Netflix Shares Stall Near $92 Despite $31.8B Buyback Capacity Post-Warner Snub

Netflix shares remain mired near $92—down 30% from peaks—despite a $25 billion buyback authorization in April 2026 lifting total repurchase capacity to $31.8 billion atop $6.8 billion remaining from prior plans. The company abandoned an $82.7 billion Warner Bros. Discovery bid, securing a $2.8 billion termination fee, raised prices (ad-supported to $8.99, premium to $26.99), acquired InterPositive AI for $600 million to cut costs, and reported strong Q1 results (revenue $12.25B +16%, EPS $1.23 +86%) offset by soft Q2 guidance ($12.6B revenue, $0.78 EPS). With Reed Hastings exiting the board in June and $3B ad revenue targeted for 2026, focus shifts to execution amid buyback support.