Netflix Q3 2025 Earnings Preview: All Eyes on ‘Kpop Demon Hunters’ Record Run

Netflix reports its third-quarter 2025 earnings after markets close on Tuesday, October 21. The streaming giant is poised to showcase a powerful quarter driven by its animated film Kpop Demon Hunters. The movie has shattered records to become the most-watched film in Netflix history.

Investors and analysts anticipate this content success will translate into significant subscriber growth and engagement. The focus will also be on the company’s guidance for the final quarter of the year.

‘Kpop Demon Hunters’ Fuels Bullish Analyst Sentiment

The record-breaking performance of Kpop Demon Hunters is the central story. According to analyst reports, the film added roughly 500 million viewing hours in the third quarter. Another 400 million hours are projected for the fourth quarter.

This massive engagement is expected to have reversed a previous dip in viewership. Bernstein analyst Laurent Yoon noted the film single-handedly drove a rebound in global engagement. He forecasts around 7 million net new subscribers for the quarter, with strong growth in Latin America and among younger audiences.

Wall Street Weighs AI Concerns Against Strong Content Slate

Despite the positive outlook, Netflix’s stock has recently underperformed. Morgan Stanley analyst Benjamin Swinburne cited concerns over “the competitive threat from AI-generated content.” Other analysts have noted investor anxiety about how AI video creation could impact streaming’s economic model.

However, most experts remain bullish. They point to Netflix’s widening growth strategies and rich cash flow. The upcoming Q4 content slate is also a major factor. It includes the final season of Stranger Things, high-profile boxing matches, and NFL games on Christmas Day.

Netflix’s record-breaking content and strategic expansions position it for a strong finish to 2025, making its Q3 2025 earnings a critical indicator of its market resilience.

Info at your fingertips

What is Netflix’s most watched film ever?

The animated movie *Kpop Demon Hunters* is now the most-watched Netflix film of all time. It achieved 325 million views, making it a historic success for the platform.

How many subscribers is Netflix expected to add?

Analysts from Bernstein project around 7 million net new subscribers for Q3 2025. Growth was reportedly strong in international regions and with younger audience segments.

What are analysts saying about Netflix stock?

Many analysts maintain “buy” or “overweight” ratings with high price targets. They cite a strong content slate and engagement growth, despite some concerns about the long-term impact of AI.

What major content is coming in Q4 2025?

The final season of *Stranger Things* is a major highlight. The quarter will also feature the Jake Paul vs. Tank Davis boxing match and the first NFL game on Christmas Day.

Is Netflix considering a major acquisition?

While there has been market chatter, analysts consider a bid for Warner Bros. Discovery unlikely. Netflix’s co-CEO has previously expressed skepticism about large media deals.

Trusted Sources:
Reuters, Associated Press, Bloomberg, Morgan Stanley, Bernstein, Bank of America, UBS, Wolfe Research