Netflix Authorizes $25B Buyback After Q1 Beat; Shares at $92

Netflix disclosed a $25 billion share buyback—adding to $6.8 billion remaining for $31.8 billion total, enough to retire over 8% of 4.2 billion shares—after Q1 2026 results beat with $12.25 billion revenue (+16% YoY) and $1.23 EPS (vs. $0.76 expected). The story began March 2 with Netflix abandoning its Warner Bros. pursuit, securing a $2.8 billion fee that sparked a 25% five-day rally to $97.70 and upgrades like JPMorgan's $120 target. Momentum built through D.E. Shaw's 48% stake increase to 11.6 million shares, ad revenue projections to $3 billion in 2026, and $1.7 billion from price hikes ahead of April 16 earnings. Shares at $92 trade 30% below peaks with 'Strong Buy' consensus.