#media

Netflix beat Q1 2026 on revenue and earnings, generated $5.1 billion of free cash flow, and still closed down 9.7% on April 17 on soft Q2 margin guidance. Every prior 'Netflix is finished' moment was a multi-year buying opportunity, and the 2026 setup is the strongest it has been in a decade.

Netflix walked from its $72 billion Warner Bros. Discovery deal in under an hour, kept a $2.8 billion breakup check, and watched its stock rally 18% through the decision. The auction was corporate discipline against Ellison family-office capital, and losing was the right trade.