Netflix Inc (NASDAQ: NFLX) is a streaming entertainment company that delivers video content to paying members over the internet. Revenue comes from monthly membership fees, with plan pricing that varies by country and features. Total streaming revenues reached $45.2 billion in FY2025, up 16% from $39.0 billion in FY2024. The United States and Canada segment is the largest, generating $20.0 billion in FY2025 (44% of total streaming revenue), followed by Europe, Middle East, and Africa at $14.5 billion (32%), Latin America at $5.4 billion (12%), and Asia-Pacific at $5.4 billion (12%). Netflix discontinued its DVD-by-mail business in FY2023. The company competes across streaming entertainment providers, linear television, video gaming, open content platforms, and social media for consumer leisure time. Net income for FY2025 increased $2.27 billion versus FY2024, driven by a $6.18 billion rise in revenues that outpaced growth in content amortization and operating expenses.

Revenue model

Monthly membership fees for streaming content access. Pricing varies by country and plan tier. As of December 31, 2025, multiple paid plan options were available. Revenue is recognized on a subscription basis with no disclosed transactional or per-title purchase model. The company also references an advertising tier in its filings.

Products and services

Streaming video service delivering licensed and original content to members globally. The service includes multiple membership plan tiers differentiated by price and features. The company produces and distributes original content and licenses third-party content. Consumer products, experiences, and marketing assets based on Netflix intellectual property are also referenced in the FY2025 10-K.

Customers and end markets

Individual consumers paying monthly membership fees. End market is consumer leisure time, competed for against streaming video, linear television, video gaming, user-generated content platforms, and social media. No customer concentration disclosures; the subscriber base is broadly distributed across individual households globally.

Value-chain role

Content acquirer, original content producer, and direct-to-consumer streaming distributor. Netflix licenses content from third-party studios, produces original programming, and delivers both through its proprietary streaming technology platform directly to members.

Geographic exposure

Four reported segments as of FY2025: United States and Canada (UCAN) $20.0 billion (44% of streaming revenue), Europe/Middle East/Africa (EMEA) $14.5 billion (32%), Latin America (LATAM) $5.4 billion (12%), Asia-Pacific (APAC) $5.4 billion (12%). All figures from the year ended December 31, 2025.

Competitors

Linear television providers, Streaming entertainment providers (including piracy services), Video gaming providers, Open content platform providers (user-generated and professionally produced content), Social media platforms

Source: SEC 10-K, filed 2026-01-23

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