Netflix’s board on 22 April 2026 approved a new $25 billion share repurchase programme with no set expiration date, according to a regulatory filing submitted the next day.

The latest authorisation adds to a December 2024 buyback plan, which still had $6.8 billion available for repurchases as of 31 March.

The move followed a disappointing financial outlook that weighed on investor sentiment. The company’s shares fell about 9–10 per cent in after-hours and premarket trading after its first-quarter earnings release on 16 April, according to Bloomberg.

Revenue rose 16 per cent year-on-year to $12.25 billion, beating the $12.18 billion analysts had expected.

Earnings per share came in at $1.23, well above Netflix’s own forecast of $0.76.

However, the headline figure was significantly boosted by a one-off $2.8 billion termination fee received after the company abandoned its planned acquisition of Warner Bros.

Paid memberships topped 325 million worldwide.

Netflix’s ad-supported tier recorded 190 million monthly active users across 12 countries and remains on track to nearly double annual advertising revenue to about $3 billion this year.

The $2.8 billion termination fee also warrants context.

Netflix had offered roughly $82–83 billion in a cash-and-stock bid for the streaming and studio assets of Warner Bros Discovery.

However, Paramount Skydance later tabled a competing all-cash offer of $111 billion.

Netflix chose not to match the higher bid and withdrew from the transaction in late February 2026, triggering the break-up fee, which was paid by Paramount Skydance on behalf of Warner Bros. Discovery.