Netflix (NFLX) stock has lost 46% over the past year while the S&P 500 returned 15.1%, and at $67.05 it sits 42.1% below its highest close of the past year, $115.75. Across 15 market shocks since 2007, Netflix fell an average of 27.8% versus 15.8% for the S&P 500, including a 72% drop during the 2011 US debt ceiling crisis. Recovery from its lowest close took a median of 2.1 months, but 22.0 months after 2011. Revenue reached $49.7 billion over the twelve months to September 2026, up 14.7%, but growth slowed to 11.8% in fiscal Q3 2026. Management cut its 2026 ad revenue forecast to $2.7 billion from $3.0 billion and its 2026 free cash flow forecast to $12.0 billion from $12.5 billion, and said fourth-quarter guidance includes roughly 120 basis points of margin drag tied to the staff cuts that news reports put at about 6%.
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