Netflix reported its second-quarter 2025 earnings Thursday and, as per its new custom, the results came sans subscriber data.

In its second-quarter earnings report, the streaming giant disclosed operating income of $3.8 billion and a margin of 34.1 percent, up double digits from a year ago.

As it rolls out a big second half of 2025 on the programming front, Netflix said it was raising its revenue forecast for 2025. The updated guidance calls for revenue between $44.8 billion and $45.2 billion, up from the previous target of $43.5 billion to $44.5 billion.

Netflix exceeds Q2 expectations, but stock dips as FX gains, not operational outperformance, drive results. Read more for challenges ahead in 2H24 for NFLX stock.

Netflix produced good Q/Q revenue growth and its FCF grew 14.2% Y/Y, but dipped on a Q/Q basis. NFLX stock could be a bargain, given its 20.4% FCF margin, and using a 1.65% FCF yield. Shorting OTM puts works as well.

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The streaming platform on Thursday raised its 2025 revenue outlook and expects to be in the range of $44.8 billion to $45.2 billion, broadly helped by a weaker dollar, compared to its previous forecast range of $43.