Our goal is to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow. In Q2’25, we expect revenue growth of 15% (+17% F/X neutral) as we see the full quarter benefit from recent price changes and continued growth in membership and advertising revenue. We project operating margin of 33%, a ~6 percentage point year-over-year improvement. We continue to forecast 2025 revenue of $43.5B-$44.5B, which assumes healthy member growth, higher subscription pricing and a rough doubling of our ad revenue, partially offset by F/X net of hedging. We’re still targeting a 29% operating margin for 2025 based on F/X rates as of January 1, 2025. There’s been no material change to our overall business outlook since our last earnings report, although at current F/X rates (with the recent weakness of the US dollar relative to most other currencies), we’re currently tracking above the mid-point of our 2025 revenue guidance range. Content We remain optimistic about our 2025 slate 6 with a lineup that includes returning favorites, series finales, new discoveries and unexpected surprises designed to thrill our members. Already in Q1 we’ve delivered our third most popular English language series ever with Adolescence * (124M views 7 ), a hit limited series from our UK team; our sixth most popular English language film ever with Back in Action * (146M views) starring Cameron Diaz and Jamie Foxx; our sixth most popular non-English language film, Ad Vitam (63M views) from France; and our tenth most popular non-English language film, Countera

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.