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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Netflix ended routine quarterly reporting of paid memberships and average revenue per membership (ARM) beginning with its Q1 2025 earnings release. The company said it would continue to disclose major subscriber milestones and publish engagement reports twice a year. It framed the change as a shift in emphasis—not a promise to stop discussing membership growth or to withhold subscriber totals forever.
What Netflix stopped reporting—and when
In its Q1 2024 shareholder letter, Netflix announced that it would stop regularly reporting two measures: quarterly paid memberships and ARM. The change began with the Q1 2025 earnings release. Netflix had already stopped giving quarterly paid-membership guidance in 2023.
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The policy concerns routine quarterly disclosure of those measures. Netflix said it would still announce major subscriber milestones as they occurred, so the change did not amount to a commitment never to disclose a subscriber total.
Why Netflix said it was changing its disclosures
Netflix explained that memberships were only one part of growth as the company developed additional revenue streams, including advertising and its extra-member feature. It said revenue and operating margin were its primary financial metrics, and engagement—defined as time spent—was its best proxy for customer satisfaction.
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That is Netflix’s explanation of its own reporting priorities, not proof that engagement replaces membership counts for every investor’s analysis. Revenue, margins, membership totals and viewing time describe different aspects of the business; none alone provides a complete picture.
What Netflix said it would continue to report
Major subscriber milestones
Netflix said it would announce major subscriber milestones when they occurred. That leaves room for membership-related disclosures, but it is different from a regular quarterly count.
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Twice-yearly engagement reports
Netflix said it would publish a biannual engagement report alongside its Q2 and Q4 results, starting with Q2 2025. The company said the report covered 99% of viewing on Netflix. Engagement data adds information about time spent watching, but it is not the same measure as paid memberships or ARM.
Financial results and membership-related discussion
Netflix continued publishing financial statements and regional revenue reporting after the change. Its Q1 2025 shareholder letter also referred broadly to membership growth in forward-looking discussion. The Q1 2026 letter likewise mentioned membership growth among business outlook topics. Such references do not mean the company restored regular quarterly paid-membership counts.
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- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
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How to read Netflix results across the change
Investors comparing periods should note that the set of routinely disclosed metrics changed. Membership totals indicate the scale of the paid customer base; ARM describes average revenue per membership; revenue and operating margin show financial outcomes; and engagement reports describe viewing. They are related, but not interchangeable, so a comparison based on one measure cannot answer every question about growth or performance.
For context, Netflix’s Q4 2024 letter reported that average paid memberships rose 15% year over year. ARM rose 1% year over year, or 3% on a foreign-exchange-neutral basis. Those are dated Q4 2024 figures, reported before the new policy took effect; they should not be treated as a current quarterly series.
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- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
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The company’s public materials reviewed here do not establish whether exact quarterly paid-member totals or ARM can be independently reconstructed after routine disclosure ended. Avoid assuming either that reconstruction is possible or that it is impossible.
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- Give the gift of entertainment so your friends and family can stream unlimited films and Netflix original series. Whether your loved one already has a Netflix account or they will be creating a new account, they can use a Netflix gift card toward their membership.
- No credit card is required to redeem a gift code.
- Codes are applied to your account as a gift balance. Gift codes can be added to any plan, regardless of the amount.
- Redemption: Online
Primary sources
- Netflix Q1 2024 shareholder letter, filed April 18, 2024
- Netflix Q4 2024 shareholder letter, filed January 21, 2025
- Netflix Q1 2025 shareholder letter and financial statements, filed April 17, 2025
- Netflix Q1 2026 shareholder letter, filed April 16, 2026
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