused on Compounded Revenue, Margin Trajectory & Capital Allocation; Investor Debates Likely to Persist

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Netflix Inc. (NFLX): Q2‘26 Earnings Review: Management Team Focused on Compounded Revenue, Margin Trajectory & Capital Allocation; Investor Debates Likely to Persist

Equity Research

17 July 2026 | 12:00AM EDT

(NFLX)Netflix Inc.

Q2’26 Earnings Review: Management Team Focused on Compounded Revenue,

Margin Trajectory & Capital Allocation; Investor Debates Likely to Persist

NFLX 12m Price Target: $94.00 Price: $74.35 Upside: 26.4% BUY

Eric Sheridan

Netflix’s Q2’26 earnings report and management commentary +1(917)343-8683 | eric.sheridan@gs.com

Goldman Sachs & Co. LLC

reflected a few key themes: a) a reiteration of the FY Revenue guide

Stephen Laszczykand Operating Income margin target as the company emphasized +1(212)357-9225 | stephen.laszczyk@gs.com

their own focus on annualized budgeting and operating Goldman Sachs & Co. LLC

performance as the strongest measure of the platform’s strength Antares+1(212)357-2497Tobelem| antares.tobelem@gs.com

and positioning; 2) 1H 2026 engagement was inline vs our Goldman Sachs & Co. LLC

expectations (as opposed to investor concerns that it might decline

Key Data _____________________________________that we heard over the past few weeks); 3) the company emphasized

Market cap: $316.8bn

their focus on quality engagement (as internally defined) and Enterprise value: $321.7bn

provided examples of how incremental content growth in newer 3m ADTV:United $3.5bnStates

formats have been stimulative of audience growth); 4) emphasized Americas Internet

M&A Rank: 3

that market opportunity remains in front of the company in terms of GS Forecast __________________________________

member growth and time spent (relative to media viewership 12/25 12/26E 12/27E 12/28E