AMC Global Media (AMCX) Q1 2026 earnings summary

Executive summary

• Achieved double-digit streaming revenue growth and robust free cash flow in Q1 2026, with improved advertising revenue trends and expanded distribution partnerships, including a new long-term affiliation agreement with DISH and Sling TV.

• Streaming revenue is now the largest source of domestic revenue, with 10.1 million reported streaming subscribers and 1.8 million hard bundle activations; ad-supported AMC+ activations rose 200% year-over-year.

• Announced new original series, renewals, and partnerships, including a NASCAR drama, NFL docuseries, and a Meta Quest streaming app launch.

• Reiterated 2026 outlook: consolidated revenue of ~$2.25B, AOI of ~$350M, and free cash flow of at least $200M.

• Corporate name changed from AMC Networks Inc. to AMC Global Media Inc.

Financial highlights

• Q1 2026 consolidated net revenue declined 2.4% year-over-year to $542.1M; AOI declined 34% to $69M (13% margin); operating income dropped 51% to $31M.

• Free cash flow totaled $65M in Q1, down 31% year-over-year; on track for at least $200M for the year.

• Domestic operations revenue decreased 3% to $471M; subscription revenue down 1.8% to $351.6M with 11% streaming growth offset by a 16% affiliate revenue decline.

• Advertising revenue declined 4% to $136.2M due to lower pricing, but digital advertising grew 44% year-over-year.

• International revenues increased 3% to $72M (down 5% ex-FX); international AOI was $5M (8% margin).

Outlook and guidance

• 2026 guidance reiterated: consolidated revenue ~$2.25B, AOI ~$350M, free cash flow at least $200M.

• AOI expected to be back-half weighted due to timing of licensing revenue and streaming rate events; Q2 AOI will be the low point for the year.

• Streaming revenue growth expected to remain double-digit for the year, building throughout 2026.

• Domestic subscription revenue expected to be stable for the year; content licensing revenues to vary based on programming availability.

• Management expects continued declines in linear TV subscribers and advertising revenue, with streaming growth partially offsetting these trends.