NFLX CFO sells shares under 10b5-1 plan; now holds 3,931

Rhea-AI Filing Summary

Netflix (NFLX) reported an insider transaction by Chief Financial Officer Spencer Neumann. On 11/03/2025, he exercised 2,600 non-qualified stock options at an exercise price of $269.58 per share and executed multiple open-market sales the same day pursuant to a Rule 10b5-1 trading plan adopted on 10/29/2024.

The sales were completed in numerous small lots, each reported with a weighted average price for the trade range disclosed in the footnotes. Following these transactions, Neumann directly beneficially owns 3,931 shares of Netflix common stock.

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)
11/03/2025

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	11/03/2025		M		2,600(1)	A	$269.58	6,291	D
Common Stock	11/03/2025		S		30(1)	D	$1,079.4233(2)	6,261	D
Common Stock	11/03/2025		S		40(1)	D	$1,083.1975(3)	6,221	D
Common Stock	11/03/2025		S		40(1)	D	$1,084.295(4)	6,181	D
Common Stock	11/03/2025		S		40(1)	D	$1,086.02(5)	6,141	D
Common Stock	11/03/2025		S		40(1)	D	$1,086.9475(6)	6,101	D
Common Stock	11/03/2025		S		60(1)	D	$1,087.7867(7)	6,041	D
Common Stock	11/03/2025		S		70(1)	D	$1,089.1786(8)	5,971	D
Common Stock	11/03/2025		S		60(1)	D	$1,090.0633(9)	5,911	D
Common Stock	11/03/2025		S		111(1)	D	$1,091.2345(10)	5,800	D
Common Stock	11/03/2025		S		100(1)	D	$1,092.352(11)	5,700	D
Common Stock	11/03/2025		S		110(1)	D	$1,093.4336(12)	5,590	D
Common Stock	11/03/2025		S		156(1)	D	$1,094.3076(13)	5,434	D
Common Stock	11/03/2025		S		190(1)	D	$1,095.3195(14)	5,244	D
Common Stock	11/03/2025		S		250(1)	D	$1,096.3396(15)	4,994	D
Common Stock	11/03/2025		S		110(1)	D	$1,097.4745(16)	4,884	D
Common Stock	11/03/2025		S		180(1)	D	$1,098.4539(17)	4,704	D
Common Stock	11/03/2025		S		244(1)	D	$1,099.4575(18)	4,460	D
Common Stock	11/03/2025		S		90(1)	D	$1,100.9811(19)	4,370	D
Common Stock	11/03/2025		S		40(1)	D	$1,102.39(20)	4,330	D
Common Stock	11/03/2025		S		10(1)	D	$1,103.72	4,320	D
Common Stock	11/03/2025		S		10(1)	D	$1,105.2	4,310	D
Common Stock	11/03/2025		S		30(1)	D	$1,106.7067(21)	4,280	D
Common Stock	11/03/2025		S		30(1)	D	$1,107.9533(22)	4,250	D
Common Stock	11/03/2025		S		10(1)	D	$1,108.96	4,240	D
Common Stock	11/03/2025		S		70(1)	D	$1,111.2014(23)	4,170	D
Common Stock	11/03/2025		S		40(1)	D	$1,112.095(24)	4,130	D
Common Stock	11/03/2025		S		30(1)	D	$1,113.34(25)	4,100	D
Common Stock	11/03/2025		S		80(1)	D	$1,115.3413(26)	4,020	D
Common Stock	11/03/2025		S		89(1)	D	$1,116.6252(27)	3,931	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)	$269.58	11/03/2025		M			2,600(1)	10/01/2019	10/01/2029	Common Stock	2,600	$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 $1,079.12 to $1,079.78. 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 $1,082.75 to $1,083.70. 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 $1,084.07 to $1,084.87. 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.

5. This transaction was executed in multiple trades at prices ranging from $1,085.41 to $1,086.34. 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 $1,086.43 to $1,087.39. 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 $1,087.49 to $1,088.31. 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.

8. This transaction was executed in multiple trades at prices ranging from $1,088.66 to $1,089.62. 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 $1,089.66 to $1,090.58. 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 $1,090.68 to $1,091.65. 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.

11. This transaction was executed in multiple trades at prices ranging from $1,091.71 to $1,092.69. 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.

12. This transaction was executed in multiple trades at prices ranging from $1,092.86 to $1,093.84. 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.

13. This transaction was executed in multiple trades at prices ranging from $1,093.89 to $1,094.85. 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.

14. This transaction was executed in multiple trades at prices ranging from $1,094.89 to $1,095.84. 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.

15. This transaction was executed in multiple trades at prices ranging from $1,095.89 to $1,096.77. 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.

16. This transaction was executed in multiple trades at prices ranging from $1,096.94 to $1,097.86. 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.

17. This transaction was executed in multiple trades at prices ranging from $1,097.95 to $1,098.93. 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.

18. This transaction was executed in multiple trades at prices ranging from $1,098.95 to $1,099.87. 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.

19. This transaction was executed in multiple trades at prices ranging from $1,100.46 to $1,101.31. 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.

20. This transaction was executed in multiple trades at prices ranging from $1,102.25 to $1,102.61. 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.

21. This transaction was executed in multiple trades at prices ranging from $1,106.22 to $1,107.13. 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.

22. This transaction was executed in multiple trades at prices ranging from $1,107.79 to $1,108.18. 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.

23. This transaction was executed in multiple trades at prices ranging from $1,110.74 to $1,111.44. 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.

24. This transaction was executed in multiple trades at prices ranging from $1,111.92 to $1,112.49. 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.

25. This transaction was executed in multiple trades at prices ranging from $1,112.96 to $1,113.94. 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.

26. This transaction was executed in multiple trades at prices ranging from $1,115.09 to $1,115.73. 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.

27. This transaction was executed in multiple trades at prices ranging from $1,116.37 to $1,117.16. 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:

Due to the limitation on the number of transactions that can be reported on a single Form 4, this Form 4 is the first of two being filed by the reporting person on the date hereof.

	By: Veronique Bourdeau, Authorized Signatory For: Spencer Neumann	11/04/2025
	** 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 did NFLX's CFO report on Form 4?

Spencer Neumann exercised 2,600 stock options at $269.58 and sold shares in multiple trades on 11/03/2025.

Were the sales under a trading plan?

Yes. Transactions were made pursuant to a Rule 10b5-1 plan adopted on 10/29/2024.

What does the option exercise detail show?

A non-qualified stock option to buy 2,600 shares at $269.58 was exercised on 11/03/2025.

What were the sale price ranges disclosed?

Footnotes report weighted average sale prices across ranges that include figures such as $1,079.12 to $1,117.16.

How many shares does the CFO own after the transactions?

He directly beneficially owns 3,931 NFLX shares after the reported transactions.

What is the relationship of the reporting person to Netflix?

The reporting person is an Officer, serving as Chief Financial Officer.