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Netflix NFLX Q1 2025 earnings

Reported April 17, 2025 · After market close

Revenue$10.5BBeat by $35.9M
EPS$0.66Beat by $0.09
Revenue estimate$10.5B
EPS estimate$0.57

Next report

Oct 20, 2026 (In 2 weeks)
Revenue estimate$12.9B
EPS estimate$0.82

Financials

Q1 2025

Income statement

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Revenue$10.5B+12.5%
Gross profit$5.3B+20.2%
Operating income$3.3B+27.1%
Net income$2.9B+23.9%
EPS (diluted)$0.66-87.5%

Balance sheet

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Cash & equivalents$7.2B+2.5%
Total debt$17.4B+5.5%
Total equity$24.0B+12.5%
Total assets$52.1B+6.7%

Cash flow

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Operating cash flow$2.8B+26.1%
CapEx$128.3M+69.4%
Free cash flow$2.7B+24.5%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$398.9B+52.0%
Enterprise value$409.12B+50.5%
P/E43×+2.3×
P/S9.9×+2.4×

Profitability

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Gross margin46.9%+3.9pp
Operating margin27.7%+5.2pp
Net margin23.1%+4.7pp
FCF margin18.5%-1.3pp

Returns & leverage

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Return on equity40.8%+11.0pp
Debt / equity0.7×0.0×
Current ratio1.2×+0.1×

Segments

By segment

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Reportable Segment$10.5B+12.5%

By geography

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United States$4.3B—

By product

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Streaming$10.5B+12.5%

FAQ

When did Netflix report Q1 2025 earnings?
Netflix (NFLX) reported Q1 2025 earnings on April 17, 2025 after market close.
What were Netflix's Q1 2025 revenue and EPS?
Netflix reported revenue of $10.5B and eps of $0.66 for Q1 2025.
Did Netflix beat estimates in Q1 2025?
Revenue beat the consensus estimate of $10.5B by $35.9M. EPS beat the consensus estimate of $0.57 by $0.09.
Where can I find Netflix's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001065280-25-000175) and the 10-Q periodic report (0001065280-25-000176) directly on SEC EDGAR. The filing index links above go to sec.gov.