Lionsgate Studios (LION) Q4 2026 earnings summary

Executive summary

• Completed separation from Starz, resulting in two standalone public companies and a simplified share structure.

• Q4 FY2026 revenue was $906.5M, with operating income of $117.5M, up 52% year-over-year.

• Adjusted OIBDA reached $165.4M, the highest quarterly level in 12 years.

• Free cash flow for the quarter was $190.4M.

• Trailing 12-month library revenue exceeded $1B for the third consecutive quarter.

Financial highlights

• Fiscal Q4 2026 revenue was $906.5M, up from $865.6M year-over-year.

• Adjusted OIBDA was $165.4M, up 17% year-over-year.

• Operating income rose over 50% to $117.5M year-over-year.

• Adjusted net income from continuing operations was $111.6M ($0.37 adjusted diluted EPS).

• Free cash flow for the quarter was $190.4M.

Outlook and guidance

• Management expects to double scripted television deliveries in fiscal 2027 compared to fiscal 2026.

• Significant Adjusted OIBDA and free cash flow growth expected in fiscal 2027.

• Enhanced visibility with strong carryover from 2026 slate and increased scripted TV deliveries.

• TV segment to be more backend loaded in 2027 due to episodic delivery cycles.

• $1.3B backlog in contractual future revenues, with 90% expected in next 24 months.