Filing Flows › Netflix (NFLX) › Q1 2025
Netflix (NFLX) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 18, 2025
Netflix (NFLX) reported revenue of $10.5B for the first quarter 2025 (Q1 2025), +13% from a year earlier and +3% from the quarter before. Operating margin was 31.7%, net earnings $2.9B (27.4% of revenue).
Netflix, Q1 2025: revenue $10.5B (+12% year over year), operating margin 31.7%, net earnings $2.9B, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.5B | +3% | +13% |
| Operating profit | $3.3B | +47% | +27% |
| Net earnings | $2.9B | +55% | +24% |
| Operating cash flow | $2.8B | +81% | +26% |
| Free cash flow | $2.7B | — | +25% |
What changed
Revenue was $10.5B in Q1 2025, up 13% year over year and up 3% from the previous quarter.
Operating profit was $3.3B, a 31.7% margin (up 3.7 points year over year). Of the extra revenue versus a year earlier, 61% reached operating profit, above the 28% margin then. Total costs grew 7% against revenue growth of 13%. The fastest-growing cost line was Research & development (+17%). Net earnings were $2.9B, up 24% year over year. The effective tax rate was 10.1%.
Operating cash flow was $2.8B (up 26% year over year), 97% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.25B. After purchases of property and equipment ($0.13B), free cash flow as the company reports it was $2.7B.
Questions
What was Netflix's revenue in the first quarter 2025?
Netflix (NFLX) reported revenue of $10.5B for the first quarter 2025 (Q1 2025), +13% from a year earlier and +3% from the quarter before.
Was Netflix profitable in the first quarter 2025?
Operating profit was $3.3B (31.7% of revenue) and net earnings $2.9B.
Source: Netflix 10-Q on SEC EDGAR.