Netflix releases its second-quarter 2026 earnings on Thursday, July 16, with a video interview at 1:45 PM PST, according to Netflix Investor Relations. The company is skipping a traditional earnings call and using a recorded interview format instead.

Three months ago, things went wrong. In April, Netflix's stock fell sharply after the company said second-quarter business would be weaker than Wall Street expected. That same day, CEO Reed Hastings announced he was stepping down Bloomberg.

The stock has not bounced back. Netflix shares closed at $73.53 on July 14, compared to a high of $99.79 just months ago. That means the stock is down roughly 26% from its best price this year Macrotrends. Investors will be watching Thursday's earnings closely to see if April was just a bad quarter or if bigger problems are ahead.

Netflix said in April it expects Q2 revenue of $12.57 billion, up about 13.5% from last year, and earnings per share of $0.78, up about 7.8% from last year Simply Wall St. These are the company's own targets, not what outside analysts predict. That matters because Netflix missed Wall Street's expectations in April with these same targets. This time, the real test is whether Netflix hits its own numbers.

Analysts think Netflix will have about 344.6 million total subscribers by the end of Q2, up from 341.5 million at the end of Q1—roughly 3.1 million new customers The Hollywood Reporter. Netflix does not give subscriber targets anymore, so this is just analysts guessing. The actual number could be higher or lower.

Investors are paying close attention to two other things: how much the ad-supported subscription tier is making and whether customers are staying or leaving. Netflix has been pushing its cheaper ad-supported option to get more people to pay, so whatever the company says about how much those ads are worth could matter more than the headline subscriber number.

Hastings's exit adds another question hanging over this earnings report. He stepped down at the same moment bad news hit. Markets have had three months to worry about who is really in charge, but Netflix has not said much publicly about the transition. Thursday's interview will be the first time management can directly answer questions about both the weak quarter and the leadership change.