Netflix — Oct 21, 2025 release

(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 expense was not included in our prior guidance forecast but was identified as a potential exposure in our prior 10-Q and 10-K filings. Th