Netflix, Inc. (NFLX) Q1 2026 Earnings Call Transcript

SA Transcripts159.33K FollowersFollow5ShareSaveCommentsQ1: 2026-04-16 Earnings SummaryInsightsTranscript InsightsPlay CallPlay CallEPS of $1.23 beats by $0.46 | Revenue of $12.25B (16.19% Y/Y) beats by $76.65M Netflix, Inc. (NFLX) Q1 2026 Earnings Call April 16, 2026 4:45 PM EDT Company Participants Spencer Wang - Vice President of Finance, Corporate Development & Investor RelationsGregory Peters - Co-CEO, President & DirectorTheodore Sarandos - Co-CEO, President & DirectorSpencer Neumann - Chief Financial Officer Presentation Spencer WangVice President of Finance, Corporate Development & Investor Relations Good afternoon, and welcome to the Netflix Q1 2026 Earnings Interview. I'm Spencer Wang, VP of Finance and Capital Markets. Joining me today are Co-CEOs, Ted Sarandos and Greg Peters; and CFO, Spence Neumann. As a reminder, we'll be making forward-looking statements, and actual results may vary. Question-and-Answer Session Spencer WangVice President of Finance, Corporate Development & Investor Relations We'll now take questions submitted by the analyst community, and we'll begin on the topic of our results and outlook. The first question comes from Robert Fishman of MoffettNathanson. His question is, can you speak to your full year margin guidance and how it compares to prior guidance with the Warner Bros. deal cost. And beyond content spending, where else are you accelerating investment in 2026? Gregory PetersCo-CEO, President & Director Perhaps I can kick this one off and just sort of step back and do a little bit of high-level framing. Of course, it's early in the year. There's still plenty of time to go, plenty of work left to go do. But we've seen really good progress so far in this first quarter that builds on the solid momentum and results from 2025. So given that, we are maintaining our guidance, our strong outlook for organic growth that we established for 2026. That's revenue growth of 12% to 14%, operating margin at 31.5%. That includes roughly doubling the advertising business to about USD 3 billion. Now we ended last year with more