Wall Street's waiting for (https://www.cnbc.com/2026/07/16/netflix-nflx-earnings-q2-2026.html) to confirm the ad business is a margin tailwind. Wrong question. The real signal is whether NFLX can sustain 45%+ net margins *while* ramping ad revenue from zero baseline. They can't — not in the same quarter. Ad CPMs are still depressed vs cable, subscriber growth is slowing, and price increases are hitting churn.

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