The numbers NFLX said it expected, in its earnings releases of the last 3 years, next to what it then reported for the same period. Each target links to the sentence in the release; each result to the 10-Q or 10-K it was first reported in.
Of 2 range targets with a reported result: 0 came in above the last range given, 1 within it, 1 below it.
| Target | What the company said | Reported | Result |
|---|---|---|---|
| Free cash flow (company-defined) Fiscal 2026 |
Given $11.00B release 2026-01-20
|
– | No standard number |
The company's wordsFor 2026, assuming no material swings in F/X, we expect to generate free cash flow of roughly $11B, which assumes a cash content spend to content amortization ratio of ~1.1x. release 2026-01-20 | |||
| Revenue Fiscal 2026 |
Given $50.70B to $51.70B release 2026-01-20
Kept $50.70B to $51.70B release 2026-04-16
Narrowed $51.00B to $51.40B release 2026-07-16
Lowered $51.10B release 2026-10-20
|
– | Not reported yet |
The company's wordsFor 2026, based on F/X rates as of 1/1/2026, we forecast revenue of $50.7B-$51.7B. This represents 12%-14% year over year growth (or 11%-13% F/X neutral growth), driven by increases in membership and pricing plus a projected rough doubling of ad revenue in 2026 vs. 2025. release 2026-01-20 We continue to project 2026 revenue of $50.7-$51.7B and an operating margin of 31.5%. release 2026-04-16 For 2026, we’ve narrowed our forecasted revenue range to $51.0-$51.4B and continue to forecast an operating margin of 31.5%, both consistent with our prior guidance. release 2026-07-16 For 2026, we expect revenue of $51.1B (+13% year over year) and an operating margin of 31.5%. release 2026-10-20 | |||
| Free cash flow (company-defined) Fiscal 2025 (ended 2025-12-31) |
Given $8.00B release 2025-04-17
Raised $8.00B to $8.50B release 2025-07-17
|
– | No standard number |
The company's wordsWe’re still forecasting full year 2025 free cash flow of about $8B. During the quarter, we paid down $800M of senior notes using proceeds from our 2024 refinancing and we repurchased 3.7M shares for $3.5B. We have $13.6B remaining under our existing share repurchase authorization. release 2025-04-17 We are increasing our full year 2025 free cash flow forecast to $8B-$8.5B from approximately $8B due to the increase in our revenue and operating margin forecast. release 2025-07-17 | |||
| Revenue Fiscal 2025 (ended 2025-12-31) |
Given $43.50B to $44.50B release 2025-01-21
Kept $43.50B to $44.50B release 2025-04-17
Raised $44.80B to $45.20B release 2025-07-17
|
$45.18B 10-K filed 2026-01-23 |
Within the range |
The company's wordsSustain healthy growth - we now forecast 2025 revenue of $43.5-$44.5B (+$0.5B vs. prior forecast, despite the strengthening of the US dollar) and an operating margin of 29%, up one point from our prior forecast. release 2025-01-21 Our revenue and profit growth outlook remains solid, with no change to our 2025 guidance forecast for revenue of $43.5-$44.5B and operating margin of 29%. release 2025-04-17 For 2025, we are increasing our revenue forecast to $44.8B-$45.2B from $43.5B-$44.5B, previously. release 2025-07-17 | |||
| Free cash flow (company-defined) Fiscal 2024 (ended 2024-12-31) |
Given at most $17.00B release 2024-04-18
|
– | No standard number |
The company's wordsDuring the quarter, we paid down $400M of senior notes with cash on hand and we repurchased 3.6M shares for $2B. We finished the quarter with gross debt of $14B and cash and cash equivalents of $7B. We’re still forecasting full year 2024 free cash flow of approximately $6B, assuming no material swings in F/X, and cash content spend of up to $17B. release 2024-04-18 | |||
| Revenue Fiscal 2024 (ended 2024-12-31) |
Given $43.00B to $44.00B release 2024-10-17
|
$39.00B 10-K filed 2025-01-27 |
Below the range |
The company's wordsrevenue of $43B-$44B, which would represent growth of 11%-13% off of our 2024 revenue guidance of $38.9B. We expect revenue growth to be driven by a healthy increase in paid memberships and ARM. release 2024-10-17 | |||
Targets are read from the sentences of the EX-99 exhibits of 8-K item 2.02 filings (12 releases since 2024-01-23), without AI; in outlook tables only the first column is read. The result compares the reported number with the last range given before the period was reported. Results come from SEC's XBRL company facts, as first reported. A company's target can use its own definition (META's capital expenditures include finance lease payments, for example), so read the quote.
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