The earnings call presented a generally positive outlook with significant achievements in revenue growth, ad sales, content lineup, and technological advancements. However, there are concerns about engagement growth and domestic viewing share stagnation amidst FX impacts.

Company Guidance -

Q3 2025

In the Netflix Q2 2025 earnings call, the company raised its full-year revenue guidance to $44.8 billion to $45.2 billion, up from the previous range of $43.5 billion to $44.5 billion, reflecting a $1 billion increase at the midpoint. This adjustment is primarily attributed to foreign exchange impacts from a weakening dollar, but also indicates underlying business strength with healthy membership growth and strong advertising momentum. The company's operating margin target has been updated, increasing from 29% to 30%, largely due to higher revenue expectations flowing through to profit margins without significant changes in operating expenses. Additionally, the company anticipates a robust content slate in the latter half of the year, including popular titles like Squid Game 3 and Stranger Things, which are expected to drive further engagement. The rollout of Netflix's own ad tech stack is also highlighted as a significant step that has enhanced advertiser ease and performance metrics, with expectations to double the ad business revenue this year.

Revenue and Margin Increase

Increased full year revenue guidance to $44.8 million to $45.2 billion, up about $1 billion at the midpoint. Operating margin target increased from 29% to 30%.

Ad Sales Growth

Ad sales on pace to roughly double revenue this year, with results in line or better than targets.

Strong Content Slate for H2 2025 and 2026

Exciting lineup of returning hits and new titles, including Squid Game 3, Stranger Things, and upcoming movies like a new Knives Out film.

Successful U.S. Ad Suite Rollout

Successful completion of Netflix ad suite rollout, leading to increased programmatic buying.

Positive Engagement Metrics

Stable retention rates, no significant shifts in plan mix, and engagement growth expected to improve with strong content slate.

Partnership with TF1 in France

Strategic partnership with TF1 to expand local content offering in France, leveraging new capabilities like live and ads.

Innovations in AI and VFX

Use of AI-powered tools for visual effects, improving production speed and cost-efficiency.

Netflix (NFLX) Earnings, Revenues Date & History

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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)	6.93 / -	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
Jul 18, 2025	$1209.24	$1233.27	+1.99%
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%

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.