02:49 PM EDT, 10/15/2025 (MT Newswires) -- Netflix ( NFLX ) appears on track to double its ad revenue this year, given expanding partnerships and live content offerings, Wedbush Securities said in a Wednesday note.

The brokerage said the streaming giant's third-quarter results, which are scheduled to be released next Tuesday, are likely to be underpinned by continued subscriber growth, though the company no longer reports user additions.

Survey and other checks suggest that subscribers have absorbed price increases with little resistance, and that Netflix's ( NFLX ) "advertising engine is beginning to hum," Wedbush analysts, including Alicia Reese, wrote.

"As Netflix ( NFLX ) continues to enhance its ads business by expanding partnerships, improving targeting, and adding more live content, its aim of doubling ads revenue this year is entirely achievable," Reese wrote. "More importantly, we expect ad revenue to become Netflix's ( NFLX ) primary revenue driver beginning in 2026."

Wedbush is projecting third-quarter earnings of $6.90, compared with a consensus estimate of $6.92 and the company's guidance of $6.87. The brokerage is looking for revenue of $11.53 billion, largely in line with Wall Street's view and the provided outlook.

Netflix ( NFLX ) is expected to issue a "strong" fourth-quarter guidance, Reese said.

For the December quarter, the brokerage estimates EPS to come in at $5.65 on revenue of $12.05 billion. For full-year 2025, it is looking for EPS of $26.36 and revenue of $45.20 billion.

In July, Netflix ( NFLX ) lifted its 2025 revenue guidance to between $44.8 billion and $45.2 billion from $43.5 billion to $44.5 billion expected previously. Analysts polled by FactSet are currently looking for full-year sales of $45.04 billion.

"With $18 billion in content spend across movies, high-demand serial content, games, and live events, there is upside potential to Netflix's ( NFLX ) 2025 guidance," Reese said.

Wedbush reiterated its outperform rating and $1,500 price target on the stock.

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