Bill Ackman's Pershing Square Took a New Stake in Netflix in 2026, Years After a Money-Losing Bet on the Stock. Why He Says This Time Is Different.

Bill Ackman's Pershing Square has established a new $1 billion stake in NFLX in 2026, marking a return to the streaming giant after exiting a $1.25 billion position at a loss in early 2022. The billionaire investor initially bailed when Netflix introduced its ad-supported tier, citing diminished confidence in forecasting the company's trajectory.

Ackman's reversal hinges on Netflix's execution since his exit. The company emerged dominant from the streaming wars, successfully expanded into advertising and live programming, and delivered robust free cash flow growth alongside share buybacks. These operational shifts have restored Ackman's conviction in the business model he previously abandoned.

The hedge fund manager now projects Netflix will deliver approximately 20% annualized earnings per share growth, a significant vote of confidence from an investor known for concentrated, high-conviction bets. The billion-dollar position represents a material commitment from Pershing Square, which typically holds a focused portfolio of 8-12 names.

The timing follows a period of strategic transformation at Netflix, with the ad tier and content diversification proving more successful than Ackman initially anticipated when he sold four years earlier.