TLDR
- Netflix reports Q1 2026 earnings on April 16
- Wedbush raised its NFLX price target to $118 (from $115), maintaining a Buy rating
- Evercore ISI reiterated an Outperform rating with a $115 price target
- Wall Street expects Q1 EPS of $0.79 and revenue of $12.18 billion (+15.5% YoY)
- 30 out of 39 analysts rate NFLX a Buy, with an average price target of $115.84
Netflix is heading into its Q1 2026 earnings report on April 16 with a fresh round of analyst upgrades and raised price targets at its back.
Wedbush analyst Alicia Reese lifted her price target on NFLX to $118 from $115, keeping a Buy rating in place. She pointed to strong growth potential in global advertising and the tailwind from recent price increases as key factors behind the move. The new target implies around 15% upside from current levels.
Evercore ISI also weighed in, reiterating its Outperform rating and $115 price target ahead of the print. The firm described Street estimates for Q1 revenue of $12.2 billion â up 15.5% year-over-year â as reasonable, given Netflix’s content pipeline and the benefit from those 2025 price hikes.
Netflix’s stock currently trades at $103.42, giving it a market cap of $436.87 billion.
What the Street Is Expecting
Wall Street is forecasting Q1 EPS of $0.79, which would represent more than 15% growth year-over-year. Revenue is expected to come in at $12.18 billion.
Operating income is penciled in at $3.94 billion, with a 32.4% margin.
For Q2, the Street sees revenue of $12.6 billion â 13.6% growth year-over-year. Evercore ISI believes Netflix is likely to either maintain or slightly raise its full-year 2026 guidance, which currently calls for revenue between $50.7 billion and $51.7 billion, a 31.5% operating margin, and $11 billion in free cash flow.
Netflix closed out 2025 with Q4 revenue of $12.05 billion, up 18% year-over-year and edging past estimates. The company also crossed 325 million paid memberships by year-end â a milestone it had been building toward for several quarters.
Investors will be watching whether subscriber growth held up in Q1 despite the recent price increases, and how much the ad-supported tier is contributing to the top line.
Analyst Views Across the Street
Beyond Wedbush and Evercore ISI, a handful of other firms have updated their views ahead of earnings.
TD Cowen reiterated a Buy with a $112 target, projecting 4.56 million net subscriber additions. Deutsche Bank raised its target to $100 but held its Hold rating. Morgan Stanley bumped its target to $115 with an Overweight rating, flagging sustainable double-digit revenue growth. Barclays stuck with an Equalweight rating at $115.
Of the 39 analysts covering NFLX, 30 rate it a Buy and nine rate it a Hold. The average price target sits at $115.84, implying roughly 13% upside from current levels.
Wedbush flagged potential headwinds too â price resistance in Europe and ongoing legal challenges could weigh on near-term sentiment, even if the broader ad story stays intact.
Netflix generated $45.18 billion in revenue over the last twelve months, with EPS of $2.53. The stock trades at a P/E ratio of 40.84.
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