The earnings call highlighted significant revenue guidance increases, strong membership growth, and successful ad sales and content strategy implementations. However, there were concerns about limited operating margin growth, stagnation in viewing share, and engagement challenges.

Company Guidance -

Q3 2025

During the Netflix Q2 2025 earnings call, the company increased its full-year revenue guidance to $44.8 billion to $45.2 billion, up from the prior guide of $43.5 billion to $44.5 billion, reflecting a $1 billion increase at the midpoint primarily due to FX impacts. Despite unchanged operating expenses, Netflix anticipates a full-year operating margin increase from 29% to 30%, with a 50 basis point rise in FX-neutral margin attributed to stronger membership and ad growth. The company expects a 31.5% operating margin for Q3, with content expenses set to rise in the latter half of the year. Netflix's advertising business is on track to double its revenue, supported by the rollout of its ad tech stack, while engagement metrics remain stable, with no significant shifts in consumer sentiment or plan mix. Looking ahead, Netflix is confident in its content slate's strength, including major upcoming titles and live events, and maintains a focus on expanding its entertainment offerings and harnessing generative AI to enhance production capabilities.

Increased Revenue Guidance

Netflix raised its full-year revenue guidance to $44.8 billion to $45.2 billion, up from the previous guide of $43.5 billion to $44.5 billion, reflecting a $1 billion increase at the midpoint.

Membership Growth and Ad Sales Momentum

Healthy member growth was observed, with stronger than expected increases in Q2. Ad sales are on pace to roughly double revenue for the year, exceeding early expectations.

Strong Content Slate for 2025 and 2026

The upcoming content slate includes highly anticipated titles like 'Squid Game 3', 'Wednesday', and 'Stranger Things'. New movies such as 'Happy Gilmore 2' and a new 'Knives Out' film are also planned.

Successful Launch of Netflix Ad Suite

The rollout of the Netflix ad suite was completed globally, showing good performance metrics and increased programmatic buying.

Successful U.S. Upfront Negotiations

The U.S. upfront negotiations were nearly complete, with deals closed with major agencies, in line or better than targets.

GenAI and AI-Powered Tools in Production

Netflix is leveraging AI to enhance production capabilities, achieving remarkable results such as a 10x faster VFX sequence completion in the show 'El Eternaut'.

Netflix (NFLX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NFLX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	6.92 / -	5.4	―	―	―
Jul 18, 2025	2025 (Q2)	7.07 / 7.19	4.88	47.34% (+2.31)	―
Apr 17, 2025	2025 (Q1)	5.67 / 6.61	5.28	25.19% (+1.33)	―
Jan 21, 2025	2024 (Q4)	4.20 / 4.27	2.11	102.37% (+2.16)	―
Oct 17, 2024	2024 (Q3)	5.12 / 5.40	3.73	44.77% (+1.67)	―
Jul 18, 2024	2024 (Q2)	4.74 / 4.88	3.29	48.33% (+1.59)	―
Apr 18, 2024	2024 (Q1)	4.52 / 5.28	2.88	83.33% (+2.40)	―
Jan 23, 2024	2023 (Q4)	2.22 / 2.11	0.12	1658.33% (+1.99)	―
Oct 18, 2023	2023 (Q3)	3.49 / 3.73	3.1	20.32% (+0.63)	―
Jul 19, 2023	2023 (Q2)	2.85 / 3.29	3.2	2.81% (+0.09)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NFLX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 17, 2025	$973.03	$987.91	+1.53%
Jan 21, 2025	$869.68	$953.99	+9.69%
Oct 17, 2024	$687.65	$763.89	+11.09%
Jul 18, 2024	$643.04	$633.34	-1.51%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.