Netflix reported its third-quarter 2025 earnings Tuesday, focusing on revenue results following its decision to stop regularly reporting subscriber data earlier this year.

Netflix reported adjusted EPS of $5.87 on $11.51 billion in revenue. Analysts expected Netflix to report Q3 revenue of $11.51 billion and earnings per share (EPS) of $6.97 for the July-September quarter, according to research firm LSEG Data & Analytics.

Per Netflix, “Operating margin of 28% was below our guidance of 31.5% due to an expense related to an ongoing dispute with Brazilian tax authorities that was not in our forecast. Absent this expense, we would have exceeded our Q3’25 operating margin forecast. We don’t expect this matter to have a material impact on future results.”

The streamer had projected revenue at $11.5 billion (growth of 17%) and EPS of $6.87, as well as an operating margin of 31.5%. When it released those estimates in July, Netflix also increased its revenue forecast for full-year 2025 to a range of $44.8 billion to $45.2 billion (previously $43.5 billion to $44.5 billion) or 15-16% year over year growth.

During Q3, Netflix’s biggest achievement by far was the sudden success of animated musical “KPop Demon Hunters,” which has sustained its fandom through the current Q4 and continues to be a driver of viewership — and box office sales — for Netflix.

Ahead of its earnings presentation Tuesday, Netflix announced it would be re-releasing “KPop Demon Hunters” in theaters following the film’s impressive first theatrical run this summer, which was prompted by the movie’s streaming chart growth following its June 20 debut on the platform. The streamer has also set what’s sure to be a lucrative merch deal with both Mattel and Hasbro for toys, dolls, games and more across the franchise.

Netflix suspended its practice of reporting total subscriber numbers beginning with the first quarter of 2025, which ran January-March. That means the last time Netflix publicly confirmed its overall subscriber count was in back in January, when it reported it had reached 301.6 million global streaming paid members by the end of 2024.

“XX,” XX said in a letter to shareholders Tuesday.

(Pictured above: Netflix’s “Sirens”)

More to come…