Netflix, Inc.

Netflix did not report quarterly revenue or EPS figures in this interview. Management said Q3 guidance is for 12% reported revenue growth and 11% FX-neutral growth, and full-year 2026 guidance is 13% to 14% top-line growth, roughly 12% FX-neutral or about $6 billion of incremental revenue year over year. Ted Sarandos said content expense is forecast to rise about 10% this year, and Spence Neumann said Netflix repurchased $4.7 billion of shares in Q2, the largest quarterly buyback in company history, with about $27 billion of remaining authorization.

Ted Sarandos struck an optimistic, builder-focused tone, saying Netflix is still “just getting started” and sees room to grow across a large addressable market. He emphasized disciplined content investment, gradual expansion into new formats, and a slate that is performing well across regions, including live programming, video podcasts, and localized hits. On AI, he said the tools are making production faster and cheaper, but not replacing creative talent, and that savings are likely to be reinvested into more content.

Spence Neumann said the company is not managing quarter to quarter and is focused on sustaining healthy revenue and profit growth. He tied Q3 growth to subscription revenue from membership gains and pricing plus higher ads revenue, and said the recent price changes are going well. He reiterated a full-year 2026 outlook of 13% to 14% revenue growth and about $6 billion of incremental revenue, and stressed that Netflix remains a strong cash generator with a healthy balance sheet, returning excess cash via buybacks. He also highlighted the Q2 repurchase of $4.7 billion and the remaining $27 billion authorization.

Analysts pressed on why FX-neutral revenue growth is easing, and management said the change is mostly quarter-to-quarter timing and prior-year weighting, not a change in underlying momentum. Questions on engagement, second-season viewing, and total hours were answered with a framework that raw hours are only one input; management said quality and variety matter too, and that season-two falloff is slightly improved year over year. On capital allocation and M&A speculation, Netflix reiterated that it is primarily a builder, not a buyer, and that any big acquisition would face a very high bar.