Netflix — Jul 17, 2025 release

Response to our recent price adjustments, as measured by member acquisition, churn and plan mix, has been broadly in line with our expectations. We continue to make progress building our ads business and still expect to roughly double ads revenue in 2025. A key focus this year is enhancing our capabilities for advertisers. We completed the rollout of the Netflix Ads Suite, our in-house first-party ad tech platform, to all of our ads markets and early results are in-line with our expectations. We believe our ad tech platform is foundational to our long-term ads strategy and, over time, will enable us to offer better measurement, enhanced targeting, innovative ad formats and expanded programmatic capabilities. We also recently announced we will integrate Yahoo DSP into our programmatic offering. Our US upfront is nearly complete as we have closed the vast majority of our deals with the major agencies. We’re pleased with the results which are consistent with our goal to roughly double ads revenue this year. Clients are excited about our growing scale, the successful rollout of our tech stack, as well as our upcoming programming slate. 6 Cash Flow and Capital Structure Our capital allocation approach is unchanged—we prioritize profitable growth by reinvesting in our business, maintaining ample liquidity and returning excess cash (beyond several billion dollars of minimum cash and any used for selective M&A) to shareholders thr