Netflix (NFLX - Get Report) is expected to report earnings after the bell Tuesday.

Shares have mostly tread water since the company delivered a solid Q4 report in January, after having soared during the weeks immediately preceding the report, wrote TheStreet's Eric Jhonsa.

A strong Q1 report could help Netflix break out of its trading range, if one arrives on Tuesday afternoon.

The consensus among analysts polled by FactSet is for Netflix to report Q1 revenue of $4.5 billion (up 22% annually) and GAAP EPS of $0.58. However, as usual, Netflix's subscriber figures and guidance are likely to have a bigger impact on how its shares move post-earnings than its revenue and EPS numbers.

In January, Netflix forecast it would see 8.9 million streaming paid subscriber adds in Q1 (7.3 million international, 1.6 million U.S.). For Q2, the analyst consensus is for Netflix to see about 5.5 million paid net adds (4.77 million international, 678,000 U.S.).

Jim Cramer's giving his three things to watch during the earnings report. 

 Related. Better to Trade Netflix After Earnings, Not Before

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