Netflix, Inc. (NFLX) Q2 2025 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Netflix, Inc..

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.956 Good afternoon and welcome to the Netflix Q2 2025 earnings interview. 00:00:04.956 -- 00:00:08.539 I'm Spencer Wong, VP of Finance, IR, and Corporate Development. 00:00:08.539 -- 00:00:13.784 Joining me today are co-CEOs Ted Sarandos and Greg Peters and CFO Spence Newman. 00:00:13.784 -- 00:00:18.328 As a reminder, we'll be making forward-looking statements and actual results may vary. 00:00:18.328 -- 00:00:23.072 We'll take questions submitted by the analyst community and we will begin with our results 00:00:23.072 -- 00:00:28.137 and our forecast. The first question comes from Steve Cahal of Wells 00:00:28.137 -- 00:00:33.503 Fargo. The question is, since the revenue increase in your forecast 00:00:33.503 -- 00:00:39.090 is primarily FX driven, we're curious about the components of the constant currency 00:00:39.090 -- 00:00:40.872 increase. 00:00:40.872 -- 00:00:46.760 Is this due to a better underlying revenue growth or are there specific expenses 00:00:46.760 -- 00:00:50.588 that are coming in better like content amortization? 00:00:50.588 -- 00:00:52.952 All right, well, I will take that one. Thanks, Steve. 00:00:52.952 -- 00:00:57.539 So as you saw in the letter, we increased our full-year revenue guidance to $44.8 to 00:00:57.539 -- 00:00:59.539 $45.2 00:00:59.703 -- 00:01:04.891 billion. That's up from the prior guide of $43.5 to $44.5 billion, so up about 00:01:04.891 -- 00:01:07.936 a billion at the midpoint of the range and a tighter range. 00:01:07.936 -- 00:01:12.784 As you know, it primarily reflects the FX impact from the weakening dollar relative to 00:01:12.784 -- 00:01:17.312 most other currencies. But the good news is we're also seeing strength in our underlying 00:01:17.312 -- 00:01:20.978 business. We've got h...