Netflix Q3 revenue $11.5B (+17%); $619M Brazil tax charge hits margin; full-year ops margin guided to 29%

NETFLIX INC

2025-Q3 EPS reported $19.67 revenue$33,132,274,000

Q3 revenue $11.51B (+17% YoY); diluted EPS $5.87; operating margin 28.2% vs 31.5% guide due to $619M Brazil tax charge.
Full-year 2025 revenue expected $45.1B (+16%); operating margin 29% (was 30%) due to Brazil charge; Q4 forecast $11.96B.
Ad revenue on track to more than double in 2025; US upfront commitments more than doubled; Amazon DSP integration announced.
KPop Demon Hunters (325M views) becomes most popular film ever; Mattel & Hasbro named global co-master toy licensees.
FCF forecast raised to ~$9B (from $8-8.5B); repurchased 1.5M shares for $1.9B in Q3; $10.1B remaining buyback authorization.

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