Netflix — Jan 21, 2025 release

We’re focused on improving all aspects of our service and, combined with the return in 2025 of our biggest shows ( Squid Game , Wednesday and Stranger Things ), we’re optimistic heading into the new year. Our summary results and forecast for Q1 are below. (in millions except per share data) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Forecast Revenue $ 8,833  $ 9,370  $ 9,559  $ 9,825  $ 10,247  $ 10,416  Y/Y % Growth 12.5  % 14.8  % 16.8  % 15.0  % 16.0  % 11.2  % Operating Income $ 1,496  $ 2,633  $ 2,603  $ 2,909  $ 2,273  $ 2,940  Operating Margin 16.9  % 28.1  % 27.2  % 29.6  % 22.2  % 28.2  % Net Income $ 938  $ 2,332  $ 2,147  $ 2,364  $ 1,869  $ 2,440  Diluted EPS $ 2.11  $ 5.28  $ 4.88  $ 5.40  $ 4.27  $ 5.58  Global Streaming Paid Memberships 260.28  269.60  277.65  282.72  301.63  Y/Y % Growth 12.8  % 16.0  % 16.5  % 14.4  % 15.9  % Global Streaming Paid Net Additions 13.12  9.33  8.05  5.07  18.91  Net cash provided by operating activities $ 1,663  $ 2,213  $ 1,291  $ 2,321  $ 1,537  Free Cash Flow $ 1,581  $ 2,137  $ 1,213  $ 2,194  $ 1,378  Shares (FD) 444.3  441.7  439.7  437.9  437.8  1 Q4 Results and Forecast Revenue in Q4 increased 16% year over year, or 19% on a foreign exchange (F/X) neutral basis 1 . This was slightly above our beginning-of-quarter forecast despite the strengthening of the US dollar vs. most currencies as membership growth and ad sales outpaced our forecast. Average paid memberships rose 15% year over year, while ARM 2 was up 1% year over year, or 3% on a F/X neutral basis. In Q4, membership growth was driven by broad strength across our cont