New York, NY – February 11, 2026: AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the fourth quarter and full year ended December 31, 2025.
AMC Networks Chief Executive Officer Kristin Dolan said: “AMC Networks had a successful 2025. Streaming is now the largest single source of revenue in our domestic segment, a significant milestone and inflection point in the ongoing transformation of our business. We delivered free cash flow(1) well ahead of our previously increased forecast and once again achieved our financial guidance for the year. We look forward to continuing to take advantage of our independence and unique strengths as we drive the company forward during a time of change in our industry.”
Operational Highlights:
- Completed significant affiliate renewal activity in 2025, representing more than a third of our subscriber footprint in the US and Canada, including long-term agreements with DirecTV, National Content & Technology Cooperative (NCTC), Philo, and EastLink in Canada, among others.
- More than 1.1 million Spectrum TV customers have activated ad-supported AMC+ on Charter since launch.
- Advanced targeted streaming business across multiple fronts: launched new unscripted service All Reality and relaunched Sundance Now with 1,000+ hours of the best in indie film.
- Diversified original programming slate for 2026 includes: new darkly comedic Silicon Valley drama The Audacity; new seasons of Dark Winds, The Vampire Lestat, The Walking Dead: Daryl Dixon and The Terror; sports docuseries Rise of the 49ers; weekly live programming from TNA Wrestling; and much more.
- Acquired remaining 17% of RLJ Entertainment in the fourth quarter; important RLJE assets include Acorn TV, ALLBLK, RLJE Films and a substantial investment in Agatha Christie Limited.
Fourth Quarter Financial Highlights:
- Net cash provided by operating activities of $49 million; Free Cash Flow of $40 million.
- Operating loss of $51 million; Adjusted Operating Income(1) of $104 million, with a margin of 17%.
- Net revenues of $595 million decreased 1% from the prior year. Foreign currency translation represented a beneficial impact of approximately 1% to our fourth quarter growth rate.
- Domestic Operations segment subscription revenues were flat.
- Streaming revenue growth of 14%; now represents largest revenue component for Domestic Operations segment.
- Diluted EPS of $(1.26); Adjusted EPS(1) of $0.64.
Full Year Financial Highlights:
- Net cash provided by operating activities of $306 million; Free Cash Flow of $272 million.
- Operating income of $133 million; Adjusted Operating Income of $412 million, with a margin of 18%.
- Net revenues of $2.3 billion decreased 5% from the prior year. Foreign currency translation represented a beneficial impact of approximately 50 basis points to our full year growth rate.
- Domestic Operations segment subscription revenues declined less than 1%.
- Streaming revenue growth of 12%; now represents largest revenue component for Domestic Operations segment.
- Diluted EPS of $1.66; Adjusted EPS of $2.03.
Fourth Quarter Results:
- Domestic Operations segment revenues decreased 1% from the prior year to $515 million.
- Subscription revenues of $315 million were consistent with the prior year period as growth in streaming revenues offset a decline in affiliate revenues.
- Streaming revenues increased 14% to $177 million primarily due to the impact of price increases across our services.
- Streaming subscribers of 10.4 million at December 31, 2025 were consistent with streaming subscribers of 10.4 million at December 31, 2024 and September 30, 2025.
- Affiliate revenues declined 13% to $138 million primarily due to basic subscriber declines.
- Streaming revenues increased 14% to $177 million primarily due to the impact of price increases across our services.
- Advertising revenues decreased 10% to $125 million due to linear ratings declines and lower marketplace pricing.
- Content licensing revenues increased 12% to $75 million due to the availability of deliveries in the period.
- Subscription revenues of $315 million were consistent with the prior year period as growth in streaming revenues offset a decline in affiliate revenues.
- Domestic Operations segment Adjusted Operating Income decreased 16% to $128 million, with a margin of 25%.
Full Year Results:
- Domestic Operations segment revenues decreased 5% from the prior year to $2.0 billion.
- Subscription revenues decreased less than 1% to $1.3 billion due to a decline in affiliate revenues, mostly offset by streaming revenue growth.
- Streaming revenues increased 12% to $677 million primarily due to the impact of price increases across our services.
- Affiliate revenues declined 13% to $588 million primarily due to basic subscriber declines.
- Advertising revenues decreased 15% to $477 million due to linear ratings declines and lower marketplace pricing.
- Content licensing revenues decreased 2% to $272 million due to the availability of deliveries in the period.
- Subscription revenues decreased less than 1% to $1.3 billion due to a decline in affiliate revenues, mostly offset by streaming revenue growth.
- Domestic Operations segment Adjusted Operating Income decreased 21% to $490 million, with a margin of 24%.
Fourth Quarter Results:
- International segment revenues decreased 5% from the prior year period to $81 million. Prior year period advertising revenues included $7 million of revenues related to a retroactive adjustment reported by a third party. Excluding the retroactive adjustment in the prior year period and the favorable impact of foreign currency translation in the current year period, International revenues decreased 4%.
- Subscription revenues increased 1% to $49 million primarily due to the favorable impact of foreign currency translation, partially offset by the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 6%.
- Advertising revenues decreased 13% to $30 million primarily due to retroactive adjustments in the prior year period, partially offset by strong advertising performance in the UK and Ireland and the favorable impact of foreign currency translation. Excluding the retroactive adjustment in the prior year period and the favorable impact of foreign currency translation in the current year period, advertising revenues increased 4%.
- International segment Adjusted Operating Income decreased 23% to $7 million. Excluding the retroactive adjustment in the prior year period, segment Adjusted Operating Income increased to $7 million from $1 million in the prior year period.
Full Year Results:
- International segment revenues decreased 6% from the prior year to $304 million. Prior year advertising revenues included $21 million of revenues related to retroactive adjustments reported by a third party. Excluding the retroactive adjustments in the prior year and the favorable impact of foreign currency translation in the current year, International revenues decreased 4%.
- Subscription revenues decreased 4% to $188 million primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024, partially offset by the favorable impact of foreign currency translation. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 8%.
- Advertising revenues decreased 10% to $104 million due to retroactive adjustments in the prior year, partially offset by strong advertising performance in the UK and Ireland and the favorable impact of foreign currency translation. Excluding the retroactive adjustments in the prior year and the favorable impact of foreign currency translation in the current year, advertising revenues increased 6%.
- International segment Adjusted Operating Income decreased 33% to $43 million. Excluding the retroactive adjustment in the prior year and the favorable impact of foreign currency translation in the current year, segment Adjusted Operating Income decreased 8%.
Other Matters
RLJ Entertainment Transaction
On November 26, 2025, the Company acquired the remaining 17% of RLJ Entertainment that it had not previously owned for $75 million in cash.
The carrying amount of the related noncontrolling interest was reduced to zero, reflecting the Company’s 100% ownership of RLJ Entertainment. The Company will continue to consolidate RLJ Entertainment.
Impairment and Other Charges
Impairment and other charges of $98 million for the year ended December 31, 2025 consisted of a $93 million goodwill impairment charge for AMC Networks International and a $4 million impairment charge for indefinite-lived intangible assets related to SundanceTV trademarks.
Restructuring and Other Related Charges
Restructuring and other related charges were $27 million for the year ended December 31, 2025, of which $17 million was related to our restructuring plan in our International segment designed to achieve cost reductions and streamline operations including channel re-branding and a reduction of workforce in Southern Europe, the wind-down of a UK joint venture, and a voluntary buyout program for employees in Argentina. An additional $12 million was related to our voluntary buyout program for U.S. employees, which is expected to result in modifications to the organizational structure of the Company and reduced employee costs.
Stock Repurchase Program & Outstanding Shares
The Company repurchased 854,692 shares of its Class A Common Stock for $7.5 million in the fourth quarter. As of December 31, 2025, the Company had $117 million of authorization remaining for repurchase under its Stock Repurchase Program.
As of February 4, 2026, the Company had 31,229,673 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Please see the Company’s Form 10-K for the year ended December 31, 2025, which will be filed later today, for further details regarding the above matters.
Description of Non-GAAP Measures
Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit, depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization, and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company’s operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash.
The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry.
Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 11 of this release.
The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in the Company’s Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 11 of this release.
The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see pages 12-13 of this release.
Forward-Looking Statements
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information
AMC Networks will host a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full year 2025 results. To listen to the call, please visit investors.amcnetworks.com.
About AMC Networks Inc.
AMC Networks (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution labels Independent Film Company and RLJE Films. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe; and AMC Networks International, its international programming business.
