Netflix, Inc. (NFLX) Q1 2025 Earnings Call Transcript

Good afternoon, and welcome to the Netflix Q1 2025 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development. Joining me today are Co-CEOs, Ted Sarandos and Greg Peters; and CFO, Spence Neumann. As a reminder, we will be making forward-looking statements, and actual results may vary.

We'll now take questions from the analyst community and we will begin first with our results, outlook, and forecast.

And our first question comes from Robert Fishman of MoffettNathanson. Robert's question is, the Wall Street Journal report this week discussed Netflix's internal goal of doubling revenue and tripling operating income by 2030. How should investors think about Netflix leaning into more content spending over the next five years?

I'll take this, and thanks, Robert. Look, we have a unique culture, and part of it is this open information operating style, and it has served us very, very well. On rare and very disappointing occasions, our confidential and internal discussions can leak into the press, and while we wouldn't normally comment about leaked internal information, we do want to be extra clear about this.

We often have internal meetings and we talk about long-term aspirations, but it's important to note that this is not the same as forecast. Our operating plans is the same as our external forecast and guidance. We don't have a five-year forecast or five-year guidance, but you can assume that we are long-range thinking, and that we're working hard every day to build the most loved and valued entertainment company for all of