Netflix (NFLX, Financial) is set to report Q1 2025 earnings on April 17, and the company's aiming to keep its streak going. It's guiding for $10.4 billion in revenue — up 11.2% from the $9.35 billion it posted in the same quarter last year.

On the profit side, it's projecting earnings of $5.58 per share, just shy of the $5.73 analysts are expecting. Operating margins are forecast at 28.2%, slightly down from the 29% it targeted for the full year, but still strong.

One big tailwind? The ad-supported plan. Netflix says nearly 50% of new sign-ups are choosing the cheaper, ad-backed option, which has helped drive user growth even as the company stopped reporting quarterly subscriber adds. Still, it confirmed it has surpassed 300 million global users — a 16% increase from last year.

On the content side, Netflix is going big. It plans to spend $18 billion on programming in 2025 — up from $17 billion in prior years — with CFO Spencer Neumann saying that figure isn't a cap. It's also forecasting $8 billion in free cash flow for the year, a key number investors are watching closely.

The Q1 lineup features returning hits like Black Mirror (Season 7) and You (Season 5), alongside new originals like Pulse and the Tom Hardy-led Havoc.

Options markets are pricing in about a 9% stock move either way after the report — a sign that while Netflix looks strong, expectations are already baked in.