Netflix — Oct 21, 2025 release

• We’re finishing the year with good momentum and have an exciting Q4 slate, including the final season of Stranger Things , new seasons of The Diplomat and Nobody Wants This , Guillermo del Toro’s Frankenstein , Kathryn Bigelow’s A HOUSE OF DYNAMITE , Rian Johnson’s Wake Up Dead Man: A Knives Out Mystery as well as more live events including NFL Christmas Day games and the Jake Paul vs. Tank Davis boxing match. Our summary results, and forecast for Q4, are below. (in millions except per share data) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Forecast Revenue $ 9,825  $ 10,247  $ 10,543  $ 11,079  $ 11,510  $ 11,960  Y/Y % Growth 15.0  % 16.0  % 12.5  % 15.9  % 17.2  % 16.7  % Operating Income $ 2,909  $ 2,273  $ 3,347  $ 3,775  $ 3,248  $ 2,860  Operating Margin 29.6  % 22.2  % 31.7  % 34.1  % 28.2  % 23.9  % Net Income $ 2,364  $ 1,869  $ 2,890  $ 3,125  $ 2,547  $ 2,355  Diluted EPS $ 5.40  $ 4.27  $ 6.61  $ 7.19  $ 5.87  $ 5.45  Net cash provided by operating activities $ 2,321  $ 1,537  $ 2,789  $ 2,423  $ 2,825  Free Cash Flow $ 2,194  $ 1,378  $ 2,661  $ 2,267  $ 2,660  Shares (FD) 437.9  437.8  437.0  434.9  434.0  1 Q3 Results and Forecast Revenue in Q3 grew 17% year over year on both a reported and foreign exchange (F/X) neutral basis 1 , driven primarily by membership growth, pricing adjustments, and increased ad revenue. Revenue was in-line with our guidance with the slight variance due to unfavorable movements in foreign currencies since we set our forecast. Q3’25 operating income totaled $3.2B, up 12% year over year. Operating margin was 28% vs 30% in Q3’24. This was below our guidance forecast because we incurred an expense in Q3’25 of approximately $619 million related to an ongoing dispute with Brazilian tax authorities regarding certain non-income tax assessments. This expen