Netflix posted strong second-quarter earnings today (July 17), with revenue jumping 16 percent year-over-year to $11 billion and profit surging 45 percent to $3.1 billion. The streaming giant credited the surge to recent subscription price hikes, a booming ad business and a global lineup of hit content.
Netflix attributed the growth to three main factors: increased subscribers (though it no longer discloses exact figures), higher prices in key markets like the U.S., and a sharp rise in advertising revenue. Together, these drivers helped the company surpass Wall Street expectations and raise its full-year revenue forecast to a range of $44.8 billion to $45.2 billion.
Netflix no longer regularly shares subscriber numbers that once dominated earnings calls. Instead, it emphasizes engagement metrics like viewing time. Among the standout performers of the quarter was the third season of Squid Game (released in the last week of June), which racked up 122 million views in just a few weeks, making it the sixth most-watched season of any Netflix title to date.
In the U.S., audiences boosted viewership for Ginny & Georgia Season 3 (53 million views) and Tina Fey’s new comedy The Four Seasons (40 million views) during the quarter. One of the quarter’s biggest surprises came from KPop Demon Hunters, an animated K-pop action film that drew 80 million global views and spawned a record-breaking soundtrack, surpassing benchmarks previously set by BTS and Blackpink.
The company also racked up 120 Emmy nominations this quarter, underscoring its continued dominance in prestige television.
Big content spending ahead
Looking ahead, Netflix plans to double down on original content and live events in the second half of 2025. Its upcoming slate includes Wednesday Season 2, the series finale of Stranger Things, Alice in Borderland Season 3 and film sequels like Happy Gilmore 2 and Troll 2.
On the live front, Netflix will stream the highly anticipated boxing match between Canelo Álvarez and Terence Crawford on September 13. It also plans to make sports history with its first-ever NFL Christmas Day doubleheader this holiday season.
The packed release schedule comes with a cost. Despite the strong financial results, Netflix shares dipped slightly in after-hours trading after the company warned that operating margins will likely shrink in the second half of the year due to increased marketing costs tied to its blockbuster lineup.
Even so, Netflix expects a record-setting second half of 2025, noting that viewers streamed 95 billion hours of content in the first half. Netflix ended 2024 with more than 300 million subscribers, a number likely to grow if current trends continue.
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