Netflix (NFLX) Stock: What Analysts Expect From Earnings Today

TLDR

• Netflix reports Q1 earnings after market close Thursday, with analysts expecting EPS of $0.76 and revenue of $12.17 billion
• Netflix walked away from the Warner Bros. Discovery bidding war in February, losing out to Paramount Skydance
• Netflix received a $2.8 billion breakup fee from the failed WBD deal, which analysts say will fund content and ad improvements
• Netflix raised subscription prices again in March — its second hike in just over a year
• The stock is up 14% year-to-date, and Wall Street now expects paid subscribers to top 331 million globally

Netflix heads into Thursday’s Q1 earnings report with a lot riding on it. Analysts surveyed by FactSet expect adjusted EPS of $0.76, up from $0.66 a year ago, on revenue of $12.17 billion — compared to $10.54 billion in Q1 2025.

Netflix, Inc., NFLX

It’s the first earnings report since Netflix backed out of the race to acquire Warner Bros. Discovery. The company had announced in December it was in talks to buy the studio behind Harry Potter and Game of Thrones, but walked away in February after Paramount Skydance topped its offer.

Netflix shareholders weren’t thrilled about the potential deal and the debt it would have carried. When the deal fell through, the stock bounced back.

Warner Bros. shareholders vote next week on Paramount Skydance’s $110 billion offer.

Price Hikes in Focus

This is also the first report since Netflix raised prices again in March. It bumped the ad-supported Standard plan by $1 to $8.99 per month, the Standard ad-free tier by $2 to $19.99, and the Premium plan by $2 to $26.99.

BMO’s Pitz estimates the hikes will add roughly $1.5 billion in incremental revenue in 2026, delivering 3.3% growth from pricing alone.

The company no longer reports subscriber numbers each quarter, but Wall Street still tracks viewership through its biannual engagement report. Analysts expect paid subscribers to surpass 331 million globally in Q1.

What Investors Want to Hear

With the WBD distraction gone, investors are zeroing in on content strategy, ad-tier growth, and where guidance lands for the rest of the year.

Netflix’s ad-supported tier is seen as a cushion against any consumer belt-tightening. If subscribers feel economic pressure, a cheaper ad-tier option gives them a reason to stay rather than cancel.

Netflix stock has climbed 14% so far this year ahead of Thursday’s print.

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