Netflix will report third-quarter results after Tuesday's closing bell. Netflix shares have fallen after five consecutive earnings reports. Whether the third-quarter report will end that sequence remains an open question. Benzinga Pro showed Netflix shares down 1.3% at $69.59 on Monday afternoon. Benzinga Pro showed Netflix shares down 0.99% at $69.83 at the time of publication Monday.
Benzinga Pro puts analysts' third-quarter earnings estimate at 82 cents per share. Benzinga Pro puts the revenue estimate at $12.88 billion, slightly above Netflix's own forecast of $12.86 billion. Netflix's revenue forecast implied 12% annual growth. Before the July report, analysts expected third-quarter revenue of $13.01 billion. Analysts then expected third-quarter earnings of 84 cents per share.
Netflix's second-quarter revenue rose 13% to $12.56 billion, slightly below the $12.59 billion consensus. Netflix's second-quarter earnings reached 80 cents per share, slightly above the 79-cent estimate. Netflix also narrowed the full-year revenue outlook to between $51 billion and $51.4 billion. Netflix forecast more than $3 billion in advertising revenue for 2026.
Co-CEOs Ted Sarandos and Greg Peters told staff last week that Netflix would cut about 1,000 jobs, roughly 6% of the workforce. An internal memo cited by Reuters said most cuts affect product, technology, legal and human resources teams. Sarandos and Peters wrote that Netflix must be disciplined about allocating people and resources. Sarandos and Peters said Netflix remains on track for the full-year forecast.
Chief Content Officer Bela Bajaria is leaving after nearly 10 years. Industry veteran Peter Rice will replace Bajaria. Dan Lin is also leaving after nearly three years running Netflix's film division. Netflix has not named a replacement for Lin. Former Warner Bros. Motion Picture Group executives Mike De Luca and Pam Abdy have emerged as possible candidates. The changes follow months of headlines about weak engagement, a stalled share price and an unsuccessful bid for Warner Bros.
Netflix's outlook could matter more than the quarterly results. CNBC reported that Netflix's July third-quarter revenue forecast of $12.86 billion fell below Wall Street expectations. CNBC reported that Netflix's third-quarter earnings forecast of 82 cents per share also fell below expectations. CNBC reported that Netflix shares fell after the July results despite earnings slightly exceeding estimates. Viewing hours rose 2% in the first half of 2026. CNBC reported that Barclays analyst Kannan Venkateshwar wrote last week that many viewers still treat Netflix as a source of library content. Venkateshwar noted that Originals account for more than 60% of Netflix's titles, according to CNBC. Venkateshwar argued that the world around Netflix has changed faster than Netflix, according to CNBC.
Advertising could be a positive factor. An update on advertising growth will draw attention. Details about how the job cuts affect costs will also draw attention. Several analysts lowered Netflix price targets in the days before the results. However, most analysts retained positive ratings. The lowered targets remained above Friday's closing share price.
Netflix Q3 Earnings Report to Test Share Price Recovery Streak
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Summary
Netflix will release Q3 earnings after Tuesday’s close, as the daily market report highlights investor focus on the streaming giant’s recovery. Shares have declined for five straight quarters, with analysts forecasting 82 cents per share and $12.88 billion in revenue. The company plans to cut 1,000 jobs and appointed Peter Rice as new Chief Content Officer. While price targets have dropped, most analysts remain positive. Traders are also keeping an eye on altcoins to watch amid broader market volatility.
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