Netflix Q2 revenue $11.08B (+16% YoY), EPS $7.19; raises 2025 revenue & margin guidance

NETFLIX INC

2025-Q2 EPS reported $13.80 revenue$21,621,967,000

Q2 revenue $11,079M (+16% YoY), diluted EPS $7.19 vs $4.88; operating margin 34.1% vs 27.2%.
FY2025 revenue forecast raised to $44.8-$45.2B (from $43.5-$44.5B); operating margin target 29.5% F/X neutral (~30% reported).
Free cash flow forecast raised to $8.0-$8.5B; repurchased 1.5M shares for $1.6B; $12B remaining authorization.
Ads business on track to roughly double 2025 revenue; Netflix Ads Suite rolled out across all ad markets.
Q3 guidance: revenue $11.53B, operating margin 31.5%; strong 2H slate includes Stranger Things finale, Wednesday S2, Canelo-Crawford fight.

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