SpaceX and Netflix Report Tonight in Packed Q3 Earnings Test

SpaceX and Netflix report third quarter results after the United States market close on Tuesday, Oct. 20, 2026, in a packed earnings evening.

The two reports test very different stories. SpaceX is a newly listed company that analysts expect to post its first profitable quarter. Netflix is a mature streaming leader whose shares have fallen more than 40 percent over the past year and that cut just under 1,000 jobs last week.

SpaceX: first profit in sight

This is only the second earnings report since SpaceX listed in June under the ticker SPCX. Analysts expect revenue of about $12.8 billion, more than double a year earlier, and earnings of $0.16 per share. If the forecast holds, it will be the first profitable quarter for the company as a public firm.

The comparison point is strong but loss-making. In the second quarter SpaceX posted revenue of $7.8 billion, up 92 percent, and a net loss of $541 million. Starlink was the biggest contributor at $4.3 billion. Chief financial officer Bret Johnsen said the company was on course to reach $100 billion in annualised revenue by year end.

Investors have already shown how hard they will judge a miss. After its first report in August the stock fell 14 percent the next day, then recovered to near the $135 IPO price. Shares traded near $146 to $148 before Tuesday's open, above that starting price but with little room for disappointment.

Netflix: growth with pressure

Analysts expect Netflix revenue of $12.88 billion, up about 12 percent, and earnings per share of $0.82, up from $0.59 a year ago. Netflix itself guided for about $12.9 billion of revenue and a 33.2 percent operating margin. In the second quarter revenue was $12.56 billion with a 33.4 percent margin, so the guide points to steady, not fast, progress.

Options markets price a move of about 9.5 percent either way after the report, a sign that traders expect a sharp reaction. The recent job cuts frame the report. Just under 1,000 jobs, about 6 percent of staff, were cut last week, and the share price is down more than 40 percent over the past year despite the business still growing revenue at a double-digit rate.

Advertising is the growth lever investors will probe. Ad revenue is expected to roughly double this year to about $3 billion.

Market backdrop

Stocks set a mixed tone before the reports. The Nasdaq rose more than 1 percent on Monday after its first losing week in over a month. On Tuesday morning Nasdaq futures were down 0.8 percent and S&P 500 futures were down 0.3 percent. WTI crude was up 2.5 percent at $106.20 after trading above $110.

Meta and Tesla report on Wednesday, Oct. 21, so tonight shapes how investors walk into the next big tech results.

What matters tonight is simple. SpaceX needs to show that rapid revenue growth can turn into profit. Netflix needs to show that job cuts and ad growth point to a stronger margin story, not a company running out of easy growth.