Netflix (NFLX, Neutral, $100 target) Light 1Q26 guidance and mixed engagement trends weigh on shares
What’s New: In our first take on tonight’s results, we dig into:1. A mixed bag all around
2. Nothing particularly new on the WB deal
3. 1Q26 and 2026 guidance largely disappoints
4. Ad revenues finally disclosed, expected to double in 2026 to ~$3B
5. Buybacks paused to build cash for WB, bridge facility boosted
Netflix is engaged in subscription streaming entertainment service including TV series, documentaries and feature films across a variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, without commercials. Additionally, several members in the United States subscribe to the company's DVD-by-mail service. The company improves its streaming content with a focus on a programming mix of content. The company's members can download a selection of titles for offline viewing. The company operates its business as a global operating segment.
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