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[Form 4] NETFLIX INC Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Netflix director Reed Hastings exercised options and sold shares in a planned transaction. On April 1, 2026, he exercised 420,550 Non-Qualified Stock Options with a $9.437 exercise price into common stock, then sold the same 420,550 shares in open-market trades around $95–$97.

The sales, executed under a Rule 10b5-1 trading plan adopted on August 8, 2023, were reported in three blocks at weighted-average prices of about $95.015, $95.6767 and $96.6601. After these trades, Hastings holds 3,940 Netflix shares directly and 21,159,576 shares indirectly as trustee of the Hastings-Quillin Family Trust, indicating he retains a very large economic interest. He also received a new option grant for 654 shares at a $95.55 exercise price expiring in 2036.

Positive

  • None.

Negative

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Insights

Hastings’ large option exercise and sale look like planned liquidity, with a substantial remaining stake.

Reed Hastings exercised 420,550 options at an exercise price of $9.437 and sold the resulting shares around $95–$97. The filing notes these were executed under a Rule 10b5-1 trading plan adopted on August 8, 2023, suggesting a pre-scheduled program rather than opportunistic market timing.

Following the transactions, he still holds 3,940 shares directly and 21,159,576 shares indirectly as trustee of the Hastings-Quillin Family Trust. This indicates the sale monetizes part of his position but leaves a very large continuing ownership. He also received a small new option grant for 654 shares at a $95.55 strike, expiring in 2036, which maintains long-term equity incentives.

Insider HASTINGS REED
Role Director
Sold 420,550 shs ($40.16M)
Type Security Shares Price Value
Exercise Non-Qualified Stock Option (right to buy) 420,550 $0.00 --
Grant/Award Non-Qualified Stock Option (right to buy) 654 $0.00 --
Exercise Common Stock 420,550 $9.437 $3.97M
Sale Common Stock 152,047 $95.015 $14.45M
Sale Common Stock 247,923 $95.6767 $23.72M
Sale Common Stock 20,580 $96.6601 $1.99M
holding Common Stock -- -- --
Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 shares (Direct); Common Stock — 424,490 shares (Direct); Common Stock — 21,159,576 shares (Indirect, by Trust)
Footnotes (1)
  1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023. This transaction was executed in multiple trades at prices ranging from $94.30 to $95.299. 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. This transaction was executed in multiple trades at prices ranging from $95.30 to $96.29. 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. This transaction was executed in multiple trades at prices ranging from $96.30 to $97.17. 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. As Trustee of the Hastings-Quillin Family Trust.
Options exercised 420,550 shares Non-Qualified Stock Options exercised on April 1, 2026
Option exercise price $9.437 per share Strike price of exercised options
Sale block 1 price $95.015 per share Weighted-average price for 152,047 shares sold
Sale block 2 price $95.6767 per share Weighted-average price for 247,923 shares sold
Sale block 3 price $96.6601 per share Weighted-average price for 20,580 shares sold
Direct holdings after 3,940 shares Direct NFLX shares held after transactions
Indirect trust holdings 21,159,576 shares Indirect holdings as trustee of Hastings-Quillin Family Trust
New option grant 654 shares at $95.55 Non-Qualified Stock Option expiring April 1, 2036
Rule 10b5-1 trading plan regulatory
"Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Non-Qualified Stock Option financial
"Non-Qualified Stock Option (right to buy)"
A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.
weighted average sale price financial
"The price reported above reflects the weighted average sale price."
Hastings-Quillin Family Trust financial
"As Trustee of the Hastings-Quillin Family Trust."
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
HASTINGS REED
(Last)(First)(Middle)
121 ALBRIGHT WAY
(Street)
LOS GATOS CALIFORNIA 95032
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
NETFLIX INC [ NFLX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock04/01/2026M420,550(1)A$9.437424,490D
Common Stock04/01/2026S152,047(1)D$95.015(2)272,443D
Common Stock04/01/2026S247,923(1)D$95.6767(3)24,520D
Common Stock04/01/2026S20,580(1)D$96.6601(4)3,940D
Common Stock21,159,576(5)Iby Trust
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Non-Qualified Stock Option (right to buy)$9.43704/01/2026M420,550(1)08/01/201608/01/2026Common Stock420,550$00D
Non-Qualified Stock Option (right to buy)$95.5504/01/2026A65404/01/202604/01/2036Common Stock654$0654D
Explanation of Responses:
1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.
2. This transaction was executed in multiple trades at prices ranging from $94.30 to $95.299. 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 $95.30 to $96.29. 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 $96.30 to $97.17. 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.
5. As Trustee of the Hastings-Quillin Family Trust.
Remarks:
Veronique Bourdeau, Authorized Signatory For: Reed Hastings04/02/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR