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How Netflix, Inc. (NFLX) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/16/2026
Netflix, Inc. is an American media company founded on August 29, 1997, by Reed Hastings and Marc Randolph in Scotts Valley, California, and currently based in Los Gatos, California, with production offices and stages at the Los Angeles–based Hollywood studios and the Albuquerque Studios. · Wikipedia
More about the company
It owns and operates an eponymous over-the-top subscription video on-demand service, which showcases acquired and original programming as well as third-party content licensed from other production companies and distributors. Netflix is also the first streaming media company to be a member of the Motion Picture Association.
Key growth driver: EMEA — the fastest-growing revenue line: $4,034, +14% y/y. · by the Q2 2026 report
How does Netflix make money?
Netflix brought in $12.6 billion of revenue in Q2 2026, up 13.4% year over year. The largest source was UCAN: $5.43 billion, or 43% of the total, followed by EMEA ($4.03B, 32%) and LATAM ($1.58B, 13%); other lines add the remaining 12%. Net income for the quarter was $3.40 billion, up 8.8% year over year.
Revenue by source, Q2 2026
- UCAN$5.43B · 43% · +10%
- EMEA$4.03B · 32% · +14%
- LATAM$1.58B · 13% · +21%
- APAC$1.51B · 12% · +16%
Shares of $12.6B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is NFLX’s next earnings date?
Tuesday, October 20, 2026confirmed · after market close
Netflix, Inc. (NFLX) is scheduled to report results for the quarter ending Sep 2026 on Oct 20, 2026. Consensus EPS forecast: $0.82 (12 analysts), vs $0.59 in the same quarter last year.
What time does NFLX report? Usually after market close: the last 4 results releases reached the SEC at 4:03 pm, 4:01 pm, 4:07 pm, 4:02 pm ET.
Last report: Jul 16, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$12,560
+13.4%
Gross profit
$6,523
52.0% margin
Operating income
$4,193
+11.1%
33.4% margin
Net income
$3,401
+8.8%
EPS diluted $0.80
Verdict: a solid, in-line quarter with revenue up 13% to $12.6B and operating margin holding at 33.4%, but operating income growth (+11%) trailed revenue on heavier first-half content amortization, while free cash flow fell to $1.5B on higher cash taxes tied to the Warner Bros. termination fee.
OCF $1,744M · FCF $1,525M vs $2,267M Q2'25 · $4.7B buyback in Q2 (largest ever, $27.1B capacity left) · FY26 guide: revenue $51.0-51.4B, op margin 31.5%, FCF ≈$12.5B
Source and notation
* marks non-cash / ≈ estimated. Source: Netflix shareholder letter / press release (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
NFLX earnings history: past report dates
| Jul 16, 2026 Thu | 4:03 pmafter market close | Jun 30, 2026 | $12.6B+13% y/y | $0.80+11% y/y |
| Apr 16, 2026 Thu | 4:01 pmafter market close | Mar 31, 2026 | $12.2B+16% y/y | $1.23+86% y/y |
| Jan 20, 2026 Tue | 4:07 pmafter market close | Dec 31, 2025 | ≈$12.1B+18% y/y | ≈$0.56+33% y/y |
| Oct 21, 2025 Tue | 4:02 pmafter market close | Sep 30, 2025 | $11.5B+17% y/y | $0.59+9% y/y |
| Jul 17, 2025 Thu | 4:04 pmafter market close | Jun 30, 2025 | $11.1B+16% y/y | $0.72+47% y/y |
| Apr 17, 2025 Thu | 4:04 pmafter market close | Mar 31, 2025 | $10.5B+13% y/y | $0.66+25% y/y |
| Jan 21, 2025 Tue | 4:02 pmafter market close | Dec 31, 2024 | ≈$10.2B+16% y/y | ≈$0.42 |
| Oct 17, 2024 Thu | 4:01 pmafter market close | Sep 30, 2024 | $9.8B+15% y/y | $0.54 |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Netflix, Inc.: 5-year financials
| 2025 | 45,183 | 13,327 | 10,981 | 9,461 |
| 2024 | 39,001 | 10,418 | 8,712 | 6,922 |
| 2023 | 33,723 | 6,954 | 5,408 | 6,926 |
| 2022 | 31,616 | 5,633 | 4,492 | 1,619 |
| 2021 | 29,698 | 6,195 | 5,116 | −132 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jan 202610-K 2025: a single class registered — NFLX common stock (one share, one vote); the company has never declared dividends and does not plan to. sec.gov ↗
- Dec 2025Diluted shares fell 4.4% over 2020–2025; SBC was 0.8% of revenue; $9.1B of buybacks in 2025 (XBRL). data.sec.gov ↗
- Jul 2026The 10-Q for Q2 2026 lists no shareholder suits or SEC cases deemed material under Legal Proceedings. sec.gov ↗
Scoring: 2.0, no deductions: single share class, shares −4.4% over 5 years, SBC 0.8%, capital returned through buybacks, no shareholder suits with payouts and no SEC cases
- Share classes
- Single class of common stock, one share, one vote (10-K 2025).
- Dilution
- Diluted shares 2020→2025 −4.4% (adjusted for the 10-for-1 split in November 2025), SBC 0.8% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Has never paid or promised dividends; buybacks of $6.0B (2023), $6.3B (2024), $9.1B (2025).
- Lawsuits & regulators
- The 10-K and the 10-Q for Q2 2026 show no material shareholder suits or SEC investigations; the 2022 subscriber suit closed with no payout.
- Related parties
- No related-party transactions disclosed beyond director indemnification agreements.
How the score works · checked as of Sep 2026
Netflix, Inc. (NFLX) earnings: FAQ
How does Netflix make money?
Netflix brought in $12.6 billion of revenue in Q2 2026, up 13.4% year over year. The largest source was UCAN: $5.43 billion, or 43% of the total, followed by EMEA ($4.03B, 32%) and LATAM ($1.58B, 13%); other lines add the remaining 12%. Net income for the quarter was $3.40 billion, up 8.8% year over year.
When is NFLX's next earnings date?
Netflix, Inc. (NFLX) is scheduled to report on Oct 20, 2026, after market close.
What time does NFLX report earnings?
Netflix, Inc. is scheduled to report after market close on Oct 20, 2026. Its last results releases were filed after market close, most recently at 4:03 pm ET on Jul 16, 2026.
When did NFLX last report earnings?
Netflix, Inc. reported Q2 2026 results on Jul 16, 2026.
What is the EPS estimate for NFLX's next earnings?
The consensus EPS forecast is $0.82 (12 analysts), vs $0.59 in the same quarter last year.
Where can I find Netflix, Inc.'s financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NFLX's filings; this page breaks the latest report down in a Sankey chart.
What was NFLX's net income in Q2 2026?
Netflix, Inc. reported net income of $3,401M for Q2 2026 (+8.8% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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