Netflix — Apr 11, 2025 release

(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 quarter impact from our price change, plan mix and the absence of advertising revenue from the Christmas Day NFL games. We expect UCAN revenue growth to reaccelerate in Q2. Operating income totaled $3.3B, up 27% year over year, and operating margin was 32% vs 28% i