Netflix — Apr 11, 2025 release

• We are working hard to improve and expand our entertainment offering with the goal to build the most valued entertainment company for members, creators and shareholders. Our summary results, and forecast for Q2, are below. (in millions except per share data) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Forecast Revenue $ 9,370  $ 9,559  $ 9,825  $ 10,247  $ 10,543  $ 11,035  Y/Y % Growth 14.8  % 16.8  % 15.0  % 16.0  % 12.5  % 15.4  % Operating Income $ 2,633  $ 2,603  $ 2,909  $ 2,273  $ 3,347  $ 3,675  Operating Margin 28.1  % 27.2  % 29.6  % 22.2  % 31.7  % 33.3  % Net Income $ 2,332  $ 2,147  $ 2,364  $ 1,869  $ 2,890  $ 3,055  Diluted EPS $ 5.28  $ 4.88  $ 5.40  $ 4.27  $ 6.61  $ 7.03  Net cash provided by operating activities $ 2,213  $ 1,291  $ 2,321  $ 1,537  $ 2,789  Free Cash Flow $ 2,137  $ 1,213  $ 2,194  $ 1,378  $ 2,661  Shares (FD) 441.7  439.7  437.9  437.8  437.0  __________________________________ 1 https://www.netflix.com/tudum/top10/most-popular/tv 2 https://www.netflix.com/tudum/top10/most-popular 3 https://www.netflix.com/tudum/top10/most-popular/films-non-english 4 https://www.netflix.com/tudum/top10/most-popular/films-non-english 1 Q1 Results and Forecast Revenue in Q1 grew 13% year over year, or 16% on a foreign exchange (F/X) neutral basis 5 , driven primarily by membership growth and higher pricing, partially offset by F/X, net of hedging. Revenue was modestly above our guidance due to slightly higher-than-forecasted subscription and ad revenue (which is still very small relative to subscription revenue). UCAN revenue grew