Netflix CFO exercises options, sells 28,630 shares

Netflix Chief Financial Officer Spencer Neumann reported a combination of option exercises and share sales in company stock.

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

Rhea-AI Filing Summary

Netflix Chief Financial Officer Spencer Neumann reported a combination of option exercises and share sales in company stock. He exercised non-qualified stock options for 7,770 shares at $38.105 and 20,860 shares at $36.408 per share, receiving an equal number of common shares.

On the same date, he sold 28,630 common shares at $98 per share in an open-market transaction, matching the total shares acquired from these option exercises. After the sale, he directly owned 73,787 Netflix common shares.

The filing notes these transactions were made under a Rule 10b5-1 trading plan adopted on October 23, 2025, indicating the trades were pre-scheduled rather than timed discretionarily.

Insider Trade Summary 10b5-1

Exercise and Sale: 28,630 shares ($1.75M approx. pre-tax spread)

Exercise and Sale 5 txns

Insider Neumann Spencer Adam

Role Chief Financial Officer

Sold 28,630 shs ($2.81M)

Approx. gross sale proceeds $2.81M

Approx. exercise cost $1.06M

Approx. pre-tax spread $1.75M

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	7,770	$0.00	$0.00
Exercise	Non-Qualified Stock Option (right to buy)	20,860	$0.00	$0.00
Exercise	Common Stock	7,770	$38.105	$296K
Exercise	Common Stock	20,860	$36.408	$759K
Sale	Common Stock	28,630	$98.00	$2.81M

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 10,610 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.

Key Figures

Options exercised at $38.105: 7,770 shares at $38.105 Options exercised at $36.408: 20,860 shares at $36.408 Shares sold: 28,630 shares at $98 +2 more

5 metrics

Options exercised at $38.105 7,770 shares at $38.105 Non-qualified stock option exercise on April 2, 2026

Options exercised at $36.408 20,860 shares at $36.408 Non-qualified stock option exercise on April 2, 2026

Shares sold 28,630 shares at $98 Open-market sale of Netflix common stock on April 2, 2026

Shares owned after transactions 73,787 shares Direct Netflix common stock holdings after April 2, 2026 transactions

Total options exercised 28,630 shares Aggregate derivative exercises reported in the filing

Key Terms

Non-Qualified Stock Option, Rule 10b5-1 trading plan, open-market sale, derivative security

4 terms

Non-Qualified Stock Option financial

"security_title":"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.

Rule 10b5-1 trading plan financial

"Transaction made pursuant to a Rule 10b5-1 trading plan"

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.

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.

derivative security financial

"transaction_code_description":"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

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

What insider transactions did Netflix (NFLX) CFO Spencer Neumann report?

Netflix CFO Spencer Neumann exercised options for 28,630 shares and sold 28,630 common shares. The options had exercise prices of $38.105 and $36.408, while the sale price was $98 per share in an open-market transaction.

How many Netflix (NFLX) shares does the CFO hold after these Form 4 transactions?

After the reported transactions, Spencer Neumann directly holds 73,787 Netflix common shares. This figure reflects his position following the option exercises and the sale of 28,630 shares disclosed in the Form 4 filing.

At what prices did the Netflix (NFLX) CFO exercise stock options and sell shares?

Spencer Neumann exercised non-qualified stock options at $38.105 and $36.408 per share. He then sold 28,630 Netflix common shares at $98 per share in an open-market transaction reported in the same Form 4 filing.

Were the Netflix (NFLX) CFO’s share sales part of a pre-planned 10b5-1 trading plan?

Yes. The filing states the transactions were made under a Rule 10b5-1 trading plan adopted on October 23, 2025. Such plans pre-schedule trades, reducing the significance of the exact timing of these option exercises and share sales.

What type of securities did the Netflix (NFLX) CFO exercise in this Form 4?

He exercised non-qualified stock options, each representing the right to buy Netflix common stock. The transactions covered 7,770 options at $38.105 and 20,860 options at $36.408, converting these derivative positions into common shares before the subsequent sale.

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

Form 4 Insider Transactions: What Each Field Means →

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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 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/02/2026		M		7,770(1)	A	$38.105	81,557	D
Common Stock	04/02/2026		M		20,860(1)	A	$36.408	102,417	D
Common Stock	04/02/2026		S		28,630(1)	D	$98	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)	$38.105	04/02/2026		M			7,770(1)	03/02/2020	03/02/2030	Common Stock	7,770	$0	0	D
Non-Qualified Stock Option (right to buy)	$36.408	04/02/2026		M			20,860(1)	04/01/2020	04/01/2030	Common Stock	20,860	$0	10,610	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	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)