Netflix, Inc.

Ted Sarandos said Netflix is forecasting 2026 revenue at $51 billion, which is up 14% year on year; Spence Neumann cited membership growth, pricing and a rough doubling of ad revenue to about $3 billion as the key drivers.

Neumann said Netflix is targeting 31.5% operating margins for 2026, that's up two points from 2025 actual, consistent with the ~2pp average annual margin expansion recent years have delivered; includes about a half a percentage point drag from expected M&A expenses.