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Netflix (NFLX) is scheduled to report its second-quarter earnings after market close on Thursday, and analysts are largely expecting another strong set of results.

According to estimates compiled by LSEG, the streaming giant is forecast to post earnings of $7.08 per share on revenue of $11.07 billion.

If realized, these figures would represent a 45% year-on-year increase in earnings and a 15.8% rise in revenue from the same period last year.

The optimistic expectations follow Netflix’s first-quarter beat, which was driven in part by price hikes implemented across its subscription plans at the start of the year.

The company had reported a 13% rise in revenue for the March quarter.

Netflix stock rally outpaces broader market
 

Netflix stock has surged sharply in 2025, gaining nearly 42% year to date and approximately 50% over the past six months.

In comparison, the S&P 500 has risen 6% year to date and 5% over six months, underscoring the streaming company’s standout performance.

Ahead of the earnings report, Wall Street remains broadly bullish on the stock.

Of the 49 analysts covering Netflix tracked by LSEG, 34 have issued a “buy” or “strong buy” rating, while 15 have a “hold” rating.

No analysts currently recommend selling the stock.

Analysts on Netflix’s Q2
 

Alicia Reese, analyst at Wedbush Securities, reiterated an “Outperform” rating with a $1,400 price target, suggesting an 11% upside from Tuesday’s closing price.

In a note to clients, Reese said she expects the company to accelerate growth in its advertising-supported tier over the next few years.

“While massive subscriber growth was the primary driver in 2024, we expect price increases to drive revenue growth in 2025, and the ad tier to drive revenue higher in 2026,” Reese wrote.

She added that Netflix’s margin expansion and free cash flow could outperform current estimates as the platform continues to scale.

Jessica Reif Ehrlich of Bank of America maintained a “buy” rating and a $1,490 target, implying more than 18% upside.

Ehrlich attributed the stock’s strong performance to “sustained earnings momentum, positive subscriber trends, and defensiveness related to tariffs.”

“Netflix has unmatched scale in streaming,” she wrote, pointing to long-term growth opportunities in advertising and live content as well as ongoing gains in earnings and free cash flow.

Despite the stock nearing five-year highs, Jefferies analyst James Heaney remains bullish, maintaining a “Buy” rating and a $1,400 price target.

Heaney acknowledged some investor caution heading into earnings but argued that “recent US price hikes, a strengthening second-half content slate, and improving ads monetisation” support sustained mid-teens revenue growth into 2026.

He added that a potential upgrade in the company’s full-year operating margin forecast to above 30% could act as an additional positive catalyst.

Evercore ISI’s Mark Mahaney maintained an “Outperform” rating with a $1,350 target, calling Netflix “one of the least risky stocks this quarter.”

He said Street estimates for revenue and earnings appear “reasonable,” citing sequential revenue tailwinds from foreign exchange and the full impact of price increases.

Mahaney also pointed to the company’s strong record of beating revenue and operating income guidance, adding that the forecasted 5% sequential revenue growth is ahead of the typical seasonal pattern of flat to +2% quarter-over-quarter.

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