Netflix — Oct 21, 2025 release

Cash Flow and Capital Structure We prioritize profitable growth by reinvesting in our business, both organically and through selective M&A, while maintaining ample liquidity and returning excess cash to shareholders through share repurchases. Net cash generated from operating activities in Q3 was $2.8B vs. $2.3B in the prior year period. Free cash flow 14 in Q3’25 totaled $2.7B vs. $2.2B in Q3’24. We now expect 2025 free cash flow of approximately $9B (+/- a few hundred million dollars), up from our prior forecast of $8B-$8.5B. This new forecast reflects the timing of cash payments and lower content spend. During the quarter we repurchased 1.5M shares for $1.9B, leaving $10.1B remaining under our existing share repurchase authorization. We ended the quarter with gross debt of $14.5B and cash and cash equivalents of $9.3B. Reference For quick reference, our past investor letters can be found here 15 . ___________________________________ 14 Defined as cash provided by (used in) operating activities less purchases of property and equipment. 15 https://ir.netflix.net/financials/quarterly-earnings/default.aspx 6 Regional Breakdown (in millions) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 UCAN: Revenue $ 4,322  $ 4,517  $ 4,617  $ 4,929  $ 5,072  Y/Y % Growth 16  % 15  % 9  % 15  % 17  % F/X Neutral Y/Y % Growth 16  % 15  % 9  % 15  % 17  % EMEA: Revenue $ 3,133  $ 3,288  $ 3,405  $ 3,538  $ 3,699  Y/Y % Growth 16  % 18  % 15  % 18  % 18  % F/X Neutral Y/Y % Growth 17  % 16  % 16  % 16  % 15  % LATAM: Revenue $ 1,241  $ 1,230  $ 1,262  $ 1,307  $ 1,371  Y/Y % Growth 9  % 6  % 8  % 9  % 10  % F/X Neutral Y/Y % Growth 46  % 35  % 27  % 23  % 20  % APAC: Revenue $ 1,128  $ 1,212  $ 1,2