Netflix CFO trades shares after option exercises

Netflix Chief Financial Officer Spencer Neumann exercised stock options and sold shares on March 2, 2026.

Accepted by SEC EDGAR 03/03/2026 - 07:04 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Netflix Chief Financial Officer Spencer Neumann exercised stock options and sold shares on March 2, 2026. He exercised options for 6,330 shares at $35.80 and 22,300 shares at $38.105, receiving the same number of common shares. He then sold 28,630 shares of common stock at $97.00 per share in an open-market transaction. After these trades, he directly held 73,787 Netflix shares. The sale was made under a Rule 10b5-1 trading plan adopted on October 23, 2025.

Insider Trade Summary

Exercise and Sale: 28,630 shares ($1.70M approx. pre-tax spread)

Exercise and Sale 5 txns

Insider Neumann Spencer Adam

Role Chief Financial Officer

Sold 28,630 shs ($2.78M)

Approx. gross sale proceeds $2.78M

Approx. exercise cost $1.08M

Approx. pre-tax spread $1.70M

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	6,330	$0.00	$0.00
Exercise	Non-Qualified Stock Option (right to buy)	22,300	$0.00	$0.00
Exercise	Common Stock	6,330	$35.80	$227K
Exercise	Common Stock	22,300	$38.105	$850K
Sale	Common Stock	28,630	$97.00	$2.78M

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 7,770 contracts (Direct); Common Stock — 73,787 shares (Direct)

Footnotes (1)

1. F1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/23/2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Spencer Neumann reported option exercises and a share sale on March 2, 2026. He exercised options into 28,630 Netflix shares, then sold 28,630 common shares at $97.00 each in an open-market transaction under a pre-established Rule 10b5-1 trading plan.

How many Netflix (NFLX) shares did the CFO sell, and at what price?

The CFO sold 28,630 Netflix shares at a price of $97.00 per share. This was an open-market transaction reported with code S, indicating a sale in the open market or a private transaction under SEC reporting rules.

What stock options did Netflix (NFLX) CFO Spencer Neumann exercise?

He exercised 6,330 options at $35.80 per share and 22,300 options at $38.105 per share. These exercises converted non-qualified stock options into the same number of Netflix common shares before the reported sale transaction.

How many Netflix (NFLX) shares does the CFO own after these transactions?

After completing the option exercises and the subsequent sale, the CFO directly owned 73,787 shares of Netflix common stock. This figure reflects his direct beneficial ownership immediately following the reported March 2, 2026 transactions on the Form 4.

Was the Netflix (NFLX) CFO’s share sale part of a Rule 10b5-1 trading plan?

Yes. The filing notes the transaction was made under a Rule 10b5-1 trading plan. The plan was adopted by the reporting person on October 23, 2025, allowing pre-arranged trades to occur automatically according to predetermined instructions.

What do the transaction codes M and S mean in this Netflix (NFLX) Form 4?

Code M indicates an exercise or conversion of a derivative security, such as stock options converting into common shares. Code S indicates a sale of common stock in the open market or a private transaction, as disclosed for the 28,630-share sale.

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

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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)
03/02/2026

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	03/02/2026		M		6,330(1)	A	$35.8	80,117	D
Common Stock	03/02/2026		M		22,300(1)	A	$38.105	102,417	D
Common Stock	03/02/2026		S		28,630(1)	D	$97	73,787	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)	$35.8	03/02/2026		M			6,330(1)	02/03/2020	02/03/2030	Common Stock	6,330	$0	0	D
Non-Qualified Stock Option (right to buy)	$38.105	03/02/2026		M			22,300(1)	03/02/2020	03/02/2030	Common Stock	22,300	$0	7,770	D

Explanation of Responses:

1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/23/2025.

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: Spencer Neumann	03/03/2026
	** 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.
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.