Q1 25 EPS
$6.61
BEAT +16.83%
Est. $5.66
Q1 25 Revenue
$10.54B
BEAT +0.35%
Est. $10.51B
vs S&P Since Q1 25
-45.4%
TRAILING MARKET
NFLX -8.5% vs S&P +36.9%
Market Reaction
Did NFLX Beat Earnings? Q1 2025 Results
Netflix opened 2025 with a standout quarter, posting first-quarter earnings per share of $6.61, a 16.83% beat against the $5.66 consensus estimate, as the streaming giant demonstrated that its dual focus on membership growth and advertising is beginn… Read more Netflix opened 2025 with a standout quarter, posting first-quarter earnings per share of $6.61, a 16.83% beat against the $5.66 consensus estimate, as the streaming giant demonstrated that its dual focus on membership growth and advertising is beginning to compound meaningfully. Revenue climbed 12.5% year over year to $10.54 billion, edging past the $10.51 billion Wall Street expected, while operating income surged 27% to $3.35 billion, lifting operating margin to 31.7% from 28.1% a year ago. The outperformance was driven in large part by stronger-than-forecast subscription and advertising revenue, along with favorable expense timing, a combination that helped free cash flow rise to $2.66 billion for the quarter. The company also launched its in-house Netflix Ads Suite in the US, with management projecting ad revenue to roughly double in 2025. Looking ahead, Netflix guided Q2 revenue to $11.04 billion and reaffirmed full-year guidance of $43.5 billion to $44.5 billion, noting that recent US dollar weakness has the company tracking above the midpoint of that range.
Key Takeaways
- • Membership growth and higher pricing drove 13% revenue increase (16% F/X neutral)
- • Strong content slate with Adolescence (124M views) and Back in Action (146M views) breaking into all-time most popular lists
- • Operating margin expanded to 31.7% from 28.1% YoY due to revenue outperformance and expense timing
- • APAC region led growth at 23% YoY (26% F/X neutral)
- • Ad revenue growing, though still very small relative to subscription revenue
NFLX YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NFLX Revenue by Segment
With YoY comparisons, source: SEC Filings
NFLX Revenue by Geography
With YoY comparisons, source: SEC Filings
NFLX Earnings Trends
NFLX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NFLX EPS Trend
Earnings per share: estimate vs actual
NFLX Revenue Trend
Quarterly revenue: estimate vs actual
NFLX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.23 | — | $12.25B | +0.63% |
| Q4 25 BEAT FY | $0.55 | $0.56 | +1.82% | $12.05B | +0.70% |
| FY Full Year | $2.55 | $2.53 | -0.91% | $45.18B | +0.19% |
| Q3 25 MISS | $6.97 | $5.87 | -15.79% | $11.51B | -0.01% |
| Q2 25 BEAT | $7.06 | $7.19 | +1.89% | $11.08B | +0.40% |
| Q1 25 BEAT | $5.66 | $6.61 | +16.83% | $10.54B | +0.35% |