secwatch.observer — SEC 8-K summary
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Issuer:     NETFLIX INC (NFLX)
CIK:        0001065280
Form:       8-K
Filed at:   2025-10-21T23:59:59+00:00
Accession:  0001065280-25-000404
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1065280/000106528025000404/0001065280-25-000404-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1065280/000106528025000404/nflx-20251021.htm
  HTML page:      https://secwatch.observer/filing/0001065280-25-000404

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