NEW YORK, Jan 2, 2026, 10:35 ET — Regular session
Netflix, Inc. shares fell about 1.9% to $91.96 in morning trade on Friday, reversing an early gain as U.S. markets opened the first session of 2026. The stock opened at $94.11 and traded between $91.81 and $94.50.
The slide follows a key datapoint for Netflix’s live-programming push: the company said its Christmas Day National Football League broadcasts set U.S. viewership records, with Lions–Vikings averaging 27.5 million viewers and peaking above 30 million, citing Nielsen. Netflix also said the games are part of a deal to stream NFL matchups on Christmas Day through 2026, and noted its ad business reaches more than 190 million monthly active viewers — an audience measure aimed at people, not accounts.
Why it matters now: live sports is one of the few formats that still delivers appointment viewing at scale, which can support higher ad prices on a cheaper plan that includes commercials. Investors are watching whether the strategy adds revenue without pushing up costs fast enough to squeeze margins.
The broader tape was firmer early. Wall Street’s main indexes opened higher, led by a 1% jump in the Nasdaq at the opening bell.
Netflix’s numbers also land in a crowded streaming sports landscape. The Denver Broncos–Kansas City Chiefs game on Amazon Prime Video set a platform record on Christmas night, averaging 21.06 million viewers, the Associated Press reported, underscoring why tech and media groups are paying up for marquee rights.
Macro risk sits close behind the company narrative. Reuters reported investors are bracing for January catalysts including the U.S. jobs report on Jan. 9 and the consumer price index on Jan. 13, with markets also awaiting decisions tied to tariffs and the next Federal Reserve chair. “The market is looking for direction,” said Matthew Maley, chief market strategist at Miller Tabak. Reuters
For Netflix specifically, the next clear marker is earnings. The company said it will post fourth-quarter 2025 results and its business outlook on Jan. 20, with a live video interview featuring co-CEOs Ted Sarandos and Greg Peters and CFO Spence Neumann scheduled for later that day.
In that update, investors will be looking for signs the ad-supported plan is driving incremental revenue rather than cannibalizing higher-priced subscriptions. Any commentary on ad demand and pricing will matter after the holiday sports test.
Content and sports spending will be another focus. Live sports can bring advertisers, but rights costs can rise quickly, and Netflix has limited disclosure on event-level economics.
For now, Netflix stock is trading lower even as the broader market starts the year on a firmer footing. Traders’ attention is likely to stay split between near-term macro data and the company’s Jan. 20 outlook.
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