AMC Networks (AMCX) Q4 2025 earnings summary

Executive summary

• Streaming became the largest single source of domestic revenue, marking a major business transformation milestone.

• Generated $272 million in free cash flow for 2025, exceeding the increased forecast, and achieved full-year financial guidance.

• Strengthened the balance sheet, reduced gross debt by nearly $600 million, and extended debt maturities.

• Completed full ownership of RLJ Entertainment, consolidating 100% ownership and simplifying the business structure.

• Major affiliate renewals were completed, covering over a third of the US and Canada subscriber base.

Financial highlights

• Consolidated 2025 revenue was $2.3 billion; adjusted operating income (AOI) was $412 million with an 18% margin.

• Q4 net revenues were $595 million, down 1% year-over-year; Q4 operating loss was $51 million; adjusted operating income was $104 million (17% margin).

• Free cash flow reached $272 million, converting about two-thirds of AOI to cash.

• Domestic operations revenue declined 5% to $2 billion for the year; Q4 revenue was $515 million, down 1%.

• Streaming revenue grew 12% for the year and 14% in Q4, offsetting linear declines; ended 2025 with 10.4 million streaming subscribers.

Outlook and guidance

• 2026 consolidated revenue expected to be approximately $2.25 billion.

• Anticipate stable domestic subscription revenue, $260 million in content licensing, and low double-digit percentage decline in domestic advertising revenue.

• International segment revenue projected at $290–$300 million for 2026.

• Consolidated AOI for 2026 expected to be about $350 million, with free cash flow of at least $200 million.

• Diversified original programming slate for 2026 includes new dramas, sports docuseries, and live programming.