New York, NY – November 7, 2025: AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2025.
Chief Executive Officer Kristin Dolan said: “Our performance in the third quarter marks a key milestone in our transition from a cable networks business to a global streaming and technology focused content company. Streaming revenue growth accelerated and will represent our largest single source of domestic revenue this year. We again delivered healthy free cash flow and remain on track to achieve our increased outlook of $250 million in free cash for the full year. We have built the components of a modern media business that is nimble, independent and well suited to today’s environment and whatever comes next.”
Operational Highlights:
- Renewed long-term affiliate agreement with Expanded relationship beyond linear to include certain streaming services, including ad-supported AMC+, in DirecTV’s genre packaging. DirecTV will also carry 6 of our FAST channels.
- Continued strong performance for ad-supported AMC+ on Charter with 850k+ Spectrum TV customers accessing the service since launch.
- Renewed branded content licensing agreement for “The AMC Collection” with Expanded long-standing relationship to include international licensing of certain AMC Studios’ originals.
- Launched our first triple bundle with Amazon Prime Video, offering AMC+, MGM+ and Starz at significant savings over stand-alone pricing.
- Continued momentum in FAST and AVOD with key distribution renewals, including Roku and
- Expanded the Anne Rice Immortal Universe with the premiere of our third series in the franchise, Anne Rice’s Talamasca: The Secret Order.
- Completed production of a new AMC and AMC+ series that will premiere next spring called The Audacity, written and produced by Better Call Saul and Succession writer Jonathan Glatzer.
- Announced the renewal of Acorn TV’s most successful series ever, Irish Blood, starring and executive produced by Alicia Silverstone, for a second season.
Financial Highlights – Third Quarter Ended September 30, 2025:
- Net cash provided by operating activities of $45 million; Free Cash Flow(1) of $42
- Operating income of $56 million; Adjusted Operating Income(1) of $94 million, with a margin of 17%.
- Net revenues of $562 million decreased 6% from the prior Foreign currency translation represented a beneficial impact of approximately 65 basis points to our third quarter revenue growth rate.
- Flat Domestic Operations subscription revenues as 14% growth in streaming revenues offset declines in affiliate revenues in the third quarter.
- Diluted EPS of $1.38; Adjusted EPS(1) of $0.18.
Third Quarter Results
- Domestic Operations revenues decreased 8% from the prior year to $486
- Subscription revenues of $316 million were consistent with the prior period as growth in streaming revenues offset declines in affiliate revenues.
- Streaming revenues increased 14% to $174 million primarily due to the impact of price increases across our
- Streaming subscribers increased 2% to 10.4 million as compared to 10.2 million subscribers at September 30, 2024.
- Affiliate revenues declined 13% to $142 million primarily due to basic subscriber declines, and to a lesser extent, contractual rate decreases in connection with renewals.
- Streaming revenues increased 14% to $174 million primarily due to the impact of price increases across our
- Content licensing revenues decreased 27% to $59 million primarily due to the timing and availability of deliveries in the
- Advertising revenues decreased 17% to $110 million primarily due to linear ratings declines and lower marketplace
- Subscription revenues of $316 million were consistent with the prior period as growth in streaming revenues offset declines in affiliate revenues.
- Segment Adjusted Operating Income decreased 25% to $112 million, with a margin of 23%.
Third Quarter Results
- International revenues increased 5% from the prior year to $77 million. Excluding the favorable impact of foreign currency translation, International revenues decreased 1%.
- Subscription revenues decreased 1% to $48 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 6%.
- Advertising revenues increased 15% to $26 million due to strong advertising performance in the UK and Ireland, and the favorable impact of foreign currency translation. Excluding the favorable impact of foreign currency translation, advertising revenues increased 10%.
- Segment Adjusted Operating Income decreased 12% to $12 million, with a margin of 15%.
Other Matters:
Credit Agreement Amendment & Partial Prepayment of Term Loan A Facility Borrowings
In October, the Company amended its credit agreement. The Company continues to maintain $175.0 million of commitments under the Revolving Credit Facility, however the maturity date of $111.8 million of such commitments was extended to October 29, 2030. The remaining $63.2 million of commitments under the Revolving Credit Facility retained their existing maturity date of April 9, 2028.
Additionally, the Company repurchased and permanently retired term loans held by certain lenders that consented to the maturity extension noted above, in an aggregate principal amount equal to $165.7 million, at a price equal to the principal amount thereof plus accrued and unpaid interest. The remaining $85.6 million principal amount retained their existing maturity date of April 9, 2028.
Open Market Repurchases of 4.25% Senior Notes due 2029
During the third quarter of 2025, the Company repurchased $9.2 million principal amount of its 4.25% senior notes due 2029 on the open market, at a discount of $1.5 million, and retired the repurchased notes.
Stock Repurchase Program & Outstanding Shares
As previously disclosed, the Company’s Board of Directors has authorized a program to repurchase up to $1.5 billion of the Company’s outstanding shares of common stock. The Stock Repurchase Program has no pre-established end date and may be suspended or discontinued at any time. During the quarter ended September 30, 2025, the Company did not repurchase any shares. As of September 30, 2025, the Company had $125 million of authorization remaining for repurchase under the Stock Repurchase Program.
As of October 31, 2025, the Company had 32,042,361 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Please see the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 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, we may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from AOI that affect our 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 our 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 8:30 a.m. ET to discuss its third quarter 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 and HIDIVE; 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.
