NASDAQ : NFLX N NETFLIX $114.44 REAL CLOSE

NASDAQ : NFLX N NETFLIX $114.44 REAL CLOSE JUL '24 JAN '25 JUL '25 JAN '26 JUL '26 $82.64 REAL CLOSE ATH $133.91 JUN 30 '25 WORST PRICE IN A YEAR Q2 2026 - NETFLIX SPENT $4,714,402,997 $4.71B THE BIGGEST BUYBACK IN THEIR HISTORY EVERY BUYBACK, LAST 13 QUARTERS - REAL FILINGS $3.54B PREV RECORD $3.54B (Q1 '25) - NOW $4.71B - AT THE LOW THE SAME WEEK - JUL 17 MANAGEMENT $4.71B BOUGHT THE LOW WALL STREET 17 PRICE-TARGET CUTS #01 CUT #04 CUT #07 CUT #10 CUT #13 CUT #16 CUT #02 CUT #05 CUT #08 CUT #11 CUT #14 CUT #17 CUT #03 CUT #06 CUT #09 CUT #12 CUT #15 CUT ONE OF THEM IS WRONG. NFLX $72.39 THE WHOLE STOCK PRICE Q2 2026 - NETFLIX SPENT $4.71B THE BIGGEST BUYBACK IN THEIR HISTORY EVERY BUYBACK, LAST 13 QUARTERS - REAL FILINGS PREV RECORD $3.54B (Q1 '25) - NOW $4.71B - AT THE LOW THE SAME WEEK - JUL 17 MANAGEMENT $4.71B BOUGHT THE LOW WALL STREET 17 PRICE-TARGET CUTS #01 CUT #04 CUT #07 CUT #10 CUT #13 CUT #16 CUT #02 CUT #05 CUT #08 CUT #11 CUT #14 CUT #17 CUT #03 CUT #06 CUT #09 CUT #12 CUT #15 CUT ONE OF THEM IS WRONG. NFLX $72.39 THE WHOLE STOCK PRICE REVENUE QUARTERLY REAL FILINGS $12.56B Q1 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 REVENUE +13.4% - ON SCREEN. REAL. Free Cash Flow QUARTERLY REAL FILINGS FY26E FREE CASH FLOW ~$12.5B $1.37B Q1 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Operating Margin QUARTERLY REAL FILINGS 33.4% FY26 MARGIN GUIDE 31.5% (+2.0pp) 28% 26% 24% 22% Q1 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 NOTHING IS BROKEN. SO WHY THE CRASH? NOBODY'S SELLING THE BUSINESS A PROMISE. THAT'S WHAT THEY'RE SELLING THE PROMISE - MADE A YEAR AGO ~$39B REVENUE TODAY $78B 2030 TARGET $78B X2 NFLX $72.39 THE WHOLE STOCK PRICE ~$39B REVENUE TODAY 2030 TARGET THE TOLL 2026 2027 2028 2029 2030 +12% +12% +12% +12% +12% 2026 2027 2028 2029 2030 $78B +12% 12.25% CAGR REQUIRED - NO MISSES ALLOWED EVERY YEAR. FIVE YEARS STRAIGHT. NFLX - WHAT THE STREET MODELS Earnings Timeline 1Y 3Y 5Y 10Y All $1.25 $1.00 $0.75 $0.50 $0.25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Q4 '26 Q1 '27 Q2 '27 Beat Miss Forward Est. Consensus Show more estimates Quarter Report Date Est Rev Est EPS Q2 '27 Paid 2027-07-28 $13.91B $0.97 Q1 '27 Paid 2027-04-27 $13.74B $0.94 Q4 '26 Paid 2026-01-27 $13.53B $0.73 Q3 '26 Paid 2026-10-20 $12.88B $0.82 -$4.75B SHORT - QUIETLY BETTING IT FAILS THEY DON'T THINK IT'S DYING. THE STREET'S REAL VERDICT - ORDINARY. "PRETTY GOOD" But Netflix has heard ordinary before -> 2023 2022 Q1 '22 -200K Q2 '22 -970K SUBSCRIBERS WENT NEGATIVE. FIRST TIME IN TEN YEARS $69.17 NOV 17 '21 -76% REAL PRICE AUG '21 - JUN '22 $16.64 MAY 11 '22 The Netflix Era Is Officially Over EVERY OUTLET APR 2022 Who Kills the King of Streaming? MAY 2022 Obituary: Growth, 2012-2022 WRITTEN TOO SOON YOU ALREADY KNOW - IT CAME BACK +109% +705% REAL PRICE 2022 LOW $16.64 - PEAK $133.91 JUN '25 THE REAL QUESTION ISN'T DID IT. HOW? IT WASN'T THE SHOWS. TWO LEVERS THEY'D NEVER PULLED LEVER 01 PASSWORD CRACKDOWN OFF BORROWERS - PAYERS LEVER 02 THE AD TIER OFF NEW REVENUE LINE ON BORROWERS - PAYERS ON NEW REVENUE LINE ENGINEERED BACK. NOT ENTERTAINED BACK - ENGINEERED. SO - 2026 LIVE ADS WHAT CARDS ARE UP NETFLIX'S SLEEVE? HONESTLY - NOT MUCH ADS - SHARE OF REVENUE TODAY 5.9% LIVE SPORTS - SPEND VS VIEWING >5% OF SPEND ~1% OF VIEWING THE CARDS ARE SMALLER THIS TIME. NFLX - THE NUMBER THAT DECIDES EVERYTHING Core Financials Quarterly TTM Annual Revenue EBITDA Net Income Free Cash Flow 3M YTD 1Y 2Y 5Y 10Y All $16B $14B $12B $10B $8B Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Revenue - Growth YoY (replaces CAGR view) Year +15.0% +16.0% +12.5% +15.9% +17.2% +17.6% +16.2% +13.4% +11.7% Q3 '26 GUIDE ONE DIRECTION. MANAGEMENT LOOKED AT THIS EXACT CHART - $4.71B ...and bet the biggest buyback in their history that it turns. ECONOMICS - EARNINGS CALENDAR October 2026 Previous Next Search ticket... Market Cap Mega+ ($60B and more) 28 29 30 31 01 02 05 06 07 08 09 12 13 14 15 16 19 20 AFTER CLOSE N 21 22 23 26 27 28 29 30 Earnings Timeline NFLX IN 84 DAYS Q3 '26 Paid 2026-10-20 Est Rev $12.88B Est EPS $0.82 OCTOBER 20 - WE FIND OUT MANAGEMENT VS WALL STREET $4.71B bet it turns around 17 FIRMS cut targets & ran GENIUSES - OR THEY BOUGHT THE TOP. SOMEBODY HERE IS VERY WRONG. GENIUSES - OR THEY BOUGHT THE TOP. Helium EARNINGS. EXPECTATIONS. EVERY COMPANY. HELLIUMMARKETS.COM NFLX - Q3 EARNINGS - OCT 20 NOT FINANCIAL ADVICE - FOR INFORMATION ONLY