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It's Certainly Not Pretty, but is it Noisy? Netflix Earnings Recap

Consensus Media's avatar
Consensus Media
Oct 21, 2025
∙ Paid

Sales roughly in line but with meaningful downside to margins (OM misses by 333bps). The company blames Brazil and a $619M cost related to a tax dispute that was disclosed but not accounted for in guidance. Add that back and the margin looks fine:

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