Netflix — Jul 17, 2025 release
Fiscal 2025 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001065280-25-000322
Showing in the filing
Content amortization growth expectation
“high single digit growth”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 15
Revenue for Q3 FY2025
“$11,526”
Y/Y % Growth for Q3 FY2025
“17.3%”
Operating Income for Q3 FY2025
“$3,625”
Net Income for Q3 FY2025
“$2,979”
Diluted EPS for Q3 FY2025
“$6.87”
Operating Margin for Q3 FY2025
“31%, a two percentage point year-over-year improvement”
Revenue forecast for FY2025
“$44.8B-$45.2B”
Revenue growth (reported) for FY2025
“15%-16% year-over-year growth”
Operating Margin (F/X neutral) for FY2025
“29.5%”
Operating margin (reported basis) for FY2025
“30%”
Content amortization growth expectation for FY2025
“high single digit growth”
Spain programming investment for FY2025
“over one billion Euros”
Fort Monmouth, NJ production facility invest… for the long term
“roughly $1B”
Ads revenue growth for FY2025
“roughly double ads revenue”
Free cash flow forecast for FY2025
“$8B-$8.5B”
Exhibit 99.1 · the passage around this item
… earlier in the release
4 https://www.netflix.com/tudum/top10 5 https://www.bbc.com/culture/article/20250715-the-animated-k-pop-film-that-swept-the-world 6 https://variety.com/2025/music/news/kpop-demon-hunters-soundtrack-albums-chart-1236459821/ 7 https://www.billboard.com/music/chart-beat/huntr-x-golden-global-charts-number-one-july-19-1236020891/ 8 https://www.billboard.com/pro/kpop-demon-hunters-billboard-hot-100-seven-hits-golden/ 9 https://www.netflix.com/tudum/top10 10 https://www.netflix.com/tudum/top10/most-popular/tv 11 https://about.netflix.com/en/news/what-we-watched-the-first-half-of-2025 12 As you can see from the only 3% year over year increase in content amortization in 1H25 (in the Consolidated Statements of Cash Flows) vs. our expectation for high single digit growth for the full year 2025. 3 • Our most-watched titles during this period reflect that great stories can come from anywhere and include Adolescence from the UK, all three seasons of Squid Game from Korea, Zero Day from the US and Secrets We Keep from Denmark. Our most-watched films include Back in Action , Tyler Perry’s STRAW and The Life List from the US, Exterritorial from Germany and Counterattack from Mexico. • Our viewing is very broad and we’re not dependent on any one title to drive engagement—for instance, even our biggest titles that have tens of millions of views account for less than 1% of total viewing on Netflix in the reporting period. • Our titles have staying power, with nearly half of the viewing of Netflix originals coming from titles launched in 2023 or earlier. Money Heist , Lucifer , Red Notice , Leo and We Can Be Heroes each had more than 20M views in the first half of 2025. At Netflix, our content strategy is “local for local”—developing shows and films that deeply connect with audiences in their home countries. To achieve this, we have creative teams around the world collaborating with local talent to produce stories that reflect their cultures and interests.
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.