〈财报〉Netflix财测令人失望盘后重挫8% 将减少公布观看数据

Netflix(NFLX-US)周四 (16 日) 盘后公布 2026 会计年度第二季 (截至 6/30) 财报，营收与获利大致符合分析师预期，华尔街正密切关注其广告业务与用户参与度指标。不过，投资人似乎再次对 Netflix 的获利展望感到失望，导致股价盘后下跌超过 8%。

Netflix 第二季营收为 125.6 亿美元，年增 13%，略低于分析师预期。营收成长主要来自会员人数增加、订阅价格调高，以及广告收入成长。

今年稍早，Netflix 已调高所有串流方案的订阅价格。公司周四表示，此次涨价带来的结果，与过往调价经验及原先预期一致。

第二季净利为 34 亿美元，相当于每股盈余 80 美分。去年同期净利为 31.3 亿美元，每股盈余 72 美分。

Q2 财报关键数据 v.s. LSEG 预估

营收：125.6 亿美元 v.s. 125.9 亿美元
调整后 EPS：80 美分 v.s. 79 美分

Netflix 预期第三季营收将成长 12%，并表示 2026 年展望与先前预测一致。公司将 2026 全年营收预测区间，从原先的 507 亿至 517 亿美元，缩小至 510 亿至 514 亿美元。

市场聚焦用户参与度

在周四的财报电话会议上，分析师最关注问题之一就是用户参与度。Netflix 表示，用户对平台内容的参与度依然「健康」，其中直播活动是吸引会员的重要内容。今年上半年，会员观看 Netflix 内容的总时数超过 970 亿小时。

近期有报导指出，Netflix 影集在第一季播出后，第二季收视可能下滑，因此用户参与度指标受到更多关注。

共同执行长 Greg Peters 在电话会议中表示，「首先我要说的是，观看时数与营收、获利之间并不存在线性关系，因为并不是所有观看时数都具有相同价值。」

另一位共同执行长 Ted Sarandos 周四也表示，影集第二季相较第一季的观看表现「没有任何重大变化」，回应先前有关第二季收视下滑的报导。

Sarandos 指出，「实际上，我们今年第二季相较第一季的收视流失情况，较去年略有改善，因此发布策略不会改变。」

不过，Netflix 周四表示，未来将降低「What We Watched」报告的发布频率。该报告主要用来呈现平台内容的观看与参与状况。

在周四发布涵盖 2026 上半年观看数据的报告后，Netflix 将从 2027 年起，改为每年第一季发布一次。

公司表示，将《What We Watched》报告与财报发布时间分开，目的是让市场在财报季更聚焦于营收与营业利益等财务指标。

整体而言，Netflix 强调直播活动是今年表现最突出内容之一。过去五年会员注册人数最高的 10 个单日中，有 6 天与直播活动有关。

但 Netflix 也指出，直播内容虽占整体内容支出 5% 以上，但观看时数占比仅约 1%。

Netflix 直到 2023 年才开始进军直播节目。在此之前，公司多年来主要依靠原创内容，以及取得授权的影集和电影推动成长。此后，Netflix 持续扩大体育赛事转播权布局。

直播体育赛事通常能吸引最多广告预算。随着串流订阅用户成长放缓，广告收入对 Netflix 营收成长的重要性也逐渐提高。

Netflix 周四表示，公司仍预期今年广告收入将较去年大致翻倍，达到 30 亿美元。

Netflix 也表示，目前正与美国广告商进行预售谈判，相关协商已进入「后期阶段」，预计未来几周完成广告承诺。女子世界杯、更多 NFL 赛事、MLB 活动及 WWE 等直播体育内容，都为 Netflix 带来相当稳健的广告需求。

公司近年推出价格较低、含广告的订阅方案，作为新的营收来源。Peters 周四表示，公司经常评估订价与方案选择，并思考如何扩大产品组合。其中一种可能性是推出免费方案。Peters 表示，免费方案「在某些市场可能具合理性，但我们必须谨慎考量是否会侵蚀付费方案」。

他谈到，「同样值得注意的是，在任何可能推出免费方案的国家，必须先具备有效且具规模的广告业务，这显然是让整体商业模式成立的重要条件。所以，免费方案仍是我们会持续评估的方向，但目前并没有近期推出的计划。」

这些调整，反映媒体产业竞争日益激烈。Netflix 在周四的股东信中指出，「娱乐产业仍充满变化，竞争也相当激烈」。

去年底，Netflix 曾试图收购华纳兄弟探索 (Warner Bros. Discovery) 的电影与串流业务，但最终退出交易。这项收购提案一度引发市场大量猜测，外界开始关注 Netflix 是否有意收购其他资产。

Netflix 在财报中表示，公司策略并未改变，仍将「优先把资金再投入自身业务，包括自身成长及选择性并购，同时维持健全的资产负债表与充裕流动性」。

在财报电话会议上，Netflix 高层表示不会评论市场揣测，但重申过去立场。财务长 Spencer Neumann 表示，「正如 Ted 所说，我们主要是建设者，而不是买家。我们对收购案的标准非常高。」

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null, "title": "〈财报〉Netflix财测令人失望盘后重挫8% 将减少公布观看数据", "shortTitle": "〈财报〉Netflix财测令人失望盘后重挫8% 将减少公布", "tagId": "", "attr": "", "articleView": null, "source": null, "author": "钜亨网", "description": "Netflix 周四公布 2026 会计年度第二季 (截至 6/30) 财报，营收与获利大致符合分析师预期，华尔街正密切关注其广告业务与用户参与度指标。不过，投资人似乎再次对 Netflix 的获利展望感到失望，导致股价盘后重挫。", "img": "https://cimg.cnyes.cool/prod/news/6537423/l/7c0426159576878116c22b80a77686b5.jpg", "content": "Netflix(NFLX-US)周四 (16 日) 盘后公布 2026 会计年度第二季 (截至 6/30) 财报，营收与获利大致符合分析师预期，华尔街正密切关注其广告业务与用户参与度指标。不过，投资人似乎再次对 Netflix 的获利展望感到失望，导致股价盘后下跌超过 8%。\n<img src=\"https://cimg.cnyes.cool/prod/news/6537423/l/7c0426159576878116c22b80a77686b5.jpg\" alt=\"〈财报〉Netflix财测令人失望盘后重挫8% 将减少公布观看数据\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\nNetflix 第二季营收为 125.6 亿美元，年增 13%，略低于分析师预期。营收成长主要来自会员人数增加、订阅价格调高，以及广告收入成长。\n\n今年稍早，Netflix 已调高所有串流方案的订阅价格。公司周四表示，此次涨价带来的结果，与过往调价经验及原先预期一致。\n\n第二季净利为 34 亿美元，相当于每股盈余 80 美分。去年同期净利为 31.3 亿美元，每股盈余 72 美分。\n\n<h6>Q2 财报关键数据 v.s. LSEG 预估</h6>\n\n<ul>\n<li>营收：125.6 亿美元 v.s. 125.9 亿美元</li>\n<li>调整后 EPS：80 美分 v.s. 79 美分</li>\n</ul>\n\nNetflix 预期第三季营收将成长 12%，并表示 2026 年展望与先前预测一致。公司将 2026 全年营收预测区间，从原先的 507 亿至 517 亿美元，缩小至 510 亿至 514 亿美元。\n\n市场聚焦用户参与度\n\n在周四的财报电话会议上，分析师最关注问题之一就是用户参与度。Netflix 表示，用户对平台内容的参与度依然「健康」，其中直播活动是吸引会员的重要内容。今年上半年，会员观看 Netflix 内容的总时数超过 970 亿小时。\n\n近期有报导指出，Netflix 影集在第一季播出后，第二季收视可能下滑，因此用户参与度指标受到更多关注。\n\n共同执行长 Greg Peters 在电话会议中表示，「首先我要说的是，观看时数与营收、获利之间并不存在线性关系，因为并不是所有观看时数都具有相同价值。」\n\n另一位共同执行长 Ted Sarandos 周四也表示，影集第二季相较第一季的观看表现「没有任何重大变化」，回应先前有关第二季收视下滑的报导。\n\nSarandos 指出，「实际上，我们今年第二季相较第一季的收视流失情况，较去年略有改善，因此发布策略不会改变。」\n\n不过，Netflix 周四表示，未来将降低「What We Watched」报告的发布频率。该报告主要用来呈现平台内容的观看与参与状况。\n\n在周四发布涵盖 2026 上半年观看数据的报告后，Netflix 将从 2027 年起，改为每年第一季发布一次。\n\n公司表示，将《What We Watched》报告与财报发布时间分开，目的是让市场在财报季更聚焦于营收与营业利益等财务指标。\n\n整体而言，Netflix 强调直播活动是今年表现最突出内容之一。过去五年会员注册人数最高的 10 个单日中，有 6 天与直播活动有关。\n\n但 Netflix 也指出，直播内容虽占整体内容支出 5% 以上，但观看时数占比仅约 1%。\n\nNetflix 直到 2023 年才开始进军直播节目。在此之前，公司多年来主要依靠原创内容，以及取得授权的影集和电影推动成长。此后，Netflix 持续扩大体育赛事转播权布局。\n\n直播体育赛事通常能吸引最多广告预算。随着串流订阅用户成长放缓，广告收入对 Netflix 营收成长的重要性也逐渐提高。\n\nNetflix 周四表示，公司仍预期今年广告收入将较去年大致翻倍，达到 30 亿美元。\n\nNetflix 也表示，目前正与美国广告商进行预售谈判，相关协商已进入「后期阶段」，预计未来几周完成广告承诺。女子世界杯、更多 NFL 赛事、MLB 活动及 WWE 等直播体育内容，都为 Netflix 带来相当稳健的广告需求。\n\n公司近年推出价格较低、含广告的订阅方案，作为新的营收来源。Peters 周四表示，公司经常评估订价与方案选择，并思考如何扩大产品组合。其中一种可能性是推出免费方案。Peters 表示，免费方案「在某些市场可能具合理性，但我们必须谨慎考量是否会侵蚀付费方案」。\n\n他谈到，「同样值得注意的是，在任何可能推出免费方案的国家，必须先具备有效且具规模的广告业务，这显然是让整体商业模式成立的重要条件。所以，免费方案仍是我们会持续评估的方向，但目前并没有近期推出的计划。」\n\n这些调整，反映媒体产业竞争日益激烈。Netflix 在周四的股东信中指出，「娱乐产业仍充满变化，竞争也相当激烈」。\n\n去年底，Netflix 曾试图收购华纳兄弟探索 (Warner Bros. Discovery) 的电影与串流业务，但最终退出交易。这项收购提案一度引发市场大量猜测，外界开始关注 Netflix 是否有意收购其他资产。\n\nNetflix 在财报中表示，公司策略并未改变，仍将「优先把资金再投入自身业务，包括自身成长及选择性并购，同时维持健全的资产负债表与充裕流动性」。\n\n在财报电话会议上，Netflix 高层表示不会评论市场揣测，但重申过去立场。财务长 Spencer Neumann 表示，「正如 Ted 所说，我们主要是建设者，而不是买家。我们对收购案的标准非常高。」\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/mg/article-2446.html\" title=\"买了又得卖？Manus传斥资20亿美元从Meta手中买回自己\">买了又得卖？Manus传斥资20亿美元从Meta手中买回自己</a></li>\n <li><a href=\"/new/mg/article-11953.html\" title=\"金融时报：中国放行小批量辉达H200晶片字节、腾讯各获1万颗\">金融时报：中国放行小批量辉达H200晶片字节、腾讯各获1万颗</a></li>\n <li><a href=\"/new/mg/article-10332.html\" title=\"辉达Rubin Ultra传缩减HBM容量！记忆体短缺下晶片厂商如何破局？\">辉达Rubin Ultra传缩减HBM容量！记忆体短缺下晶片厂商如何破局？</a></li>\n <li><a href=\"/new/mg/article-9615.html\" title=\"美股重点新闻摘要2026年8月5日\">美股重点新闻摘要2026年8月5日</a></li>\n <li><a href=\"/new/mg/article-4740.html\" title=\"瞄准AI算力用电缺口！美私募巨头KKR携手SK集团砸13亿美元抢攻南韩绿能商机\">瞄准AI算力用电缺口！美私募巨头KKR携手SK集团砸13亿美元抢攻南韩绿能商机</a></li>\n <li><a href=\"/new/mg/article-7293.html\" title=\"DeepMind科学家怒辞职揭露Google罪恶！控妥协美国防部军事AI需求、罔顾安全\">DeepMind科学家怒辞职揭露Google罪恶！控妥协美国防部军事AI需求、罔顾安全</a></li>\n </ul>\n</div>", "status": 0, "pv": 18, "link": "https://news.cnyes.com/news/id/6537423", "createdAt": "2026-07-16T22:24:47.000Z", "updatedAt": "2026-08-20T22:28:51.000Z" }, "position": [ { "id": 15, "pid": 0, "name": "热点新闻", "pinyin": "new", "path": "/new", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "children": [ { "id": 25, "pid": 15, "name": "美股", "pinyin": "mg", "path": "/new/mg", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 26, "pid": 15, "name": "港股", "pinyin": "hk", "path": "/new/hk", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 27, "pid": 15, "name": "台股", "pinyin": "tw", "path": "/new/tw", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 28, "pid": 15, "name": "科技", "pinyin": "AI", "path": "/new/AI", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 } ], "level": 1 }, { "id": 25, "pid": 15, "name": "美股", "pinyin": "mg", "path": "/new/mg", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 } ], "_locals": {}, "cache": false }

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