Netflix is set to report its first-quarter 2026 financial results after the market closes on Thursday, April 16. The streaming giant enters the earnings season with its stock (NFLX) up approximately 10% year-to-date, significantly outperforming the broader S&P 500.
Wall Street consensus forecasts earnings per share (EPS) of $0.79, representing a 15% year-over-year increase. Revenue is expected to reach $12.18 billion, a 15.5% rise from the same period last year. These figures align with the guidance provided during Netflix's Q4 2025 results announcement.
A significant portion of Netflix's recent stock gains followed its decision to walk away from a potential deal to acquire Warner Bros. Discovery assets. The market reacted positively to this move, and Netflix also received a substantial $2.8 billion breakup fee in the process. Furthermore, the company implemented price hikes across most of its streaming plans in late March 2026, though the full financial impact of these increases will not be reflected in the Q1 numbers as they apply upon subscriber renewal.
Analyst sentiment is largely bullish ahead of the report. Goldman Sachs recently upgraded NFLX from "Neutral" to "Buy," raising its price target from $100 to $120. Other firms, including Wedbush, HSBC, Morgan Stanley, and Rosenblatt, have also lifted their targets. Evercore's Mark Mahaney maintains a Buy rating with a $115 target, expecting results in line with estimates. Wedbush analyst Alicia Reese raised her target to $118, citing global advertising growth and the benefits of recent price increases.
However, some analysts express caution. Deutsche Bank's Bryan Kraft holds a Hold rating, raising his target slightly to $100 from $98. He noted that long-term growth could slow and that the stock may already price in much of the near-term upside.
Of the 40 analysts covering Netflix, 30 rate it a Buy and 10 a Hold, with an average price target of $115.09. This implies roughly 12% upside from current trading levels around $102. Options market activity suggests traders are bracing for volatility, pricing in a post-earnings move of 6.54% in either direction.
Key areas of focus for investors include the performance of Netflix's advertising business, which saw revenue more than double to $1.5 billion in 2025 and is expected to roughly double again in 2026. Despite this rapid growth, ad revenue is projected to constitute less than 6% of total revenue this year. Subscriber growth, which added 23 million in 2025, will also be closely watched as the tailwinds from the password-sharing crackdown and the initial ad-tier launch begin to normalize.
