Netflix Q1 Preview: Revenue at $12.16B, 15% Growth

Netflix enters Q1 with a clearer narrative after shelving the Warner Bros. Discovery acquisition, shifting investor attention toward fundamentals and growth drivers. The company reiterates a Q1 revenue target of $12.16 billion, about 15% higher than a year earlier, and an EPS of $0.76, while guiding full-year revenue of $50.7–$51.7 billion and a 31.5% operating margin (up from 29.5% in 2025). The message also notes the resumption of its buyback program, US price increases, and a rapidly expanding advertising business that could diversify revenue beyond subscriptions. With $20 billion planned for content this year, the question is whether growth remains profitable.

Key points

• Q1 revenue guidance of $12.16B with about 15% YoY growth and EPS of $0.76.
• Full-year revenue guidance of $50.7–$51.7B and an operating margin of 31.5% (vs 29.5% in 2025).
• Warner Bros. Discovery deal abandoned; buyback program resumed; US price increases implemented.
• Advertising revenue rose sharply in 2025 (to about $1.5B) and is expected to reach roughly $3B in 2026.

Why it matters

The preview signals Netflix is balancing strong content investment with profitability, as investors assess whether growth can continue alongside margin expansion. The removal of the Warner deal overhang, renewed buybacks, and a rising ad-supported tier give a more complete picture of Netflix’s revenue mix and potential for higher-margin growth beyond subscriptions.

What to watch

• Q1 actual results: revenue, EPS, and how they compare to guidance.
• Performance of the ad-supported tier and total ad revenue progression toward $3B in 2026.
• Impact of US price increases and content spending on margins and subscriber dynamics.

Disclosure: The content below is a press release provided by the company or its PR representative. It is published for informational purposes.

Netflix Q1 Preview: $12.16B Revenue, 15% Growth

Abu Dhabi, UAE -13 April 2026: Netflix enters its first-quarter earnings in a notably different position compared to three months ago, with renewed investor focus on fundamentals following key strategic shifts, according to the latest market commentary from eToro.

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