Netflix Q3 2025 Shareholder Letter and Financials

The provided text consists of Netflix's shareholder letter and unaudited financial statements for the third quarter of 2025, along with a forecast for Q4 2025. The documents detail the company's financial performance, noting that revenue growth was in-line with expectations but operating margin was lower due to a large, non-recurring expense related to a Brazilian tax dispute. Management also highlights strong content engagement in key markets, attributing success to a diverse slate of popular films and series, as well as live events. Finally, the sources discuss advances in Generative AI for product improvement and the growth of the advertising business, while also providing detailed cash flow and regional revenue breakdowns.

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