Netflix (Netflix (NFLX)) stock is trading at new 52-week lows after a mixed second-quarter earnings report and weaker-than-expected guidance. But the company's latest engagement report, released alongside its financial results, suggests the pain might not be over yet.

The report details Netflix's most-watched programs for the first half of 2026, and it's a list dominated by returning seasons, animated movies, and non-English titles. The problem? Many of those hits won't be back in the second half of the year.

Take "Bridgerton," which aired its latest season in January. The next season isn't coming until 2027. And "Stranger Things"? That series is done. The final season aired in multiple parts over the second half of 2025, with the last episode dropping on Dec. 31, 2025. Yet the show still ranked fourth overall for the first half of 2026, thanks to viewers rewatching. Seasons 1 through 4 also made the top 40. But it's unlikely all five seasons will repeat that feat in the second half.

Then there are the animated films. "Swapped" and "KPop Demon Hunters" ranked third and fourth overall for movies in the first half of 2026. "KPop Demon Hunters" has been a smash since its release in June 2025, but its viewership will naturally fade. Netflix has a couple of animated films on the slate for the second half, including one that follows the familiar Cinderella storyline, but they probably won't reach the same heights.

In its earnings report, Netflix highlighted several shows and movies for the third quarter, but they don't carry the same excitement as the company's long-standing franchise hits. The company is betting heavily on new content and live events to drive engagement in the second half of 2026.

Can Live Content Save the Day?

Netflix is leaning more into live programming, which could be good news for shareholders. The company has set records for NFL and MMA viewership with past live specials. Upcoming events include the Home Run Derby (which just aired), the Field of Dreams MLB game, and four NFL games spread across the third and fourth quarters of 2026 and the first quarter of 2027.

Netflix says live programming will make up about 5% of its content spend in 2026 and roughly 1% of view hours. But live events have accounted for six of the top 10 new member sign-up days over the past five years—and live events only started in 2023. So the impact on subscriber acquisition is real, even if the viewership numbers don't match a hit series.

Still, without releasing subscriber figures, Netflix is now putting more emphasis on revenue, advertising revenue, and viewership figures for hit shows. That shift in focus might prove to be the wrong move if the second half's content slate can't replicate the first half's engagement.

The bottom line: Netflix's first-half success was built on shows and movies that won't be back in the second half. Live sports and new originals are the company's big bets, but they may not fill the gap left by "Stranger Things" and "KPop Demon Hunters." Investors will be watching closely.