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Los Gatos Today
By the People, for the People
Netflix Co-CEOs Announce Robust Q1 Results, Founder Reed Hastings to Step Down
The streaming giant surpassed forecasts, but stock fell on news of Hastings' departure from the board.
Apr. 16, 2026 at 11:20pm
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Netflix's robust financial results and leadership transition signal the streaming giant's continued evolution in a competitive media landscape.Los Gatos TodayNetflix reported strong first-quarter results, exceeding revenue and earnings expectations. The company also announced that co-founder and former CEO Reed Hastings will not stand for re-election to the board when his current term expires in June. Despite the positive financial performance, Netflix's stock fell in after-hours trading on the news of Hastings' departure.
Why it matters
Hastings' decision to step away from Netflix's board marks the end of an era for the company he co-founded and built into a streaming powerhouse. While the financial results demonstrate Netflix's continued strength, Hastings' exit raises questions about the company's future direction under the leadership of co-CEOs Greg Peters and Ted Sarandos.
The details
In the first quarter, Netflix generated revenue of $12.25 billion, an increase of 16%, resulting in earnings per share (EPS) of $1.23, which jumped 86%. This easily surpassed management's forecast of $12.16 billion in revenue and $0.76 in EPS. The results were driven by higher-than-forecast membership growth, higher pricing, and increased ad revenue. Netflix also benefited from a $2.8 billion termination fee it received from Warner Bros. after ceding the acquisition to Paramount.
- Netflix reported its Q1 2026 financial results after the market close on Thursday, April 16, 2026.
- Reed Hastings will not stand for re-election to Netflix's board when his current term expires in June 2026.
The players
Netflix
A leading global streaming entertainment service that offers a wide variety of TV shows, movies, documentaries, and more.
Reed Hastings
The co-founder and former CEO of Netflix, who has decided to step away from the company's board of directors.
Greg Peters
The co-CEO of Netflix, who will continue to lead the company along with Ted Sarandos after Hastings' departure.
Ted Sarandos
The co-CEO of Netflix, who will continue to lead the company along with Greg Peters after Hastings' departure.
What they’re saying
“A special thanks to [co-CEOs] Greg [Peters] and Ted [Sarandos], whose commitment to Netflix's greatness is so strong that I can now focus on new things.”
— Reed Hastings, Co-founder and former CEO of Netflix
What’s next
With Reed Hastings stepping down from Netflix's board, the company's future direction will be shaped by the leadership of co-CEOs Greg Peters and Ted Sarandos. Investors will be closely watching to see how the streaming giant navigates the evolving competitive landscape and continues to drive growth under its new leadership structure.
The takeaway
Netflix's robust financial performance in Q1 2026 demonstrates the company's continued strength, but the departure of co-founder Reed Hastings from the board marks a significant transition for the streaming pioneer. The success of Netflix's co-CEO model under Peters and Sarandos will be crucial in determining the company's ability to maintain its industry-leading position in the years to come.
