Filing Flows › Netflix (NFLX) › Q2 2026 › vs Q2 2025
Netflix (NFLX) Q2 2026 vs Q2 2025 (year over year)
Netflix's revenue rose $1.5B (+13%) from $11.1B in Q2 2025 to $12.6B in Q2 2026. Operating margin 33.4% against 34.1% (-0.7 pts).
Netflix, Q2 2026: revenue $12.6B (+13% year over year), operating margin 33.4%, net earnings $3.4B, operating cash flow $1.7B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 33.4% | 34.1% | -0.7 pts |
| Net margin | 27.1% | 28.2% | -1.1 pts |
| Free cash flow margin | 12.1% | 20.5% | -8.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $12.6B | $11.1B | $1.5B | +13% |
| Operating profit | $4.2B | $3.8B | $418M | +11% |
| Costs & expenses | $8.4B | $7.3B | $1.1B | +15% |
| Pre-tax earnings | $4.1B | $3.6B | $437M | +12% |
| Other expense, net | $124M | $143M | −$19.0M | -13% |
| Cost of revenue | $6.0B | $5.3B | $712M | +13% |
| Research & development | $1.0B | $825M | $183M | +22% |
| Sales & marketing | $824M | $713M | $111M | +16% |
| General & admin | $499M | $441M | $57.6M | +13% |
| Net earnings | $3.4B | $3.1B | $276M | +9% |
| Income tax | $667M | $506M | $161M | +32% |
| Depreciation & amortization | $101M | $80.0M | $20.5M | +26% |
| Share-based compensation | $131M | $80.9M | $50.5M | +62% |
| Working capital & other | $1.9B | $863M | $1.0B | +119% |
| Operating cash flow | $1.7B | $2.4B | −$679M | -28% |
| Free cash flow (company-reported) | $1.5B | $2.3B | −$742M | -33% |
| Purchases of property and equipment | $219M | $156M | $62.8M | +40% |
Questions
How much did Netflix's revenue grow year over year in Q2 2026?
Netflix's revenue rose $1.5B (+13%) from $11.1B in Q2 2025 to $12.6B in Q2 2026. Operating margin 33.4% against 34.1% (-0.7 pts).