AMC Global Media Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
AMC Global Media (NASDAQ: AMCX) reported Q1 2026 results for the quarter ended March 31, 2026. Net revenues were $542.1M (down 2%), operating income was $31.3M, adjusted operating income was $69.0M (13% adjusted margin), and free cash flow was $64.8M. Streaming revenue rose 11% to $174M. The company announced debt exchanges/redemptions, plans to repay Term Loan A and terminate its credit facility, and a $30M ASR share repurchase.
Positive
- Streaming revenue +11% to $174 million
- Free Cash Flow of $64.8 million
- Expanded distribution (DISH/Sling, Roku, Apple, Meta Quest)
- $30M ASR announced funded from cash on hand
Negative
- Net revenues down 2% to $542.1 million
- Operating income down 51% to $31.3 million
- Adjusted operating income down 34% to $69.0 million
- Diluted EPS loss of $(0.43)
Key Figures
Market Reality Check
Peers on Argus
Among tracked peers, only HUYA appeared in the momentum scanner, moving down ~2.5%, while AMCX was up 1.06%, suggesting a stock-specific setup rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 11 | Q4/FY 2025 earnings | Negative | -2.3% | Full-year revenues down, impairments and charges despite streaming and FCF strength. |
| Nov 07 | Q3 2025 earnings | Neutral | +3.7% | Revenue and income declines offset by streaming growth and debt reduction steps. |
| Aug 08 | Q2 2025 earnings | Positive | +8.8% | Streaming and licensing growth, higher free cash flow and significant debt reduction. |
| May 09 | Q1 2025 earnings | Negative | +2.3% | Revenue and profit declines with flat subs but favorable new content and launches. |
| Feb 14 | Q4/FY 2024 earnings | Negative | -10.7% | Operating loss and large impairments despite meeting guidance and FCF strength. |
Earnings releases have produced mixed reactions, with positive streaming and free cash flow often offset by pressure in legacy segments and impairments.
Recent results show AMC Global Media balancing declines in traditional segments with growing streaming and solid free cash flow. Q1 2025 and Q3 2025 featured revenue declines but ongoing streaming gains, while Q2 2025 and full-year 2024 highlighted strong free cash flow and debt reduction. The Q4 2025 release showed lower net revenues and notable impairment charges. Today’s Q1 2026 earnings continue this pattern: modest revenue pressure, double-digit streaming growth and positive free cash flow.
Historical Comparison
Across five recent earnings releases, AMCX showed modest average moves of 0.37%, with reactions varying as streaming growth offset legacy headwinds.
Earnings updates consistently emphasize streaming revenue growth and free cash flow, while highlighting ongoing revenue pressure and balance sheet actions over 2024–2026.
Market Pulse Summary
This announcement underscores a familiar mix for AMC Global Media: Q1 2026 net revenues declined to $542.1M, operating income and EPS fell, yet streaming revenues grew 11% and free cash flow reached $64.8M. Management reiterated its financial outlook and highlighted debt refinancing, planned repayment of the Term Loan A Facility, and a new $30M ASR. Investors may track streaming growth, cash generation, and further capital allocation moves in upcoming quarters.
Key Terms
free cash flow financial
adjusted operating income financial
adjusted eps financial
non-gaap financial measures financial
senior secured notes financial
exchange offer financial
AI-generated analysis. Not financial advice.
NEW YORK, May 08, 2026 (GLOBE NEWSWIRE) -- AMC Global Media Inc. ("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2026.
Chief Executive Officer Kristin Dolan said: "AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms."
Operational Highlights:
- Expanded relationship with DISH and Sling TV through new long-term affiliate agreement.
- Expanded distribution of All Reality, our newest targeted streaming service, now available on Roku and Apple.
- Launched new prestige drama, The Audacity, and renewed the series for a second season.
- Greenlit Thunder Road, a new multi-generational racing drama produced in partnership with NASCAR, starring Dennis Quaid.
- Renewed sports docuseries Rise for a new season focused on the New Orleans Saints and the team’s historic run in the years following Hurricane Katrina.
- Announced a new partnership with Meta to make a number of our streaming apps available on the Meta Quest headset.
Financial Highlights – First Quarter Ended March 31, 2026:
- Net cash provided by operating activities of
$67 million ; Free Cash Flow(1) of$65 million . - Operating income of
$31 million ; Adjusted Operating Income(1) of$69 million , with a margin of13% . - Net revenues of
$542 million decreased2% from the prior year. Foreign currency translation represented a beneficial impact of approximately1% to our first quarter growth rate.- Streaming revenues of
$174 million increased11% from the prior year; representing over a third of our Domestic Operations segment revenues.
- Streaming revenues of
- Diluted EPS of
$(0.43) ; Adjusted EPS(1) of$0.08 .
Consolidated Results:
| (dollars in thousands, except per share amounts) | Three Months Ended March 31, | |||||||
| 2026 | 2025 | Change | ||||||
| Net Revenues | $ | 542,127 | $ | 555,233 | (2.4)% | |||
| Operating Income | $ | 31,261 | $ | 64,197 | (51.3)% | |||
| Adjusted Operating Income | $ | 68,974 | $ | 104,485 | (34.0)% | |||
| Diluted Earnings (Loss) Per Share | $ | (0.43 | ) | $ | 0.34 | n/m | ||
| Adjusted Earnings Per Share | $ | 0.08 | $ | 0.52 | (84.6)% | |||
| Net cash provided by operating activities | $ | 67,467 | $ | 108,805 | (38.0)% | |||
| Free Cash Flow | $ | 64,815 | $ | 94,185 | (31.2)% | |||
| n/m - Absolute percentages greater than | ||||||||
(1) See page 4 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income, Adjusted EPS and Free Cash Flow.
Segment Results – Domestic Operations:
| (dollars in thousands) | Three Months Ended March 31, | ||||||
| 2026 | 2025 | Change | |||||
| Revenues, net: | |||||||
| Subscription | $ | 305,282 | $ | 313,373 | (2.6)% | ||
| Advertising | 112,847 | 119,248 | (5.4)% | ||||
| Content licensing and other | 52,558 | 53,686 | (2.1)% | ||||
| Total revenues, net | $ | 470,687 | $ | 486,307 | (3.2)% | ||
| Segment Adjusted Operating Income | $ | 92,261 | $ | 123,924 | (25.6)% | ||
First Quarter Results
- Domestic Operations revenues decreased
3% from the prior year to$471 million .- Subscription revenues decreased
3% to$305 million due to a decline in affiliate revenues, partially offset by streaming revenue growth.- Streaming revenues increased
11% to$174 million primarily due to the impact of price increases across our services.- Streaming subscribers decreased
1% to 10.1 million as compared to 10.2 million subscribers at March 31, 2025. - Activations of ad-supported AMC+ under hard-bundle agreements increased
200% year over year to 1.8 million at March 31, 2026. These activations are in addition to our reported streaming subscriber count.
- Streaming subscribers decreased
- Affiliate revenues declined
16% to$131 million primarily due to basic subscriber declines.
- Streaming revenues increased
- Advertising revenues decreased
5% to$113 million primarily due to lower marketplace pricing, partially offset by digital advertising growth. - Content licensing revenues decreased
2% to$53 million primarily due to the timing and availability of deliveries in the period.
- Subscription revenues decreased
- Segment Adjusted Operating Income decreased
26% to$92 million , with a margin of20% .
Segment Results – International:
| (dollars in thousands) | Three Months Ended March 31, | ||||||||
| 2026 | 2025 | Change | |||||||
| Revenues, net: | |||||||||
| Subscription | $ | 46,362 | $ | 44,702 | 3.7 | % | |||
| Advertising | 23,372 | 22,608 | 3.4 | % | |||||
| Content licensing and other | 2,529 | 2,636 | (4.1 | ) | % | ||||
| Total revenues, net | $ | 72,263 | $ | 69,946 | 3.3 | % | |||
| Segment Adjusted Operating Income | $ | 5,437 | $ | 9,851 | (44.8 | ) | % | ||
First Quarter Results
- International revenues increased
3% from the prior year to$72 million . Excluding the favorable impact of foreign currency translation, International revenues decreased5% .- Subscription revenues increased
4% to$46 million primarily due to the favorable impact of foreign currency translation, partially offset by lower revenues resulting from the previously disclosed wind-down of our CBS EMEA joint venture that operated primarily in Poland and Africa and was held by our UK business. Excluding the favorable impact of foreign currency translation, subscription revenues decreased5% . - Advertising revenues increased
3% to$23 million due to the favorable impact of foreign currency translation, partially offset by lower ratings and digital advertising in the UK. Excluding the favorable impact of foreign currency translation, advertising revenues decreased5% .
- Subscription revenues increased
- Segment Adjusted Operating Income decreased
45% to$5 million , with a margin of8% .
Other Matters:
Exchange Offer and Redemption of
In March, the Company completed an exchange offer and issued approximately
In April, the Company redeemed all of its remaining outstanding 2029 Secured Notes, totaling approximately
Repayment of Term Loan A Facility & Termination of Credit Facility
Today, the Company announced plans to repay the remaining balance under the Term Loan A Facility and terminate its Credit Facility.
Accelerated Share Repurchase Program, Stock Repurchase Program & Outstanding Shares
Today, the Company announced plans to repurchase approximately
The Company did not repurchase any Class A Common Stock in the first quarter.
As of May 1, 2026, the Company had 32,443,304 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Restructuring and Other Related Charges
Restructuring and other related charges were
Corporate Name Change
In April, AMC Networks Inc. filed Amended and Restated Articles of Incorporation with the Nevada Secretary of State to effect a change of its corporate name from AMC Networks Inc. to AMC Global Media Inc.
Please see the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, which will be filed later today, for further details regarding the above matters.
Description of Non-GAAP Measures
Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit, depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization, and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company's operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash.
The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry.
Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 10 of this release.
The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in the Company's Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release.
The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see page 11 of this release.
Forward-Looking Statements
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information
AMC Global Media will host a conference call today at 8:30 a.m. ET to discuss its first quarter 2026 results. To listen to the call, please visit investors.amcglobalmedia.com.
About AMC Global Media
AMC Global Media (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution label Independent Film Company. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe. AMC Global Media is headquartered in the United States, with international operations in Iberia, Latin America, Central Europe, the U.K., Australia and New Zealand.
Contact
| Investor Relations | Corporate Communications | |
| Nicholas Seibert | Georgia Juvelis | |
| nicholas.seibert@amcnetworks.com | georgia.juvelis@amcnetworks.com |
| AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share amounts) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenues, net | $ | 542,127 | $ | 555,233 | |||
| Operating expenses: | |||||||
| Technical and operating (excluding depreciation and amortization) | 283,180 | 267,346 | |||||
| Selling, general and administrative | 201,925 | 197,975 | |||||
| Depreciation and amortization | 21,423 | 20,926 | |||||
| Restructuring and other related charges | 4,338 | 4,789 | |||||
| Total operating expenses | 510,866 | 491,036 | |||||
| Operating income | 31,261 | 64,197 | |||||
| Other income (expense): | |||||||
| Interest expense | (41,345 | ) | (43,392 | ) | |||
| Interest income | 3,124 | 8,415 | |||||
| Miscellaneous, net | (16,942 | ) | 7,888 | ||||
| Total other income (expense) | (55,163 | ) | (27,089 | ) | |||
| Income (loss) from operations before income taxes | (23,902 | ) | 37,108 | ||||
| Income tax (expense) benefit | 6,738 | (14,955 | ) | ||||
| Net income (loss) including noncontrolling interests | (17,164 | ) | 22,153 | ||||
| Less: Net income attributable to noncontrolling interests | (1,706 | ) | (4,104 | ) | |||
| Net income (loss) attributable to AMC Global Media's stockholders | $ | (18,870 | ) | $ | 18,049 | ||
| Net income (loss) per share attributable to AMC Global Media's stockholders: | |||||||
| Basic | $ | (0.43 | ) | $ | 0.40 | ||
| Diluted | $ | (0.43 | ) | $ | 0.34 | ||
| Weighted average common shares: | |||||||
| Basic | 43,627 | 44,821 | |||||
| Diluted | 43,627 | 56,616 | |||||
| AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) including noncontrolling interests | $ | (17,164 | ) | $ | 22,153 | ||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||
| Depreciation and amortization | 21,423 | 20,926 | |||||
| Share-based compensation expenses related to equity classified awards | 6,097 | 5,757 | |||||
| Non-cash restructuring and other related charges | — | 3,470 | |||||
| Amortization and write-off of program rights | 206,262 | 197,881 | |||||
| Amortization of deferred carriage fees | 2,588 | 6,885 | |||||
| Unrealized foreign currency transaction (gain) loss | 3,765 | (3,329 | ) | ||||
| Amortization of deferred financing costs and discounts on indebtedness | 1,762 | 1,969 | |||||
| Deferred income taxes | 9,512 | (10,675 | ) | ||||
| Other, net | (3,373 | ) | (3,928 | ) | |||
| Changes in assets and liabilities: | |||||||
| Accounts receivable, trade (including amounts due from related parties, net) | 20,853 | 53,204 | |||||
| Prepaid expenses and other assets | (7,300 | ) | 12,658 | ||||
| Program rights and obligations, net | (167,708 | ) | (169,605 | ) | |||
| Deferred revenue | (218 | ) | (1,296 | ) | |||
| Accounts payable, accrued liabilities and other liabilities | (9,032 | ) | (27,265 | ) | |||
| Net cash provided by operating activities | 67,467 | 108,805 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (2,652 | ) | (14,620 | ) | |||
| Net cash used in investing activities | (2,652 | ) | (14,620 | ) | |||
| Cash flows from financing activities: | |||||||
| Principal payments on Term Loan A Facility | (2,767 | ) | (8,125 | ) | |||
| Payments for financing costs | (2,000 | ) | — | ||||
| Deemed repurchases of restricted stock units | (6,598 | ) | (3,643 | ) | |||
| Principal payments on finance lease obligations | (455 | ) | (1,198 | ) | |||
| Net cash used in financing activities | (11,820 | ) | (12,966 | ) | |||
| Net increase in cash and cash equivalents from operations | 52,995 | 81,219 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (3,237 | ) | 4,361 | ||||
| Cash and cash equivalents at beginning of period | 502,379 | 784,649 | |||||
| Cash and cash equivalents at end of period | $ | 552,137 | $ | 870,229 | |||
| AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 552,137 | $ | 502,379 | |||
| Accounts receivable, trade (less allowance for doubtful accounts of | 550,666 | 575,263 | |||||
| Prepaid expenses and other current assets | 237,766 | 202,967 | |||||
| Total current assets | 1,340,569 | 1,280,609 | |||||
| Property and equipment, net of accumulated depreciation of | 107,630 | 115,978 | |||||
| Program rights, net | 1,685,354 | 1,763,084 | |||||
| Intangible assets, net | 176,882 | 184,803 | |||||
| Goodwill | 165,018 | 166,809 | |||||
| Deferred tax assets, net | 16,652 | 17,781 | |||||
| Operating lease right-of-use assets | 68,690 | 72,545 | |||||
| Other assets | 312,895 | 335,272 | |||||
| Total assets | $ | 3,873,690 | $ | 3,936,881 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 129,303 | $ | 94,742 | |||
| Accrued liabilities | 292,105 | 323,029 | |||||
| Current portion of program rights obligations | 240,491 | 258,252 | |||||
| Deferred revenue | 63,415 | 63,651 | |||||
| Current portion of long-term debt | 24,770 | 11,068 | |||||
| Current portion of lease obligations | 13,900 | 17,643 | |||||
| Total current liabilities | 763,984 | 768,385 | |||||
| Program rights obligations | 163,937 | 181,773 | |||||
| Long-term debt, net | 1,724,518 | 1,741,225 | |||||
| Lease obligations | 78,583 | 82,263 | |||||
| Deferred tax liabilities, net | 116,814 | 108,164 | |||||
| Other liabilities | 37,621 | 41,322 | |||||
| Total liabilities | 2,885,457 | 2,923,132 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity: | |||||||
| Class A Common Stock, | 667 | 667 | |||||
| Class B Common Stock, | 115 | 115 | |||||
| Preferred stock, | — | — | |||||
| Paid-in capital | 419,630 | 429,902 | |||||
| Accumulated earnings | 2,157,090 | 2,176,124 | |||||
| Treasury stock, at cost (34,287 and 35,516 shares Class A Common Stock, respectively) | (1,396,092 | ) | (1,406,027 | ) | |||
| Accumulated other comprehensive loss | (226,172 | ) | (218,910 | ) | |||
| Total AMC Global Media stockholders' equity | 955,238 | 981,871 | |||||
| Non-redeemable noncontrolling interests | 32,995 | 31,878 | |||||
| Total stockholders' equity | 988,233 | 1,013,749 | |||||
| Total liabilities and stockholders' equity | $ | 3,873,690 | $ | 3,936,881 | |||
| AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited) | |||
| Capitalization | March 31, 2026 | ||
| Cash and cash equivalents | $ | 552,137 | |
| Credit facility debt (a) | $ | 80,028 | |
| $ | 13,702 | ||
| 276,706 | |||
| 143,750 | |||
| 1,315,098 | |||
| Senior notes (c) | $ | 1,749,256 | |
| Total debt | $ | 1,829,284 | |
| Net debt | $ | 1,277,147 | |
| Finance leases | 15,266 | ||
| Net debt and finance leases | $ | 1,292,413 | |
| Twelve Months Ended March 31, 2026 | |||
| Operating Income - (GAAP) | $ | 100,386 | |
| Share-based compensation expense | 25,670 | ||
| Depreciation and amortization | 94,922 | ||
| Restructuring and other related charges | 26,085 | ||
| Impairment and other charges | 97,784 | ||
| Cloud computing amortization | 9,808 | ||
| Majority owned equity investees | 21,708 | ||
| Adjusted Operating Income - (Non-GAAP) | $ | 376,363 | |
| Leverage ratio (d) | 3.4 | x | |
(a) Represents the aggregate principal amount of the debt, with the Term Loan A. The Company also had commitments under its undrawn
(b) Subject to the terms of the indenture for the Convertible Notes, the Convertible Notes may be converted at an initial conversion rate of 78.5083 shares of Class A Common Stock per
(c) Represents the aggregate principal amount of the debt.
(d) Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended March 31, 2026. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not
| AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited) | |||||
| Adjusted Operating Income | Three Months Ended March 31, | ||||
| 2026 | 2025 | ||||
| Operating income | $ | 31,261 | $ | 64,197 | |
| Share-based compensation expenses | 6,097 | 5,757 | |||
| Depreciation and amortization | 21,423 | 20,926 | |||
| Restructuring and other related charges | 4,338 | 4,789 | |||
| Cloud computing amortization | 2,288 | 3,213 | |||
| Majority owned equity investees AOI | 3,567 | 5,603 | |||
| Adjusted operating income | $ | 68,974 | $ | 104,485 | |
| Free Cash Flow(1) | Three Months Ended March 31, | ||||||
| 2026 | 2025 | ||||||
| Net cash provided by operating activities | $ | 67,467 | $ | 108,805 | |||
| Less: capital expenditures | (2,652 | ) | (14,620 | ) | |||
| Free Cash Flow | $ | 64,815 | $ | 94,185 | |||
| Supplemental Cash Flow Information | Three Months Ended March 31, | ||||||
| 2026 | 2025 | ||||||
| Restructuring initiatives (2) | $ | (10,981 | ) | $ | (5,751 | ) | |
| Distributions to noncontrolling interests | — | — | |||||
| (1) Free Cash Flow includes the impact of certain cash receipts or payments (such as restructuring initiatives, significant legal settlements and programming write-offs) that affect period-to-period comparability. | |||||||
| (2) Restructuring initiatives includes cash payments of | |||||||
| AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands, except per share amounts) (unaudited) | |||||||||||||||||||
| Adjusted Earnings (Loss) Per Share | |||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||
| Income (loss) from operations before income taxes | Income tax (expense) benefit | Less: Net (income) loss attributable to noncontrolling interests | Net income (loss) attributable to AMC Global Media's stockholders | Diluted EPS attributable to AMC Global Media's stockholders | |||||||||||||||
| Reported Results (GAAP) | $ | (23,902 | ) | $ | 6,738 | $ | (1,706 | ) | $ | (18,870 | ) | $ | (0.43 | ) | |||||
| Adjustments: | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 7,600 | (1,728 | ) | — | 5,872 | 0.13 | |||||||||||||
| Restructuring and other related charges | 4,338 | (989 | ) | — | 3,349 | 0.08 | |||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||
| (Gain) loss on extinguishment of debt, net | — | — | — | — | — | ||||||||||||||
| Debt modification expenses | 16,665 | (3,933 | ) | — | 12,732 | 0.29 | |||||||||||||
| Dilutive income and share basis difference - GAAP vs. Adjusted (1) | 1,527 | (366 | ) | — | 1,161 | 0.01 | |||||||||||||
| Adjusted Results (Non-GAAP) | $ | 6,228 | $ | (278 | ) | $ | (1,706 | ) | $ | 4,244 | $ | 0.08 | |||||||
(1) For the reconciliation of Adjusted EPS to GAAP EPS, the item “Dilutive income and share basis difference - GAAP vs. Adjusted” represents the impact of the adjustments from a net loss to net income position, which required an adjustment for the interest expense associated with the convertible debt and a change in the dilutive shares outstanding to reflect additional dilutive shares associated with restricted stock units and convertible debt that were considered anti-dilutive on a GAAP basis.
| Three Months Ended March 31, 2025 | ||||||||||||||||
| Income (loss) from operations before income taxes | Income tax (expense) benefit | Less: Net (income) loss attributable to noncontrolling interests | Net income (loss) attributable to AMC Global Media's stockholders | Diluted EPS attributable to AMC Global Media's stockholders | ||||||||||||
| Reported Results (GAAP) (1) | $ | 38,635 | $ | (15,336 | ) | $ | (4,104 | ) | $ | 19,195 | $ | 0.34 | ||||
| Adjustments: | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 7,795 | (1,895 | ) | (359 | ) | 5,541 | 0.10 | |||||||||
| Restructuring and other related charges | 4,790 | (302 | ) | — | 4,488 | 0.08 | ||||||||||
| Impairment and other charges | — | — | — | — | — | |||||||||||
| (Gain) loss on extinguishment of debt, net | — | — | — | — | — | |||||||||||
| Adjusted Results (Non-GAAP) | $ | 51,220 | $ | (17,533 | ) | $ | (4,463 | ) | $ | 29,224 | $ | 0.52 | ||||
(1) Includes the required adjustment for interest expense associated with the convertible debt.
