NFLX Q2 2026: filings, holdings, and macro context

Geopolitical developments shaped the broader market environment over the past 30 days. The United States conducted airstrikes against more than 80 targets inside Iran and revoked a waiver permitting Iranian crude oil sales, introducing volatility across global equity markets [Brief - 2026-07-08]. Brent crude rose approximately 12% cumulatively following the collapse of US-Iran negotiations, reaching above $85 per barrel, while Asian LNG spot prices surged 10% to $20.2/MMBtu [Brief - 2026-07-15; Brief - 2026-07-16]. In the media sector, a 13-state coalition filed an antitrust lawsuit seeking to block the proposed $110 billion Paramount-Warner Bros. Discovery merger, citing reduced competition in the entertainment industry [Brief - 2026-07-13].

Netflix reported trailing twelve-month revenue of $48.37 billion as of 30 June 2026, reflecting 13.37% year-over-year growth [SEC 10-Q - NFLX - 2026-06-30]. Net income for the same period stood at $13.65 billion, representing a net margin of 28.22% and an operating margin of 29.68% [SEC 10-Q - NFLX - 2026-06-30]. EPS grew 11.11% year-over-year, and the company's P/E ratio was recorded at 22.04 against a market capitalisation of approximately $291.85 billion [SEC 10-Q - NFLX - 2026-06-30]. Cash holdings were $9.10 billion, with total debt of $14.31 billion as of the same date [SEC 10-Q - NFLX - 2026-06-30].

Institutional positioning in NFLX showed divergent movement in the most recent reporting period. Citadel reduced its position by 27% and Coatue reduced its position by 37%, while Millennium added 33%, ARK Invest added 31%, and AQR Capital added 11% to their respective holdings [SEC 13F - Citadel - Q2 2026; SEC 13F - Millennium - Q2 2026; SEC 13F - Coatue - Q2 2026; SEC 13F - ARK Invest - Q2 2026; SEC 13F - AQR Capital - Q2 2026]. These material divergences across major institutional holders constitute the primary trigger for this report.

The 10-year US Treasury yield stood at 4.71% and the 2-year yield at 4.37% at the time of this report's generation, with the yield curve in a normal configuration [FRED DGS10; FRED DGS2]. The 34 basis-point spread between the two-year and ten-year tenors reflects current fixed-income pricing conditions against which equity valuations are contextualised across the broader market.