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Netflix (NFLX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Netflix (NFLX) reported revenue of $11.5B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +4% from the quarter before. Operating margin was 28.2%, net earnings $2.5B (22.1% of revenue).
Netflix, Q3 2025: revenue $11.5B (+17% year over year), operating margin 28.2%, net earnings $2.5B, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.5B | +4% | +17% |
| Operating profit | $3.2B | -14% | +12% |
| Net earnings | $2.5B | -19% | +8% |
| Operating cash flow | $2.8B | +17% | +22% |
| Free cash flow | $2.7B | — | +21% |
What changed
Revenue was $11.5B in Q3 2025, up 17% year over year and up 4% from the previous quarter.
Operating profit was $3.2B, a 28.2% margin (down 1.4 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, below the 30% margin then. Total costs grew 19% against revenue growth of 17%. The fastest-growing cost line was Sales & marketing (+22%). Net earnings were $2.5B, up 8% year over year. The effective tax rate was 18.1%.
Operating cash flow was $2.8B (up 22% year over year), 111% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.08B of share-based compensation. After purchases of property and equipment ($0.16B), free cash flow as the company reports it was $2.7B.
Questions
What was Netflix's revenue in the third quarter 2025?
Netflix (NFLX) reported revenue of $11.5B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +4% from the quarter before.
Was Netflix profitable in the third quarter 2025?
Operating profit was $3.2B (28.2% of revenue) and net earnings $2.5B.
Source: Netflix 10-Q on SEC EDGAR.