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AMC Networks (AMCX) investor relations material
AMC Networks Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved strong free cash flow in Q3 and are on track for $250 million in free cash flow for the full year, marking a milestone in transitioning to a streaming and technology-focused content company.
Streaming revenue growth accelerated, becoming the largest domestic revenue source in 2025, offsetting affiliate revenue declines and resulting in stable domestic subscription revenues.
Renewed and expanded major affiliate and content licensing agreements, including with Netflix, DirecTV, Charter, Cox, Amazon Prime Video, and launched new streaming bundles and original content.
Digital advertising commitments increased 40% year-over-year, reflecting strong upfront performance and growing digital presence.
Voluntary buyout programs led to a workforce reduction of less than 5% in the US and Argentina as part of restructuring.
Financial highlights
Q3 2025 consolidated net revenue declined 6% year-over-year to $562 million; nine-month revenue was $1.72 billion, down 5.8%.
Net income attributable to stockholders for Q3 2025 was $76.5 million, up 84.9% year-over-year, driven by a $105.3 million gain on debt repurchase.
Adjusted operating income (AOI) for Q3 2025 was $94 million (17% margin), down 28% year-over-year; operating income was $56 million.
Adjusted EPS was $0.18 per share; diluted EPS was $1.38; free cash flow totaled $42 million in Q3 and $232 million for the first nine months.
Domestic operations revenue decreased 8% to $486 million; streaming revenue grew 14% while affiliate revenue declined 13%.
Outlook and guidance
Reiterated 2025 outlook: approximately $250 million in free cash flow, $2.3 billion in consolidated revenue, and $400–$420 million in consolidated AOI.
Streaming revenue growth rate expected to accelerate in Q4; streaming to be the largest single revenue source in the domestic segment for the year.
Expect continued linear subscriber declines and advertising revenue pressure; content licensing revenue expected to remain variable.
Restructuring charges to continue into 2026 as international cost reduction plans are completed.
How do new bundles accelerate streaming revenue
Steps to restore mid-to-high 20% AOI margins?
Beyond ads, how do FAST channels drive TSVOD subs
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Next AMC Networks earnings date
Q4 202513 Feb, 2026
Next AMC Networks earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
American Movie Classics
AMC Networks Inc. is an American entertainment company specializing in the production and distribution of television content. It is known for operating several cable channels, including its flagship channel AMC, and several other channels. The company also manages a portfolio of streaming services. AMC Networks' business strategy involves creating and delivering high-quality, original content across multiple platforms, catering to a diverse audience with a mix of genres, including drama, comedy, and reality programming. The company is headquartered in NYC, and its shares are listed on the Nasdaq.
Rainbow Media Holdings
AMC Networks was founded as Rainbow Media Holdings, a subsidiary of Cablevision. Initially, the focus was on niche cable channels, with AMC (American Movie Classics) debuting in 1984, showcasing classic movies. Over time, the company expanded its portfolio, introducing a line of cable TV channels, each targeting specific audience segments.
In 2011, Rainbow Media was spun off from Cablevision and rebranded as AMC Networks. This period signified a major shift in strategy, with AMC pivoting from classic movies to original programming. This shift propelled AMC Networks into a notable content creator, significantly impacting the television landscape with its critically acclaimed series. It’s also worth mentioning that the company has nothing to do with AMC Entertainment, and the similarities in names are purely a coincidence.
Original Content
AMC Networks, as previously mentioned, helps create and distribute original content. The company is renowned for its high-quality, critically acclaimed television series. Through its flagship channel, AMC, it has aired popular shows such as "Breaking Bad," "The Walking Dead," and "Mad Men," which have garnered substantial viewership and critical praise. channels like IFC and SundanceTV also contribute to its production portfolio with a range of programming including indie films, documentaries, and comedy series. The company's production arm not only serves its own channels but also distributes content internationally.
Streaming
AMC Networks offers a variety of niche streaming platforms catering to specific audience interests. Acorn TV specializes in British and international television, providing a range of dramas, mysteries, and comedies. Shudder, another notable service, focuses on horror, thriller, and supernatural genres, offering an extensive library of films and original series. These platforms operate on a subscription-based model, and in a similar fashion to Netflix and Disney+.
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