Projected 2026 Growth

Content spending for 2026 is slated to rise 10 % to $20 billion, supporting a mix that includes live events, games, and video podcasts. This spend increase is expected to outpace revenue growth, underpinning the company’s guidance of $51.4 billion in revenue for the full year—a 9.5 % year‑over‑year improvement—and an operating‑margin target of 31.5 %. Full‑year EPS is forecast to rise 13 % to $3.59, with a projected 26 % earnings growth for 2026 and 21 % for 2027, supporting a forward P/E near 25× and a PEG of 2.25.