NFLX — filing

There have been no material changes from the risk factors previously disclosed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Company Purchases of Equity Securities

Stock repurchases during the three months ended September 30, 2025 were as follows:

Period Total Number of Shares Purchased (1)

Average Price Paid per Share (2)

Total Number of Shares Purchased as Part of Publicly Announced Programs (1)

Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)

(in thousands)

July 1 - 31, 2025 321,692 $ 1,230.89 321,692 $ 11,587,261

August 1 - 31, 2025 605,906 $ 1,204.67 605,906 $ 10,857,344

September 1 - 30, 2025 599,063 $ 1,220.24 599,063 $ 10,126,343

Total

1,526,661 1,526,661

(1) In September 2023, the Company's Board of Directors authorized the repurchase of up to $10 billion of its common stock, with no expiration date, and in December 2024, the Board of Directors increased the share repurchase authorization by an additional $15 billion, also with no expiration date. For further information regarding stock repurchase activity, see Note 9 Stockholders' Equity to the consolidated financial statements in this Quarterly Report.

(2) Average price paid per share includes costs associated with the repurchases but excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.

Item 5. Other Information

Rule 10b5-1 Trading Plans

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 30, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act ("Rule 10b5-1 Plan"), were as follows:

Name Title Action Date Adopted Expiration Date Aggregate # of Securities to be Purchased/Sold

Leslie Kilgore (1)

Director Adoption 7/25/2025 4/30/2027 4,826

Ted Sarandos (2)

Co-CEO and Director Adoption 7/30/2025 7/31/2026 189,281

David Hyman (3)

Chief Legal Officer Adoption 8/5/2025 3/31/2026 67,849

(1) Leslie Kilgore, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 25, 2025. Ms. Kilgore's plan provides for the potential exercise of vested stock options and the associated sale of up to 4,826 shares of Netflix common stock. The plan expires on April 30, 2027, or upon the earlier completion of all authorized transactions under the plan.

(2) Ted Sarandos, co-CEO and a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 30, 2025. Mr. Sarandos' plan provides for the potential exercise of vested stock options and the associated sale of up to 189,281 shares of Netflix common stock. The plan expires on July 31, 2026, or upon the earlier completion of all authorized transactions under the plan.