Netflix Inc

XMUN:NFC

Revenue outlook: Netflix said Q3 revenue growth is expected to be 12% reported and 11% FX-neutral, with management saying the business remains on track for its 2026 plan and full-year 13% to 14% top-line growth.

Growth drivers: Management said revenue growth is still being driven by memberships, pricing, and ads, with healthy acquisition and retention trends and recent price increases performing as expected.

Engagement: Netflix pushed back on concerns about softer viewing hours and second-season declines, saying engagement quality is improving and season 2 falloff is slightly better than last year.

Live and formats: The company said live events, regional programming, podcasts, and vertical clips are expanding the service and helping drive acquisition, retention, and ad monetization.

Capital returns: Netflix repurchased $4.7 billion of stock in Q2, its largest quarterly buyback ever, and still had about $27 billion remaining under authorization.