Netflix reported second-quarter earnings on Thursday that surpassed Wall Street forecasts, driven by continued subscriber additions and robust advertising revenue. Executives credited a strong content slate and the coming return of Stranger Things.

The Los Gatos, California-based company confirmed that the fifth and final season of Stranger Things, produced by the Duffer Brothers, would begin rolling out in September. Netflix has structured the release across multiple volumes to sustain viewer engagement through the year's end.

In its investor materials, Netflix pointed to a pipeline of returning franchises and live programming as central to its growth strategy. Co-chief executives Ted Sarandos and Greg Peters were scheduled to address analysts on a post-earnings call, where questions on advertising tiers and password-sharing revenue were expected.

Analysts at Morgan Stanley and MoffettNathanson flagged the Stranger Things finale as a potential catalyst for fourth-quarter subscriber gains. The series remains one of Netflix's most-watched original productions, and its conclusion is expected to draw significant global viewership.

Netflix shares have traded near record highs in 2026, and the earnings report was closely watched as a barometer for the wider streaming sector following recent consolidation across the industry.