Netflix doesn't have a single owner. The streaming giant operates as a publicly traded company where institutional investors, company insiders, and individual shareholders own different portions of the business.
Reed Hastings and Marc Randolph started Netflix in 1997. Their DVD rental service has evolved into a global streaming powerhouse that now holds a market cap of approximately $308.9 billion as of October 2024. The company's ownership structure reveals institutional investors control about 85.61% of all shares. Company insiders and individual investors hold the remaining portions.
Vanguard Group stands as the largest institutional shareholder with an 8.6% stake (37.01 million shares). BlackRock follows with a 7.36% stake (31.6 million shares worth about $12.24 billion), while FMR, LLC holds a 4.9% stake.
This piece dives into Netflix's current ownership landscape and gets into the largest institutional and individual shareholders. We'll also explore how this ownership structure shapes the company's direction under its current co-CEO leadership model of Ted Sarandos and Greg Peters.
Who owns Netflix right now?
Netflix doesn't have a single owner or controlling entity. The streaming giant trades publicly on NASDAQ under the ticker symbol NFLX. Thousands of shareholders own pieces of the company through stock ownership.
Public company with no single owner
Netflix went public on May 23, 2002, with its original stock price at $15.00 per share. Anyone who can buy shares becomes a partial owner of Netflix and joins its trip to success. The company distributes decision-making power among shareholders instead of concentrating it with one controlling entity.
The shareholders elect a board of directors who oversee management and guide the company's direction. This ownership model helps Netflix raise capital for expansion. The company retains the state-of-the-art approach and flexibility that transformed it from a DVD rental service into a global streaming powerhouse.
Majority of shares held by institutions
Institutional investors dominate Netflix's ownership. They hold about 86.71% of all outstanding shares. These major institutions include investment firms, mutual funds, pension funds, and other entities that manage more than $100 million in assets.
Netflix's top institutional shareholders include:
- Vanguard Group: Owns about 38 million shares or 8.93% of the company
- BlackRock Inc.: Controls 33.55 million shares, making up 7.88% of Netflix
- FMR, LLC (Fidelity): Holds roughly 22.32 million shares, equal to 5.24% ownership
- State Street Corporation: Has 17.08 million shares, about 4.01% of the company
- T. Rowe Price Associates: Owns 11.73 million shares, equal to 2.76% of Netflix
These institutional investors focus on corporate performance and profits. Their large ownership stakes show confidence in Netflix's business model and future. These sophisticated investors conduct detailed analysis before making big investments.
Key individual shareholders
Several individuals, mostly company insiders, hold substantial stakes in Netflix despite institutional dominance.
Reed Hastings, Netflix's co-founder and current Executive Chairman, leads individual shareholders. He stepped down as CEO in 2023 after 25 years but still owns about 5.43 million shares. This equals roughly 1.25% of the company. His large stake shows his steadfast dedication to the company he helped create.
Ted Sarandos, co-CEO since July 2020, owns 673,889 shares – less than 1% of outstanding shares. Greg Peters, who became co-CEO alongside Sarandos in January 2023, holds about 364,912 shares.
David Hyman, Netflix's Chief Legal Officer since 2002, owns 244,781 shares. Jay Hoag, a board member since 1999, holds 555,345 shares.
The core team shareholders focus more on growth and state-of-the-art solutions compared to institutional investors. This creates a balanced approach to the company's strategic direction.
Top institutional shareholders of Netflix
Five financial giants dominate Netflix's shareholder base. These powerhouse investors manage assets worth trillions of dollars. Their large ownership positions give them a strong voice in the streaming pioneer's key decisions.
Vanguard Group
Vanguard Group leads Netflix's institutional shareholders with 38 million shares, which equals 8.93% of the company as of March 31, 2025. The stake's value reaches $45.1 billion, making it the life-blood of this asset management giant's portfolio. The Malvern, Pennsylvania-based company oversees about $9.10 trillion in global assets as of June 2024.
SEC filings reveal Vanguard's growing confidence in Netflix over the last several years. The company owned 36.44 million shares (8.33%) in February 2024, up from 35.52 million shares (7.98%) in February 2023 – a 2.57% increase. This steady growth shows Vanguard's faith in Netflix's future.
BlackRock Inc.
BlackRock holds Netflix's second-largest institutional position with 33.55 million shares, representing 7.88% of the company as of March 2025.
The investment's value stands at nearly $39.84 billion. BlackRock's position as the world's largest asset manager, with roughly $10.47 trillion under management, gives it exceptional influence during shareholder meetings.
Netflix shares appear throughout BlackRock's popular funds, including the iShares Core S&P 500 ETF (IVV), where Netflix makes up 0.63% of holdings. This broad presence in BlackRock's massive portfolio highlights Netflix's role in today's investment world.
FMR LLC (Fidelity)
FMR LLC, Fidelity Investments' parent company, ranks third among institutional investors with 22.32 million Netflix shares, equaling 5.24% of the company as of March 2025. The position's value reaches approximately $26.5 billion.
Fidelity stands among America's largest investment advisors and provides various financial services, from brokerage to investment funds.
The company's assets under administration total approximately $5.30 trillion as of March 2024. Recent SEC filings show FMR's total portfolio value exceeds $1.56 trillion, with Netflix among its key tech investments.
Capital Research Global Investors
Capital Research Global Investors owns 11.52 million Netflix shares, making up 2.71% of the company as of March 2025. The stake's value sits at roughly $13.67 billion. The firm's relationship with Netflix stock has changed dramatically through the years.
The company's position has shifted significantly. They reported an impressive 10.5% stake in Netflix back in 2012. Their recent 13G/A filing showed 18.54 million shares (4.2%), down from 25.97 million shares (5.90%) previously – a 28.59% reduction.
State Street Corporation
State Street Corporation completes the top five institutional owners list with 17.08 million shares, representing 4.01% of Netflix as of March 2025. The Boston-based financial firm's stake equals about $20.28 billion. They've managed to keep a strong position in Netflix for many years.
The company's quarterly reports trace their Netflix investment back to 2010, starting with 1.6 million shares worth $289 million. Their position has grown into a much larger stake, reflecting both Netflix's rising stock price and State Street's increased investment.
Key individual shareholders and insiders
Netflix has several major individual shareholders besides institutional investors. These shareholders have shaped the company's growth and still guide its direction today. Their ownership might be smaller than big institutions, but they still affect Netflix's strategy.
Reed Hastings – Co-founder and Executive Chairman
Reed Hastings started Netflix in 1997 with Marc Randolph and led the company as CEO for over 25 years. He owns about 5.43 million shares, which is roughly 1.25% of the company. A family trust under his name holds another 2.15 million Netflix shares.
Hastings stepped down as CEO in 2023 but remains a powerful voice at Netflix. He and Randolph built the company from a DVD-by-mail service that revolutionized into today's streaming powerhouse. His SEC filings show he's been selling some of his holdings, with a net sale of 460,780 shares.
Ted Sarandos – Co-CEO and board member
Ted Sarandos joined Netflix in 2000 and now owns about 673,889 shares. He started as Chief Content Officer and led Netflix's push into original content before becoming co-CEO in July 2020.
His recent stock sale of 199,063 shares brought in nearly $194.9 million, with share prices between $971.57 and $994.56. He now directly owns 13,141 shares. Sarandos's 2024 pay package reached $61.9 million, combining a $3 million base salary with $42.7 million in stock awards and a $12 million bonus.
Greg Peters – Co-CEO
Greg Peters started at Netflix in 2008 and became co-CEO with Sarandos in January 2023. Before his promotion, he worked as Chief Operating Officer and Chief Product Officer. His current stake is about 364,912 shares, less than 1% of total shares.
Peters sold 4,570 shares in February 2025 at $1,035 each. He now directly owns 12,950 shares. His net sales reached 207,661 shares in the last 18 months. Peters's 2024 compensation hit $60.3 million, including $42.7 million in stock awards.
David Hyman – Chief Legal Officer
David Hyman has been Netflix's Chief Legal Officer since 2002. He owns 244,781 shares, less than 1% of the company. Hyman sold 41,121 shares worth about $40.3 million in January 2025.
His 2024 pay increased 26% to $17.3 million, with $9 million in stock awards and $6 million in cash incentives. Hyman's role as Netflix's legal architect for over 20 years makes him a vital insider, despite his smaller ownership stake.
Jay Hoag – Longtime board member
Jay Hoag joined Netflix's board in 1999 and owns about 555,345 shares. He's a founding General Partner at Technology Crossover Ventures (TCV), which invested in Netflix before it went public.
His early faith in Netflix paid off as the company grew from a small startup to a global giant worth over $400 billion. Hoag sits on several other company boards, including Zillow Group, TripAdvisor, and Peloton Interactive.
Netflix leadership and board of directors
Netflix's leadership structure has evolved substantially over the last several years. The company now operates with a unique governance model that shapes how ownership influences strategic direction.
Their streaming platform runs under a distinctive co-CEO arrangement to represent shareholder interests.
Current co-CEOs: Ted Sarandos and Greg Peters
The dual leadership model at Netflix became official in January 2023 when Greg Peters joined Ted Sarandos as co-CEO. Sarandos's journey with Netflix began in 2000, and he stepped into the co-CEO role in 2020 alongside Reed Hastings.
Before his promotion, Peters held the positions of Chief Operating Officer and Chief Product Officer.
The partnership leverages complementary strengths in Netflix's leadership. Sarandos brings deep entertainment industry connections and content expertise, while Peters contributes technical and operational acumen. Both leaders received substantial compensation in 2024 – Sarandos earned $61.9 million and Peters received $60.3 million.
Role of Reed Hastings post-CEO
Reed Hastings led Netflix for over 25 years before transitioning to Executive Chairman in 2023. He described this transition as "part of a long-in-making succession plan," drawing parallels to tech pioneers Bill Gates and Jeff Bezos.
Hastings moved from executive chairman to a non-executive role as chairman of the board in 2025. He continues to provide strategic guidance while dedicating more time to philanthropy. His compensation dropped from $11.3 million in 2023 to $1.7 million in 2024.
Notable board members and their influence
Jay Hoag leads the board as Lead Independent Director, bringing valuable experience as a longtime Netflix investor.
The board features prominent members like Mathias Döpfner (CEO of Axel Springer SE), Richard Barton (Zillow co-founder), and Anne Sweeney (former Disney-ABC Television Group president). Ten members with backgrounds in technology, media, and finance currently serve on the board.
The company's commitment to diversity shows in its board composition. Five of ten directors are women and two are people of color—exceeding the representation seen in many comparable media companies.
How ownership impacts Netflix’s strategy
Netflix's ownership structure shapes the company's strategic decisions and long-term vision. The company stands in a unique position without any controlling shareholder and combines institutional and insider ownership. This structure affects their content investments and international expansion plans.
Institutional influence on business direction
Institutional investors own about 86% of Netflix shares and shape the company's strategic direction. These large shareholders watch quarterly performance metrics and green practices closely. Netflix must then balance its creative ambitions with financial discipline to keep these powerful stakeholders happy.
Large institutions like Vanguard and BlackRock send representatives to involve with Netflix's management team about corporate governance. Their oversight usually supports strategies that deliver steady returns instead of high-risk ventures. This approach ended up bringing stability to Netflix's business model.
Insider alignment with long-term goals
Netflix insiders—especially Reed Hastings with his 1.25% stake—create strong bonds between leadership and company's long-term success. Netflix insiders who own significant equity tend to support value-building strategies, unlike executives who chase short-term gains.
This ownership bond has pushed Netflix to make bold, future-focused investments. To name just one example, the company spends around $17 billion yearly on content. This shows their focus on building lasting subscriber relationships rather than maximizing quarterly profits.
No controlling shareholder: what it means
Netflix runs with a more democratic ownership structure, unlike other media companies where controlling shareholders can override other investors' interests.
Without a controlling stake:
- Strategic decisions need broader agreement among leadership and major shareholders
- The company adapts quickly to market changes
- Management answers to all shareholders
This spread-out ownership model lets Netflix keep its innovative culture while maintaining proper governance oversight. The structure creates a better balance between creative risk-taking and financial responsibility that has helped stimulate Netflix's growth.
Conclusion
Netflix's ownership structure shows that no single entity controls the streaming giant. Thousands of shareholders own pieces of the company, and institutional investors hold about 86% of the shares. This ownership model has helped Netflix transform from a DVD rental service into a global entertainment powerhouse.
Major institutions like Vanguard (8.93%), BlackRock (7.88%), and FMR LLC (5.24%) bring financial discipline to Netflix's operations. In spite of that, insider stakes – especially Reed Hastings' 1.25% ownership – arrange leadership's focus with long-term growth goals rather than quarterly results.
This balance lets Netflix make bold content investments while staying financially responsible.
The company's co-CEO structure with Ted Sarandos and Greg Peters creates leadership that handles both creative and operational challenges well. Reed Hastings stepped back from daily management but continues as board chairman to provide strategic guidance.
Without a controlling shareholder, Netflix moves more quickly than many media competitors.
The company must build wider agreement for big decisions since no single owner can override other stakeholders' interests. This helps Netflix adapt fast to market changes while keeping its innovative culture strong.
This distributed ownership model remains one of Netflix's strengths as it evolves in a competitive digital world. The structure helps balance creative risk-taking with the financial discipline that institutional investors just need.
FAQs
Q1. Who is the largest shareholder of Netflix?
The Vanguard Group is currently the largest institutional shareholder of Netflix, holding approximately 8.93% of the company's shares. However, no single entity or individual owns a controlling stake in Netflix.
Q2. How much of Netflix does Reed Hastings own?
Reed Hastings, Netflix's co-founder and current Executive Chairman, owns approximately 5.43 million shares, representing about 1.25% of the company. He also has 2.15 million Netflix shares in a family trust where he serves as trustee.
Q3. What percentage of Netflix is owned by institutional investors?
Institutional investors hold the majority of Netflix shares, owning approximately 86% of the company. This includes investment firms, mutual funds, pension funds, and other large financial entities.
Q4. How does Netflix's ownership structure impact its business strategy?
Netflix's distributed ownership structure, with no controlling shareholder, allows for more flexibility in decision-making and adaptability to market changes. The balance between institutional investors and insider ownership encourages both financial discipline and long-term growth strategies.
Q5. Who are the current CEOs of Netflix?
Netflix currently operates under a co-CEO model with Ted Sarandos and Greg Peters serving as the company's top executives. Sarandos brings extensive content and entertainment industry expertise, while Peters contributes technical and operational knowledge to the leadership team.
