Companies /Communication Services
Netflix Inc
NASDAQ: NFLX Entertainment
$70.30
▼ $1.27 (−1.77%) today
Markets closed · 9:08pm ET

Netflix (NFLX) Q2 2025 Earnings

Reported Jul 17, 2025, 4:04pm ET · SEC source
$7.19
Beat +1.89%
EPS · est. $7.06
$11.1B
Beat +0.40%
Revenue · est. $11.0B
−1.5%
Trailing market
NFLX vs S&P since report
1 quarter
Consecutive EPS beats

How Did NFLX Stock React to Q2 2025 Earnings?

% change · around the report
−2%0+2%Jul 17Jul 18report 4:04pm ETearnings+0.0%−2.9%
−2%0+2%Jul 17Jul 18earnings+0.0%−2.9%
NFLX −2.9%S&P 500 +0.0%
−2%0+2%Jul 17Jul 18report 4:04pm ETearnings+0.0%−2.9%
−2%0+2%Jul 17Jul 18earnings+0.0%−2.9%
NFLX −2.9%NASDAQ +0.0%
−6%−3%0Jul 16Jul 25report 4:04pm ETearnings+1.5%−6.4%
−6%−3%0Jul 16Jul 25earnings+1.5%−6.4%
NFLX −6.4%S&P 500 +1.5%
−6%−3%0Jul 16Jul 25report 4:04pm ETearnings+0.8%−6.4%
−6%−3%0Jul 16Jul 25earnings+0.8%−6.4%
NFLX −6.4%NASDAQ +0.8%
−5.10%
Day of report
+1.99%
Next session
−2.38%
One week
+0.41%
30 days

S&P 500 over the same 30 days: +1.95%.

Did NFLX Beat Earnings? Q2 2025 Results

Yes. Netflix reported Q2 2025 earnings of $7.19 a share on Jul 17, 2025, beating the $7.06 consensus estimate by 1.9%. Revenue was $11.1B against a $11.0B estimate.

Netflix posted a strong second quarter for fiscal 2025, beating Wall Street expectations on both the top and bottom lines as surging profitability and broad-based subscriber momentum defined the period. The streaming giant reported diluted EPS of $7.19, ahead of the $7.06 consensus estimate by 1.89%, while revenue climbed 15.9% year over year to $11.08 billion, edging past the $11.04 billion consensus by 0.40%. The headline driver was a dramatic expansion in operating income, which jumped 45% year over year to $3.77 billion as operating margin widened to 34.1% from 27.2% a year ago, fueled by member growth, higher subscription pricing, and a rapidly scaling advertising business. Despite the strong print, the stock slipped in after-hours trading, raising questions about whether recent record highs had already priced in the upside. Looking ahead, Netflix raised its full-year 2025 revenue outlook to $44.80 billion-$45.20 billion and lifted its free cash flow forecast to $8.00 billion-$8.50 billion, signaling continued confidence in its growth trajectory.

Key Takeaways
  • Member growth, higher subscription pricing, and increased ad revenue drove 16% YoY revenue growth
  • UCAN revenue growth accelerated to 15% from 9% in Q1 due to full-quarter impact of price changes
  • All regions posted double-digit F/X neutral revenue increases
  • Favorable foreign exchange impact net of hedging contributed to revenue upside vs guidance
  • Operating margin expansion of 7 percentage points YoY to 34.1%

What Was Netflix's Outlook in Q2 2025?

Netflix raised its full-year 2025 revenue forecast to $44.8B-$45.2B (from $43.5B-$44.5B), representing 15%-16% YoY growth (16%-17% F/X neutral). The company now targets a 29.5% F/X neutral operating margin for 2025 (up from 29%), equating to roughly 30% on a reported basis. Free cash flow forecast was increased to $8.0B-$8.5B from approximately $8.0B. For Q3 2025, Netflix expects revenue of $11.526B (17% growth), operating margin of 31.5%, and diluted EPS of $6.87. Second-half operating margins are expected to be lower than first-half due to higher content amortization and marketing costs. The company expects to roughly double advertising revenue in 2025 and continues to see healthy member growth and ad sales momentum.

NFLX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$4.0B$8.0B$12.0B$9.6B$11.1BRevenue$2.6B$3.8BOperating Income$2.1B$3.1BNet Income
$0$4.0B$8.0B$12.0BRevenueOperating IncomeNet Income
NFLX income statement, Q2 2025 versus Q2 2024
Metric Q2 2025 Q2 2024 Year over year
Revenue $11.1B $9.6B +15.9%
Operating Income $3.8B $2.6B +45.0%
Net Income $3.1B $2.1B +45.6%

NFLX Revenue by Segment

UCAN (United States and Canada)$4.9B+15.0%
EMEA (Europe, Middle East, and Africa)$3.5B+18.0%
LATAM
APAC
LATAM (Latin America)$1.3B+9.0%
APAC (Asia-Pacific)$1.3B+24.0%

NFLX Revenue by Geography

North America$4.9B+15.0%
EMEA$3.5B+18.0%
Latin America$1.3B+9.0%
Asia Pacific$1.3B+24.0%

Figures from SEC filings and company reports. Not investment advice.