Netflix Inc. director Bradford L. Smith filed a Form 4 on October 27, 2026, disclosing the exercise of stock options and the sale of 17,980 shares of Netflix common stock on October 26, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • Reporting person: Bradford L. Smith, identified in the filing as a Director of Netflix Inc. (NASDAQ:NFLX).
  • Option exercises: Smith exercised four tranches of non-qualified stock options totaling 17,980 shares at exercise prices of $12.749, $14.078, $14.265, and $14.692 per share.
  • Shares sold: 17,980 shares of common stock were disposed of across three sale transactions at weighted average prices of $63.549, $64.61, and $65.1376 per share.
  • Post-transaction ownership: Following all reported transactions, Smith directly owns 79,690 shares of Netflix common stock.
  • 10b5-1 plan: All transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Smith on July 24, 2026.
  • Expiring options: The four exercised option tranches carried expiration dates ranging from January 3, 2027, to April 3, 2027, with exercise prices between $12.749 and $14.692.

Smith Exercises Four Option Tranches and Sells Netflix Common Stock

According to the filing, Bradford L. Smith, a director of Netflix Inc., exercised four separate non-qualified stock option tranches on October 26, 2026. The tranches covered 4,900 shares at $12.749, 4,440 shares at $14.078, 4,380 shares at $14.265, and 4,260 shares at $14.692, totaling 17,980 shares acquired via exercise (transaction code M). Each option tranche carried a reported derivative security price of $0 at exercise. The options were originally exercisable beginning in early 2017 and were set to expire in early 2027.

On the same date, the filing discloses that Smith sold 17,980 shares of common stock across three separate transactions. The first sale involved 11,980 shares at a weighted average price of $63.549, executed in multiple trades ranging from $62.99 to $63.96. The second sale covered 1,800 shares at a weighted average price of $64.61, with individual trade prices ranging from $63.99 to $64.98. The third sale disposed of 4,200 shares at a weighted average price of $65.1376, in trades ranging from $64.99 to $65.36. All three sales carry transaction code S and are reported as direct ownership.

The filing states that all transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Smith on July 24, 2026. Following the reported transactions, Smith's direct beneficial ownership of Netflix common stock stands at 79,690 shares, according to the filing. The form was signed by Veronique Bourdeau as authorized signatory for Bradford L. Smith and filed on October 27, 2026.

What Was Disclosed

Director Bradford L. Smith disclosed the exercise of 17,980 stock options and the same-day sale of 17,980 shares of Netflix common stock on October 26, 2026, under a pre-established Rule 10b5-1 plan, leaving him with 79,690 directly held shares.