---
schema_version: "secwatch.filing_event.v1"
accession: "0001065280-25-000404"
form_type: "8-K"
ticker: "NFLX"
cik: "0001065280"
company_name: "NETFLIX INC"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T02:57:13.638110+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001065280-25-000404
- form_type: 8-K
- ticker: NFLX
- cik: 0001065280
- company_name: NETFLIX INC
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1065280/000106528025000404/0001065280-25-000404-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1065280/000106528025000404/nflx-20251021.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001065280-25-000404
- JSON: https://secwatch.observer/filing/0001065280-25-000404.json
- Plain text: https://secwatch.observer/filing/0001065280-25-000404.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.