[Form 4] NetFlix Inc Insider Trading Activity

Rhea-AI Filing Summary

Netflix, Inc. (NFLX) – Form 4 filing dated 07/02/2025 discloses multiple option exercises and related sales by Chief Financial Officer Spencer Neumann on 07/01/2025 under a Rule 10b5-1 trading plan adopted 10/29/2024.

• Options exercised: 696 shares at an exercise price of $289.29 and 1,905 shares at $309.99 (total 2,601 shares).
• Open-market sales: The same 2,601 shares were sold in 17 individual trades at prices ranging from $1,283.72 to $1,337.05.
• Net share balance: Beneficial ownership returned to the pre-exercise level of 3,691 common shares held directly.
• Remaining derivatives: 2,905 in-the-money options (exercise price $289.29) remain outstanding and expire 09/03/2029; the second option grant (exercise price $309.99) is now fully exercised.
• No other equity awards or indirect holdings were reported.

The activity represents a cashless exercise—conversion of low-priced options followed by immediate sale of equivalent shares—providing personal liquidity while keeping the CFO’s direct ownership unchanged. Because transactions were pre-scheduled under a 10b5-1 plan, they are generally viewed as routine and do not, on their own, signal a strategic shift or performance concern for Netflix.

Positive

• Pre-planned 10b5-1 plan reduces risk of opportunistic insider trading perceptions.
• CFO’s direct ownership unchanged, maintaining alignment with shareholders.
• Company receives option-exercise cash (strike prices $289.29 and $309.99), albeit immaterial to overall finances.

Negative

• Sale of 2,601 shares may be interpreted by some investors as insider confidence reduction despite ownership neutrality.
• Remaining direct stake is modest (3,691 shares), offering limited governance signal.

Insights

Securities Analyst

TL;DR – Routine 10b5-1 option exercises; CFO maintains same ownership, limited market signal.

Neumann exercised 2,601 deep in-the-money options (avg. strike ≈ $303) and sold the resulting shares at ≈ $1.29-1.34 k. The spread locks in substantial personal gains while avoiding dilution because the shares were already reserved under the option plans. Direct holdings remain 3,691 shares, so his economic exposure to NFLX equity is unchanged. Because the trades were executed under a pre-planned 10b5-1 program, the informational value for outside investors is muted. From a liquidity standpoint, the company receives ≈ $0.8 m in exercise proceeds, an immaterial cash inflow for a firm of Netflix’s scale. Overall impact: neutral.

Corporate Governance Expert

TL;DR – Insider selling fully offset by option exercises; compliance safeguards in place.

The CFO’s transactions adhere to Section 16 reporting and rely on a disclosed 10b5-1 plan, limiting potential perception of opportunistic trading. Retention of a modest 3,691-share stake keeps an alignment signal but is not large relative to executive compensation norms. No red flags on timing or volume relative to historical patterns. Investors should treat the filing as standard housekeeping rather than a governance concern.

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^*

Neumann Spencer Adam

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		M		696(1)	A	$289.29	4,387	D
Common Stock	07/01/2025		M		1,905(1)	A	$309.99	6,292	D
Common Stock	07/01/2025		S		100(1)	D	$1,283.72	6,192	D
Common Stock	07/01/2025		S		100(1)	D	$1,286.27	6,092	D
Common Stock	07/01/2025		S		100(1)	D	$1,288.14	5,992	D
Common Stock	07/01/2025		S		201(1)	D	$1,292.7777(2)	5,791	D
Common Stock	07/01/2025		S		200(1)	D	$1,294.095(3)	5,591	D
Common Stock	07/01/2025		S		400(1)	D	$1,295.6475(4)	5,191	D
Common Stock	07/01/2025		S		100(1)	D	$1,296.78	5,091	D
Common Stock	07/01/2025		S		200(1)	D	$1,298.655(5)	4,891	D
Common Stock	07/01/2025		S		100(1)	D	$1,300.2	4,791	D
Common Stock	07/01/2025		S		100(1)	D	$1,301.84	4,691	D
Common Stock	07/01/2025		S		100(1)	D	$1,308.03	4,591	D
Common Stock	07/01/2025		S		100(1)	D	$1,317.11	4,491	D
Common Stock	07/01/2025		S		100(1)	D	$1,323.19	4,391	D
Common Stock	07/01/2025		S		300(1)	D	$1,330.6733(6)	4,091	D
Common Stock	07/01/2025		S		100(1)	D	$1,331.3	3,991	D
Common Stock	07/01/2025		S		200(1)	D	$1,334.265(7)	3,791	D
Common Stock	07/01/2025		S		100(1)	D	$1,337.05	3,691	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)	$289.29	07/01/2025		M			696(1)	09/03/2019	09/03/2029	Common Stock	696	$0	2,905	D
Non-Qualified Stock Option (right to buy)	$309.99	07/01/2025		M			1,905(1)	12/02/2019	12/02/2029	Common Stock	1,905	$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.

2. This transaction was executed in multiple trades at prices ranging from $1,292.44 to $1,293.31. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. This transaction was executed in multiple trades at prices ranging from $1,294.00 to $1,294.19. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed in multiple trades at prices ranging from $1,295.12 to $1,296.07. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed in multiple trades at prices ranging from $1,298.57 to $1,298.74. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed in multiple trades at prices ranging from $1,330.11 to $1,331.01. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

7. This transaction was executed in multiple trades at prices ranging from $1,334.06 to $1,334.47. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: Spencer Neumann	07/02/2025
	** 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.

FAQ

How many Netflix (NFLX) shares did CFO Spencer Neumann sell?

He sold 2,601 shares in multiple trades at prices between $1,283.72 and $1,337.05.

Did the CFO’s ownership in Netflix change after the transactions?

No. After exercising options and selling the same number of shares, he still holds 3,691 common shares directly.

What option grants were exercised in this Form 4 filing?

Two grants from 2019: 696 options at $289.29 (expire 09/03/2029) and 1,905 options at $309.99 (expire 12/02/2029).

Were the trades executed under a 10b5-1 plan?

Yes, the filing notes a Rule 10b5-1 trading plan adopted on 10/29/2024.

Does this insider activity affect Netflix’s financials?

The company receives the exercise price cash (~$0.8 m) but the amount is immaterial to Netflix’s balance sheet.