Netflix reported earnings per share of $0.87 against an estimate of $0.82 and revenue of $12.87 billion, matching the $12.87 billion estimate, for the quarter reported after the close on Tuesday, October 20, 2026. Despite the beat on both lines, shares traded at $64.70 after hours, down 5.80% from the $68.69 close, putting the company's market value at $286.02 billion.
| Measure | Reported | Estimate | Result |
|---|---|---|---|
| Earnings per share | $0.87 | $0.82 | Beat |
| Revenue | $12.87 billion | $12.87 billion | Beat |
Source: Company earnings report and sell-side analyst consensus estimates · as of October 20, 2026 at 6:45 PM ET · Reported after the close on Tuesday, October 20, 2026.
Against the quarters before
Netflix has topped earnings estimates in each of the last four quarters listed. In the quarter reported Thursday, July 16, 2026, EPS came in at $0.80 versus $0.79 expected on revenue of $12.56 billion. Thursday, April 16, 2026 saw a wider beat, with EPS of $1.23 against $0.76 expected and revenue of $12.25 billion. Tuesday, January 20, 2026 brought EPS of $0.56 versus $0.55 expected on revenue of $12.05 billion, and Tuesday, October 21, 2025 was the exception in direction of estimate comparison for revenue, with EPS of $0.59 missing the $0.70 estimate while revenue reached $11.51 billion.
| Reported | EPS | Estimate | Revenue | EPS result |
|---|---|---|---|---|
| July 16, 2026 | $0.80 | $0.79 | $12.56 billion | Beat |
| April 16, 2026 | $1.23 | $0.76 | $12.25 billion | Beat |
| January 20, 2026 | $0.56 | $0.55 | $12.05 billion | Beat |
| October 21, 2025 | $0.59 | $0.70 | $11.51 billion | Missed |
Source: Company earnings reports and the consensus estimates at the time
How the stock took it
Netflix shares fell 5.80% in after-hours trading to $64.70 from a close of $68.69, even after the company beat on both earnings and revenue. CNBC reported that option traders had been positioned for a roughly 9% post-earnings move, the largest implied swing since the third quarter of 2022, and noted that calls had outnumbered puts bought by one-and-a-half times heading into the report. CNBC also noted the report arrived with Netflix stock down nearly 50% from its all-time highs, amid industry consolidation and competition from services like YouTube, and that advertising has become a larger revenue driver as subscriber growth has slowed.
| Measure | Value |
|---|---|
| Last close | $68.69 |
| Price | $64.70 |
| Change | -5.80% |
Source: Extended-hours trades against the regular close · as of October 20, 2026 at 6:45 PM ET · Extended-hours trading is thin; the price can move a long way before the open.
Who it buys from and sells to
Company filings list TKO Group Holdings, Amazon Web Services, Simon Property Group and TV Azteca as suppliers to Netflix, while Paramount Skydance Corp is named as a customer. This mix spans cloud infrastructure, content and real estate relationships, illustrating how Netflix's business touches technology, media and physical distribution partners beyond its own subscriber base.
| Company | Role | Stock | Last move |
|---|---|---|---|
| TKO Group Holdings | Supplier | TKO | +3.10% |
| Amazon Web Services | Supplier | AMZN | +0.07% |
| Simon Property Group | Supplier | SPG | +2.22% |
| Paramount Skydance Corp | Customer | PSKY | 0.00% |
| TV Azteca | Supplier | Not listed | — |
Source: Relationships named in company filings (SEC 10-K annual report; Earnings call transcript); stock quotes · as of October 20, 2026 at 6:45 PM ET · Named in filings; a neighbour's move is not evidence of a link to this report.