[Form 4] NETFLIX INC Insider Trading Activity

Rhea-AI Filing Summary

Netflix (NFLX) reported insider transactions by Chief Legal Officer David A. Hyman. On 11/03/2025, RSUs vested and settled for 544 and 303 shares, with 271 and 151 shares withheld to cover taxes at $1,118.86. On 11/04/2025, he exercised multiple non‑qualified stock options and sold shares, including 31,037 at an average price of $1,100 and 425 at $1,088.215. Following these transactions, he directly owned 31,610 shares. The option exercises and sales were made under a Rule 10b5‑1 trading plan adopted on 08/05/2025.

Insights

Securities law analyst

Routine Form 4 under a 10b5‑1 plan; neutral impact.

The filing lists RSU vesting, tax withholding, option exercises, and open‑market sales by Netflix’s CLO. The transactions include RSUs settling into common stock and multiple option exercises followed by sales, all standard executive equity events.

The filing notes a Rule 10b5‑1 plan adopted on 08/05/2025, which indicates pre‑arranged trading parameters. Cash proceeds and tax effects are not analyzed here; the report focuses on share movements.

Post‑trade direct ownership is stated at 31,610 shares. Any market impact depends on trading volume and timing; the document provides the executed prices and dates but no broader context.

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^*

HYMAN DAVID A

(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 Legal 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		544	A	(1)	32,154	D
Common Stock	11/03/2025		M		303	A	(1)	32,457	D
Common Stock	11/03/2025		F		271(2)	D	$1,118.86	32,186	D
Common Stock	11/03/2025		F		151(2)	D	$1,118.86	32,035	D
Common Stock	11/04/2025		M		1,648(3)	A	$597.37	33,683	D
Common Stock	11/04/2025		M		2,279(3)	A	$457.13	35,962	D
Common Stock	11/04/2025		M		3,617(3)	A	$403.13	39,579	D
Common Stock	11/04/2025		M		3,304(3)	A	$441.44	42,883	D
Common Stock	11/04/2025		M		3,324(3)	A	$438.62	46,207	D
Common Stock	11/04/2025		M		3,316(3)	A	$439.88	49,523	D
Common Stock	11/04/2025		M		3,834(3)	A	$380.33	53,357	D
Common Stock	11/04/2025		M		3,471(3)	A	$420.19	56,828	D
Common Stock	11/04/2025		M		3,131(3)	A	$465.74	59,959	D
Common Stock	11/04/2025		M		3,113(3)	A	$468.5	63,072	D
Common Stock	11/04/2025		S		425	D	$1,088.215	62,647	D
Common Stock	11/04/2025		S		31,037(3)	D	$1,100	31,610	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	(4)	11/03/2025		M			544	(5)	(5)	Common Stock	544	$0	2,175	D
Restricted Stock Units	(4)	11/03/2025		M			303	(6)	(6)	Common Stock	303	$0	2,423	D
Non-Qualified Stock Option (right to buy)	$597.37	11/04/2025		M			1,648(3)	01/03/2022	01/03/2032	Common Stock	1,648	$0	0	D
Non-Qualified Stock Option (right to buy)	$457.13	11/04/2025		M			2,279(3)	02/01/2022	02/01/2032	Common Stock	2,279	$0	0	D
Non-Qualfied Stock Option (right to buy)	$403.13	11/04/2025		M			3,617(3)	06/01/2023	06/01/2033	Common Stock	3,617	$0	0	D
Non-Qualified Stock Option (right to buy)	$441.44	11/04/2025		M			3,304(3)	07/03/2023	07/03/2033	Common Stock	3,304	$0	0	D
Non-Qualified Stock Option (right to buy)	$438.62	11/04/2025		M			3,324(3)	08/01/2023	08/01/2033	Common Stock	3,324	$0	0	D
Non-Qualified Stock Option (right to buy)	$439.88	11/04/2025		M			3,316(3)	09/01/2023	09/01/2033	Common Stock	3,316	$0	0	D
Non-Qualified Stock Option (right to buy)	$380.33	11/04/2025		M			3,834(3)	10/02/2023	10/02/2033	Common Stock	3,834	$0	0	D
Non-Qualified Stock Option (right to buy)	$420.19	11/04/2025		M			3,471(3)	11/01/2023	11/01/2033	Common Stock	3,471	$0	0	D
Non-Qualified Stock Option (right to buy)	$465.74	11/04/2025		M			3,131(3)	12/01/2023	12/01/2033	Common Stock	3,131	$0	0	D
Non-Qualified Stock Option (right to buy)	$468.5	11/04/2025		M			3,113(3)	01/02/2024	01/02/2034	Common Stock	3,113	$0	0	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. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/5/2025.

4. Each RSU represents a contingent right to receive one share of Netflix common stock.

5. On January 25, 2024, the Reporting Person was granted 6,524 RSUs. Subject to the terms and conditions of the underlying award agreement, 1/12th of the RSUs vest on a quarterly basis beginning on February 3, 2024 (or, to the extent it is not a trading day, the first trading day thereafter).

6. On January 23, 2025, the Reporting Person was granted 3,634 RSUs. Subject to the terms and conditions of the underlying award agreement, 1/12th of the RSUs vest on a quarterly basis beginning on February 3, 2025 (or, to the extent it is not a trading day, the first trading day thereafter).

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: David A. Hyman	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 CLO David A. Hyman report on Form 4?

He reported RSU vesting, tax withholding, multiple option exercises, and share sales conducted on 11/03/2025 and 11/04/2025.

Were the NFLX transactions under a Rule 10b5-1 plan?

Yes. The filing states trades were made pursuant to a Rule 10b5‑1 plan adopted on 08/05/2025.

How many NFLX shares were sold and at what prices?

Sales included 31,037 shares at $1,100 and 425 shares at $1,088.215 on 11/04/2025.

What RSU and tax withholding amounts were reported for NFLX?

RSUs vested and settled for 544 and 303 shares; 271 and 151 shares were withheld for taxes at $1,118.86.

What is David A. Hyman’s NFLX share ownership after the transactions?

He directly owned 31,610 shares following the reported transactions.

What types of derivative transactions were included?

Multiple non‑qualified stock options were exercised on 11/04/2025, corresponding to grants with various strike prices and vesting schedules.