Netflix insider files Form 144 to sell 25,959 shares valued at $31.35M

Rhea-AI Filing Summary

Form 144 filed for Netflix, Inc. (NFLX) reporting a proposed sale of 25,959 common shares through Merrill Lynch on Nasdaq with an aggregate market value of $31,351,002.43 and an approximate sale date of 09/02/2025. The shares were acquired on 09/02/2025 by exercise of stock options from the issuer and paid in cash the same day. The filing also discloses two prior sales by Reed Hastings during the past three months: 22,765 shares on 08/01/2025 for $26,463,288.37 and 26,513 shares on 07/01/2025 for $34,677,496.79. The notice includes the required certification that the seller does not possess undisclosed material adverse information.

Positive

• Regulatory compliance: Notice filed under Rule 144 with broker, amounts, and seller attestation
• Acquisition method disclosed: Shares were acquired by exercise of stock options and paid in cash on the same date

Negative

• Insider liquidity: Proposed sale of 25,959 shares valued at $31,351,002.43 may be viewed negatively by some investors
• Recent insider sales: Prior sales on 07/01/2025 and 08/01/2025 totaled 49,278 shares with combined gross proceeds of $61,140,785.16

Insights

Securities Analyst

TL;DR: Insider exercised options and plans to sell ~25.96k NFLX shares worth $31.35M; prior recent sales total ~49.3k shares.

This Form 144 documents a compliance notice for a proposed sale executed through Merrill Lynch on Nasdaq. The acquisition and sale are contemporaneous—shares were acquired by option exercise and paid in cash on the same date—indicating routine monetization of equity awards rather than purchases from market sources. Recent disclosed sales on 07/01/2025 and 08/01/2025 total 49,278 shares with material proceeds disclosed. For investors, the filing is a transparency event showing insider liquidity but contains no operational or financial performance information about the issuer.

Corporate Governance Expert

TL;DR: Filing shows adherence to Rule 144 disclosure for planned insider sale; pattern of periodic sales is evident.

The document meets Rule 144 notice requirements by specifying broker, share count, aggregate value, acquisition method, and recent sales history. The shares were acquired via option exercise from the issuer and scheduled for sale the same day, which is typical for executive option exercises and subsequent disposition. The filing contains the mandatory attestation regarding absence of undisclosed material adverse information and a signature block, consistent with regulatory expectations. No indications of atypical governance issues are present in the text.

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

144: Filer Information

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

144: 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: 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	25959	31351002.43	424926346	09/02/2025	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: 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	09/02/2025	Exercise of stock options	Issuer			25959	09/02/2025	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: 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 Gatos CA 95032	Common	08/01/2025	22765	26463288.37
Reed Hastings 121 Albright Way Los Gatos CA 95032	Common	07/01/2025	26513	34677496.79

144: 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

What does the Form 144 filed for NFLX report?

The Form 144 reports a proposed sale of 25,959 Netflix common shares via Merrill Lynch on Nasdaq with an aggregate market value of $31,351,002.43 and an approximate sale date of 09/02/2025.

How were the shares being sold acquired?

The shares were acquired on 09/02/2025 by exercise of stock options from the issuer and paid in cash the same day.

Who sold shares of NFLX in the past three months according to the filing?

The filing discloses sales by Reed Hastings: 26,513 shares on 07/01/2025 for $34,677,496.79 and 22,765 shares on 08/01/2025 for $26,463,288.37.

Through which broker will the proposed sale be executed?

The proposed sale is to be executed through Merrill Lynch, 555 California Street, Suite 1800, San Francisco, CA 94104 on Nasdaq.

Does the filing state whether the seller has undisclosed material information?

Yes; the notice includes the seller's representation that they do not know any material adverse information about the issuer that has not been publicly disclosed.