Netflix's Q3 2026 earnings call, scheduled after the close on October 20, will likely emphasize advertising revenue progress toward the $3 billion full-year target and membership trends amid moderating growth. Analysts expect $12.87 billion in revenue, equating to roughly 11.8% year-over-year expansion—the slowest third-quarter pace in several years—alongside EPS of $0.82 and a 33.2% operating margin. Key discussion points include U.S. churn pressures, engagement metrics, live-event contributions, and confirmation of the narrowed $51.0–$51.4 billion annual revenue range at a 31.5% operating margin. Trader focus centers on ad-tier scaling and any shifts in forward guidance as competition intensifies.