Netflix, Inc. (NASDAQ:NFLX) Q3 2025 Earnings Call October 21, 2025 4:45 PM EDT
Company Participants
Spencer Wang – Vice President of Finance, Corporate Development & Investor Relations
Gregory Peters – Co-CEO, President & Director
Theodore Sarandos – Co-CEO, President & Director
Spencer Neumann – Chief Financial Officer
Presentation
Spencer Wang
Vice President of Finance, Corporate Development & Investor Relations
Good afternoon, and welcome to the Netflix Q3 2025 Earnings Interview. I’m Spencer Wang, VP of Finance, IR and Corporate Development.
Joining me today are Co-CEOs, Ted Sarandos; and Greg Peters; and CFO, Spence Neumann. As a reminder, we will be making forward-looking statements, and actual results may vary. We’ll now take questions submitted by the analyst community, and we will start with our results and outlook.
Question-and-Answer Session
Spencer Wang
Vice President of Finance, Corporate Development & Investor Relations
Our first question comes from Ben Swinburne of Morgan Stanley who ask, as you begin to wrap up 2025 and look to 2026, can you talk broadly about the health of the business and how you would frame the opportunity ahead?
Gregory Peters
Co-CEO, President & Director
Yes. We think the business is very healthy. We feel good about our progress on our key initiatives. We’ve got also a lot of opportunity ahead of us, but we’ve got a lot of work we need to accomplish and fully realize those opportunities. So what’s working, we had a good Q3. We had revenue in line with expectations. Our operating income would have exceeded our forecast absent the Brazilian tax matter.
We’re also seeing good progress against our key priorities. So engagement remains healthy. We achieved record share of TV time in Q3 in both the U.S. and the U.K. We recorded our best ad sales quarter ever. We are now on track to more than double ad revenue this year. We’re
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