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Netflix Insider Filing: Finance Chief Exits Position via 10b5-1 Option Exercise

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Netflix (NASDAQ:NFLX) filed a Form 4 reporting that Chief Accounting Officer Jeffrey Karbowski exercised 620 stock options—474 at $439.88 and 146 at $438.62—on 06/25/2025 and immediately sold the entire 620-share lot at $1,286.84, realizing roughly $0.8 million. The trade was executed under a Rule 10b5-1 plan adopted 10/29/2024. Following the disposal, Karbowski reports zero directly held Netflix shares or derivative securities. While modest in dollar terms relative to Netflix’s market cap, the complete divestiture by a senior finance executive can be viewed as a potential governance signal. No other material events were disclosed.

Positive

  • None.

Negative

  • Chief Accounting Officer sold 100% of his 620-share position (~$0.8 M) on 06/25/2025, reducing direct ownership to zero.

Insights

TL;DR: CAO fully exits position; modest size but removes ownership stake—mildly bearish signal.

The filing shows Netflix’s Chief Accounting Officer exercised 620 options and immediately sold all resulting shares, leaving zero direct ownership. Although the dollar value (~$0.8 M) is small relative to company size, a complete divestiture by the executive responsible for financial reporting can raise eyebrows among governance-focused investors. The 10b5-1 plan reduces the likelihood of information asymmetry, but the optics of a finance chief holding no equity may diminish perceived alignment with shareholders. The transaction does not indicate operational stress, yet it removes an insider ownership buffer that some investors view favorably.

Insider Karbowski Jeffrey William
Role Chief Accounting Officer
Sold 620 shs ($798K)
Approx. gross sale proceeds $798K
Approx. exercise cost $273K
Approx. pre-tax spread $525K
Type Security Shares Price Value
Exercise Non-Qualified Stock Option (right to buy) 146 $0.00 $0.00
Exercise Non-Qualified Stock Option (right to buy) 474 $0.00 $0.00
Exercise Common Stock 474 $439.88 $209K
Exercise Common Stock 146 $438.62 $64K
Sale Common Stock 620 $1,286.84 $798K
Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 shares (Direct); Common Stock — 0 shares (Direct)
Footnotes (1)
  1. F1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/29/2024.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How many Netflix [[NFLX]] shares did CAO Jeffrey Karbowski sell on 06/25/2025?
He sold 620 shares, immediately after exercising stock options, according to the Form 4.

What was the total value of the insider sale reported by Netflix [[NFLX]] on 06/26/2025?
The transaction was worth roughly $0.8 million (620 shares × $1,286.84).

Does Netflix [[NFLX]]’s Chief Accounting Officer own any shares after the Form 4 filing?
No. The filing states the CAO now owns 0 shares directly or indirectly.

Was the Netflix [[NFLX]] insider sale executed under a Rule 10b5-1 plan?
Yes. The Form 4 specifies the trade was made under a 10b5-1 plan adopted on 10/29/2024.

Are any derivative securities still held by the Netflix [[NFLX]] CAO after the option exercise?
No. All 620 options were exercised and the remaining derivative position is shown as zero.
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Karbowski Jeffrey William
(Last) (First) (Middle)
121 ALBRIGHT WAY
(Street)
LOS GATOS CA 95032
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NETFLIX INC [ NFLX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Accounting Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/25/2025 M 474(1) A $439.88 474 D
Common Stock 06/25/2025 M 146(1) A $438.62 620 D
Common Stock 06/25/2025 S 620(1) D $1,286.84 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $438.62 06/25/2025 M 146(1) 08/01/2023 08/01/2033 Common Stock 146 $0 0 D
Non-Qualified Stock Option (right to buy) $439.88 06/25/2025 M 474(1) 09/01/2023 09/01/2033 Common Stock 474 $0 0 D
Explanation of Responses:
1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/29/2024.
Remarks:
By: Veronique Bourdeau, Authorized Signatory For: Jeffrey Karbowski 06/26/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR