Bill Ackman’s Pershing Square has opened a new Netflix position worth about $950 million, equal to 4.9% of its $19.47 billion 13F portfolio at the end of June 2026. Ackman sold his previous stake in 2022 at a loss of more than $400 million.
Pershing Square’s mid-2026 letter argued that Netflix’s subscriber scale had changed the competitive outlook that led to the 2022 exit. Netflix reported $9 billion in free cash flow in 2025 and more than 325 million paid memberships by year-end. The fund pointed to sustained earnings growth; Netflix projected about $3 billion in ad-tier revenue for 2026, roughly twice its 2025 figure.
Netflix viewing hours grew just 2% in the first half of 2026, while content spending was set to rise about 10%. Wells Fargo’s Steven Cahall downgraded the stock to Underweight on Sept. 18, citing deteriorating engagement, and cut his price target to $57. Evercore ISI raised its target to $110 that week. Netflix’s Oct. 20 earnings report is the next point the article identifies for assessing the trend.
