Netflix options traders are making bullish bets ahead of earnings, with a 9% move priced in

Netflix $NFLX is drawing bullish options bets ahead of its earnings report, which is due after the market close on Tuesday, according to CNBC.

Options prices imply a 9% move in Netflix stock after the report, according to CNBC. That is the largest implied move since the company's third-quarter 2022 report, when options priced in 11% and the stock jumped 13%. The stock has moved a median of 7.25% after its last eight quarterly reports.

As of noon ET on Tuesday, traders had bought 1.5 times as many Netflix calls as puts, according to CNBC. Traders also sold more puts than they bought, on volume above 150% of the daily average. Selling puts is a bullish strategy. Six of the top 10 contracts by purchase count were calls, and five of them expire this Friday.

The biggest single trade involved selling several Nov. 20 puts at a $70 strike price, together worth about $2 million, according to CNBC. Those contracts are at the money.

Traders also bought more than 3,500 calls with an $80 strike that expire this Friday, paying more than $210,000 in premium. Netflix stock would have to climb 20% or more by Friday for those buyers to come out even, a gain more than twice the implied move, according to CNBC.

Netflix stock is nearly 50% below its all-time high.

Netflix stock has lost 26% in 2026 and fell 14% in September. The company announced on Monday that film division head Dan Lin is leaving. Last week, it replaced Chief Content Officer Bela Bajaria with Peter Rice, the former chairman of Walt Disney $DIS Television.

Netflix is eliminating about 6% of its global workforce, or roughly 1,000 jobs, its deepest staffing cuts since 2022. Co-CEOs Greg Peters and Ted Sarandos told employees on Oct. 14 that the company remains on track to meet its full-year earnings forecast.