Starz Entertainment
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Starz Entertainment (STRZ) investor relations material

Starz Entertainment Q4 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2026 earnings summary26 Feb, 2026

Executive summary

  • Achieved an all-time high of 12.7 million U.S. OTT subscribers, up 7.6% year-over-year, with 370,000 added in Q4 and total U.S. subscribers reaching 17.6 million.

  • Exceeded all 2025 financial guidance, delivering $204 million adjusted OIBDA, 2% above outlook, and improved operating loss to $(4.7) million in Q4.

  • Transitioned Canadian business to licensing, focusing on U.S. market and content ownership.

  • Strong programming slate and franchise expansion drove subscriber and revenue growth.

  • Positioned for continued growth in 2026 with robust original content pipeline and disciplined investment strategy.

Financial highlights

  • Q4 2025 consolidated revenue reached $323 million, up 60 basis points sequentially but down from $344.5 million in Q4 2024.

  • Adjusted OIBDA for Q4 was $56 million, more than doubling sequentially, with trailing twelve-month Adjusted OIBDA at $204 million.

  • Net loss for Q4 2025 was $(20.7) million, or $(1.24) per share; operating loss improved to $(4.7) million.

  • Net debt at year-end was $589 million; gross debt $625 million; cash $36 million.

  • Leverage ended at 2.9x, better than 3.1x guidance.

Outlook and guidance

  • 2026 expected to deliver low single-digit adjusted OIBDA growth over 2025, with projected unlevered free cash flow of $80–$120 million.

  • Leverage targeted to decline to approximately 2.7x by end of 2026.

  • Focus shifting from quarterly subscriber reporting to OTT revenue, profitability, and cash flow.

  • Long-term margin target of 20% by 2028, with most improvement in 2027–2028.

  • Management expects further OIBDA and OTT revenue growth, deleveraging, and improved free cash flow in 2026.

Strategy for linear subscriber decline impact?
Key drivers for 2026 operating income improvement?
Are TTM restructuring costs fully behind us?
Describe M&A target characteristics and leverage limits
Owned content: How will international sales ramp?
What drives the decision to cease subscriber reporting?
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