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**Revenue Resilience**: Q3 revenue in line with expectations, driven by record engagement (8.6% US TV share). 
- **Ad Growth Acceleration**: 2025 ad revenue >$1B, with programmatic growth outpacing upfront. 2026 focus on interactive ads and TV-based gaming.
- **Content Dominance**: KPop Demon Hunters became Netflix's biggest film ever. 2026 slate features 70+ new series, including Stranger Things finale and Avatar: The Last Airbender.
- **AI Innovation**: Leveraging Gen AI for content production, personalization, and ad targeting, while maintaining focus on creator partnerships.
- **Risk Mitigation**: Brazilian tax matter resolved with $160M non-cash expense, no material impact on future results.

**【CEO & CFO Summary Section】**
- **Revenue Growth**: Q3 revenue in line with expectations, with engagement metrics at record highs (8.6% US TV share, 9.4% UK share). 
- **Ad Revenue Momentum**: More than doubled ad revenue YTD, on track to exceed $1 billion annually. 2026 upfront ad commitments reflect strong demand.
- **Content Strength**: KPop Demon Hunters became Netflix's biggest film ever, driving cultural impact and licensing deals. 2026 slate features 70+ new series and films, including Stranger Things finale and Avatar: The Last Airbender.
- **Brazilian Tax Impact**: $160M non-cash expense for 2022-2025 payments, with 20% impacting Q3. No material impact expected moving forward.

**【Advertising Strategy】**
- **Scale & Growth**: 2025 ad revenue >$1B, programmatic ad growth outpacing upfront. 2026 focus on improving fill rates, measurement, and AI-driven targeting.
- **New Formats**: Interactive ads (e.g., real-time voting) and TV-based party games launched in Q4.
- **Partnerships**: Expanded DSP integrations (e.g., Amobee in Japan) and ad suite enhancements.

**【Content & Engagement】**
- **Live Events Impact**: Canelo-Crawford fight reached 41M+ viewers, driving acquisition and engagement. 2026 slate includes NFL Christmas games, World Baseball Classic, and Peaky Blinders movie.
- **Gaming Expansion**: Launched TV-based party games (e.g., Boggle, Pictionary) and narrative-driven titles (e.g., Squid Game: Unleashed).
- **Creator Partnerships**: Acquired Mark Rober's YouTube channel, adding to slate of social media talent (e.g., Hype House, Miranda Sings).

**【Technology & Innovation】**
- **AI Integration**: Using Gen AI to enhance content production (e.g., scriptwriting tools), personalize recommendations, and optimize ad targeting.
- **Spotify Podcast Partnership**: Curated video podcasts to expand lifestyle, sports, and true crime offerings.
- **4K/HD Upgrades**: Testing premium tier trials to upsell 4K viewing experiences.


Netflix, Inc. (NFLX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NFLX

NFLX fundamentals

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