The latest Apple TV software lets you sign up for Netflix on your Apple TV, but surprisingly you cannot cancel your Netflix subscription on Apple TV. If you signed up for Netflix using your iTunes account, you will need to use a computer or iOS device to modify or cancel the subscription.
How to cancel Netflix from a computer
1. Open iTunes on your computer.
2. If you are not signed in to your iTunes account, go to Store -> Sign In from the iTunes menu.
3. Once you are signed in, go to Store-> View My Account. You may be prompted to re-enter your password.
4. Scroll to the bottom of the screen to the Settings section.
5. Click on Manage next to Subscriptions.
6. From the Subscriptions screen you can turn off (cancel) your Netflix or other subscriptions.
7. After selecting Off, you will get a pop-up asking if you are sure you want to turn off auto-renewal. Click continue and your Netflix subscription is canceled.
How to cancel Netflix from an iOS device
1. Go to the App Store from an iPad, iPhone or iPod touch.
2. Tap Featured at the bottom of the screen.
3. Go to the bottom of the page and tap on your Apple ID. (If you are not signed in, tap the Sign In button, and sign in with your Apple ID. Then, scroll back to the bottom of the page, and tap the Apple ID button.)
4. Tap on View Apple ID from the pop-up, then enter your password when prompted.
5. Tap on Manage under Subscriptions.
6. Turn off Auto-Renewal in your Netflix subscription.
7. You will get a pop-up to confirm that you want to Turn Off the subscription, tap Turn Off and Netflix is canceled.