Netflix reports Q3 results after the bell, with engagement back in focus as the year enters its second half.
Wall Street is looking for EPS of $6.96 and revenue of about $11.5 billion, both solid double-digit growth versus last year.
After a strong run earlier in 2025, the stock has traded sideways since summer as investors wait for proof that engagement can re-accelerate and that the ad-tier continues to scale. Engagement in the first half of the year was only up about 1 percent, and Netflix no longer gives subscriber or ARM figures each quarter, placing more weight on commentary.
The company has provided guidance for the third quarter, forecasting EPS of $6.87 and revenue of $11.526 billion, with an operating margin of 31.5%. For the full year 2025, Netflix expects revenue to fall between $44.8 billion and $45.2 billion, with an operating margin around 30%. The ad-supported tier, which has shown some traction, could face growth challenges due to macroeconomic pressures, potentially limiting its contribution to the overall performance.
TECHS:
With a premium valuation, the tone of guidance and any signs of a pickup in hours-watched will likely drive the stock reaction more than the headline beat or miss.
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