Netflix — Jul 17, 2025 release

(in millions except per share data) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Forecast Revenue $ 9,559  $ 9,825  $ 10,247  $ 10,543  $ 11,079  $ 11,526  Y/Y % Growth 16.8  % 15.0  % 16.0  % 12.5  % 15.9  % 17.3  % Operating Income $ 2,603  $ 2,909  $ 2,273  $ 3,347  $ 3,775  $ 3,625  Operating Margin 27.2  % 29.6  % 22.2  % 31.7  % 34.1  % 31.5  % Net Income $ 2,147  $ 2,364  $ 1,869  $ 2,890  $ 3,125  $ 2,979  Diluted EPS $ 4.88  $ 5.40  $ 4.27  $ 6.61  $ 7.19  $ 6.87  Net cash provided by operating activities $ 1,291  $ 2,321  $ 1,537  $ 2,789  $ 2,423  Free Cash Flow $ 1,213  $ 2,194  $ 1,378  $ 2,661  $ 2,267  Shares (FD) 439.7  437.9  437.8  437.0  434.9  __________________________________ 1 Based on F/X rates as of 1/1/25. 1 Q2 Results and Forecast Our Q2 revenue increased by 16% year over year (17% on a foreign exchange (F/X) neutral basis 2 ). Year-over-year revenue growth was primarily a function of more members, higher subscription pricing and increased ad revenue. All regions experienced healthy year-over-year revenue growth, with each region posting double-digit F/X neutral increases. UCAN revenue growth accelerated year over year to 15% vs. 9% in Q1’25 due to the full quarter impact of price changes. Revenue was slightly above our guidance due primarily to favorable F/X impact, net of hedging. Member growth was ahead of our forecast, although this occurred late in the quarter, limiting the impact on Q2 revenue. Operating income totaled $3.8B, up 45% year over year, and operating margin was 34% vs 27% in Q2’24. Both operating income and operating margin were slightly ahead of our forecast given the revenue upside in the quarter and