Netflix stock falls about 9% to an 18-month low after weak Q3 outlook

Netflix reported its second-quarter 2026 results on Thursday, July 16, 2026 (after the US market close): revenue of $12.56 billion, slightly below the roughly $12.58 billion analysts expected, and earnings per share of $0.80, about a penny ahead of forecasts.

Despite results broadly in line with expectations, the stock fell about 9% in after-hours trading to an 18-month low, and is down roughly 21% so far in 2026. The main driver was weaker-than-expected third-quarter guidance: Netflix projected about 12% revenue growth for Q3, below Wall Street's estimate of roughly $13 billion.

The company narrowed its full-year 2026 revenue range to $51.0 billion to $51.4 billion and kept its operating margin outlook unchanged at 31.5%. Netflix also said it will publish fewer metrics on user engagement going forward.