Netflix Reports 11.8% Q3 Revenue Growth, Cuts 2026 Ad Estimate

Netflix reported third-quarter revenue growth of 11.8% and raised its operating margin from a year earlier, while lowering its 2026 advertising revenue estimate to about $2.7 billion.

Revenue for the quarter ended Sept. 30 was $12.874 billion, compared with $11.510 billion in the same period a year earlier. Operating margin reached 34.6%, up from 28.2%. Diluted earnings increased to 87 cents per share from 59 cents.

For full-year 2026, Netflix projected revenue of $51.1 billion, a 13% increase, and an operating margin of 31.5%. The company reduced its advertising revenue estimate from approximately $3 billion, pointing to a slightly slower-than-expected rollout of some advertising product capabilities.

Netflix forecast fourth-quarter revenue of $13.442 billion, up 11.5% from a year earlier, with an operating margin of 26%. The figures follow the company’s Oct. 20 report on the quarter ended Sept. 30.

The revised advertising estimate is separate from Netflix’s full-year revenue projection. The company maintained its $51.1 billion revenue forecast while lowering the amount it expects advertising to contribute.