AMC Global Media (AMCX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 0.8% to $566.1M, led by content licensing and streaming; domestic affiliate and advertising trends improved sequentially and YoY.

• Adjusted operating income was $70.4M, down 25.4%; reported operating loss was $41.6M, including an $85M legal-settlement charge.

• Streaming engagement strengthened: excluding ALLBLK, average hours per active user rose sequentially and YoY, and total hours watched increased double digits sequentially.

• Strategy emphasizes targeted streaming, studio production and monetizing content across owned services and third-party platforms.

Financial highlights

• Q3 net loss attributable to stockholders was $47.4M; diluted EPS was $(1.13), versus $1.38 YoY, while adjusted EPS was $0.44 versus $0.18.

• Q3 operating cash use was $41.8M and FCF was $(52.4)M; excluding the $85M settlement payment, FCF was $33M.

• 9M revenue declined 3.6% to $1.656B; adjusted operating income was $185.5M versus $308.3M, and adjusted EPS was $0.33 versus $1.39.

• 9M basic and diluted EPS were both $(2.06), versus $3.25 basic and $2.63 diluted YoY.

Outlook and guidance

• FY 2026 revenue guidance remains $2.4B-$2.45B and adjusted operating income guidance $410M-$420M, unchanged despite the ALLBLK divestiture.

• FY 2026 FCF outlook remains ~$150M, including the after-tax impact of the $85M settlement payment.

• FY domestic content licensing revenue is expected at $460M-$485M, with most recognized in Q4; licensing revenue is expected to rise YoY as additional Walking Dead Universe rights begin.

• Netflix will pay $500M in quarterly installments over five years; expected 2026 receipts are ~$25M, with estimated revenue recognition of ~$450M on a present-value basis.