Netflix kicks off earnings season for media companies on Thursday with a quarterly report that Wall Street hopes will give more updates on the company's path forward after walking away from its proposed deal for Warner Bros. Discovery.

Here's how Netflix is expected to perform when it reports results for the first quarter of 2026, according to estimates from analysts polled by LSEG:

• Earnings per share: 76 cents estimated
• Revenue: $12.18 billion estimated

Last quarter Netflix's management focused much of its earnings call with investors on its interest in WBD's streaming and film assets, as well as progress in its advertising business.

Just weeks after the January earnings update, however, Netflix dropped its pursuit for WBD after Paramount Skydance put forth a superior offer for the entirety of WBD.

"Heading into earnings, Netflix finds itself in a very different spot than many expected just a month and a half ago. We were supposed to be talking about the company's progress toward closing the Warner Bros. deal," said Mike Proulx, vice president and research director at Forrester. "Instead, the question now is how Netflix competes in a streaming market that's likely to get more crowded at the top."

While Netflix's stock has made considerable gains since walking away from its WBD deal — a more than 25% rally — it has raised questions about the path forward for the streaming giant.

In withdrawing from the acquisition of WBD, Netflix "avoided a substantial increase in debt, extensive regulatory scrutiny, and a long, complex integration process," according to a Deutsche Bank research note on Monday.

The note added this will allow Wall Street to return its focus to Netflix's engagement, pricing and advertising.

Outside of the WBD deal and Netflix's potential aspirations in the broader media landscape, Wall Street's attention has most often been on the advertising business, which has made considerable gains since launching in late 2022.

In January, Netflix management said the cheaper, ad-supported option was hitting its stride after being "slower out of the gate" in its early years on the market. Netflix reported more than $1.5 billion in advertising revenue in 2025, or about 3% of its total full-year revenue — which it expects to double this year.

For years, Wall Street was focused on subscriber growth for streaming platforms. However, since Netflix reported its first subscriber loss in 10 years in 2022, investors have shifted their focus to profitability. In response, media companies are focusing less on reporting subscriber numbers and more on other business initiatives, such as advertising and pricing increases.

Netflix once again hiked prices in late March, which analysts expect will add to overall 2026 revenue growth. The company did provide a subscriber update in January, when it said it had reached 325 million global paid customers, a new milestone since it had last reported membership numbers the year prior.

This story is developing. Please check back for updates.

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