Netflix CEO Ted Sarandos said on October 6, 2026 that the company is not growing as fast as he wants, with engagement up 2 percent in the first half and shares down 26 percent year to date. HSSPC downgraded the stock to hold, arguing YouTube's gains are partly coming at Netflix's expense. The discussion now weighs that against Netflix's $12.8 billion in run-rate revenue added over 24 months, more than Peacock, HBO Max or Paramount each take in globally. Whether YouTube is the real competitor, and whether the growth bar is set right, remains open.