Why You Should Think About Netflix Differently Now

Netflix (NFLX) describes itself to investors differently than it did two years ago. Live events and games were side initiatives in its pitch then; together with video podcasts, they now take a much larger place on its earnings calls. Netflix stock has lost 42% in the twelve months to September 30, 2026, while the S&P 500 rose 14.4%. You need to know which business you own when a stock falls that far. So what was Netflix's pitch to investors two years ago.