Every material Form 8-K Netflix has filed with the SEC since December 05, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Netflix reported third-quarter 2026 revenue of $12.9 billion, up 12% year over year, and diluted EPS of $0.87 versus $0.59 a year earlier. The company cut its 2026 ad revenue forecast to about $2.7 billion from about $3 billion and lowered its 2026 free cash flow forecast to about $12.0 billion from $12.5 billion, which may matter to shareholders weighing the outlook.
Q3 2026 revenue was $12.9 billion, up 12% year over year (11% on a F/X neutral basis); operating margin was 34.6% versus 28.2% in Q3 2025.
2026 revenue forecast is $51.1 billion, about 0.2% below the mid-point of the prior forecast range, with an operating margin forecast of 31.5%.
2026 ad revenue is now expected at about $2.7 billion versus about $3 billion previously; 2026 free cash flow is now expected at about $12.0 billion versus $12.5 billion previously.
Q3 share repurchases totaled $4.8 billion, and $22.3 billion of authorization capacity remained at quarter end.
Netflix disclosed that director Anne Sweeney resigned from its Board of Directors effective July 26, 2026. The company said her resignation was not due to any disagreement with Netflix, which suggests a routine board change rather than a dispute. The filing does not name a replacement or give a reason beyond the absence of disagreement.
Anne Sweeney notified Netflix of her board resignation on July 26, 2026, effective that date
Netflix states the resignation is not due to any disagreement with the company
The filing does not name a successor or a reason for the departure
Netflix completed a registered public offering of $1 billion in 5.250% senior unsecured notes due 2036 on July 22, 2026. The company plans to use the net proceeds to repay its 4.375% Senior Notes due 2026 at maturity and for general corporate purposes.
Offering size: $1 billion in principal amount of 5.250% senior unsecured notes due 2036
Proceeds to repay outstanding 4.375% Senior Notes due 2026 at maturity, plus general corporate purposes
Sold under shelf registration on Form S-3ASR (File No. 333-281071); underwriters include BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC
Netflix reported second-quarter 2026 revenue of $12.6 billion, up 13% from a year earlier, and diluted earnings per share of $0.80 versus $0.72. The company said revenue and operating margin were in line with its guidance, and it narrowed its 2026 revenue forecast to $51.0-$51.4 billion while keeping its 31.5% operating margin forecast.
Q2 revenue was $12.6 billion, up 13% year over year (12% on a foreign exchange neutral basis), which the company said was in line with its forecast.
Diluted EPS was $0.80 versus $0.72 a year earlier; operating margin was 33.4% versus 34.1%.
The 2026 revenue forecast was narrowed to $51.0-$51.4 billion, and the 31.5% operating margin forecast was maintained.
Free cash flow was $1.5 billion in Q2 versus $2.3 billion a year earlier, which the company linked in part to higher cash tax payments including the Warner Bros. termination fee.
Netflix's board approved a new $25 billion share repurchase authorization on April 22, 2026, on top of the program approved in December 2024. The company said it had about $6.8 billion left under the December 2024 authorization as of March 31, 2026, so the new program would substantially expand its buyback capacity for shareholders. The filing notes Netflix is not obligated to buy any specific number of shares and may stop at any time.
Board authorized an additional $25 billion of common stock repurchases on April 22, 2026, with no expiration date
About $6.8 billion remained under the December 2024 authorization as of March 31, 2026
Repurchases may be made via open market, Rule 10b5-1 trading plans, private deals, accelerated repurchases or block purchases
Netflix may discontinue repurchases without notice and is not required to buy any specific number of shares
Netflix reported first-quarter 2026 revenue of $12.25 billion, up 16% year over year, and operating income of $3.96 billion, up 18%. Diluted EPS of $1.23 was boosted by a $2.8 billion Warner Bros. termination fee, and the company kept its 2026 revenue and operating margin targets unchanged. Co-founder Reed Hastings also said he will not stand for re-election as a director at the June 2026 annual meeting.
Q1 2026 revenue of $12.25 billion, up 16% year over year (14% on a foreign exchange neutral basis)
Diluted EPS of $1.23 versus $0.66 a year earlier, including the $2.8 billion Warner Bros. termination fee
2026 revenue guidance of $50.7 billion to $51.7 billion and 31.5% operating margin left unchanged
Reed Hastings will remain Chairman until the June 2026 annual meeting
Netflix's merger agreement with Warner Bros. Discovery was terminated on February 27, 2026, after WBD determined that a proposal from Paramount Skydance was a superior proposal. Paramount Skydance, on behalf of WBD, paid Netflix a $2.8 billion termination fee, and Netflix's related bridge and credit commitments were automatically terminated.
WBD terminated the merger agreement on February 27, 2026, to enter a deal with Paramount Skydance Corporation.
Paramount Skydance, on behalf of WBD, paid Netflix a $2.8 billion termination fee.
Netflix reported fourth-quarter 2025 revenue of $12.1 billion, up 18% year over year, and operating income of $3.0 billion, up 30%. The company also gave a 2026 revenue forecast of $50.7 billion to $51.7 billion and an operating margin target of 31.5%, and said the Warner Bros. acquisition was amended to an all-cash deal at $27.75 per WBD share, with share buybacks paused to help fund it.
Q4 2025 revenue $12.1 billion, up 18% year over year; operating income $3.0 billion, up 30%
Diluted EPS $0.56 vs $0.43 in Q4 2024; net income $2.4 billion vs $1.9 billion
2026 forecast: revenue $50.7 billion-$51.7 billion and operating margin of 31.5%
Warner Bros. deal amended to all-cash at $27.75 per WBD share; bridge facility commitments raised by $8.2 billion to $42.2 billion on January 19, 2026
Netflix and Warner Bros. Discovery amended their pending merger agreement so that the $27.75 per share consideration will be paid entirely in cash instead of a mix of cash and Netflix stock. The companies say the change gives WBD stockholders more certainty of value and speeds the path to a stockholder vote, which they expect by April 2026.
Merger consideration of $27.75 per WBD share is now fully cash, versus a prior mix of cash and Netflix common stock
WBD stockholder vote expected by April 2026; WBD filed a preliminary proxy statement on January 20, 2026
Specified Amount of SpinCo net debt set at $17.0 billion as of June 30, 2026, reduced by $260 million from the original agreement
Closing remains subject to the Discovery Global separation, regulatory approvals and WBD stockholder approval
On December 19, 2025, Netflix signed a $5 billion unsecured revolving credit agreement and a $20 billion unsecured delayed draw term loan agreement, both with Wells Fargo as administrative agent. The facilities replace part of the bridge commitment letter dated December 4, 2025, and are intended to pay the cash portion of the purchase price under the proposed merger with Warner Bros. Discovery, along with related fees and refinancing, which means Netflix will take on substantial new borrowing if the merger proceeds.
Revolving credit facility of $5 billion, with loans priced at Term SOFR plus 0.60% to 1.10% based on credit ratings
Two delayed draw term loans: $10 billion maturing in two years and $10 billion maturing in three years
Both agreements require a minimum EBITDA to interest expense ratio of 3.0 to 1.0 at each fiscal quarter end
Commitments reduce the December 4, 2025 bridge commitment letter dollar for dollar
Netflix signed a merger agreement on December 4, 2025, to acquire Warner Bros. Discovery's Streaming & Studios businesses, with a total enterprise value of about $82.7 billion and an equity value of $72.0 billion. Netflix says the deal is expected to yield at least $2-3 billion of annual cost savings by the third year and to be accretive to GAAP earnings per share by year two, but closing depends on the prior separation of WBD's Global Networks business, regulatory approvals and WBD shareholder approval.
Each WBD share would receive $23.25 in cash plus Netflix stock valued at $4.50, a $27.75 per-share value at the reference price, subject to a 10% collar on Netflix's 15-day VWAP
Separation of WBD's Global Networks business into Discovery Global is now expected to be completed in Q3 2026, before the merger closes
The transaction is expected to close in 12-18 months and requires regulatory approvals and WBD shareholder approval
Netflix expects at least $2-3 billion of cost savings per year by the third year and GAAP EPS accretion by year two
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Netflix filing is on SEC EDGAR ↗. 8-K briefs of other companies →