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Netflix Reports Mixed Third Quarter Results

publication date: Oct 22, 2025
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Image Source: Netflix. 

Looking to the fourth quarter, Netflix expects revenue growth of 17% (16% on a currency-neutral basis) thanks in part to growth in members, pricing, and ad revenue. The company projects an operating margin of 23.9%, representing a two percentage-point improvement year-over-year. For 2025, it expects to record $45.1 billion in revenue (16% growth, 17% on a currency-neutral basis), a level that is in line with the company’s prior expectations calling for 15%-16% revenue growth (16%-17% on a currency neutral basis). Though revenue growth remains robust, Netflix now forecasts a 2025 operating margin of 29%, which is below prior expectations calling for a 30% reported operating margin due to the impact of the Brazilian tax matter. Management expects 2025 free cash flow of roughly $9 billion (+/- a few hundred million dollars), up from its prior forecast of $8-$8.5 billion. It ended the quarter with gross debt of $14.5 billion and cash of $9.3 billion.


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