NETGEAR makes networking hardware, software, and services for businesses and consumers through two segments. The Enterprise segment (~49% of revenue) sells Ethernet switches, WiFi access points, routers, and security software to SMEs, with Pro AV managed switches serving as the primary growth driver — these switches route high-resolution video over standard IP infrastructure for commercial deployments like video walls, conferencing systems, and digital displays. Enterprise also sells cloud-managed WiFi and security products (firewall and SASE) to SMEs and the MSPs that serve them, distributed through MSPs, direct market resellers like CDW, and NETGEAR's own website. The Consumer segment (~51% of revenue) sells home WiFi routers and mesh systems under the Orbi and Nighthawk brands, broadband modems, and mobile hotspots through retailers like Amazon, Best Buy, and Walmart, as well as broadband service providers. NETGEAR also sells a cybersecurity subscription service (NETGEAR Armor) bundled with consumer devices. Hardware sales drive the majority of revenue, with Enterprise hardware carrying significantly higher margins (~51% gross margin) than Consumer (~31%). A growing subscription and software overlay — including Armor on the consumer side and cloud management licenses and security-as-a-service on the enterprise side — represents NETGEAR's key long-term margin expansion driver. NETGEAR outsources manufacturing to Taiwanese ODMs and is actively building in-house software development teams to reduce vendor dependency and improve product differentiation.