Netflix Second Quarter 2025 Earnings

• Our business continues to perform well. In Q2, we grew revenue 16% and our operating margin of 34% expanded seven points year over year. Both revenue and operating income were slightly above our guidance due primarily to F/X, net of hedging, and the timing of expenses.
• We now forecast 2025 revenue of $44.8-$45.2B, up from $43.5-$44.5B, and a F/X neutral operating margin of 29.5% (vs. 29% previously), or 30% on a reported basis. Our higher forecast primarily reflects the weakening of the US dollar vs. most other currencies, plus healthy member growth and ad sales.
• We continue to make progress on our key business objectives:
  • In Q2, we had a wide variety of hit series like Squid Game S3, Sirens, Ginny & Georgia S3, The Eternaut and Secrets We Keep, and popular films like Tyler Perry’s STRAW and Exterritorial.
  • We have completed the rollout of the Netflix Ads Suite, our proprietary first-party ad tech platform, across all our ads markets.
  • We have also launched our redesigned TV homepage, which we expect will enhance the member experience. This new TV UI is simpler, more intuitive and better represents the breadth of entertainment on Netflix today.
  • We’re optimistic heading into the second half of the year, with a standout slate that includes Wednesday S2, the Stranger Things finale, the highly anticipated Canelo-Crawford live boxing match, Adam Sandler’s Happy Gilmore 2, Kathryn Bigelow’s A House of Dynamite and Guillermo del Toro’s Frankenstein.
  For the full earnings release, please go here.