Netflix Q1 Report: Adolescence, Back in Action and Counterattack Among Most-Watched Shows

Netflix is off to a "good start" in Q1 2025 as the leading OTT platform reported a revenue of $10.54 billion for the January-March quarter of 2025 on Thursday. The result exceeded analyst expectations, and Netflix expressed confidence in reaching $11.04 billion in revenue for the April-June period.

The company reported a 13% increase in revenue and a 27% rise in operating income year-on-year in Q1 2025. The impressive performance was driven by higher subscription and ad revenue, along with the timing of expenses.

“Our revenue and profit growth outlook remains solid, with no change to our 2025 guidance forecast for revenue of $43.5-$44.5 billion and operating margin of 29%,” the company said.

In Q1, Netflix released a successful slate, including the series "Adolescence" and films "Back in Action”, "Ad Vitam”, and "Counterattack”, all of which made it to the streaming platform’s all-time most popular lists. For 2025, the company aims to enhance its series and film offerings, grow its ads business, and further develop new initiatives such as live programming and gaming.

On the performance, the company executives expressed confidence that Netflix would weather any economic turbulence from US President Donald Trump's tariff plans. Netflix co-CEO Greg Peters also noted that the company had not seen any significant shifts in customer behaviour.

• Revenue: $10.54 billion for the Jan.–March quarter.

• Operating Income: $3.3 billion, up 27% year-over-year.

• Operating Margin: 31.7%, compared to 28% in Q1 FY24.

• Earnings Per Share (EPS): $6.61, up 25% from $5.28 last year.

• Revenue forecast: $43.5–$44.5 billion, based on the assumption of strong member growth, price hikes, and nearly doubled ad revenue.

• Targeted operating margin is 29%.

Overall, Netflix claims to have an audience of over 700 million people, with two-thirds from outside the United States. This is the first time the company has released its Q1 results without sharing the details of subscriber counts.

These were the most-watched shows on Netflix in Q1 2025:

• Adolescence – 124 million views

• Back in Action – 146 million views

• Ad Vitam – 63 million views

• Counterattack – 59 million views

• The Night Agent S2 – 50 million views

• Running Point – 36 million views

• Envious S2 – 9 million views

• American Murder: Gabby Petito – 52 million views

• Cassandra – 36 million views

• Sintonia S5 – 9 million views

• The Trauma Code: Heroes on Call – 31 million views

• When Life Gives You Tangerines – 23 million views

• The Are Murders – 29 million views

• SAKAMOTO DAYS – 21 million views

• Plankton: The Movie – 40 million views

• Gone Girls: The Long Island Serial Killer – 17 million views

• Zero Day – 55 million views

• The Life List – 67 million views

• Love is Blind Season 8 – 12 million views