Netflix Q1 beats on revenue and EPS, but weaker Q2 guidance sends shares down over 9%

Netflix reported first-quarter 2026 revenue of $12.25B, up 16%, above the roughly $12.17B analysts expected. Diluted EPS of $1.23 included the $2.8B Warner Bros. termination fee. Second-quarter revenue guidance of about $12.57B and full-year guidance held at $50.7B-$51.7B did not offset the cautious outlook, and shares fell more than 9% after the release.

• Q1 2026 revenue $12.25B, up 16% (14% FX-neutral); operating margin 32.3%
• Q1 diluted EPS $1.23 and net income $5.28B, including the $2.8B fee
• Q2 2026 guidance: revenue about $12.57B (up 13%) and operating margin 32.6%
• FY2026 revenue guidance $50.7B-$51.7B and operating margin 31.5% reiterated

SEC filing 8-K · accession 0001065280-26-000137 · sec.gov ↗