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Netflix (NFLX) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 17, 2026
Netflix (NFLX) reported revenue of $12.2B for the first quarter 2026 (Q1 2026), +16% from a year earlier and +2% from the quarter before. Operating margin was 32.3%, net earnings $5.3B (43.1% of revenue).
Netflix, Q1 2026: revenue $12.2B (+16% year over year), operating margin 32.3%, net earnings $5.3B, operating cash flow $5.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.2B | +2% | +16% |
| Operating profit | $4.0B | +34% | +18% |
| Net earnings | $5.3B | +118% | +83% |
| Operating cash flow | $5.3B | +151% | +90% |
| Free cash flow | $5.1B | — | +91% |
What changed
Revenue was $12.2B in Q1 2026, up 16% year over year and up 2% from the previous quarter.
Operating profit was $4.0B, a 32.3% margin (up 0.6 points year over year). Of the extra revenue versus Q1 2025, 36% reached operating profit, above the 32% margin then. Total costs grew 15% against revenue growth of 16%. The fastest-growing cost line was General & admin (+43%). Net earnings were $5.3B, up 83% year over year. The effective tax rate was 19.3%. Non-operating items added $2.6B, 40% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.3B (up 90% year over year), 100% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.14B of share-based compensation. After purchases of property and equipment ($0.20B), free cash flow as the company reports it was $5.1B.
Questions
What was Netflix's revenue in the first quarter 2026?
Netflix (NFLX) reported revenue of $12.2B for the first quarter 2026 (Q1 2026), +16% from a year earlier and +2% from the quarter before.
Was Netflix profitable in the first quarter 2026?
Operating profit was $4.0B (32.3% of revenue) and net earnings $5.3B.
Source: Netflix 10-Q on SEC EDGAR.