Netflix — Oct 21, 2025 release

Our goal is to sustain healthy revenue growth, expand operating margin, and deliver growing free cash flow. In Q4’25, we expect revenue growth of 17% (16% on a F/X neutral basis) driven by growth in members, pricing, and ad revenue. We project an operating margin of 23.9%, a two percentage point year over year improvement. This means that for the full year 2025, we expect $45.1B in revenue (16% growth, 17% on an F/X neutral basis), in-line with our prior expectations for 15%-16% revenue growth (16%-17% on a F/X neutral basis). We’re now forecasting a 2025 operating margin of 29% (both reported and based on F/X rates as of 1/1/25), vs. our prior expectations for a 30% reported operating margin (29.5% based on F/X rates as of 1/1/25) due to the impact of the Brazilian tax matter. Content and Engagement At Netflix, our goal is both simple and ambitious: to entertain the world. We achieve this by offering a diverse selection of series, films, and games that our members love. This in turn fuels engagement, and when people love what they watch and play, they stick around longer (retention), recommend Netflix to others (acquisition), and place a higher value on our service. Delivering on this promise—especially across the more than 190 countries in which we operate—is a complex challenge that requires sharp focus, bold creative choices, and a commitment to continuous improvement. By working and partnering with the best talent from around the world, we achieve creative excellence across our broad slate. __