Netflix(US:NFLX) 智通财经网·2025-10-20 07:27Core Viewpoint - Netflix is optimistic about its long-term growth opportunities, driven by a large user base and plans to enhance user engagement, reduce churn, and diversify entertainment offerings [1][3]. Performance Expectations - For Q3 2025, Netflix's revenue is expected to reach $11.5 billion, with a full-year revenue forecast of $45.1 billion, supported by an increase in subscriber numbers and improved monetization capabilities [1][2]. - The operating margin for Q3 2025 is projected to rise to 31.5%, with an annual operating margin of 30.3%, an increase from previous estimates [1][2]. Revenue Growth Drivers and Business Highlights - Revenue growth is anticipated through enhanced user engagement, reduced churn, and the introduction of diverse entertainment products, with gaming and advertising expected to be key growth drivers in 2025 [2]. - Analysts predict that Netflix's total revenue for 2025 will reach $45.1 billion, with an operating profit of $13.6 billion and an operating margin of 30.3%, up from a prior estimate of 29.6% [2]. Long-term Outlook and Profit Margin Expectations - Netflix maintains a positive outlook for long-term growth, with expectations for advertising revenue to double in 2025, despite current projections being lower than earlier estimates [3]. - By 2027, advertising-supported revenue is expected to reach $6.5 billion, with operating margins projected to increase from 26.7% in 2024 to 35.1% in 2027, indicating significant profit growth potential [3]. - The diluted EPS is forecasted to rise from $20.22 in 2024 to $39.77 in 2027, with a projected P/E ratio of 30 times for 2027, significantly higher than the 25 times trading level anticipated in spring 2025 [3]. Market Target Price - The current market consensus target price for Netflix has been slightly raised to $1,400, indicating approximately a 17% upside from the current stock price [4].