Netflix options activity ahead of earnings: what the strikes reveal

On October 20, 2026, Netflix Inc (NFLX) options volume reached 677,970 contracts by 3:22 p.m. ET. Call options outnumbered put options with a ratio of approximately 1.22, indicating a balanced hedging and positioning activity rather than a strong directional bet. The stock is trading at $68.56, down 1.85% from its previous close, with a market cap of $285.65 billion.

Over the past year, NFLX stock has declined by 44.64%, and year-to-date, it has dropped by 27.16%. Analysts emphasize that the depressed sentiment and the stock's current valuation (around 45% below its 52-week high) suggest that the volume and price skew are leaning towards a potential relief rally. However, they also highlight the need to watch guidance and engagement metrics, as these could be key drivers of the stock's future movements.