Shares of Netflix (NFLX 1.28%) charged sharply during the first six months of 2025, with shares surging 50%, according to data provided by S&P Global Market Intelligence. That runs circles around the roughly 5% gains of the S&P 500.

The catalyst that sent the streaming pioneer higher was impressive financial results that far outpaced expectations. Furthermore, the company unveiled ambitious plans for the future, fueling investors' enthusiasm. As impressive as Netflix's run has been, there could be more to come.

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Fallen out of favor

While artificial intelligence stocks (AI) have been all the rage over the past few years, Netflix has continued to focus on expanding its audience and improving its financial performance -- and those efforts are bearing fruit. In the first quarter, the streaming leader generated revenue of $10.5 billion, up 13% year over year, resulting in earnings per share (EPS) of $6.61, an increase of 25%. This was fueled by Netflix's expanding operating margin, which climbed to 31.7%, up 360 basis points compared to the prior-year quarter. These results came on the heels of 16% revenue growth and 102% EPS growth in Q4. In both quarters, results easily outpaced investor expectations.

However, it was the company's plans for the future that helped fuel the stock's blistering run. Reports emerged in April that Netflix has ambitious plans to join the $1 trillion club by 2030, according to a report in The Wall Street Journal. For context, at the time the story broke, Netflix had a market cap of roughly $396 million, so the story raised eyebrows.

To reach this lofty benchmark, executives at the streamer have outlined the following goals:

• Double total revenue from $39 billion in 2024 to roughly $78 billion by 2030.
• More than quadruple global ad sales from $2.15 billion to $9 billion.
• Triple operating income from $10 billion to $30 billion by 2030.
• Grow its global audience to 410 million subscribers, up from 302 million at the end of 2024.

Investors were excited by the extent of Netflix's long-term goals. That, combined with the company's impressive growth, lit a fire under the stock and helped fuel its impressive rise in the first half of the year.

Netflix is scheduled to report its Q2 results after the market close on July 17, and management expects the company's robust growth to accelerate. Netflix is guiding for revenue of $11.04 billion or year-over-year growth of 15% and EPS of $7.03, and an increase of 44%. For context, analysts' consensus estimates are calling for revenue of $11.04 billion and EPS of $7.06.

Netflix isn't cheap, selling for 59 times earnings and 14 times sales. That said, given the company's robust growth, expanding profit margins, and rapid earnings growth, I would argue that Netflix stock is still a buy.