AMC Networks (AMCX) Q4 2025 earnings summary

Executive summary

• Streaming became the largest domestic revenue source in 2025, marking a major business inflection point and transformation milestone.

• Free cash flow reached $272 million, exceeding guidance and forecasts.

• Strengthened the balance sheet by reducing gross debt by nearly $600 million, ending 2025 with $1.3 billion net debt and a 3.1x net leverage ratio.

• Completed the acquisition of the remaining stake in RLJ Entertainment, consolidating 100% ownership of key streaming and content assets.

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

Financial highlights

• Full-year 2025 consolidated revenue was $2.3 billion; adjusted operating income (AOI) was $412 million (18% margin).

• Free cash flow for 2025 was $272 million, converting about two-thirds of AOI to cash.

• Domestic operations revenue declined 5% to $2 billion; streaming revenue grew 12% to $677 million and became the largest revenue source.

• Ended 2025 with 10.4 million streaming subscribers, stable year-over-year and quarter-over-quarter.

• Advertising revenue declined 15% for the year, with digital advertising showing growth in the second half.

Outlook and guidance

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

• Free cash flow guidance for 2026 is at least $200 million.

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

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

• Consolidated AOI for 2026 expected to be about $350 million, weighted to the back half of the year.