Netflix — Jan 21, 2025 release

(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 content slate, improved product/market fit across all regions and typical Q4 seasonality. We generated 19M paid net additions - the biggest quarter of net adds in our history - compared with 13M in Q4’23 and 5M in Q3’24. Operating income totaled $2.3B, up 52% year