🎬 NFLX $50M Bear Call Spread Hours Before Earnings — Whale Caps Upside at $120 Into Tonight's Print

📅 April 16, 2026 | 🔥 Unusual Options Activity Detected — Q1 Earnings TONIGHT After Close

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🎯 The Quick Take

Someone deployed a $50M two-leg options structure on NFLX this morning at 10:57:29 — simultaneously selling 104,658 contracts of the $120 strike call and buying 104,658 contracts of the $140 strike call, both expiring July 17, 2026. The trade collects a $30.2M net credit and is a textbook bear call spread: max profit if NFLX stays below $120 through July expiration, max loss capped if it blows through $140. With Q1 2026 earnings dropping tonight at approximately 4:45 PM ET, this whale is using elevated pre-earnings implied volatility to pocket rich premium while betting the post-earnings bounce — if any — runs out of steam well before the $120 short strike (~11% above today's $108 spot).

Note on price levels: Netflix executed a 10-for-1 stock split effective November 17, 2025. All prices in this analysis are split-adjusted. The $120 and $140 strikes would correspond to roughly $1,200 and $1,400 in pre-split terms — these are not cheap out-of-the-money lottery tickets.

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📊 Company Overview

Netflix (NFLX) is the world's largest subscription streaming service and increasingly a live-sports and advertising platform:

• Market Cap: ~$457 billion (companiesmarketcap.com)
• Exchange: NASDAQ
• Industry: Streaming / Digital Entertainment / Advertising
• Current Price: ~$108 (split-adjusted post 10-for-1 split, November 2025)
• 52-Week Range (split-adjusted): $75.01 – $134.12 (Stock Analysis)
• Paid Members: 325 million globally as of Q4 2025 (Hollywood Reporter)
• Core Business: Subscription streaming (ad-free and ad-supported tiers), live sports rights (NFL, WWE, boxing), video podcasts, and gaming

Netflix is no longer just a content company — it is building a full-scale advertising platform with ~190M monthly active viewers on its ad-supported tier, generating ad revenue on track to roughly double to ~$3B in 2026 (AdExchanger).

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💰 The Option Flow Breakdown

The Tape (NFLX, April 16, 2026 @ 10:57:29) — Two simultaneous legs, same size:

Combined gross premium flow: ~$49.8M ($40M + $9.8M) Net credit collected: ~$30.2M ($40M sold − $9.8M paid)

🤓 What This Actually Means

This is a defined-risk income trade — a bear call spread — executed with exceptional size. Here is what went down:

• 💸 Leg 1 (Short Call): Sold 104,658 contracts of the $120 Call at $3.81, collecting $39.9M in premium. This is the income-generating leg. If NFLX stays below $120 at July expiration, the seller keeps every dollar.
• 🛡️ Leg 2 (Long Call): Simultaneously bought 104,658 contracts of the $140 Call at $0.94, paying $9.8M. This is the insurance leg — it caps the maximum loss if NFLX rockets above $140.
• 💰 Net credit to the trader: ~$30.2M, collected upfront. That is real money in the pocket today.
• 🎯 Breakeven on the upside: $120 + ~$2.89 net credit per share = approximately $122.89. As long as NFLX is below $122.89 on July 17, this trade is profitable.
• 🏆 Max profit: $30.2M — achieved if NFLX closes at or below $120 at July expiration (happens ~90 days from now).
• ⚠️ Max loss: ~$179M — achieved only if NFLX is at or above $140 at July expiration. The $20 spread width × 104,658 × 100 = $209.3M gross exposure, minus the $30.2M credit received = $179.1M maximum downside.

Translation for us regular folks: Think of this like a landlord collecting 12 months of rent upfront, but agreeing to pay penalties if the tenant causes catastrophic damage above a certain level. The trader is betting NFLX does NOT trade above $120 by mid-July. The $120 strike sits 11.1% above today's $108 spot price. The trade was placed hours before a binary event — tonight's earnings — which is not a coincidence. High implied volatility ahead of earnings inflated the $120 call premium to $3.81, so the credit collected is richer than it would be on a quiet day. This is Wall Street using the volatility premium as a monetization tool.

Why this timing makes sense:

The options market is pricing a ~5.7% one-day earnings move (±$6.21 from $108 spot). Even if NFLX gaps UP 5.7% tonight to ~$114, it is still well below the $120 short call strike. The whale needs the stock to stay below $122.89 — a level 13.8% above today's price — through 90 days to capture the full $30.2M. At 104,658 contracts per leg this trade is roughly 150x the typical daily bear call spread volume in NFLX options.

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📈 Technical Setup

YTD Performance

NFLX entered 2026 near its split-adjusted all-time closing high of $133.91 (June 30, 2025), then sold off approximately 30% through early February 2026 on the Warner Bros. Discovery acquisition announcement overhang. The WBD deal walkaway on February 27, 2026 triggered a 14% one-day snap-back, and the stock has since recovered partially to the $105–$110 area. Year-to-date the stock is down roughly 15–20% from its early January levels, creating a technically uncertain setup heading into tonight's earnings print.

Key observations:

• 📉 Stock is well off its 52-week high of $134.12 — about 19% below that level — creating both opportunity and risk
• 🔄 The $105–$110 range has acted as consolidation after the WBD deal recovery; the trade was placed right in the middle of this zone
• 📊 The $120 short strike is essentially at the September/October 2025 range highs (split-adjusted), making it a significant technical resistance level
• 🏔️ The all-time high near $134 is far above both the $120 and $140 strikes — a run to highs by July would be catastrophic for the short side of this spread

Gamma-Based Support and Resistance

The gamma exposure map shows where market makers have concentrated positioning, creating natural price magnets and barriers:

🔵 Support Levels (Put Gamma Below Current Price ~$108):

• $105 — Strongest nearby support with 49.2B total gamma exposure. Closest floor; market makers buy dips here aggressively. Only 2.7% below spot.
• $102 — Secondary support at 15.3B total gamma. Balanced net GEX (essentially neutral) — less sticky.
• $100 — Major structural floor at 53.7B total gamma. Psychological round number AND heavy gamma concentration; this is the line in the sand for the bears.
• $95 — Deeper support at 19.8B total gamma (~12% below spot). Extended downside buffer.
• $90 — Disaster floor at 23.1B total gamma (~16.6% below spot). Would require a genuine earnings catastrophe to visit.

🟠 Resistance Levels (Call Gamma Above Current Price):

• $110 — Immediate ceiling at 54.1B total gamma, only 1.9% above spot. This is the STRONGEST resistance level — market makers will sell into any rally toward $110 to hedge their call books. Critical test for the bulls tonight.
• $112 — Secondary wall at 32.9B total gamma (~3.8% above spot). Another speed bump after $110.
• $115 — Upper resistance at 23.4B total gamma (~6.5% above spot). Within the earnings implied move range.
• $120 — Major resistance at 70.6B total gamma (~11.1% above spot). This is EXACTLY where the whale sold the calls. Not coincidental — this level is both a massive gamma wall AND the short strike. Market makers hold enormous hedging positions here; it represents structural selling pressure.
• $125 — Extended upside at 21.2B total gamma (~15.8% above spot). Would require sustained institutional buying to breach.

What this means for the trade: The $120 strike coincides with the single largest gamma resistance level in the near-term NFLX options complex (70.6B total GEX). The trader sold calls at a strike where the market itself acts as a natural ceiling. Even on a strong earnings beat, the gamma structure creates mechanical headwinds as price approaches $120.

Net GEX Bias: Bullish overall (490B call GEX vs. 148B put GEX) — but that bullish skew is concentrated in upside calls that the dealer community is short, meaning any rally triggers dealer hedging that can slow the move. Near-term price action is likely range-bound between the $110 ceiling and $105 floor.

Implied Move Analysis

What options are pricing in across expirations:

The critical number for this trade: The options market's upper implied range for the July 17 expiration is $120.04 — essentially the exact strike where the whale sold the calls. The market is telling you that $120 represents the upper end of the expected range through July. The short call seller is aligned with the options market's consensus price ceiling.

Translation: The 1-day implied move of ±5.7% captures the earnings binary. If NFLX beats and gaps to ~$114 (upper daily implied range), it would still be 5.3% below the $120 short strike. The trade is structured with enough cushion to survive a solid earnings beat, though a massive upside surprise above $120 would put the short call in danger.

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🎪 Catalysts

🔥 TONIGHT — Q1 2026 Earnings (April 16, 2026, After Close)

Conference call begins at 4:45 PM ET (Yahoo Finance). This is the primary reason the trade was put on today — implied volatility is at peak levels, which inflated the $120 call premium to $3.81. After earnings, IV will crush and that same call would be worth materially less.

Consensus targets:

• 📊 Revenue: ~$12.17B (+15.4% YoY vs. Q1 2025's $10.54B) (BusinessNewsE; Yahoo Finance)
• 💰 EPS (split-adjusted): $0.78 vs. $0.66 in Q1 2025 (Benzinga)
• 📈 Operating margin: 32.1% for Q1, guided by Netflix itself (gurufocus)

Key metrics to watch tonight:

1. Ad-tier MAU trajectory — currently disclosed at ~190M monthly active viewers (TheWrap); trajectory toward the ~$3B 2026 ad revenue target is critical
2. Full-year margin guide revision — analysts expect Netflix may raise the 31.5% FY26 guide given the $2.8B WBD breakup fee tailwind (Benzinga, April 2026)
3. Price hike churn commentary — the March 26, 2026 U.S. price increase (~11% across tiers) is fresh; management's early read on retention is crucial
4. Capital allocation for the $2.8B breakup fee — buybacks, content investment, or M&A (each sends a different signal)
5. Engagement metrics — Netflix stopped reporting quarterly subscribers in 2025; watch for hours-per-member trends

📅 Recent Catalysts (Already Played Out)

💵 WBD Breakup Fee — $2.8B Cash Windfall (March 5, 2026)

Netflix attempted to acquire Warner Bros. Discovery in December 2025 (Netflix IR), then walked away in late February 2026 when Paramount Skydance counter-bid at a higher price. Netflix received $2.8 billion in cash from Paramount Skydance as a termination fee on March 5, 2026 (Variety; Deadline). The stock jumped ~14% on the walkaway news (Al Jazeera). This is an extraordinary balance sheet windfall that Netflix CFO described as "$2.8 billion in our pocket that we didn't have a few weeks ago" (Variety CFO comment).

💲 March 26, 2026 — U.S. Price Increase (~11% Across All Tiers)

Netflix raised prices across every tier in the U.S.:

• Ad-supported: $7.99 → $8.99/month
• Standard (ad-free): $17.99 → $19.99/month
• Premium: $24.99 → $26.99/month
• Extra member add-on: $8.99 → $9.99/month

This is the second hike in under two years (Variety; CBS News). Q1 earnings will provide the first glimpse of how subscribers responded — specifically whether the ad-supported tier absorbed the $1/month increase without meaningful churn.

🏈 Live Sports Flywheel — NFL Christmas Day 2025

Netflix's December 25, 2025 NFL doubleheader averaged 27.5M U.S. viewers for the Lions-Vikings game (30.5M globally), the most-streamed NFL game in U.S. history. Combined Christmas Day viewership hit ~65M U.S. viewers (NFL.com). Live sports is proving to be a powerful retention and ad-inventory driver.

🤼 WWE Raw — Consistent Engagement Engine

WWE Raw generated 340 million hours of viewing in 2025 on Netflix alone, with Raw appearing in Netflix's Global Top 10 English TV chart 47 of 52 weeks in 2025. The Year 2 of the 10-year, $5B deal with WWE continues to provide weekly appointment viewing that cable networks previously relied on.

📅 Q4 2025 Earnings (Reported January 20, 2026)

The prior print showed revenue of $12.05B (+17.6% YoY), net income of $2.41B (+29.4%), and paid memberships crossing 325 million globally (Variety). Full-year 2025 revenue came in at $45.2B. The full-year 2026 operating margin guide of 31.5% came in below sell-side consensus on $20B of content spend, which triggered some analyst concern (StockStory).

📆 Forward Catalysts

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🎲 Bull and Bear Cases

The July 17, 2026 expiration implied range from options pricing is $96.53 – $120.04. Gamma support sits at $105/$100; resistance at $110/$120. Here is how the scenarios play out:

📈 Bull Case — NFLX Breaks Above $120 (25% probability)

Target: $120–$134

How we get there:

• 💪 Q1 earnings blowout — revenue clears $12.5B+ on strong ad-tier monetization and faster-than-expected price hike adoption with zero meaningful churn
• 📈 Management raises full-year 2026 operating margin guide above the 31.5% floor, citing $2.8B WBD breakup fee tailwind
• 💰 Capital allocation surprise — large accelerated buyback announcement signals confidence in FCF trajectory
• 🏈 Live sports commentary excites the market: Q2 2026 NFL deal renewal update or new sports rights announced
• 📊 Stock breaks the $110 gamma resistance, triggers technical momentum through $115 toward the $120 wall

Impact on the trade: The short $120 call moves in-the-money. Above $122.89 (the breakeven), the position starts accumulating losses. At $134 (prior all-time high), the spread is fully at max loss (~$179M). The long $140 call begins providing protection only if NFLX exceeds $140 — a 29.6% rally from today's $108.

Probability assessment: 25% — requires exceptional execution across multiple metrics simultaneously, and the $120 gamma wall creates real structural resistance. A stock at ~41x trailing earnings does not need a fundamental reason to cap out.

🎯 Base Case — NFLX Stays in $105–$120 Range (55% probability)

Target: Range-bound through July expiration

Most likely scenario:

• ✅ Earnings meet consensus ($12.17B revenue, $0.78 EPS) with no major guidance surprises in either direction
• 📊 Ad-revenue trajectory on track but no acceleration beyond what the market already expects
• 🔄 Price hike commentary shows modest early-stage churn on the ad-free tiers, offset by ad-supported growth
• 💤 Stock pops modestly post-earnings (5–8%) into the $113–$117 range, then consolidates
• 🏔️ $120 gamma wall and multiple analyst price targets in the $115–$120 band contain the upside
• 📉 IV crush post-earnings reduces option premiums significantly — the short $120 call decays from $3.81 toward $1.50–$2.00 as implied vol normalizes

This is the sweet spot for the trade. The $30.2M net credit keeps decaying toward zero (theta works for the seller every day). The spread expires worthless and the full $30.2M is profit.

Probability assessment: 55% — the gamma structure, analyst consensus price targets (average ~$119.69 per MarketBeat), and the implied move data all cluster around the $105–$120 range as the logical base case for NFLX through Q2.

📉 Bear Case — NFLX Drops Below $100 (20% probability)

Target: $90–$100

What could go wrong:

• 😰 Revenue misses consensus — ad-tier growth disappoints, price hike causes more churn than modeled
• 🚨 Full-year margin guide revised lower: $20B content spend + higher live-sports rights costs squeezing margins below 31.5%
• ⚠️ Management offers no clear path to the $9B long-term ad-revenue target (~$3B in 2026 is already consensus; anything showing delay would be a miss)
• 🌍 FX headwinds — Netflix generates ~60% of subscribers internationally; strong dollar erodes ARPU
• 🔻 Break below $105 gamma support ($49.2B) triggers acceleration toward $100 ($53.7B total GEX)
• 📉 Macro deterioration: consumer spending pullback makes the $19.99/month standard plan an easy cut

Impact on the trade: The short $120 call expires deep out-of-the-money, worthless. The long $140 call expires worthless. The entire $30.2M net credit is kept as profit — the bear case is actually the best case for this trade. The whale wins bigger if the stock drops.

Probability assessment: 20% — Q4 2025 already showed cost pressure, but the WBD breakup fee ($2.8B) provides a significant FCF cushion, and 325M subscribers is a formidable defensive moat against a modest revenue miss.

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💡 Trading Ideas

🛡️ Conservative: Wait for Post-Earnings Clarity

Play: Do not enter before tonight's binary event. Let the dust settle after 4:45 PM ET.

Why this works:

• ⏰ The 5.73% one-day implied move creates genuine gap risk in both directions — no need to guess direction before the print
• 💸 Options are expensive right now (elevated pre-earnings IV). After earnings, IV collapses and premiums normalize — better entry prices for any options strategy
• 📊 If NFLX gaps down post-earnings toward $100–$105 gamma support and holds, that is a higher-conviction entry for a bullish position with defined risk
• 🎯 If NFLX gaps up to $112–$115 and stalls at the $115 gamma resistance, the bear call spread thesis gains conviction — and you can replicate a smaller version of this trade at better pricing with lower IV

Risk level: Minimal (cash position) | Skill level: Beginner-friendly

⚖️ Balanced: Post-Earnings Bull Put Spread (If Stock Drops)

Play: If NFLX sells off tonight to the $100–$105 range and the gamma support holds, sell a bull put spread to collect premium while the stock stabilizes.

Structure (indicative, check actual post-earnings quotes):

• Sell the July 17 $100 put
• Buy the July 17 $90 put
• Net credit: approximately $1.50–$2.50 per contract (depending on post-earnings IV)

Why this works:

• 📊 Gamma support at $100 is substantial (53.7B total GEX) — market makers defend this level
• 🎯 The July implied range lower bound is $96.53, so selling $100 puts targets the floor of what options expect
• 💰 Collected credit is pure profit if NFLX holds above $100 through July expiration
• 🛡️ Defined maximum loss = width of spread ($10) minus credit received

Risk: NFLX breaks $100 on macro deterioration or a catastrophic earnings miss. Keep position size small — 2–5% of portfolio.

Risk level: Moderate | Skill level: Intermediate

🚀 Aggressive: Scale Into the Whale's Trade Post-Earnings (Small Size)

Play: If NFLX gaps up post-earnings to $112–$116 but stalls at the $115–$120 gamma wall, replicate the bear call spread structure in small size.

Structure (indicative):

• Sell July 17 $120 Call
• Buy July 17 $140 Call
• Net credit post-earnings (after IV crush): approximately $1.00–$1.80 (vs. $2.87 today pre-earnings — IV crush reduces premium)

Why this could work:

• 🏔️ $120 is the single largest gamma resistance wall (70.6B total GEX) — it is the structural ceiling the market has established
• 📊 Analyst average price target of ~$119.69 essentially sits at the short strike — consensus caps upside near this level
• 💰 Defined risk — max loss is spread width ($20) minus credit received, not open-ended

Serious risks:

• 🚨 A massive earnings beat with a margin guide raise could send NFLX to $125–$130, well above the short strike
• 💸 Post-earnings IV crush reduces premium — the trade collects significantly less credit than today's $2.87
• ⚠️ Never sell naked calls. ALWAYS buy the $140 wing to cap the upside exposure. The max loss without the long call is effectively unlimited.

Risk level: High | Skill level: Advanced | Only with defined-risk spread structure

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⚠️ Risk Factors

What could go wrong — for the stock and for anyone replicating this trade:

• 🎰 Binary event risk tonight: Q1 earnings at 4:45 PM ET is a genuine coin flip with amplified outcomes. The ±5.73% one-day implied move is a market consensus estimate — actual moves around NFLX earnings have historically been larger. A blowout beat driving NFLX above $115 immediately tests the bear call spread thesis.

• 💸 Price hike churn is unquantified: The March 26, 2026 U.S. price increase is the freshest variable. Netflix has managed prior hikes well, but two in under two years, with the standard ad-free plan now at $19.99/month, creates real churn risk especially if macro consumer sentiment softens.

• 🏔️ $120 strike is at analyst consensus ceiling: The average analyst price target is ~$119.69 (MarketBeat), with Goldman Sachs raising to $120 and JPMorgan initiating at $120 just weeks ago. If analysts start raising targets above $120 on a strong earnings beat tonight, the gamma wall becomes a magnet rather than a ceiling.

• 🏢 Paramount-Skydance combined entity (pending close): The merger of WBD and Paramount Skydance creates a potential 200M+ subscriber rival with HBO Max + Paramount+ content (CNBC). Netflix declined to secure WBD's IP — some analysts argue this is a long-term content-moat risk (Hollywood Reporter, Dec 2025).

• 📈 Q2 earnings falls within this spread's expiration window: July 17, 2026 expiration captures Q2 2026 earnings (typically mid-July). That is a second binary event that could accelerate the stock above $120 if Q2 shows the full impact of the March price hike flowing into revenue with minimal churn.

• 💰 $20B content spend compressing margins: Netflix guided to $20B in cash content spend for 2026 (up from $18B in 2025). If operating expenses surprise to the upside and the 31.5% margin guide is trimmed, the stock could respond with a sharp selloff — which would be profitable for the short call, but creates a confusing signal if the stock paradoxically rebounds later.

• 🌍 FX headwinds on international ARPU: With ~60% of subscribers outside the U.S., a strong U.S. dollar erodes reported ARPU growth. Every 1% dollar appreciation translates to roughly $150M in annual revenue headwind.

• 🎢 Max loss on this spread is ~$179M: For anyone considering replicating this in smaller size, be clear: if NFLX runs to $140 by July 17 (a 29.6% move from $108), the spread is fully at maximum loss. That would require a massive rally well beyond current analyst price targets — but extraordinary circumstances (M&A re-ignition, surprise sports rights announcement, AI-driven ad platform acceleration) can create unexpected moves.

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🎯 The Bottom Line

Real talk: A whale just walked up to the options market an hour before lunch on earnings day and collected $30.2M in net premium to fade the upside on NFLX. The structure — a bear call spread — is not a directional bearish bet on Netflix as a company. It is a precision income trade that says: "Implied volatility is inflated today, the market's consensus upside is $120, and the gamma structure confirms $120 as a ceiling. We'll collect the rich premium and let time and theta do the work."

What this trade tells us:

• 🎯 The whale is comfortable holding through tonight's earnings binary — the $120 short strike is 11.1% above spot, which gives plenty of cushion for a solid beat
• 💰 Pre-earnings IV was the key: the $120 call at $3.81 represents elevated premium that will compress after the print regardless of direction
• 📊 The $140 long call at $0.94 is cheap disaster insurance — it caps the worst-case to ~$179M instead of open-ended exposure
• 🏔️ The $120 strike sits at both the largest gamma wall AND analyst consensus price targets — the trader is structurally aligned with the market's ceiling

If you own NFLX:

• ✅ Tonight's print at 4:45 PM ET is the critical event. Watch for revenue vs. the $12.17B consensus and any margin guide revision.
• 📊 A post-earnings pop to $113–$116 and consolidation there is the base case — that range sits below the $120 wall and within the implied move.
• ⚠️ If NFLX breaks above $120 on extraordinary earnings results, the $125 gamma level is the next test, then the prior all-time high at $134.12.

If you're watching from the sidelines:

• ⏰ 4:45 PM ET tonight — conference call starts. First numbers set the tone.
• 🎯 Post-earnings setup is more favorable than pre-earnings for entering any position — let IV crush work in your favor as a buyer, or ride the settled range as a spread seller.
• 📈 Gamma support at $105 and $100 are the floors to watch if the print disappoints.

If you're bearish:

• 📉 A post-earnings gap down below $105 (gamma support) opens a path to $100 and potentially $95. Watch the $100 level — if that breaks, it is the most significant technical and gamma support on the board.
• 🏔️ The bear call spread structure this whale used is one of the cleaner ways to express "the rally is capped" without betting directly on a stock decline — worth understanding if the stock rips to $115+ tonight and stalls.

Mark your calendar:

• 📅 Tonight, April 16, 2026 after close — Q1 2026 earnings; conference call at 4:45 PM ET
• 📅 April 17, 2026 — Post-earnings reaction and monthly OPEX (important for near-term gamma dynamics)
• 📅 May 15, 2026 — Monthly OPEX (implied range: $100.27 – $116.30)
• 📅 July 17, 2026 — Expiration of the $120/$140 bear call spread; also likely Q2 2026 earnings window
• 📅 December 25, 2026 — NFL Christmas Day game, Year 3 of Netflix's deal; renewal negotiations are in progress

Final verdict: Netflix's business is genuinely strong — 325M subscribers, a $2.8B cash windfall from the WBD breakup, accelerating ad revenue, and a live-sports flywheel that competitors cannot easily replicate. But the stock near $108 after a 30% drawdown from $134 highs is no longer a momentum trade — it is a fundamentals-driven valuation story at ~41x trailing earnings. The whale's $30.2M bet is not a forecast that Netflix fails; it is a bet that the stock does not get 11% more expensive in 90 days. Given the gamma structure, analyst price targets, and the implied move data all capping out near $120, that is actually a high-probability income trade — as long as tonight's print does not deliver a genuine blowout that reshuffles the price target deck.

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and does not constitute financial advice. The strategies described, including bear call spreads, involve complex risks including the potential to lose the full net premium collected if the underlying moves against the position. Maximum loss on the $120/$140 bear call spread with 104,658 contracts is approximately $179M. Past performance of any strategy does not guarantee future results. Always consult a licensed financial advisor and understand all risks before trading options. The unusual size referenced reflects this specific trade's premium relative to typical NFLX options activity — it does not imply the trade will be profitable.

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About Netflix (NFLX): Netflix is the world's leading subscription streaming entertainment service with 325 million paid memberships in over 190 countries. The company's content includes TV series, films, documentaries, live sports, and games. Netflix completed a 10-for-1 stock split effective November 17, 2025. Market cap approximately $457 billion. NASDAQ: NFLX.