In their Q1 2025 shareholder letter, Netflix reported a strong start to the year with revenue up 13% and operating income up 27% year-over-year, exceeding guidance due to higher subscription and ad revenue and the timing of expenses. They highlighted progress on their 2025 priorities, including a strong content slate with several popular series and films, the successful US launch of their ad tech platform, and the expansion of their live programming with WWE RAW and upcoming boxing and NFL events.

Netflix reiterated their 2025 revenue guidance of $43.5-$44.5 billion and a 29% operating margin. Q1 revenue reached $10.54 billion, and they forecast Q2 revenue growth of 15% and an operating margin of 33%. They continue to invest in content globally, with local productions driving growth, exemplified by their success in the UK. Monetization efforts include recent price adjustments and the ongoing development of their advertising business.

Operationally, Q1 saw $2.8 billion in net cash from operating activities and $2.7 billion in free cash flow. Netflix paid down debt and repurchased shares. Governance changes include Reed Hastings transitioning to Chairman of the Board. Several news outlets highlighted Netflix's strong earnings, exceeding expectations, and its positive outlook.