After delivering a solid third-quarter earnings report, Netflix execs fielded the question top of mind for most investors (though definitely not for inflation-wracked subscribers): When will they raise prices in the U.S.?

“Our approach to pricing has been remarkably consistent over many, many years,” Co-CEO Greg Peters said. “Our core theory is, we’ve got to work really, really hard to make sure we are delivering more value to members every quarter. Then, we assess based on how that’s going, through metrics like engagement, acquisition and retention, did we do a good job there? How we actually deliver that promise of more value. If we do, then we occasionally ask members to pay a bit more, so we can invest that forward and keep that whole process going.”

Netflix has raised prices of various plans half a dozen times in the U.S. and Canada since 2015, most...