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

Netflix shares came into earnings on a tear, having risen more than 40% in 2025 to date after a banner 2024. They closed Thursday at $1,274.17, down only a bit from their all-time high of $1,341.15 established in June.

According to analysts polled by FactSet, revenue rose to $22.7 billion in the second quarter, higher than the $22.3 billion forecast by Wall Street.