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

Netflix (NASDAQ: NFLX) stock dropped 4.5% in early trading as of 9:40 a.m. ET, despite beating on earnings last night. Heading into the report, analysts forecast Netflix would earn $7.06 per share on just over $11 billion in revenue. In fact, Netflix earned $7.19 per share on just under $11. 1 billion, thus beating on both top and bottom lines.

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.

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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.