Netflix — Apr 11, 2025 release

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 9% year over year vs. 15% in Q4’24 due to only a partial quart