Netflix has posted that its Q2 2025 revenue stood at $11.08 billion (€9.5bn) – a 17.3 per cent increase on the same period last year. Operating income came in at $3.8 billion.

The streaming giant attributed the strong quarter to “more members, higher subscription pricing and increased ad revenue,” adding that “all regions experienced healthy year-over-year revenue growth”.

Netflix said that it on track to “roughly double” its advertising revenue in 2025, and the company has consequently raised its full-year revenue guidance to between $44.8 billion and $45.2 billion.

This is the second quarter since the company stopped reporting subscriber numbers.

Reacting to the results, eMarkerter principal analyst Paul Verna said: “With another robust earnings showing in Q2, Netflix continues a winning streak going back several quarters and cements its place as the leader among streaming services. The results were fueled by price increases and continued growth in its ad business, leading Netflix to raise its revenue guidance and margin for the second half of the year. With a slate of flagship shows coming up later in 2025 and forays into sports, live TV, and potentially concerts, Netflix has many levers to pull to keep up the momentum.”

Engagement Report

Meanwhile, Netflix has also shared its latest Engagement Report, highlighting what Netflix subscribers watched from January through June 2025. Watchtime — or engagement — is our best indicator of member happiness. When people watch more, they stick around longer and recommend Netflix to others.

The report, which captures ~99 per cent of all viewing, shows that people watched over 95 billion hours in the first half of 2025.

Highlights from the first half of 2025 include: 

• Netflix Originals continue to engage audiences years after they premiered. Nearly half of viewing for Netflix Originals in this report came from titles that debuted in 2023 or earlier. Shows including Orange Is the New Black, Ozark and Money Heist all had over 100 million hours viewed in the first half of 2025, whilst movies including Red Notice, Leoand We Can Be Heroes each had more than 20 million views.
• Popular series continue to come from the UK. Adolescence was the #1 most-watched show with 145 million views, with audiences also flocked to Missing You (58 million), Black Mirror Season 7 (31 million) and Dept. Q Season 1 (25 million).
• More than one-third of all viewing came from non-English language titles, and 10 of the 25 most-watched series in the first half of the year were non-English.
• Squid Game drew 231 million views across all three seasons in the first half of the year. Its final season became our third most-watched programme of the half, reaching 72 million views in just four days.
• WWE premiered on Netflix in January and is now bringing fans together live every week. In the first half it generated more than 280 million view hours across all its events.
• Scandinavian titles are growing in popularity, with Secrets We Keep (34 million) from Denmark, Number 24 (24 million) from Norway and The Åre Murders Season 1 (33 million), The Breakthrough (29 million) and The Glass Dome (20M) from Sweden.
• Netflix films such as Back in Action (165 million), Tyler Perry’s STRAW (103 million), The Life List (96 million) starring Sofia Carson and Nonnas (58 million) were widely watched. Non-English language films also found global success, including Exterritorial (88 million) from Germany, Counterattack (71 million) from Mexico, iHostage (57 million) from the Netherlands, Ad Vitam (70 million) and K.O. (44 million) from France, Bullet Train Explosion (33 million) from Japan and Jewel Thief – The Heist Begins (23 million) from India.
• Kids & family titles continue to entertain viewers, from animated films like KPop Demon Hunters (37 million) to series like Ms. Rachel Season 1 (53 million), Asterix & Obelix: The Big Fight (16 million) from France and Gabby’s Dollhouse, which brought 108 million views across seasons.
• Anime fans tuned in to new series such as Sakamoto Days Season 1 (24 million), celebrated franchises like Naruto (45 million across seasons) and classic films from Studio Ghibli including Spirited Away (6 million) and Howl’s Moving Castle (6 million).

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