Netflix — Jul 17, 2025 release

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 foreign exchange rates remained constant with foreign exchange rates from each of the corresponding months of the prior-year period. 2 We’re pleased with the performance of our Q2 slate. Highlights include: • A number of hit series including Sirens * (56M views 3 ), Ginny & Georgia S3* (53M views), Mad Unicorn * from Thailand (7M views), Dept. Q * from the UK (28M views), Secrets We Keep * from Denmark (35M views), the animated Asterix & Obelix: The Big Fight * from France (16M views) and The Eternaut * from Argentina (29M views). • New series out of the US,