Reed Hastings Files Form 144/A for 42,176 Netflix Shares

Rhea-AI Filing Summary

Insider sale notice for NFLX common stock: This Form 144/A notifies a proposed sale of 42,176 shares of common stock through Merrill Lynch on 10/01/2025 with an aggregate market value listed as $49,441,019.84. The filing identifies the seller as Reed Hastings and shows those shares were acquired the same day, 10/01/2025, by exercise of stock options and paid in cash.

The filing also discloses two recent sales by the same person in the past three months: 25,959 shares sold on 09/02/2025 for gross proceeds of $31,351,002.43, and 22,765 shares sold on 08/01/2025 for gross proceeds of $26,463,288.37. The notice includes the standard representation that the seller is not aware of material nonpublic information.

Positive

• None.

Negative

• Insider selling of 42,176 shares proposed for 10/01/2025 with an aggregate market value of $49,441,019.84
• Recent insider dispositions totaling 48,724 shares in the prior two months with combined gross proceeds of $57,814,290.80
• No trading-plan details provided in the filing to indicate whether sales were pre-planned under Rule 10b5-1

Insights

Financial Analyst

TL;DR: Significant insider share activity disclosed; material for share count and short-term supply but mixed for valuation.

The filing reports an insider proposing to sell 42,176 shares acquired via option exercise on the same day and two recent large dispositions totaling 48,724 shares in the prior two months. From a trading-impact perspective, aggregated insider selling of this scale within a short window could increase available float and affect near-term supply-demand dynamics. The filing does not provide share prices beyond gross proceeds, so precise per-share pricing and proportional impact versus total outstanding shares cannot be calculated from the document alone.

Corporate Governance Expert

TL;DR: Repeated, large insider sales raise governance and signaling questions for investors.

The notice shows repeated dispositions by the same insider and a planned sale executed through a broker, following an immediate exercise of options. Such patterns warrant attention to whether trades follow a pre-established trading plan; the filing contains the standard attestation but provides no plan adoption date. Without evidence of a Rule 10b5-1 plan or other pre-clearance details in the filing, the sequence of option exercise plus prompt sale could be viewed unfavorably by governance-focused stakeholders.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144/A

144/A: Filer Information

Filer CIK
Filer CCC
Previous Accession Number Of The Filing
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144/A: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144/A: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Merrill Lynch 555 California Street Suite 1800 San Francisco CA 94104	42176	49441019.84	424926346	10/01/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144/A: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	10/01/2025	Exercise of stock options	Issuer			42176	10/01/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144/A: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Reed Hastings 121 Albright Way Los Altos CA 95032	Common	09/02/2025	25959	31351002.43
Reed Hastings 121 Albright Way Los Altos CA 95032	Common	08/01/2025	22765	26463288.37

144/A: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

Who is the filer named in the NFLX Form 144/A?

The filing identifies Reed Hastings as the person for whose account the securities are to be sold.

How many shares are proposed to be sold under this Form 144/A and when?

The notice proposes sale of 42,176 shares of common stock with an approximate sale date of 10/01/2025.

What were the recent insider sales disclosed in the filing for NFLX?

Two prior sales by the same person: 25,959 shares on 09/02/2025 for $31,351,002.43, and 22,765 shares on 08/01/2025 for $26,463,288.37.

How were the shares being sold acquired according to the filing?

The 42,176 shares to be sold were acquired on 10/01/2025 by exercise of stock options and paid for in cash.

Through which broker is the proposed sale being arranged?

The proposed sale is to be executed through Merrill Lynch at the San Francisco address listed in the filing.