Key Highlights

  • Netflix 2X Long ETF (CBOE:NFLU) was quoted up 6.73% at USD 13.48 on October 22, 2026, although Netflix shares fell 5.31% in the October 21 session after results, so the fund quote implies a rebound of about 3.4%, arithmetic only.
  • Netflix's third quarter 2026 Revenue was USD 12.9 billion, up 12%, with Operating Income of USD 4.5 billion, a 34.6% margin, and diluted Earnings of USD 0.87 per share versus USD 0.59.
  • Fourth quarter guidance is revenue of USD 13.4 billion and a 26.0% operating margin, and full year 2026 revenue guidance is USD 51.1 billion, about 0.2% below the prior midpoint.
  • Netflix 2X Long ETF (CBOE:NFLU) is issued by REX Shares with Tuttle Capital Management, lists on the Cboe BZX Exchange, carries a 1.05% total expense ratio and started on September 27, 2024.

Netflix's Third Quarter

Netflix (NASDAQ:NFLX) released third quarter results on October 20, 2026. Revenue was USD 12.9 billion, up 12%, in line with forecast. Operating income rose 37% to USD 4.5 billion and the Margin reached 34.6% against 28.2% a year earlier, ahead of forecast mainly because of expense timing, and diluted earnings were USD 0.87 versus USD 0.59. The company repurchased 63.9 million shares for USD 4.8 billion, its largest quarter, with USD 22.3 billion of authorization left. Management said member response to 2026 price changes met expectations and acknowledged investor concern about view hours growth. The headline numbers were solid, so the share reaction came from the outlook.

Why the Shares Fell

Published reports said the shares fell 5.31% on October 21, 2026. The outlook explains it: full year revenue guidance of USD 51.1 billion sits slightly below the prior midpoint, 2026 Advertising revenue is now expected at about USD 2.7 billion, down from about USD 3 billion, because some ad product capabilities are rolling out more slowly, and free Cash Flow guidance was lowered to USD 12.0 billion from USD 12.5 billion. Netflix also announced a layoff of about 6% of its workforce earlier in October. The fund's positive quote therefore conflicts with the stock's session, and published data for October 22 was not available to confirm any rebound.

How the 2x ETF Connects

The fund is issued by REX Shares with Tuttle Capital Management, lists on the Cboe BZX Exchange, and carries a published total expense ratio of 1.05%, with inception on September 27, 2024. Netflix 2X Long ETF (CBOE:NFLU) seeks twice Netflix's daily return, so a stock fall of 5.31% would normally cost the fund about 10.6%, simple arithmetic. As simple arithmetic, a 2x fund that gains 6.73% one day and loses 6.73% the next ends about 0.45% lower, while the stock moving half as much each way ends about 0.11% lower. A quote of plus 6.73% on the next day would partly offset that, but two days of moves in opposite directions leave a leveraged fund behind twice the net change. Confirm the quote date and price before relying on any single figure.

Where Things Stand

The answer is that the fund's gain reflects a possible rebound, not the results, which pushed Netflix shares down 5.31% on October 21, 2026. The balance of evidence is mixed for the stock: margins and Buybacks are strong, while ad revenue guidance and free cash flow were cut. Netflix 2X Long ETF (CBOE:NFLU) magnifies each daily move. The next markers are fourth quarter delivery of the 26.0% margin and ad product rollout.