🔹 Revenue: $11.51B (Est. $11.52B) 🔴; UP +17% YoY
🔹 EPS: $5.87 (Est. $6.94) 🔴; UP +9% YoY
🔹 Free Cash Flow: $2.66B; UP +21% YoY
Q4’25 Guidance
🔹 Revenue: $11.96B (Est. $11.90B) 🟢
🔹 EPS: $5.45 (Est. $5.42) 🟢
🔹 Operating Income: $2.86B (Est. $2.88B) 🔴
🔹 Operating Margin: 23.9% (Est. 24.1%) 🔴
FY25 Guidance
🔹 Revenue: $45.1B; from $44.8B–$45.2B
🔹 Operating Margin: 29%; from ~30% (reported) / 29.5% (F/X basis)
🔹 Free Cash Flow: ~$9B; from $8.0B–$8.5B
Q3 Segment Revenue (YoY)
🔹 U.S. & Canada (UCAN): $5.07B; UP +17% YoY
🔹 EMEA: $3.70B; UP +18% YoY
🔹 Latin America: $1.37B; UP +10% YoY
🔹 APAC: $1.37B; UP +21% YoY
Other Key Q3 Metrics
🔹 Operating Income: $3.25B; UP +12% YoY
🔹 Operating Margin: 28.2%; DOWN -1.8 ppts YoY
🔹 Operating Cash Flow: $2.83B; UP +22% YoY
🔹 Share Repurchases: $1.9B; Authorization Remaining $10.1B
🔹 Cash & Equivalents: $9.3B; Gross Debt: $14.5B
Commentary
🔸 “Operating margin was below guidance due to an expense related to an ongoing dispute with Brazilian tax authorities; absent this, we would have exceeded our Q3’25 operating margin forecast.”
🔸 “We recorded our best ad sales quarter ever and are on track to more than double ads revenue in 2025.”
🔸 “We’re finishing the year with good momentum and an exciting Q4 slate, including the final season of Stranger Things and multiple live events.”