Netflix missed Q3 revenue at $12.56 billion versus $12.84 billion expected, a 2.2% shortfall, with FX-neutral growth guiding to just 11% amid decelerating trends and a 9% post-report stock drop. Management highlighted pricing gains, rising ad revenue, and undisclosed internal quality metrics to offset weak 2% view-hour growth and only 10% content-spend increases against 13-14% revenue targets, while live events consume 5% of the budget for 1% of hours. Analysts question subscriber quality, retention, and margin sustainability given competition and the lack of detailed adds data.

Company: Netflix, Inc. (NFLX) — Q2 FY2026

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