Netflix already earns most of its revenue outside its home market, yet in Q2 2026 U.S. and Canada revenue, about 43% of the $12.6 billion total, grew only 10% year over year, the slowest of its four regions. Growth abroad was faster: EMEA rose 14%, Latin America 21% and Asia-Pacific 16%, a gap that opened as home-region growth fell from 18% in Q4 2025, largely tied to the timing of price increases, which the author suggests could pick up in the second half. However, excluding currency effects, all three regions abroad have slowed this year, with EMEA growing just 11%, barely above the home region's 10%. Members abroad also pay less: in 2024, the average U.S. and Canada membership brought in $17.20 a month, versus $10.96 in EMEA, $8.24 in Latin America and $7.29 in Asia-Pacific. Netflix forecasts third-quarter revenue growth of 12%, slowing further, so the author concludes that faster growth abroad is unlikely to offset the home market, and at a price-to-earnings ratio of about 19, the stock doesn't look like a bargain.
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