Lionsgate Studios (LION) Q3 2025 earnings summary

Executive summary

• Q3 consolidated revenue was $970.5M; net loss attributable to shareholders was $21.9M, while adjusted net income was $68.4M.

• Studio Business revenue rose 3% YoY to $713.8M; Television Production and eOne growth offset weaker Motion Picture results.

• Q3 total segment profit increased 33.2% to $144.5M; 9M total segment profit fell 18.9% to $268.5M.

• Trailing 12-month library revenue reached a record $954M, up 22% YoY.

• Preparation continued for the planned separation of the studio and STARZ businesses.

Financial highlights

• Q3 consolidated operating income was $35.8M and adjusted OIBDA was $144.2M; reported diluted EPS was $(0.09) and adjusted diluted EPS was $0.28.

• Studio Business adjusted OIBDA rose 45% to $112.0M from $77.4M.

• Q3 Studio Business revenue was $713.8M (+3.2%); 9M revenue was $2.126B (+0.9%).

• 9M operating income fell to $30.5M from $120.1M; shareholder net loss widened to $150.4M from $46.5M.

• Q3 adjusted free cash flow was $4.3M.

Outlook and guidance

• FY2025 outlook reiterated: studio adjusted EBITDA of $300–$320M and STARZ North America adjusted EBITDA of ~$200M.

• A strong, back-end-weighted Q4 was anticipated, with contributions from film, TV and STARZ.

• Amazon Prime Video deal expected to contribute more meaningfully to profits from fiscal 2027 onward.

• FY2025 production cash requirements expected to increase and marketing spend to decrease vs. FY2024; liquidity expected to cover operating and debt-service needs for 12 months and beyond.

• Remaining performance obligations were $1.726B at Dec. 31, 2024, including $618.4M for the remainder of FY2025 and $783.7M for FY2026.