This post will examine NFLX's revenues, expenses, earnings, and give a 2026 estimate with this data.
**Revenues and expenses**
For 2026, let's see what [NFLX](https://ir.netflix.net/financials/quarterly-earnings/default.aspx) has to say.
>We continue to project 2026 revenue of $50.7-$51.7B and an operating margin of 31.5%.
Okay, that's cool but what's it mean for the stuck price? Let's get to the numbers to find out and throw a price target on at the end for shits and giggles...
| Q | rev | exp | net | shares | EPS |
| :-: | :-: | :-: | :-: | :-: | :-: |
| Q1 '25 | 10'543 | 7'653 | 2'890 | 4'370 | 0.661 |
| Q2 '25 | 11'079 | 7'954 | 3'125 | 4'349 | 0.719 |
| Q3 '25 | 11'510 | 8'963 | 2'547 | 4'340 | 0.587 |
| Q4 '25 | 12'051 | 9'632 | 2'419 | 4'317 | 0.560 |
|Q1 '26 | 12'250 | 6'967 | 5'283 | 4'298 | 1.229 |
| Q2 '26 | 12'574 | 9'247 | 3'327 | *4280* | *0.777* |
This gives Q2 2026 a price target of $94.59 with a PE of 30. The average increase in revenue per quarter is 3.45%; the increase in expenses is 5.83%; shares decrease by 0.41%.
Now let's extrapolate this data to rest of 2026...
| Q | rev | exp | net | shares | eps | TTM x 30 PE |
| :-: | :-: | :-: | :-: | :-: | :-: | :-: |
| Q3 '26 | 13'008 | 9'786 | 3'222 | 4'262 | 0.756 | $99.66 |
| Q4 26 | 13'457 | 10'357 | 3'100 | 4245 | 0.730 | $104.76 |
For the second half of the 2026 we can see that expenses are steadily increasing, while revenue is flattening. As a result, EPS is decreasing thought-out the year. However, if we do a basic shares price calculation with a 30 PE and the trailing 12 months, we can see that shares price should slowly increase to a high of $104 on the year.
*(It's late on a Sunday, I didn't subtract taxes from this. If the responses to this post warrant it, tomorrow I'll post a deeper dive into the expenses and tax situation to see the biggest detractor to it's EPS downtrend.)*
Disclaimer: No position, I'll be putting on short puts tomorrow