Netflix Revenues Up 12.5 Percent in Q1

Netflix reported that it earned a net income of $2.3 billion on revenues of $9.4 billion in the quarter ending March 31, 2025.

“We are off to a good start in 2025,” the Netflix letter to shareholders states. “In Q1, revenue and operating income grew 13 percent and 27 percent year over year, respectively. Both were ahead of our guidance due to slightly higher subscription and ad revenue and the timing of expenses.”

This is the first quarter in which Netflix did not provide subscriber growth numbers. Going forward, it will instead focus on financial metrics: Revenue growth, operating margin for profitability, and free cash flow. That said, it did report that it now has a global audience of over 700 million people, over two-thirds of which live outside the United States. And it did credit its Q1 revenue growth–which was 12.5 percent, not 13 percent as clamed in the quote above–in part to membership growth (along with higher pricing).

From a content perspective, Netflix says that one series–Adolescence–and three films–Back in Action, Ad Vitam, and Counterattack)–it released in Q1 all broke into its “all-time most popular lists.” It also touted its live events, including WWE RAW, which has been in Netflix’s global top 10 list every week since it first launched.

Looking ahead, Netflix says that its profit and revenue growth outlook “remains solid,” and it didn’t adjust its previous estimates for 2025 financial guidance. “We are working hard to improve and expand our entertainment offering with the goal to build the most valued entertainment company for members, creators and shareholders,” it said.