[Form 4] NetFlix Inc Insider Trading Activity

Rhea-AI Filing Summary

Spencer Neumann, Chief Financial Officer of Netflix, reported multiple transactions on 09/02/2025 executed pursuant to a Rule 10b5-1 trading plan adopted on 10/29/2024. The filing shows exercise of non-qualified stock options for 304 shares at $289.29 and 2,296 shares at $286.81, and a series of open-market sales totaling 3,200 shares at prices ranging from $1,188.04 to $1,214.95 per share. After these transactions the reporting person beneficially owned 3,691 shares of Netflix common stock as of the report.

The filing explicitly states the trades were made under a 10b5-1 plan and provides weighted-average sale prices for multi-trade executions; no other corporate events or financial results are disclosed in this Form 4.

Positive

• Trades executed under a Rule 10b5-1 plan, indicating transactions were pre-authorized and intended to mitigate insider-trading concerns
• Transparent disclosure of weighted-average prices and price ranges for multi-trade executions, aiding investor clarity
• Option exercises documented (304 and 2,296 shares), demonstrating use of vested compensation rather than undisclosed transfers

Negative

• Substantial net sales of 3,200 shares on 09/02/2025 that reduced beneficial ownership to 3,691 shares
• No information on pre-transaction beneficial ownership baseline beyond the line items, which limits context for the magnitude of ownership change

Insights

Securities Analyst

TL;DR: CFO executed options and sold shares under a pre-established 10b5-1 plan, lowering reported beneficial ownership to 3,691 shares.

The Form 4 documents option exercises (304 and 2,296 shares) followed by multiple sales totaling 3,200 shares at prices between $1,188.04 and $1,214.95, with weighted-average prices disclosed for multi-trade executions. Because the filing notes the trades were made pursuant to a 10b5-1 plan adopted 10/29/2024, the activity appears pre-planned rather than opportunistic. The transactions are material at the individual level but the filing contains no company financials or governance changes that would alter an investment thesis on Netflix.

Corporate Governance Expert

TL;DR: Insider sales were executed under a documented 10b5-1 plan, indicating procedural compliance though beneficial ownership decreased materially.

The disclosure includes a clear 10b5-1 statement and granular execution-price ranges for several block sales, which is best-practice transparency. The reporting persons beneficial ownership declined to 3,691 shares after the reported trades. The filing does not report any amendment, new plan terms, or related-party transactions beyond the authorized signatory certifying the Form 4.

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)
09/02/2025

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	09/02/2025		M		304(1)	A	$289.29	3,995	D
Common Stock	09/02/2025		M		2,296(1)	A	$286.81	6,291	D
Common Stock	09/02/2025		S		100(1)	D	$1,188.04	6,191	D
Common Stock	09/02/2025		S		100(1)	D	$1,197.06	6,091	D
Common Stock	09/02/2025		S		200(1)	D	$1,200.58(2)	5,891	D
Common Stock	09/02/2025		S		200(1)	D	$1,204.01(3)	5,691	D
Common Stock	09/02/2025		S		300(1)	D	$1,205.3567(4)	5,391	D
Common Stock	09/02/2025		S		300(1)	D	$1,206.24(5)	5,091	D
Common Stock	09/02/2025		S		200(1)	D	$1,208.84(6)	4,891	D
Common Stock	09/02/2025		S		200(1)	D	$1,210.43(7)	4,691	D
Common Stock	09/02/2025		S		200(1)	D	$1,211.46(8)	4,491	D
Common Stock	09/02/2025		S		200(1)	D	$1,212.67(9)	4,291	D
Common Stock	09/02/2025		S		500(1)	D	$1,214.17(10)	3,791	D
Common Stock	09/02/2025		S		100(1)	D	$1,214.95	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	09/02/2025		M			304(1)	09/03/2019	09/03/2029	Common Stock	304	$0	0	D
Non-Qualified Stock Option (right to buy)	$286.81	09/02/2025		M			2,296(1)	11/01/2019	11/01/2029	Common Stock	2,296	$0	1,336	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 $1,200.42 to $1,200.74. 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.

3. This transaction was executed in multiple trades at prices ranging from $1,203.85 to $1,204.17. 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 $1,204.94 to $1,205.92. 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 $1,206.06 to $1,206.41. 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 $1,208.77 to $1,208.91. 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 $1,209.96 to $1,210.90. 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.

8. This transaction was executed in multiple trades at prices ranging from $1,211.05 to $1,211.87. 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.

9. This transaction was executed in multiple trades at prices ranging from $1,212.49 to $1,212.85. 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.

10. This transaction was executed in multiple trades at prices ranging from $1,213.70 to $1,214.56. 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	09/03/2025
	** 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

What transactions did Netflix CFO Spencer Neumann report on Form 4 (NFLX)?

The filing reports exercises of non-qualified stock options for 304 and 2,296 shares and open-market sales totaling 3,200 shares on 09/02/2025.

Were the trades by the NFLX reporting person pre-planned?

Yes. The Form 4 states the transactions were made pursuant to a Rule 10b5-1 trading plan adopted 10/29/2024.

What were the sale price ranges for the reported NFLX sales?

Reported sale prices range from $1,188.04 to $1,214.95 per share, with weighted-average prices provided for multi-trade executions.

How many shares did the reporting person own after the transactions?

After the reported transactions the reporting person beneficially owned 3,691 shares of Netflix common stock.

Did the Form 4 disclose any amendments or additional corporate actions?

No. The Form 4 shows no amendment date and contains only the option exercises, sales, and the 10b5-1 plan statement.