Neumann Spencer Adam, chief financial officer at Netflix (NFLX), has filed 92 Form 4 transactions across two companies, with every dollar moving in one direction: out. His combined sales total $20.9 million, and he has recorded zero open-market purchases. The pattern is consistent with an executive who receives equity compensation and periodically liquidates shares, rather than someone adding to a position with personal cash.
The recent activity, all in NFLX, shows a steady cadence of sales tied to option exercises. On February 27, 2026, Adam sold shares worth $2.72 million after exercising options valued at $919,344 and $1.04 million. He repeated the structure on March 2, selling $2.78 million alongside exercises of $849,742 and $226,614. April 2 brought a $2.81 million sale with exercises of $759,471 and $296,076. The most recent open-market sale came on August 10, 2026, at $700,907, following a cluster of August 3 transactions where he exercised three options at zero value and had shares withheld to cover taxes totaling $657,581.
The August 3 filings also included three "F" codes, which are automatic withholdings for tax obligations, not discretionary trades. Adam's only other company affiliation is Adobe (ADBE), where an April 15, 2026 filing shows a grant and an option exercise, both valued at zero. Across all filings, the "S" code appears five times in the recent window, and "P" never appears. The data shows a seller, not a buyer, with sales concentrated in NFLX and a clear pattern of exercising options and immediately disposing of the resulting shares.
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