Netflix (NASDAQ: NFLX) director Smith trades options and stock

Rhea-AI Filing Summary

Netflix Inc. director Bradford L. Smith reported multiple option exercises and share sales in Netflix common stock. On January 15, 2026, he exercised five non-qualified stock option grants with exercise prices between $9.31 and $10.57, acquiring a total of 31,790 shares. That same day, he sold 31,790 shares of common stock in three transactions at weighted average prices of $88.2749, $89.1801, and $89.8567, with individual trades taking place within the price ranges disclosed in the notes. The activity was conducted under a Rule 10b5-1 trading plan adopted on February 10, 2025. After these transactions, Smith directly owned 79,690 Netflix shares, and the holdings reflect a ten-for-one forward stock split effective after market close on November 14, 2025.

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^*

SMITH BRADFORD L

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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	01/15/2026		M		6,640(1)	A	$9.41	86,330	D
Common Stock	01/15/2026		M		6,360(1)	A	$9.83	92,690	D
Common Stock	01/15/2026		M		5,910(1)	A	$10.57	98,600	D
Common Stock	01/15/2026		M		6,720(1)	A	$9.31	105,320	D
Common Stock	01/15/2026		M		6,160(1)	A	$10.15	111,480	D
Common Stock	01/15/2026		S		11,306(1)	D	$88.2749(2)	100,174	D
Common Stock	01/15/2026		S		20,454(1)	D	$89.1801(3)	79,720	D
Common Stock	01/15/2026		S		30(1)	D	$89.8567(4)	79,690	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)	$9.41	01/15/2026		M			6,640(1)	02/01/2016	02/01/2026	Common Stock	6,640	$0	0	D
Non-Qualified Stock Option (right to buy)	$9.83	01/15/2026		M			6,360(1)	03/01/2016	03/01/2026	Common Stock	6,360	$0	0	D
Non-Qualified Stock Option (right to buy)	$10.57	01/15/2026		M			5,910(1)	04/01/2016	04/01/2026	Common Stock	5,910	$0	0	D
Non-Qualified Stock Option (right to buy)	$9.31	01/15/2026		M			6,720(1)	05/02/2016	05/02/2026	Common Stock	6,720	$0	0	D
Non-Qualified Stock Option (right to buy)	$10.15	01/15/2026		M			6,160(1)	06/01/2016	06/01/2026	Common Stock	6,160	$0	0	D

Explanation of Responses:

1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 2/10/2025.

2. This transaction was executed in multiple trades at prices ranging from $87.84 to $88.835. 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 $88.84 to $89.82. 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 $89.85 to $89.86. 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:

Adjusted to reflect a ten-for-one forward split of the Issuer's common stock effective after market close on November 14, 2025.

	By: Veronique Bourdeau, Authorized Signatory For: Bradford L. Smith	01/16/2026
	** 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.
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FAQ

What insider activity did Netflix (NFLX) director Bradford L. Smith report?

Bradford L. Smith reported exercising non-qualified stock options to acquire 31,790 shares of Netflix common stock and selling 31,790 shares on January 15, 2026. The sales were made in three transactions at weighted average prices of $88.2749, $89.1801, and $89.8567.

Was the Netflix (NFLX) insider trading by Bradford L. Smith under a Rule 10b5-1 plan?

Yes. The filing states that the transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Bradford L. Smith on February 10, 2025. Such plans are pre-arranged trading programs intended to meet the affirmative defense conditions of Rule 10b5-1(c).

How many Netflix (NFLX) shares does Bradford L. Smith hold after these transactions?

Following the reported option exercises and sales on January 15, 2026, Bradford L. Smith directly beneficially owned 79,690 shares of Netflix common stock, as shown in the Form 4.

What stock options did Bradford L. Smith exercise in this Netflix (NFLX) Form 4?

He exercised five non-qualified stock options (right to buy) covering 6,640, 6,360, 5,910, 6,720, and 6,160 shares of Netflix common stock. The exercise prices were $9.41, $9.83, $10.57, $9.31, and $10.15, respectively.

At what prices were the Netflix (NFLX) shares sold by Bradford L. Smith?

The reported sales on January 15, 2026 were executed at weighted average prices of $88.2749, $89.1801, and $89.8567. Footnotes explain that individual trades occurred within ranges of $87.84–$88.835, $88.84–$89.82, and $89.85–$89.86, respectively.

How does the Netflix (NFLX) stock split affect the share numbers in this Form 4?

The remarks state that the figures are adjusted for a ten-for-one forward split of Netflix common stock that was effective after market close on November 14, 2025. The reported option grants and share amounts reflect this split-adjusted share count.