Netflix — Jul 17, 2025 release

Net cash generated from operating activities in Q2 was $2.4B vs. $1.3B in the prior year period. Free cash flow 21 in Q2’25 totaled $2.3B vs. $1.2B in Q2’24. We are increasing our full year 2025 free cash flow forecast to $8B-$8.5B from approximately $8B due to the increase in our revenue and operating margin forecast. During the quarter, we paid down $1.0B of USD and EUR senior notes using proceeds from our 2024 refinancing, and we repurchased 1.5M shares for $1.6B. We have $12.0B remaining under our existing share repurchase authorization. We ended the quarter with gross debt of $14.5B and cash and cash equivalents of $8.2B. In May 2025, we established a commercial paper (CP) program, providing us with enhanced flexibility and the ability to issue short-term, unsecured notes in an aggregate amount of up to $3B. Environmental, Social, and Governance (ESG) We recently published our 2024 Environmental, Social and Governance (ESG) report 22 . Key updates for 2024 include how we are decarbonizing our operations, including the productions of our films and series; investing in our people around the world and developing the next generation of talent; and maintaining our corporate governance structure to support healthy growth and create long-term shareholder value. Reference For quick reference, our past investor letters can be found here 23 . ___________________________________ 21 Defined as cash provided by (use