Netflix, Inc. (NFLX) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

SA Transcripts158.8K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Netflix, Inc. (NFLX) Morgan Stanley Technology, Media & Telecom Conference 2026 March 4, 2026 4:50 PM EST Company Participants Spencer Neumann - Chief Financial Officer Conference Call Participants Sean Diffley - Morgan StanleyThomas Yeh - Morgan Stanley, Research Division Presentation Sean DiffleyMorgan Stanley Thank you, everyone, for joining us. My name is Sean Diffley. I'm joined by Thomas Yeh from the Morgan Stanley Media and Entertainment research team, and we're extremely excited to have Spencer Neumann from Netflix here. I'm going to give a quick disclosure. For important disclosures, please see the Morgan Stanley research disclosure website. And if you have any questions, reach out to your Morgan Stanley sales rep. So a bit of a different conversation than we might have been having a week ago, but we're going to get into all of that. Question-and-Answer Session Sean DiffleyMorgan Stanley But to kick us off, Spence, maybe you could level set for us today, the health of the business as you see it over the next few years and your key priorities at Netflix for 2026. Spencer NeumannChief Financial Officer All right. Well, thanks for having me. Good to see everybody. Well, look, yes, I guess it's a bit of a different conversation, but also more of the same for us. I mean we feel great about our business. So -- and the position we're in, we feel great about our kind of our growth opportunity ahead, our organic growth opportunity, short, medium and long term. You see that a bit in our 2026 guide in our Q4 call, where really healthy outlook for the business. We guided to you a kind of 12% to 14% revenue growth, operating margins increasing to 31.5%. And doubling of our ads business to about $3 billion in 2026, about $11 billion of free cash flow.