Here’s what Wall Street is saying about Netflix ahead of earnings

Netflix (NFLX) is scheduled to report its second quarter 2025 results and business outlook on Thursday, July 17. A video interview with Netflix executives, including co-CEOs Ted Sarandos and Greg Peters, will follow at 4:45 pm ET. What to watch:

GUIDANCE: Along with its last report, Netflix guided for Q2 earnings per share of $7.03 on revenue of $11.04B. At the time, analysts were expecting the company to report Q2 EPS of $6.24 on revenue of $10.9B, but those figures have since risen to $7.06 and $11.04B, respectively.

PT HIKES: Ahead of the company’s results, Bernstein raised the firm’s price target on Netflix to $1,390 from $1,200 on Thursday and kept an Outperform rating on the shares. With Netflix trading at 40-times 2026 consensus EPS and earnings just around the corner, long-term fundamentals have taken on even greater importance in navigating potential near-term volatility, the firm says. While there are important short-term questions to address in Q2, Bernstein remains confident in the strength of the business and believes its valuation ultimately reflects its industry moat. Whether Q2 results beat expectations – supporting momentum – or fall short – potentially triggering near-term swings – the firm does not see a compelling reason to be bearish in the foreseeable future to question the underlying fundamentals or the long-term value of the company.

At least seven other securities analysts also raised their price targets on Netflix over the past week. Piper Sandler analyst Thomas Champion upped the firm’s price target on Netflix to $1,400 from $1,150 and maintained an Overweight rating on the shares, while JPMorgan raised its target to $1,230 from $1,220 as well, with the firm noting that its estimate increases reflect better channel checks and favorable currency moves while higher share multiples reflect lower recession risk.

Meanwhile, Needham analyst Laura Martin raised the firm’s price target on Netflix (NFLX) to $1,500 from $1,126 and reiterated a Buy rating on the shares. The increased fiscal 2026 estimates citing Netflix’s “strong” labor productivity trends. Of the nine large cap content creator companies Needham covers, Netflix reported the highest revenue per full time equivalent in fiscal 2024, at $2.78B. Netflix was materially more productive than Apple (AAPL), Meta (META) and Alphabet (GOOGL), the analyst tells investors in a research note.

BMO Capital increased the firm’s price target on Netflix to $1,425 from $1,200 and keeps an Outperform rating on the shares. The firm’s updated estimates reflect the company’s record-breaking Squid Game 3 viewership data, FX, and an attractive content slate in the second half of FY25, the analyst tells investors in a research note. Loop Capital also raised the its price target on Netflix to $1,150 from $1,000 but maintained a Hold rating on the shares, saying it remains “quite bullish” on the company, citing increased engagement with a big lift coming from Squid Game 3, and Loop is raising its operating income margin view to 30% vs. the company’s 29% guide.

Additionally, KeyBanc analyst Justin Patterson upped the firm’s price target on Netflix to $1,390 from $1,070 and kept an Overweight rating on the shares as the firm believes the combination of live events, price increases, and an ad ramp support low double digit revenue growth over the medium term and nearly $40 in EPS by 2027. Near term, KeyBanc is mindful that Netflix’s year-to-date outperformance could create some volatility as investors wonder “What’s next?” post Wednesday and Stranger Things. In its view, Netflix’s track record of finding surprise content hits and new focus on live events should provide consistent engagement to support future monetization.

Also, Barclays raised the firm’s price target on Netflix to $1,100 from $1,000 and reiterated an Equal Weight rating on the shares as part of a Q2 earnings preview for the media group. Legacy media earnings could surprise to the upside to some extent, but the valuation debate will likely remain around corporate actions, the analyst tells investors in a research note.

SEAPORT DOWNGRADE: On the other side of the fence, Seaport Research analyst David Joyce downgraded Netflix to Neutral from Buy without a price target last week. The firm cited valuation and the time needed to execute against expectations for the downgrade. Seaport now sees less than 10% of upside in the shares. There is “plenty of the long-term opportunity” factored into the shares at current levels, and Netflix needs time to execute against the expectations in advertising, aggregating, launching experiences, and expanding share again, the analyst tells investors in a research note.

SENTIMENT: Check out recent Media Buzz Sentiment on Netflix as measured by TipRanks.