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Here’s what to expect when Netflix reports earnings after the bell

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Key Points

  • Netflix reports second-quarter earnings after the bell on Thursday.
  • Investors will be focused on engagement metrics for the streaming giant’s programming, as well as further updates on the progress of its ad-supported tier.
  • Wall Street will also be keen to hear any updates on what management is thinking about potential deals as the media industry has been in the midst of consolidation.
  • Netflix will host a call with analysts at 4:45 p.m. ET on Thursday.

In this article

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LOS ANGELES, CALIFORNIA - MAY 12: In an aerial view, the Netflix logo is displayed at a company office on May 12, 2026 in Los Angeles, California. Texas Attorney General Ken Paxton filed a lawsuit on Monday accusing Netflix of illegally collecting and monetizing user data, including from children, while using features like autoplay to encourage addictive viewing habits. Netflix has denied the claims. (Photo by Justin Sullivan/Getty Images)

In an aerial view, the Netflix logo is displayed at a company office on May 12, 2026 in Los Angeles, California.

Justin Sullivan | Getty Images

Netflix is set to report quarterly earnings on Thursday as the media industry faces consolidation, spinouts and intensified competition.

Here’s how Netflix is expected to perform for the period ended June 30, according to estimates from analysts polled by LSEG:

  • Earnings per share: 79 cents estimated
  • Revenue: $12.59 billion estimated

Wall Street has been particularly interested in the progress Netflix has made with its cheaper, ad-supported tier — a theme that’s likely to carry into the second quarter. As streaming subscriber additions have slowed in recent years, advertising has once again become a major revenue driver for media companies.

Earlier this year, Netflix said it was on track to reach $3 billion in advertising revenue in 2026. This would double its ad revenue year over year.

The company has also been facing a slew of new questions in recent months.

Late last year, Netflix made a play for Warner Bros. Discovery’s film and streaming business before ultimately walking away from the deal. The proposed deal set off a flurry of speculation about if Netflix is now interested in buying other assets.

In general, the media industry has been in a period of upheaval as streaming has changed the longstanding pay TV business and tech players like Google’s YouTube and TikTok have continued to grab more screen time away from traditional forms of media.

Earlier this year when defending its move to acquire assets from WBD, Netflix management said it was facing intense competition in a broad landscape of viewing choices.

Netflix’s stock has fallen about 40% in the past year, which was further accelerated when it sought to acquire WBD.

Still, Netflix is considered far ahead of the streaming pack when it comes to its subscribers. In January the company said it had 325 million global paid members.

Investors have also been concerned about engagement on Netflix’s platform following recent reports that viewership for Netflix series drops following the first season.

A Keybanc report earlier this week said investor sentiment and concerns are a callback to 2022, when the company reported a loss of subscribers for the first time in more than 10 years. That prompted Netflix to ramp up various business initiatives, including its ad-supported tier and a crackdown on password sharing.

“This time around, we believe levers will likely center around content and product diversification that aid perceived content quality, and support better monetization per hour,” Keybanc analysts said in Sunday’s report.

In April, Netflix said it expects second-quarter revenue to rise 13%, but reiterated its earlier warning that higher content spending would be weighted in the first half of the year due to the timing of releases. The company said at the time that it expects the content amortization growth rate to lower in the second half of the year.

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