Netflix Q2 2026 earnings preview

Netflix is set to report its second-quarter 2026 earnings on July 16. The company guided for Q2 revenue of $12.574 billion (13.5% YoY growth) and net income of $3.327 billion (6.5% YoY growth), representing the weakest top-line growth in over a year. Shares have fallen 41-42% over the past year and are trading near historically low P/E multiples (21x this year's earnings, under 20x next year's). The stock dropped 10% after Q1 guidance in April and is down nearly 30% since then. Despite slowing growth and margin challenges, Netflix remains the leading premium streaming service with over 325 million paying households. The company also received a $2.8 billion termination fee earlier this year after Paramount Skydance outbid it for an acquisition target. Analysts and articles suggest the stock may be undervalued, but expectations are low heading into earnings.