J P M O R G A N North America Equity Research 22 October 2025 Netflix Inc Not Much Changing Coming Out of 3Q; Remain Neutral, $1,275 PT NFLX 3Q results and 4Q outlook were solid overall, but did not include as much upside as recent quarters. 3Q revenue was in-line w/guidance at 17% growth, while operating income ex-the Brazilian tax expense came in above at ~33.6% op margin. The 4Q outlook is a bit lighter, w/NFLX anticipating a point of FXN revenue deceleration to 16% and operating margin of 23.9% slightly ...