Netflix, Inc. (NFLX) Q2 2025 Earnings Call Transcript

Netflix, Inc. (NASDAQ:NFLX) Q2 2025 Earnings Conference Call July 17, 2025 4:45 PM ET

Company Participants

Gregory K. Peters – Co-CEO, President & Director
Spencer Wang – Vice President of Finance, Corporate Development & Investor Relations
Spencer Adam Neumann – Chief Financial Officer
Theodore A. Sarandos – Co-CEO, President & Director

Spencer Wang

Good afternoon, and welcome to the Netflix Q2 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.

community, and we will begin with our results and our forecast.

Question-and-Answer Session

Spencer Wang

The first question comes from Steve Cahall of Wells Fargo. The question is, since the revenue increase in your forecast is primarily FX-driven, we’re curious about the components of the constant currency increase. Is this due to a better underlying revenue growth? Or are there specific expenses that are coming in better like content amortization?

Spencer Adam Neumann

I will take that one. Thanks, Steve. So as you saw on the letter, we increased our full year revenue guidance to $44.8 million to $45.2 billion. That’s up from the prior guide of $43.5 million to $44.5 billion, so up about $1 billion at the midpoint of the range, and a tighter range. As you know, it primarily reflects the FX impact from the weakening dollar relative to most other currencies. But the good news is we’re also seeing strength in our underlying business. We’ve got healthy member growth, and that even picked up nicely at the end of Q2, a bit more than we expected. And we think that will carry through with our strong back half slate. So we’re reflecting that in our latest forecast.

And we’re also seeing nice momentum in ad sales. Still off a