Netflix’s India revenue grows 18% as viewing hours rise 24% in Q3

Netflix’s revenue in India grew approximately 18% year-on-year on a foreign-exchange-neutral basis in the July-September quarter, while viewing hours in the country rose 24% and paid net additions reached a quarterly record, according to the company’s Q3 2026 shareholder letter released on October 20.

Netflix said its performance in India followed a successful content slate led by Lock Upp, its first daily reality series, alongside the scripted series Musafir Cafe and Operation Safed Sagar. Viewing hours per member in India grew by low-to-mid single digits during the quarter.

The company said Lock Upp drove the most viewing hours of any title on Netflix in India ever, based on viewing hours in the first 91 days. Netflix also said that, combined with its first transaction-based loyalty bundle with Flipkart, the content slate helped it achieve its largest quarter ever of paid net additions in India.


Netflix did not disclose India-specific revenue in absolute terms or the number of paid members added during the quarter.

The India results were reported as Netflix addressed investor concerns about viewing-hours growth globally. The company said member responses to its 2026 price increases were consistent with previous price changes and its expectations. It cited this as an indicator that engagement — encompassing the quantity, quality and variety of viewing — remained healthy and that it continued to deliver strong value to members.

Netflix said it also sought to accelerate growth in viewing hours globally and was confident it could do so by continuing to execute its strategy.

Globally, Netflix reported third-quarter revenue of $12.87 billion, up 11.8% from $11.51 billion a year earlier. Revenue growth was driven primarily by subscription revenue, reflecting increases in memberships and pricing, growth in advertising revenue, and a favourable foreign-exchange impact, net of hedging.

Operating income rose to $4.46 billion from $3.25 billion in the year-ago quarter. Operating margin increased to 34.6% from 28.2%, while diluted earnings per share rose to $0.87 from $0.59.

Netflix said operating income and operating margin exceeded its forecast primarily because of the timing of expenses and slightly higher revenue.

For the fourth quarter, the company forecast revenue of $13.44 billion, representing year-on-year growth of 11.5%, and an operating margin of 26%.

For the full year 2026, Netflix expects revenue of $51.1 billion, up 13% year-on-year, and an operating margin of 31.5%, compared with 29.5% in 2025. The revenue forecast is 0.2% below the midpoint of its previous forecast range.

Netflix also revised its expected 2026 advertising revenue to approximately $2.7 billion from around $3 billion previously, citing a slightly slower-than-expected rollout of some advertising product capabilities.

The company expects full-year free cash flow of approximately $12 billion, down from its previous projection of $12.5 billion, primarily because of the expected closing of a real estate transaction in the fourth quarter.

Netflix said its global audience was approaching one billion people. It plans to introduce its advertising tier in 15 additional countries in 2027, with the first launches scheduled for March.