Netflix’s 2026 Performance Overview
As of the first quarter of 2026, Netflix (NASDAQ: NFLX) reported over 325 million subscribers, leading all streaming services. This figure represents a 16% year-over-year revenue increase, reaching $12.3 billion, with projections for full-year revenue between $50.7 billion and $51.7 billion, marking a 12% to 14% annual growth. However, these growth rates are significantly lower than the 25% to 35% seen in previous years.
Netflix is now operating with greater efficiency, achieving an operating margin of 29.5% and targeting 31.5% for 2026. The company reported free cash flow of $11.9 billion over the trailing 12 months, enabling investment in content without taking on additional debt. The valuation is currently at 28 times trailing earnings, less than half its 10-year average, representing a shift towards a blend of growth and value characteristics.
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