The final season of Squid Game boosts Netflix’s Q2 earnings, but investors remain cautious as growth expectations taper.

Netflix reported its second-quarter 2025 earnings Thursday and, as per its new custom, the results came sans subscriber data.

As it rolls out a big second half of 2025 on the programming front, Netflix said it was raising its revenue forecast for 2025. The updated guidance calls for revenue between $44.8 billion and $45.2 billion, up from the previous target of $43.5 billion to $44.5 billion.