[Form 4] NETFLIX INC Insider Trading Activity

Rhea-AI Filing Summary

Netflix (NFLX) insider activity: Chief Global Affairs Officer Cletus R. Willems reported RSU vesting and related tax withholding on 11/03/2025. Two RSU tranches settled into 316 and 147 shares of common stock (Code M). To cover taxes from these vestings, the issuer withheld 153 and 72 shares at $1,118.86 per share (Code F). Following these transactions, the report lists remaining derivative holdings of 2,844 and 1,172 RSUs tied to prior grants with quarterly vesting schedules beginning May 3, 2025.

Insights

Equity compensation analyst

Routine RSU vesting with tax withholding; neutral impact.

The officer’s Form 4 records standard equity compensation mechanics. RSUs vested and converted into common shares (Codes M), and a portion of shares was withheld to satisfy tax obligations at a reference price of $1,118.86 per share (Codes F). This reflects non-cash compensation with tax settlement in shares.

The filing also lists remaining derivative balances of 2,844 and 1,172 RSUs linked to earlier grants with quarterly vesting. Any future share issuance depends on scheduled vesting under those awards and applicable withholding. No change to the company’s operations or guidance is indicated by this administrative update.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

Willems Cletus R

(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 Global Affairs 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		316	A	(1)	316	D
Common Stock	11/03/2025		M		147	A	(1)	463	D
Common Stock	11/03/2025		F		153(2)	D	$1,118.86	310	D
Common Stock	11/03/2025		F		72(2)	D	$1,118.86	238	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
Restricted Stock Units	(3)	11/03/2025		M			316	(4)	(4)	Common Stock	316	$0	2,844	D
Restricted Stock Units	(3)	11/03/2025		M			147	(5)	(5)	Common Stock	147	$0	1,172	D

Explanation of Responses:

1. Reflects restricted stock units (RSUs) that following vesting, settled in shares of Netflix common stock on a one-for-one basis.

2. Shares withheld to satisfy tax withholding obligations arising out of the vesting of RSUs.

3. Each restricted stock unit (RSU) represents a contingent right to receive one share of Netflix common stock.

4. On April 28, 2025, the Reporting Person was granted 3,791 RSUs. Subject to the terms and conditions of the underlying award agreements, 1/12th of the RSUs will vest on a quarterly basis beginning on May 3, 2025 (or, to the extent it is not a trading day, the first trading day thereafter).

5. On April 28, 2025, the Reporting Person was granted 1,611 RSUs. Subject to the terms and conditions of the underlying award agreements, 1/11th of the RSUs will vest on a quarterly basis beginning on May 3, 2025 (or, to the extent it is not a trading day, the first trading day thereafter).

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: Cletus R Willems	11/05/2025
	** 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 Cletus R. Willems report on Form 4?

He reported RSU vesting into 316 and 147 common shares (Code M) on 11/03/2025, plus related tax share withholding.

How many shares were withheld for taxes in the NFLX filing?

The report shows 153 and 72 shares withheld (Code F) at a price of $1,118.86 per share to satisfy tax obligations.

What derivative balances remain after the reported transactions for NFLX?

The filing lists remaining RSUs of 2,844 and 1,172 units tied to prior grants with quarterly vesting schedules.

Who is the reporting person in NFLX’s Form 4 and what is their role?

The reporting person is Cletus R. Willems, serving as Chief Global Affairs Officer of Netflix.

What do transaction codes M and F mean in this NFLX Form 4?

M indicates conversion of a derivative (RSUs) into stock; F indicates shares withheld to cover taxes from the vesting event.

Were these sales open-market transactions for NFLX stock?

No. The filing indicates share withholding for taxes related to RSU vesting, not discretionary open‑market sales.