Key Takeaways

• Netflix CFO Spencer Neuman said the company has "no plans to increase leverage to buy back stock or to issue a dividend."

• Neuman said Netflix is prioritizing "profitable growth by reinvesting in our business."

• Wall Street expects Netflix's full-year free cash flow to top $10 billion in 2026, according to Visible Alpha data.

Sorry, dividend investors: You probably won’t be rushing to add Netflix (NFLX) to your portfolios.

During the streaming giant’s third-quarter earnings call on Thursday, CFO Spencer Neuman said that the company has "no plans to increase leverage to buy back stock or to issue a dividend." Neuman said Netflix is still prioritizing “profitable growth by reinvesting in our business” and maintaining “ample liquidity.”

Wall Street expects Netflix's full-year free cash flow to top $10 billion in 2026, according to Visible Alpha data. Still, Neuman said Netflix isn’t planning to change its capital allocation strategy. The company said Thursday that it repurchased $1.7 billion of its shares during the third quarter, with more than $3 billion of currently authorized buybacks remaining.

“In terms of [the] kind of future of free cash flow, well, that future of throwing off tens of billions of free cash flow, that would be a great future and would be a nice challenge to have,” said Neuman on the call, a transcript of which was made available by AlphaSense. “But no change to our capital allocation policy.”

Netflix reported third-quarter results on Thursday. The company's stock was recently up more than 10%.

Other big tech companies have a history of issuing dividends—including Microsoft (MSFT), Apple (AAPL), Meta (META), Nvidia (NVDA) and Google-parent Alphabet (GOOGL).

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