Netflix shares trade near $71 as of late September 2026, down roughly 13% over the prior month and more than 40% from the 52-week high of $124.86, reflecting decelerating revenue growth. Q2 results showed 13.4% year-over-year revenue expansion to $12.56 billion with a 33.4% operating margin, but Q3 guidance implied only about 12% growth, prompting the recent selloff. Full-year 2026 forecasts remain at 13-14% revenue growth and 31.5% operating margin, supported by membership gains, pricing actions, and ad revenue doubling toward $3 billion, alongside ongoing share repurchases. Q3 earnings, expected in October, represent the key near-term catalyst that could shift implied probabilities around end-of-month closing levels.