Netflix三季度营收增12%至128.7亿美元：每股收益超预期 全年广告收入预期下调至约27亿美元
Netflix 10月20日公布2026年第三季度财报：营收128.7亿美元，同比增长约12%，与公司自身指引及市场预期相符；净利润36.6亿美元，高于上年同期的25.5亿美元；摊薄每股收益0.87美元，高于分析师预期的0.82美元；营业利润率升至34.6%，上年同期为28.2%，公司表示利润率上升部分源于费用确认的时点因素。
公司在股东信中表示，三季度营收增长主要由订阅收入驱动，反映会员规模与定价的增长、广告收入的增长，以及汇率变动的有利影响（扣除对冲后）；各地区会员留存保持健康，全球与美国的退订率同比改善且好于预期。
展望方面，Netflix 预计第四季度营收134.4亿美元，同比增长约12%；把2026年全年营收预期收窄至511亿美元，取此前510亿至514亿美元区间的低端；同时把2026年广告收入预期由约30亿美元下调至约27亿美元，理由是部分广告产品功能的推出慢于预期。公司还表示，上周裁减约1,000名员工（约占员工总数6%）将使第四季度营业利润率承压约120个基点。财报公布后，Netflix 股价在盘后交易中下跌约4%。
人事方面，前迪士尼与福克斯高管 Peter Rice 将于10月26日出任首席内容官，接替离任的 Bela Bajaria，电影部门负责人 Dan Lin 的继任者将由 Rice 挑选；此次财报是人事大调整后的首份季度成绩单。
Netflix Q3 Revenue Rises 12% to $12.87 Billion: EPS Beats Forecasts as Full-Year Ad Revenue Outlook Is Trimmed to About $2.7 Billion
Netflix on October 20 reported its results for the third quarter of 2026: revenue rose about 12 percent year over year to $12.87 billion, in line with the company's own forecast and market expectations. Net income climbed to $3.66 billion from $2.55 billion a year earlier, and diluted earnings per share were $0.87, above the $0.82 analysts had expected. The operating margin expanded to 34.6 percent from 28.2 percent a year earlier, which the company attributed in part to the timing of expenses.
In its shareholder letter, Netflix said third-quarter revenue growth was driven primarily by subscription revenue, reflecting growth in memberships and pricing, growth in advertising revenue, and a favorable impact from foreign exchange rates net of hedging. Retention remained healthy in every region, the company said, and churn in the United States and globally improved year over year and was better than forecast.
Looking ahead, Netflix expects fourth-quarter revenue of $13.44 billion, up about 12 percent year over year, and narrowed its full-year 2026 revenue forecast to $51.1 billion, the low end of its prior $51 billion to $51.4 billion range. It also cut its 2026 advertising revenue outlook to about $2.7 billion from roughly $3 billion, citing a slower-than-expected rollout of some advertising product capabilities. The company said last week's reduction of about 1,000 jobs, roughly 6 percent of its workforce, will weigh on the fourth-quarter operating margin by about 120 basis points. Netflix shares fell about 4 percent in after-hours trading following the report.
On leadership, former Disney and Fox executive Peter Rice will become chief content officer on October 26, succeeding the departing Bela Bajaria, and Rice will choose the successor to film chief Dan Lin. The earnings report was the company's first quarterly scorecard since the management shake-up.
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图片来源：Netflix 位于加州 Los Gatos 的总部（资料图）。Coolcaesar 摄，CC BY-SA 3.0 授权图片，经 Wikimedia Commons 发布／Netflix headquarters in Los Gatos, California (file photo). Photo: Coolcaesar, CC BY-SA 3.0, via Wikimedia Commons
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