Netflix insider files Rule 144 to sell 42,176 shares worth $49.4M

Rhea-AI Filing Summary

Form 144 filed for NFLX reports a proposed sale of 42,176 shares of common stock via Merrill Lynch on Nasdaq with an aggregate market value of $49,441,019.84. The filing states the shares were acquired and paid for on 10/01/2025 by exercise of stock options from the issuer, with payment in cash. The filer previously sold 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, showing multiple recent insider dispositions. The notice includes the required representation that no undisclosed material adverse information is known to the seller.

Positive

• Transaction compliance: Filing uses Rule 144 format and includes the seller's certification regarding material information
• Clear acquisition detail: Shares were acquired by exercise of stock options and paid in cash on the acquisition date

Negative

• Large insider sales: Proposed sale of 42,176 shares (~$49.44M) follows recent sales of 25,959 and 22,765 shares, indicating substantial insider liquidity
• Concentration of dispositions: Three recent transactions total 90,900 shares, which may be material for investor perception of insider selling

Insights

Securities Analyst

TL;DR: Insider proposes a sizable option exercise sale of 42,176 NFLX shares worth ~$49.4M; follows two recent large dispositions.

The filing documents a routine Rule 144 notice for shares acquired by option exercise and paid in cash on the same date of acquisition, indicating a technical compliance sale rather than an open-market company action. Aggregate value of the proposed sale is material at roughly $49.4 million. The two prior reported sales in August and September total 48,724 shares and roughly $57.8 million in proceeds, so this filing continues a pattern of significant insider liquidity events over recent months. Investors should note the scale and cadence of these sales when assessing insider activity.

Corporate Governance Expert

TL;DR: This is a compliant Rule 144 notice for option-exercised shares; sequence of sales highlights insider liquidity but no undisclosed adverse information is claimed.

The form shows the seller made the statutory certification about lack of undisclosed material adverse information. The shares were acquired via option exercise and slated for immediate sale through a broker, a common liquidity mechanism for insiders. The cumulative size of recent dispositions — three transactions totaling 90,900 shares — is significant from a governance and disclosure standpoint, though the filing itself contains no indication of noncompliance or company-level issues.

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	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: 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: 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: Remarks and Signature

Remarks

Date of Notice

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

How many NFLX shares are proposed for sale in this Form 144?

The filing proposes sale of 42,176 shares of common stock.

What is the aggregate market value of the proposed NFLX sale?

The aggregate market value is reported as $49,441,019.84.

How were the shares acquired that are being sold under this Form 144?

The shares were acquired on 10/01/2025 by exercise of stock options from the issuer and paid for in cash on that date.

Who is the broker handling the sale of the NFLX shares?

The listed broker is Merrill Lynch at 555 California Street, Suite 1800, San Francisco, CA.

Has the filer recently sold other NFLX shares?

Yes; the filing discloses sales of 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.