Hastings reports 42,176 NFLX share sales; retains 2,154,241 via trust

Rhea-AI Filing Summary

Reed Hastings, a director of Netflix, Inc. (NFLX), reported a series of transactions dated 10/01/2025. He acquired 42,176 shares by exercising a non‑qualified stock option with an exercise price of $94.09, and on the same date sold the same 42,176 shares in multiple trades at weighted average prices ranging roughly from $1,164.03 to $1,178.99. After those transactions his direct beneficial ownership is reported as 394 shares; he also reports indirect ownership of 2,154,241 shares as Trustee of the Hastings‑Quillin Family Trust. The filing notes that the sales were executed under a Rule 10b5‑1 trading plan adopted 8/8/2023, and discloses a separate acquisition of 53 options with a $1,170.9 exercise price exercisable through 10/01/2035.

Positive

• Exercised 42,176 shares at an exercise price of $94.09
• Sales executed under a 10b5‑1 trading plan adopted 8/8/2023
• Indirect ownership of 2,154,241 shares held as Trustee
• Acquired 53 options with $1,170.9 exercise price exercisable to 10/01/2035

Negative

• Sold 42,176 shares in multiple trades at weighted average prices ~$1,164.03–$1,178.99
• Direct beneficial ownership reduced to 394 shares after transactions

Insights

Corporate Insider Trading Specialist

Insider exercised options at $94.09 and sold 42,176 shares the same day under a 10b5‑1 plan.

The filing documents an exercise of a long‑standing option for 42,176 shares at $94.09 and contemporaneous sales of those shares in multiple trades at weighted average prices between $1,164.03 and $1,178.99. The reporting person attributes the sales to a Rule 10b5‑1 trading plan adopted 8/8/2023, which is a pre‑arranged plan that permits scheduled transactions.

This pattern — exercise followed by planned sales — is consistent with routine option monetization under a 10b5‑1 plan rather than ad hoc trading.

Equity Ownership Analyst

Post‑transaction holdings: 394 direct shares and 2,154,241 indirect shares via trust.

After the transactions, direct beneficial ownership is reported at 394 shares while indirect ownership remains 2,154,241 shares held as Trustee of the Hastings‑Quillin Family Trust. The form shows an additional 53 options acquired with a $1,170.9 strike exercisable through 10/01/2035.

These disclosed positions are explicit in the filing and quantify the reporting person’s current direct and indirect exposure to Netflix equity.

10/02/2025 - 08:05 PM

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).

1. Name and Address of Reporting Person^*

HASTINGS REED

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		M		42,176(1)	A	$94.09	42,570	D
Common Stock	10/01/2025		S		400(1)	D	$1,164.15(2)	42,170	D
Common Stock	10/01/2025		S		900(1)	D	$1,165.6511(3)	41,270	D
Common Stock	10/01/2025		S		1,400(1)	D	$1,166.8558(4)	39,870	D
Common Stock	10/01/2025		S		4,318(1)	D	$1,168.1168(5)	35,552	D
Common Stock	10/01/2025		S		4,781(1)	D	$1,168.9818(6)	30,771	D
Common Stock	10/01/2025		S		4,467(1)	D	$1,169.8995(7)	26,304	D
Common Stock	10/01/2025		S		5,474(1)	D	$1,171.0321(8)	20,830	D
Common Stock	10/01/2025		S		4,333(1)	D	$1,171.9441(9)	16,497	D
Common Stock	10/01/2025		S		1,868(1)	D	$1,172.9319(10)	14,629	D
Common Stock	10/01/2025		S		2,289(1)	D	$1,173.9375(11)	12,340	D
Common Stock	10/01/2025		S		3,990(1)	D	$1,175.1586(12)	8,350	D
Common Stock	10/01/2025		S		3,232(1)	D	$1,176.0671(13)	5,118	D
Common Stock	10/01/2025		S		2,273(1)	D	$1,177.1849(14)	2,845	D
Common Stock	10/01/2025		S		2,251(1)	D	$1,178.1493(15)	594	D
Common Stock	10/01/2025		S		200(1)	D	$1,178.915(16)	394	D
Common Stock								2,154,241(17)	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)	$94.09	10/01/2025		M			42,176(1)	02/01/2016	02/01/2026	Common Stock	42,176	$0	0	D
Non-Qualified Stock Option (right to buy)	$1,170.9	10/01/2025		A		53		10/01/2025	10/01/2035	Common Stock	53	$0	53	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 $1,164.03 to $1,164.51. 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 $1,165.18 to $1,166.09. 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 $1,166.3011 to $1,167.07. 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 $1,167.45 to $1,168.44. 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.

6. This transaction was executed in multiple trades at prices ranging from $1,168.45 to $1,169.3419. 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 $1,169.4735 to $1,170.47. 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 $1,170.577 to $1,171.5743. 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 $1,171.59 to $1,172.58. 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 $1,172.59 to $1,173.445. 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 $1,173.59 to $1,174.49. 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.

12. This transaction was executed in multiple trades at prices ranging from $1,174.6094 to $1,175.60. 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 $1,175.6527 to $1,176.64. 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 $1,176.78 to $1,177.7558. 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 $1,177.781 to $1,178.52. 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 $1,178.84 to $1,178.99. 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. As Trustee of the Hastings-Quillin Family Trust

Remarks:

	Veronique Bourdeau, Authorized Signatory For: Reed Hastings	10/02/2025
	** 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 transactions did Reed Hastings report on the Form 4 for NFLX?

He exercised 42,176 shares at $94.09 and sold 42,176 shares the same day in multiple trades at weighted average prices between $1,164.03 and $1,178.99.

Were the sales executed under a trading plan?

Yes. The filing states the transactions were made pursuant to a Rule 10b5‑1 trading plan adopted on 8/8/2023.

What are Reed Hastings' reported holdings after these transactions?

Direct ownership: 394 shares; Indirect ownership: 2,154,241 shares (as Trustee of the Hastings‑Quillin Family Trust).

Did the Form 4 disclose any derivative holdings?

Yes. It reports a non‑qualified stock option exercise related to 42,176 shares and acquisition of 53 options with a $1,170.9 exercise price exercisable through 10/01/2035.

On what date were the reported transactions made?

All listed transactions are dated 10/01/2025.