Reed Hastings (NFLX) cashes in 386,700 shares under 10b5-1, keeps large trust stake

Rhea-AI Filing Summary

NETFLIX INC director Reed Hastings reported a large, pre-planned option exercise and share sale. He exercised 386,700 Non-Qualified Stock Options at a price of $10.263 per share, then sold 386,700 shares of common stock in open-market transactions at weighted average prices around the mid-$80s.

The sales, totaling 386,700 shares at weighted average prices of $85.8459 and $86.7277, were made under a Rule 10b5-1 trading plan adopted on August 8, 2023, indicating they were pre-scheduled. Separately, the filing shows an indirect holding of 21,159,576 Netflix shares held by the Hastings-Quillin Family Trust, and the grant of a new option for 728 shares at an exercise price of $85.85 expiring in 2036.

Insights

Equity analyst

Hastings executes option exercise-and-sell under 10b5-1, retains large trust stake.

Reed Hastings exercised 386,700 options at a relatively low strike of $10.263 and sold the same number of Netflix common shares at weighted average prices in the mid-$80s. This is a classic exercise-and-sell pattern, turning an in-the-money option position into cash.

The filing notes the sales were made under a Rule 10b5-1 trading plan adopted on August 8, 2023, suggesting they were scheduled in advance rather than timed opportunistically. A new option grant for 728 shares at an exercise price of $85.85 expiring in 2036 is small relative to his overall holdings.

The report also shows an indirect holding of 21,159,576 Netflix shares through the Hastings-Quillin Family Trust, indicating that despite the sizable sale, an associated entity continues to hold a very large stake. Overall, this looks like routine liquidity and portfolio management rather than a thesis-changing signal.

Insider Trade Summary 10b5-1

Exercise and Sale: 386,700 shares ($29.28M approx. pre-tax spread)

Exercise and Sale 6 txns

Insider HASTINGS REED

Role Director

Sold 386,700 shs ($33.24M)

Approx. gross sale proceeds $33.24M

Approx. exercise cost $3.97M

Approx. pre-tax spread $29.28M

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	386,700	$0.00	$0.00
Grant/Award	Non-Qualfied Stock Option (right to buy)	728	$0.00	$0.00
Exercise	Common Stock	386,700	$10.263	$3.97M
Sale	Common Stock	332,917	$85.8459	$28.58M
Sale	Common Stock	53,783	$86.7277	$4.66M
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 shares (Direct); Non-Qualfied Stock Option (right to buy) — 728 shares (Direct); Common Stock — 3,940 shares (Direct); Common Stock — 21,159,576 shares (Indirect, by Trust)

Footnotes (4)

1. F1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.
2. F2. This transaction was executed in multiple trades at prices ranging from $85.33 to $86.32. 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. F3. This transaction was executed in multiple trades at prices ranging from $86.33 to $87.2203. 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. F4. As Trustee of the Hastings-Quillin Family Trust.

Key Figures

Shares sold: 386,700 shares Sale prices: $85.8459 and $86.7277 per share Option exercise price: $10.263 per share +2 more

5 metrics

Shares sold 386,700 shares Total Netflix common shares sold in open-market transactions

Sale prices $85.8459 and $86.7277 per share Weighted average prices for two sale tranches

Option exercise price $10.263 per share Strike price on 386,700 Non-Qualified Stock Options exercised

Trust holdings 21,159,576 shares Netflix shares held indirectly by Hastings-Quillin Family Trust

New option grant 728 options at $85.85 Non-Qualified Stock Option grant, expiring 2036-06-01

Key Terms

Rule 10b5-1 trading plan, Non-Qualified Stock Option, weighted average sale price, Hastings-Quillin Family Trust

4 terms

Rule 10b5-1 trading plan regulatory

"Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"

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.

Non-Qualified Stock Option financial

"Non-Qualfied Stock Option (right to buy) with an exercise price of $85.85"

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.

weighted average sale price financial

"The price reported above reflects the weighted average sale price"

Hastings-Quillin Family Trust financial

"As Trustee of the Hastings-Quillin Family Trust"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/02/2026 - 04:14 PM Accepted by SEC EDGAR 06/02/2026 - 04:13 PM Learn about SEC filing dates

FAQ

What did Reed Hastings do in this Netflix (NFLX) Form 4 filing?

Reed Hastings exercised 386,700 stock options and sold 386,700 Netflix shares in open-market trades. The transactions converted in-the-money options into cash while leaving a very large indirect ownership position through the Hastings-Quillin Family Trust.

How many Netflix (NFLX) shares did Reed Hastings sell and at what prices?

He sold a total of 386,700 Netflix common shares. The filing reports weighted average sale prices of $85.8459 and $86.7277 per share, executed in multiple trades within narrow intraday price ranges on the same transaction date.

Were Reed Hastings’ Netflix (NFLX) share sales pre-planned under Rule 10b5-1?

Yes. A footnote states the transactions were made pursuant to a Rule 10b5-1 trading plan adopted on August 8, 2023. Such plans pre-schedule trades, reducing the likelihood that the timing reflects new, undisclosed views about the stock.

What stock option activity did Reed Hastings report for Netflix (NFLX)?

He exercised 386,700 Non-Qualified Stock Options with a $10.263 exercise price, receiving an equal number of common shares. He also received a new option grant for 728 shares with an $85.85 exercise price, expiring in 2036, adding modest future exercise potential.

How many Netflix (NFLX) shares are held by the Hastings-Quillin Family Trust?

The filing lists 21,159,576 Netflix common shares held indirectly by the Hastings-Quillin Family Trust, where Reed Hastings is trustee. This trust position represents a very large continuing ownership stake separate from his directly held shares and reported option transactions.

Does this Netflix (NFLX) Form 4 suggest Reed Hastings is exiting his position?

The Form 4 shows a sizable option exercise-and-sell transaction but also discloses 21,159,576 shares held indirectly by a family trust. This indicates that, despite realizing liquidity, an associated entity continues to maintain a large long-term ownership position in Netflix.

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^*

HASTINGS REED

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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	06/01/2026		M		386,700(1)	A	$10.263	390,640	D
Common Stock	06/01/2026		S		332,917(1)	D	$85.8459(2)	57,723	D
Common Stock	06/01/2026		S		53,783(1)	D	$86.7277(3)	3,940	D
Common Stock								21,159,576(4)	I	by Trust

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)	$10.263	06/01/2026		M			386,700(1)	10/03/2016	10/03/2026	Common Stock	386,700	$0	0	D
Non-Qualfied Stock Option (right to buy)	$85.85	06/01/2026		A		728		06/01/2026	06/01/2036	Common Stock	728	$0	728	D

Explanation of Responses:

1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.

2. This transaction was executed in multiple trades at prices ranging from $85.33 to $86.32. 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 $86.33 to $87.2203. 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. As Trustee of the Hastings-Quillin Family Trust.

Remarks:

	Veronique Bourdeau, Authorized Signatory For: Reed Hastings	06/02/2026
	** 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)