Netflix revenue growth slows as margin and subscribers rise

Netflix revenue rose 13.7% year over year in 2026, down from 15.9% for full-year 2025 and 27.6% in 2019. Operating margin for the first three quarters of 2026 topped 33.5%, up from 21% in 2023, while subscribers reached 325 million at the end of last year. Jefferies reports average monthly viewing per subscriber fell from 66 hours in H1 2023 to 49 hours in H1 2026.

• Revenue growth: 13.7% in 2026 vs 15.9% for full-year 2025
• Operating margin rose to 33.5% from 21% in 2023
• Subscriber base reached 325 million at end of 2025
• Viewing time fell from 66 to 49 hours per subscriber