Geopolitical developments shaped the broader market environment over the period covered by this report. 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 - 2026-08-04]. Separately, the United States intercepted an Iranian attack on American military bases, sharply re-escalating Middle East tensions [Brief - 2026-07-29]. Escalating military conflict around the Strait of Hormuz drove Asian LNG spot prices 10% higher to $20.2/MMBtu, the highest level since March, and contributed to broader equity market pressure during the European session [Brief - 2026-07-16].
As of 30 June 2026, Netflix reported trailing twelve-month revenue of $48.37 billion, representing year-over-year growth of 13.37%. Net income on a TTM basis stood at $13.65 billion, with a net margin of 28.22% and an operating margin of 29.68%. Gross margin was recorded at 20.09%. EPS grew 11.11% year-over-year. The company held $9.10 billion in cash against total debt of $14.31 billion. The reported price-to-earnings ratio was 23.52, with a market capitalisation of approximately $311.42 billion [SEC 10-Q - NFLX - 2026-06-30].
Insider activity over the past 30 days comprised 38 transactions, with net direction characterised as selling and a net value of approximately -$13.02 million [SEC Form 4 - NFLX - 2026-08]. This insider selling activity was the primary trigger for this report. No 13F institutional holdings data was available in the provided context for this period.
The prevailing macro environment reflected a normal yield curve, with the 10-year US Treasury yield at 4.72% and the 2-year yield at 4.25% [FRED DGS10] [FRED DGS2]. The spread between the two tenors stood at 47 basis points, indicating a positively sloped curve at the time of this report's generation.