Netflix (NFLX) is set to report Q2 results today after the close with a video call to follow at 6pm ET.

Current CapitalIQ consensus for EPS is $1.83 and for revenue it's $6.08 bln. In April, NFLX guided to EPS of $1.81 and revenue of $6.048 bln.

NFLX typically beats analyst expectations. It had reported upside to EPS consensus for eight consecutive quarters, but NFLX did miss in Q1.

The most important metric with NFLX is global streaming net adds. Most are expecting a huge number. In Q1, it came in at 15.77 mln, more than double its January guidance (pre-pandemic) of 7.00 mln. Clearly, more people staying at home led to a bunch of new subscribers.

Another metric to watch is ARPU. The reason here is the giant uptick in users during quarantine who were mostly suspected of being free trial users. If they show stickiness, the ARPU number should expand here in Q2.

NFLX has been a monster, going from $300 in mid-March to $533 currently.

Investors are expecting the stay at home orders to have resulted in big subscriber growth again in Q2. However, any softness and NFLX could pullback in a meaningful way.

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