Netflix stock is the listed share of Netflix, Inc. It trades on Nasdaq, a US stock exchange, under the short code NFLX. The share closed at $64.54 on November 11, 2026, up 2.02% that day. Its price moves with what investors expect from the business, not with how good the latest series is.
One recent event matters for anyone reading old charts. On November 14, 2025, Netflix completed a 10-for-1 forward split, giving shareholders nine extra shares for each one held. That multiplied the share count and cut the per-share price in proportion, which is why today's price looks small next to older headlines.
Key takeaways
- NFLX trades on the Nasdaq and closed at $64.54 on November 11, 2026.
- Netflix earns mainly from monthly memberships, plus a smaller and growing advertising business.
- A 2025 share split changed the price per share, not the value of what you own.
The numbers people look up
A ticker is the short code a share trades under. Netflix's is NFLX, on the Nasdaq Global Select Market. Here are the headline figures investors check.
| Figure | Latest (November 2026) | What it means |
|---|---|---|
| Closing share price | $64.54 on November 11, 2026 | What one share last traded at |
| Daily change | Up $1.28, or 2.02% | Move from the previous close |
| Market capitalisation | $265.022 billion at the November 11 close | The market's price for the whole company |
| Trailing price-to-earnings | 18.28 at Yahoo Finance, 18.68 at StockAnalysis | Price compared with the last year of profit |
| 52-week range | $61.39–$116.73, listed by Yahoo Finance | Lowest and highest price over a year |
| Volume | 29,441,400 shares on November 11, 2026 | How many shares changed hands |
How Netflix makes money
Netflix says its primary revenue source is monthly membership fees for streaming. Plans include an ad-supported subscription, and prices vary by country and plan. The company also earns money from advertising, consumer products, experiences and other sources. Its October 20, 2026 shareholder letter says streaming TV, film and live events, monetised through subscriptions and advertising, make up nearly all of its revenue.
In the US, checked in November 2026, Netflix charged $8.99 a month for Standard with ads, $19.99 for Standard and $26.99 for Premium, before any applicable taxes.
Advertising is the newer line. For full-year 2025, Netflix said advertising revenue grew more than 2.5 times year over year to over $1.5 billion. In the third quarter of 2026, year-over-year revenue growth came from $1.057 billion of extra subscription revenue, reflecting membership increases and pricing, plus $256 million more advertising revenue.
Content is the big cost. Netflix says cost of revenues consists primarily of content-asset amortisation, which spreads the cost of shows and films over time. In the third quarter of 2026 that came to $4.235 billion, split between $2.271 billion of licensed content and $1.964 billion of produced content. As of September 30, 2026, Netflix reported $25.223 billion in content obligations, which are commitments to pay for content. Of that amount, $19.6 billion was not recognised on the balance sheet.
What moves the share price
Results day is the obvious trigger. On October 20, 2026, Netflix reported third-quarter revenue of $12.874 billion, up 11.8% year over year, an operating margin of 34.6% and free cash flow of $2.884 billion. Operating margin is the share of revenue left after operating costs. Free cash flow is the cash left after the bills and the content spending.
The guidance mattered more than the quarter. Netflix guided to fourth-quarter revenue of $13.442 billion with a 26.0% operating margin, and to full-year 2026 revenue of $51.1 billion, a 31.5% margin and about $12.0 billion of free cash flow. It also lowered its 2026 advertising outlook to about $2.7 billion from about $3 billion, citing a slower rollout of some ad-product capabilities. CNBC reported the shares fell about 6% in extended trading after those results, attributing the move to the lower fourth-quarter revenue outlook and advertising concerns. This happened outside normal market hours, not at an official close. On October 20, 2026, Netflix said it had repurchased 63.9 million shares for $4.8 billion in the third quarter, leaving $22.3 billion under its share-buyback authorisation.
That is the short answer to a question many readers ask: a share can fall on solid results because the price already assumed solid results.
Geography matters too. In the third quarter of 2026, Netflix reported $5,628 million of revenue in the US and Canada, $4,107 million in Europe, the Middle East and Africa, $1,603 million in Latin America and $1,537 million in Asia-Pacific.
Reading the valuation without getting lost
Market capitalisation is the share price multiplied by the number of shares. It tells you what the market is paying for the whole company, not whether that company makes money.
The price-to-earnings ratio compares the share price with profit per share. Two sites can publish different numbers on the same day. At the November 11, 2026 close, The Wall Street Journal's NFLX page listed a market capitalisation of $259.76 billion and a trailing price-to-earnings ratio of 18.65, while Yahoo Finance showed $265.022 billion and 18.28 the next day. Trailing ratios use past earnings per share. Forward ratios use forecasts. Providers can refresh prices and estimates at different times. They can also use reported or adjusted earnings and different share counts.
The 52-week range is history. It records where the share traded over the past year, nothing more.
One more figure has gone missing. Netflix stopped regular quarterly reporting of paid memberships and average revenue per membership from the first quarter of 2025. The last exact count was 301.63 million paid memberships at the end of 2024. The company did say it crossed the 325 million paid-membership milestone during the fourth quarter of 2025, which is a milestone rather than an exact count.
For context on how a single share sits next to a basket of companies, see our explainer on ETFs versus index funds.
Buying a US share from Europe
NFLX is priced in dollars. If your account is in euros, your result depends on the share price and on the euro-dollar rate: a stronger dollar can raise the euro value of the holding, a weaker dollar can lower it. Brokers charge for converting currency, and the cost varies between them.
Netflix itself carries currency exposure the other way. Non-US-dollar currencies made up 56% of its 2025 revenue and 31% of its operating expenses. The company warns that exchange-rate swings can reduce reported dollar revenue and operating income, despite measures intended to reduce that risk.
Tax depends on where you live. The IRS states that US-source dividends paid to foreign investors generally face a 30% tax withheld before payment unless a treaty or another rule reduces it. Tax policy varies by EU country.
Risks
- Content commitments are multi-year and largely fixed. Netflix's annual filing warns that they may pressure margins and cash flow if performance disappoints.
- Competition is broad. The same filing names streaming services, broadcasters, gaming, social media and piracy, and warns that slower sign-ups, cancellations or pricing could hurt growth.
- Advertising is young. Netflix says it has limited experience offering ads, and that growth there depends on advertisers, engagement, measurement, partners and privacy rules.
- Rules and security. Netflix flags changing internet, media, tax, consumer-protection and AI rules, plus cyberattacks that could interrupt service and cost it members.
Past performance does not predict future results. This article is for information only and is not investment advice.
Frequently asked questions
Did the 2025 split make the shares cheaper? No. On November 14, 2025, Netflix completed a 10-for-1 forward split, giving shareholders nine additional shares for each one held. The share count multiplied, per-share prices were adjusted in proportion, and historical per-share figures in its filings were adjusted retroactively. You own more pieces of the same company.
Where do Netflix's official numbers come from? From the quarterly shareholder letter and the annual filing that Netflix files with the US Securities and Exchange Commission. The October 20, 2026 letter carried the third-quarter revenue, margin and free-cash-flow figures and the outlook.
What did Netflix earn in the full year 2025? For full-year 2025, Netflix reported revenue of $45.183 billion, an operating margin of 29.5% and free cash flow of $9.461 billion on January 20, 2026.
Has an executive sold shares recently? Yes. Netflix co-CEO Gregory Peters disclosed in a Form 4 filed November 10, 2026, that he sold 27,312 shares on November 9 at a reported average price of $63.6186 per share.
Is Netflix a good investment? Nobody can answer that for you. What the question really turns on is the price paid against the profit and growth expected, how long the money stays invested, and how much of a portfolio sits in a single share.
Sources
- Netflix / SEC: Q3 2026 shareholder letter (20 October 2026)
- U.S. Securities and Exchange Commission: Netflix quarterly report for the period ended 30 September 2026
- U.S. Securities and Exchange Commission: Gregory Peters Form 4 (10 November 2026)
- Yahoo Finance: Netflix, Inc. historical data
- CompaniesMarketCap: Netflix market cap
- Netflix Help Center: Plans and pricing
- U.S. Securities and Exchange Commission: Netflix 2025 annual report
- Internal Revenue Service: Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities
Cover photo by Thibault Penin on Unsplash.
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