Netflix Revenues Up 16 Percent to $11 Billion

Netflix reported a net income of $3.1 billion on revenues of $11 billion in the quarter ending June 30, 2025. Those figures represent gains of 46 percent and 16 percent, respectively, year-over-year (YOY).

“Year-over-year revenue growth was primarily a function of more members, higher subscription pricing and increased ad revenue,” a Netflix letter to shareholders explains. “Operating income totaled $3.8 billion, up 45 percent year over year, and operating margin was 34 percent, vs. 27 percent in Q2 2024 (the year-ago quarter).”

Netflix no longer reports its subscriber base numbers each quarter, but the firm did say that member growth was ahead of its forecast. Netflix now uses revenue as its primary metric for growth and operating margin for profitability. And both were “slightly ahead” of its internal forecast.

Regarding content and engagement, Netflix says its goal is “to offer a wide variety of quality series, films and games that our members love” and to “monetize this engagement through both subscription and advertising revenue.” For the most recent quarter, Netflix cites some key successes:

• Series: Squid Games Season 3 (122 million views), Sirens (56 million), Ginny & Georgia (53 million), The Four Seasons (40 million), Secrets We Keep (35 million), Ransom Canyon (30 million), and others
• Film releases: Tyler Perry’s STRAW (109 million views), Exterritorial (89 million), KPop Demon Hunters (80 million), Nonnas (60 million), iHostage (58 million), KO (46 million), and others. Back in Action was reportedly its most-watched new film, but Netflix didn’t provide a specific number of views.
• Catalog content: Netflix also pointed out that almost half of all viewing on Netflix comes from content that is two or more years old, with shows and films like Money Heist, Lucifer, Red Notice, Leo and We Can Be Heroes each getting over 20 million views in the quarter.
• Local content: Netflix continually expands its acquisition of international content and sees big success with this in the US and other markets. In Q2, Spanish language content like The Gardener (34 million views), Bad Influence (46 million) and A Widow’s Game (43 million views) were hits with Spanish-speaking audiences globally.

Looking ahead, Netflix says it expects revenue growth of 17 percent YOY in the current quarter. And the company is raising its full-year fiscal 2025 revenue forecast from the previous range of $43.5 billion to $44.5 billion to a higher range of $44.8 billion to $45.2 billion. Despite this, Netflix shares slid 4 percent this morning.

No worries: The second half of 2025 looks strong, with Netflix prepped to release the second season of Wednesday, the final season of Stranger Things, Happy Gilmore 2 and Frankenstein.