Netflix's board approved a $25 billion share repurchase programme on 22 April 2026 with no expiration date, adding to a December 2024 authorisation that still had $6.8 billion remaining. The move follows a 9–10% stock drop after Q1 earnings showed mixed results: revenue of $12.25 billion beat consensus, but Q2 guidance came in slightly below expectations and full-year operating margin guidance of 31.5% disappointed analysts. The headline EPS was inflated by a one-time $2.8 billion termination fee received after Netflix walked away from a proposed acquisition of Warner Bros. Discovery's assets, which Paramount Skydance outbid at $111 billion. Reed Hastings also announced his departure from the board after June 2026. Netflix views the buyback as the best use of the WBD termination capital, signalling capital discipline over transformative M&A.
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