Filing Flows › Netflix (NFLX) › Q2 2025
Netflix (NFLX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 18, 2025
Netflix (NFLX) reported revenue of $11.1B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +5% from the quarter before. Operating margin was 34.1%, net earnings $3.1B (28.2% of revenue).
Netflix, Q2 2025: revenue $11.1B (+16% year over year), operating margin 34.1%, net earnings $3.1B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.1B | +5% | +16% |
| Operating profit | $3.8B | +13% | +45% |
| Net earnings | $3.1B | +8% | +46% |
| Operating cash flow | $2.4B | -13% | +88% |
| Free cash flow | $2.3B | — | +87% |
What changed
Revenue was $11.1B in Q2 2025, up 16% year over year and up 5% from the previous quarter.
Operating profit was $3.8B, a 34.1% margin (up 6.8 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 27% margin then. Total costs grew 5% against revenue growth of 16%. The fastest-growing cost line was Research & development (+16%). Net earnings were $3.1B, up 46% year over year. The effective tax rate was 13.9%.
Operating cash flow was $2.4B (up 88% year over year), 78% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.86B. After purchases of property and equipment ($0.16B), free cash flow as the company reports it was $2.3B.
Questions
What was Netflix's revenue in the second quarter 2025?
Netflix (NFLX) reported revenue of $11.1B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +5% from the quarter before.
Was Netflix profitable in the second quarter 2025?
Operating profit was $3.8B (34.1% of revenue) and net earnings $3.1B.
Source: Netflix 10-Q on SEC EDGAR.