Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
$0.5T
P/E ratio
~48×
Subscribers
~325M
Revenue (2025)
$45.2B
Rev. growth
+16%
Operating margin
~30%
Content spend
~$18B
Free cash flow
~$8B
In plain English
Netflix is the world's largest paid streaming service — ~325M subscriptions across ~190 countries. It spends ~$18B/yr commissioning and licensing films and series from studios and producers, delivers them over its own Open Connect CDN (with AWS running the back end), and is now scaling a second engine: a cheaper ad-supported tier powered by its in-house Netflix Ads Suite, plus a growing games business.
In simple terms
What Netflix really sells
Netflix is the world's largest paid streaming service — ~325M subscriptions across ~190 countries. It spends ~$18B/yr commissioning and licensing films and series from studios and producers, delivers them over its own Open Connect CDN (with AWS running the back end), and is now scaling a second engine: a cheaper ad-supported tier powered by its in-house Netflix Ads Suite, plus a growing games business.
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