Q3 25 EPS
$5.87
MISS 15.79%
Est. $6.97
Q3 25 Revenue
$11.51B
MISS 0.01%
Est. $11.51B
vs S&P Since Q3 25
-28.6%
TRAILING MARKET
NFLX -20.7% vs S&P +7.9%
Market Reaction
Did NFLX Beat Earnings? Q3 2025 Results
Netflix delivered a mixed third quarter, with a punishing one-time tax charge overshadowing otherwise solid top-line momentum and sending shares lower after results hit. Revenue came in at $11.51 billion, up 17.2% year over year but essentially flat … Read more Netflix delivered a mixed third quarter, with a punishing one-time tax charge overshadowing otherwise solid top-line momentum and sending shares lower after results hit. Revenue came in at $11.51 billion, up 17.2% year over year but essentially flat against the $11.51 billion consensus, while diluted EPS of $5.87 missed the $6.97 estimate by 15.79%, the shortfall driven almost entirely by an approximately $619 million charge related to a Brazilian tax dispute covering periods from 2022 through the quarter. That expense compressed operating margin to 28.2%, well below the company's own 31.5% guidance, though Netflix noted it would have exceeded the target absent the charge. Engagement offered a brighter picture, with record TV view share in the U.S. And UK and content hits including Happy Gilmore 2 and KPop Demon Hunters drawing massive audiences. Looking ahead, Netflix guided Q4 revenue to $11.96 billion and raised its full-year free cash flow outlook to approximately $9 billion, while trimming its 2025 operating margin forecast to 29% to account for the Brazilian matter.
Key Takeaways
- • 17% year-over-year revenue growth driven by membership growth, pricing adjustments, and increased ad revenue
- • Record TV view share in the US and UK markets
- • Best ad sales quarter ever with doubled US upfront commitments
- • Strong content slate including KPop Demon Hunters (most popular film ever at 325M views), Happy Gilmore 2 (126M views), and Wednesday S2 (114M views)
- • Canelo vs. Crawford boxing match attracted 41M+ viewers, most-viewed men's championship fight this century
- • Ads revenue on track to more than double in 2025
NFLX YoY Financials
Q3 2025 vs Q3 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% |