Netflix raises FY25 revenue view to $44.8B-$45.2B from $43.5B-$44.5B

Consensus $44.44B. Netflix (NFLX) said in its quarterly letter to investors: “For 2025, we are increasing our revenue forecast to $44.8B-$45.2B from $43.5B-$44.5B, previously. This represents 15%-16% year-over-year growth, or 16%-17% growth on a F/X neutral basis. The majority of the increase in our revenue forecast reflects the recent depreciation of the US dollar vs. most other currencies, with the balance attributable to continued business momentum driven by solid member growth and ad sales. As a result, we are now targeting a 29.5% operating margin for 2025, based on F/X rates at the beginning of the year, up from our prior 29% forecast. At current F/X rates, this would equate to roughly a 30% operating margin for 2025 on a reported basis.”