The largest streaming service, running on the clock of subscriptions, content and competition, with infrastructure entirely on AWS
Netflix
Netflix is the world's largest streaming service with 325 million paid memberships. Most revenue comes from subscriptions, and the advertising tier introduced in 2022 has become a new growth axis. It runs compute and storage entirely on AWS with no data centers of its own (only video delivery uses its own Open Connect CDN), and its results turn on subscriptions, content investment and competition. FY2025 revenue was $45.2B, up 16%.
Business categories Streaming & Entertainment · Communications & Media · primary
NFLX Updated Sep 23, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Netflix is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 49 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-23).
Financials & Segments
- Total revenue · $45.2B (FY2025 revenue, +16%)
- Customer concentration · Tied to end consumers (subscriptions). Advertising is growing fast but subscriptions remain the bulk of revenue
- Segments · Subscription memberships · Advertising and non-membership
Revenue from
- 구독 소비자 (멤버십) High confidence· Amount $45.2B · FY2025 · total revenue (mostly subscription)
Paid subscription memberships are the bulk of revenue. FY2025 revenue was $45.2B (+16%) with 325 million+ paid members, tied to discretionary spending and subscription retention. - 광고주 (광고형 요금제) High confidence· Amount $1.5B · FY2025 · advertising revenue (2025, up 2.5x)
The ad tier launched in 2022 is a new growth axis. 2025 ad revenue exceeded $1.5B, more than doubling year over year, with over half of new sign-ups choosing the ad-supported plan.
Pays to
- TKO Group Holdings, Inc. High confidence· Contract value $5B · initial 10-year term beginning 2025 · Reported total value of the WWE Raw media-rights agreement
Netflix has exclusively distributed WWE Raw in major territories since January 2025, and TKO attributed part of its 2025 revenue growth to higher media-rights fees under this agreement.Confirms KO The Korea Economic Daily Published Nov 26, 2025: TKO Shares Surge as Global Streamers Pursue UFC and WWE Rights - 콘텐츠 제작·라이선스 (상각) High confidence
Content production and licensing amortization is the largest cost. The main driver of the FY2025 rise in cost of revenues was content amortization, and Netflix keeps raising content investment as it expands originals. - Amazon (AWS) High confidence
Netflix runs compute, storage and infrastructure entirely on Amazon Web Services (AWS) with no data centers of its own, using only its Open Connect CDN for video delivery. This cloud cost touches the AI infrastructure chain, but the direction is consumption (streaming). - Workday, Inc. Low confidence
A customer of Workday Financial Management, as listed on Workday's own customer-story page and newsroom customer list. The subscription contract value is not disclosed, and no independent third-party media confirmation was found, so this is flagged as unverified single-source.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Netflix | node | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| TKO Group Holdings, Inc. | benef1 | +3.6 | +39.9 | +23.9 | +74.2 | +48.9 | -10.3 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +48.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +40.6 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +36 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +22.5 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Church & Dwight Co., Inc. | benef2 | +18.9 | -20.4 | +18.7 | +12 | -18.9 | +18.1 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +11.7 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Ameren Corporation | benef2 | +17.1 | +2.5 | -16.1 | +27.5 | +15.3 | +4.5 |
| Omnicom Group Inc. | benef2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +1 |
| The Estée Lauder Companies Inc. | benef2 | +40 | -32.3 | -40.1 | -47.6 | +42.1 | +0.2 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -1.2 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | -1.5 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -19 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -27.5 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -44.1 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -44.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
Netflix operates across The largest streaming service, running on the clock of subscriptions, content and competition, with infrastructure entirely on AWS. It is -16.5% in 2026. The stock (-16.5%) and its supply side (avg +1.6%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Workday, Inc. (-8.8%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2025 revenue was $45.2B, up 16%.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 1 · Avg. target $113 · Price $78.25 (09-04) · Upside +44%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Eric Sheridan | Underweight | — | Jun 18, 2026 | Report ↗ |
| Citigroup · Jason Bazinet | Market Perform | — | Jun 18, 2026 | Report ↗ |
| MoffettNathanson | Buy | $115 | Jun 17, 2026 | Report ↗ |
| Jefferies | Buy | $110 | Jun 10, 2026 | Report ↗ |
Downgraded from Neutral to Underweight on competition and valuation concerns.
Analyses covering this node
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