Netflix (NASDAQ:NFLX) is scheduled to announce Q3 earnings results on Tuesday, October 21st, after market close.
Wall Street expects earnings of $6.97 per share on revenue of $11.51 billion, representing a 17.2% year-over-year increase.
An analyst says blockbuster content could help top estimates, while the Elon Musk-led “cancel Netflix” campaign is likely a temporary speed bump. Long-term fundamentals remain solid, but high valuation and potential movie tariffs leave limited margin for error.
Meanwhile, another analyst warns that recent strong results were largely driven by price increases and a weak dollar, while underlying viewership growth remains modest.
Netflix has recently partnered with Spotify to bring select video podcasts, including The Bill Simmons Podcast, The Zach Lowe Show, The McShay Show, The Rewatchables, and Conspiracy Theories, to its platform in the U.S. starting early 2026, with other markets to follow. Netflix and Spotify said the collaboration aims to expand discovery, reach new audiences, and offer fans full video versions of top shows.
BMO Research has reiterated an Outperform ratin, with a $1,425 price target, citing record-breaking KPop Demon Hunters viewership, a strong 2H25 content slate, and an attractive 2026 lineup. The brokerage highlights AI-driven production efficiencies, the Spotify podcasting deal, expansion into gaming, and AVOD growth as key drivers, supporting multi-year engagement and margin expansion.
While BofA Securities maintains a Buy rating on Netflix with a $1,490 price target, expecting Q3 revenue of $11.53 billion and operating income of $3.63 billion in line with guidance. Brokerage has also highlighted continued advertising scale via Amazon DSP, and confidence in Netflix’s ability to navigate competitive and AI-driven headwinds.
Over the past three months, EPS estimates have seen 25 upward revisions and 6 downward, while revenue estimates have seen 36 upward revisions and no downward adjustments, reflecting strong confidence in near-term growth trends.