Similar to past years, we expect our operating margin in the second half of 2025 will be lower than the first half due to higher content amortization and sales and marketing costs associated with our larger second half slate. For 2025, we are increasing our revenue forecast to $44.8B-$45.2B from $43.5B-$44.5B, previously. This represents 15%-16% year-over-year growth, or 16%-17% growth on a F/X neutral basis. The majority of the increase in our revenue forecast reflects the recent depreciation of the US dollar vs. most other currencies, with the balance attributable to continued business momentum driven by solid member growth and ad sales. As a result, we are now targeting a 29.5% operating margin for 2025, based on F/X rates at the beginning of the year, up from our prior 29% forecast. At current F/X rates, this would equate to roughly a 30% operating margin for 2025 on a reported basis. Content & Engagement Our goal is to offer a wide variety of quality series, films and games that our members love. This in turn drives engagement on Netflix and when people watch more and love what they watch, they stick around longer (retention), recommend Netflix to others (acquisition) and place a higher value on our service. We monetize this engagement through both subscription and advertising revenue. __________________________________ 2 Excluding the year over year effect of foreign exchange rate movements and the impact of hedging gains/losses realized as revenues. Assumes fo

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.