AMC Global Media Inc. Reports Third Quarter 2026 Results

Licensing and streaming growth accompanied lower adjusted operating income and negative quarterly free cash flow.

Rhea-AI Summary

AMC Global Media (NASDAQ: AMCX) reported third-quarter revenue of $566.07 million, with growth in domestic operations offsetting an international decline. Revenue rose 0.8% year over year, but operating results swung to a $41.614 million loss from $55.518 million of income. Diluted loss per share was $1.13, versus earnings of $1.38. Adjusted operating income fell 25.4% to $70.441 million.

Domestic revenue increased 1.9%, supported by licensing and streaming growth, while international revenue declined 5.0%. Free cash flow was negative $52.439 million, including an $85 million settlement payment; excluding that payment, it was $33 million. The settlement requires another $35 million payment by January 31, 2027, treated as an advance against future contractual participation amounts. AMC sold ALLBLK, recording a $3.7 million pre-tax gain, and completed its $30 million accelerated share repurchase in October.

11 points · 0 major

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2 major · 31 points

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Positive

• Moderate pointDomestic content licensing and other revenue rose 41.7% to $84.247 million in the third quarter.
• Moderate pointAdjusted third-quarter earnings per share increased to $0.44 from $0.18 a year earlier.
• Moderate pointThe completed $30 million accelerated repurchase bought 2,817,888 Class A shares; $87 million authorization remained September 30. 8.7% of market cap
• Minor pointThird-quarter revenue rose 0.8% to $566.070 million year over year.
• Minor pointDomestic third-quarter revenue increased 1.9% to $495.142 million year over year.

6 minor points

• Minor pointDomestic streaming revenue increased 4% to $181 million; excluding ALLBLK in both periods, growth was 7%.
• Minor pointALLBLK's August 26 sale generated a $3.7 million pre-tax gain.
• Minor pointAn ALLBLK buyer agreement secured long-term content licensing after the divestiture.
• Minor pointInternational nine-month revenue rose 0.7% to $224.117 million year over year.
• Minor pointInternational nine-month advertising revenue increased 3.4% to $77.010 million year over year.
• Minor pointLower international selling, general and administrative expenses partly offset declining third-quarter subscription and advertising revenue.

Negative

• Major pointThird-quarter operating results swung to a $41.614 million loss from $55.518 million income a year earlier.
• Major point. Forward-looking: it has not happened yet and may not happen.Settlement consideration totals $120 million: $85 million paid September 16; $35 million due by January 31, 2027. 35% of market cap
• Moderate pointThird-quarter adjusted operating income declined 25.4% to $70.441 million year over year.
• Moderate pointThird-quarter operating cash flow turned negative $41.826 million, versus positive $44.828 million a year earlier.
• Moderate pointThird-quarter free cash flow was negative $52.439 million, versus positive $41.996 million; excluding settlement payment, $33 million.
• Moderate pointNine-month consolidated revenue declined 3.6% to $1,655.692 million year over year.
• Moderate pointNine-month operating income fell 97.0% to $5.501 million year over year.
• Moderate pointNine-month adjusted operating income declined 39.8% to $185.483 million year over year.
• Moderate pointNine-month diluted results swung to a $2.06 loss per share from $2.63 earnings a year earlier.
• Moderate pointNine-month operating cash flow declined 67.7% to $82.833 million year over year.
• Moderate pointNine-month free cash flow declined 76.0% to $55.643 million year over year.

20 minor points

• Minor pointThird-quarter diluted results fell to a $1.13 loss per share from $1.38 earnings a year earlier.
• Minor pointDomestic third-quarter subscription revenue declined 2.5% to $308.447 million year over year.
• Minor pointDomestic affiliate revenue fell 11% to $127 million, primarily because of basic subscriber declines.
• Minor pointDomestic third-quarter advertising revenue fell 6.9% to $102.448 million, primarily because of lower marketplace pricing.
• Minor pointDomestic third-quarter adjusted operating income fell 20.6% to $89.135 million, primarily from increased technical and operating expenses.
• Minor pointInternational third-quarter revenue declined 5.0% to $73.254 million; excluding currency translation, revenue fell 4%.
• Minor pointInternational third-quarter subscription revenue fell 4.2% to $46.088 million, reflecting a joint-venture wind-down and currency translation.
• Minor pointInternational third-quarter advertising revenue declined 6.3% to $24.255 million, primarily reflecting the U.K. advertising market decline.
• Minor pointInternational third-quarter content licensing and other revenue fell 7.9% to $2.911 million year over year.
• Minor pointInternational third-quarter adjusted operating income declined 11.8% to $10.517 million year over year.
• Minor pointThird-quarter restructuring charges totaled $2.2 million, including $2.1 million related to ALLBLK and $0.1 million internationally.
• Minor pointNine-month adjusted earnings per share declined 76.3% to $0.33 year over year.
• Minor pointDomestic nine-month revenue fell 4.2% to $1,436.219 million year over year.
• Minor pointDomestic nine-month subscription revenue declined 3.2% to $919.631 million year over year.
• Minor pointDomestic nine-month advertising revenue fell 7.9% to $324.124 million year over year.
• Minor pointDomestic nine-month content licensing and other revenue declined 2.3% to $192.464 million year over year.
• Minor pointDomestic nine-month adjusted operating income fell 33.1% to $242.368 million year over year.
• Minor pointInternational nine-month subscription revenue declined 0.6% to $139.062 million year over year.
• Minor pointInternational nine-month content licensing and other revenue fell 2.6% to $8.045 million year over year.
• Minor pointInternational nine-month adjusted operating income declined 17.0% to $30.313 million year over year.

News Explained

The October-completed $30 million ASR repurchased 2,817,888 Class A shares, while $87 million of program authorization remained at September 30, 2026; that remaining authorization is a reported balance, not an additional completed share purchase.

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NEW YORK, Nov. 09, 2026 (GLOBE NEWSWIRE) -- AMC Global Media Inc. ("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2026.

Chief Executive Officer Kristin Dolan said: "We saw consolidated revenue growth in the third quarter, led by our licensing and streaming businesses. We also saw sequential and year-over-year improvements in both domestic affiliate and advertising revenue trends. We continue to leverage our key points of differentiation including a targeted streaming strategy that is complementary to larger and more expensive options from other providers, running on a single technology platform with attractive pricing and packaging. Our AMC Studios business is creating valuable and distinctive IP for our own platforms and for partners through co-production relationships and content sales."

Operational Highlights:

• Announced that all seasons of The Walking Dead will be available on AMC+ as part of The Walking Dead Universe Collection, which includes all six spin-off series, beginning on January 7^th.
• Expanded relationship with Netflix through an innovative co-production agreement to develop new AMC Studios series together. Greenlit the first new series under this new construct, a spy drama called Bannerman.
• Partnered with Alcon Entertainment and StudioCanal to greenlight new AMC Studios co-produced series Point Break.
• Greenlit Happy Jack, a new AMC Studios comedy starring Charlie Sheen and Martin Sheen, set to premiere on AMC and AMC+ in 2027.
• Commenced production on Thunder Road, the AMC Studios multi-generational racing drama produced in partnership with NASCAR and starring Dennis Quaid.

Financial Highlights – Third Quarter Ended September 30, 2026:

• Net cash used in operating activities of $42 million; Free Cash Flow⁽¹⁾ of $(52) million.
  • Free Cash Flow of $33 million, excluding the impact of one-time settlement payment.
• Operating loss of $42 million; Adjusted Operating Income⁽¹⁾ of $70 million.
• Domestic Operations revenue of $495 million increased 2% from the prior year period.
• Diluted EPS of $(1.13); Adjusted EPS⁽¹⁾ of $0.44.

Consolidated Results:

(dollars in thousands, except per share amounts)	Three Months Ended September 30,										Nine Months Ended September 30,
		2026			2025			Change				2026			2025			Change
Net Revenues	$	566,070			$	561,741		0.8	%		$	1,655,692			$	1,716,998		(3.6)%
Operating Income (Loss)	$	(41,614	)		$	55,518		n/m			$	5,501			$	184,184		(97.0)%
Adjusted Operating Income	$	70,441			$	94,446		(25.4	)%		$	185,483			$	308,317		(39.8)%
Diluted Earnings (Loss) Per Share	$	(1.13	)		$	1.38		n/m			$	(2.06	)		$	2.63		n/m
Adjusted Earnings Per Share	$	0.44			$	0.18		n/m			$	0.33			$	1.39		(76.3)%
Net cash provided by (used in) operating activities	$	(41,826	)		$	44,828		n/m			$	82,833			$	256,424		(67.7)%
Free Cash Flow	$	(52,439	)		$	41,996		n/m			$	55,643			$	231,922		(76.0)%
n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.

(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 September 30,									Nine Months Ended September 30,
	2026			2025			Change			2026			2025			Change
Revenues, net:
Subscription	$	308,447		$	316,243		(2.5	)%		$	919,631		$	949,975		(3.2)%
Advertising		102,448			110,033		(6.9	)%			324,124			351,887		(7.9)%
Content licensing and other		84,247			59,447		41.7	%			192,464			197,021		(2.3)%
Total revenues, net	$	495,142		$	485,723		1.9	%		$	1,436,219		$	1,498,883		(4.2)%
Segment Adjusted Operating Income	$	89,135		$	112,223		(20.6)%			$	242,368		$	362,486		(33.1)%

Third Quarter Results

• Domestic Operations revenue increased 2% from the prior year to $495 million.
  • Subscription revenue decreased 2% to $308 million primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth.
    • Streaming revenue increased 4% to $181 million primarily due to the impact of price increases across our services. Excluding revenue from ALLBLK in the current and prior third quarter periods, streaming revenue increased 7%.
    • Affiliate revenue declined 11% to $127 million primarily due to basic subscriber declines.
  • Advertising revenue decreased 7% to $102 million primarily due to lower marketplace pricing, partially offset by digital advertising growth.
  • Content licensing revenue increased 42% to $84 million primarily due to the timing and availability of deliveries in the period.
• Segment Adjusted Operating Income decreased 21% to $89 million. The decrease in segment Adjusted Operating Income was primarily driven by increased technical and operating expenses.

Segment Results – International:

(dollars in thousands)	Three Months Ended September 30,									Nine Months Ended September 30,
	2026			2025			Change			2026			2025			Change
Revenues, net:
Subscription	$	46,088		$	48,087		(4.2	)%		$	139,062		$	139,858		(0.6)%
Advertising		24,255			25,898		(6.3	)%			77,010			74,509		3.4%
Content licensing and other		2,911			3,159		(7.9	)%			8,045			8,258		(2.6)%
Total revenues, net	$	73,254		$	77,144		(5.0	)%		$	224,117		$	222,625		0.7%
Segment Adjusted Operating Income	$	10,517		$	11,923		(11.8	)%		$	30,313		$	36,511		(17.0)%

Third Quarter Results

• International revenue decreased 5% from the prior year to $73 million. Excluding the impact of foreign currency translation, International revenue decreased 4%.
  • Subscription revenue decreased 4% to $46 million primarily due to the previously disclosed wind-down of a joint venture that operated primarily in Poland and Africa and the impact of foreign currency translation. Excluding the impact of foreign currency translation, subscription revenue decreased 3%.
  • Advertising revenue decreased 6% to $24 million primarily due to a decline in the U.K. advertising market, partially offset by digital advertising growth.
• Segment Adjusted Operating Income decreased 12% to $11 million. Segment adjusted operating income decreased primarily due to lower subscription and advertising revenues, partially offset by lower selling, general and administrative expenses.

Other Matters:

Legal Settlement

On September 4, 2026, the Company entered into a settlement agreement (the “Settlement Agreement”) with Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Charles Eglee, United Bongo Drum, Inc.; Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the "Plaintiffs") resolving breach of contract claims. The complaint was initially filed in 2022 and a jury trial was scheduled to commence on October 27, 2026.

The Settlement Agreement provides for total consideration of $120 million (the “Settlement Payment”) to the Plaintiffs consisting of (i) a cash payment of $85 million, paid on September 16, 2026 and (ii) $35 million to be paid no later than January 31, 2027, which $35 million payment will be treated as an advance against Modified Adjusted Gross Receipts participation amounts that will accrue in the normal course on a go-forward basis to the Plaintiffs under contractual arrangements relating to the television series The Walking Dead and Fear the Walking Dead.

With regard to the Settlement Payment, the Company recorded a charge of $85 million during the three months ended September 30, 2026, included in Impairment and other charges, in consideration for the dismissal of the action with prejudice.

Sale of a Business

On August 26, 2026, the Company divested its ALLBLK streaming business in a cash sale transaction. The transaction resulted in a pre-tax gain of $3.7 million recorded in Impairment and other charges for the three months ended September 30, 2026. Subsequent to the divestiture, the Company entered into a long-term content licensing agreement with the buyer of the ALLBLK streaming business.

Restructuring and Other Related Charges

Third quarter restructuring and other related charges were $2.2 million and included $2.1 million related to the sale of ALLBLK and $0.1 million related to the Company's restructuring plan in its International segment.

Stock Repurchase Program

On May 8, 2026, the Company entered into an accelerated share repurchase ("ASR") agreement with Citibank, N.A. (“Citibank”) to repurchase $30 million of its outstanding Class A Common Stock as part of its existing Stock Repurchase Program. Under the ASR agreement, which concluded in October, the Company repurchased 2,817,888 shares of Class A Common Stock.

As of September 30, 2026, the Company had $87 million of authorization remaining for repurchase under the Stock Repurchase Program.

Outstanding Shares

As of October 30, 2026, the Company had 29,674,947 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.

Please see the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 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 (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units), 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 expenses or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units) allows management and investors to better track the performance of the various operating units of the business without regard to the period-to-period effects of share-based compensation awards, including the changes in fair value of liability-classified share-based compensation awards to non-employee directors that will be cash settled. Beginning in June 2026, non-employee directors receive a portion of their compensation in director stock units that will be settled in cash. These liability-classified share-based compensation awards to non-employee directors are included in the share-based compensation adjustment to operating income (loss) to allow for comparability between periods without regard to the period-to-period effects of share-based compensation awards (including the changes in fair value of those awards from period to period). Liability-classified share-based compensation awards to employees are included in Adjusted Operating Income (Loss).

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 pages 11-12 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 4:30 p.m. ET to discuss its third 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, 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		Jim Maiella
nicholas.seibert@amcglobalmedia.com		jim.maiella@amcglobalmedia.com

AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share amounts) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues, net	$	566,070			$	561,741			$	1,655,692			$	1,716,998
Operating expenses:
Technical and operating (excluding depreciation and amortization)		313,760				291,075				885,721				842,297
Selling, general and administrative		190,991				189,291				617,614				608,970
Depreciation and amortization		19,447				21,378				57,690				68,750
Impairment and other charges		81,280				—				81,280				—
Restructuring and other related charges		2,206				4,479				7,886				12,797
Total operating expenses		607,684				506,223				1,650,191				1,532,814
Operating income (loss)		(41,614	)			55,518				5,501				184,184
Other income (expense):
Interest expense		(41,367	)			(44,574	)			(125,379	)			(130,426	)
Interest income		3,715				6,113				10,025				22,733
Gain (loss) on extinguishment of debt, net		—				105,316				(3,784	)			131,061
Miscellaneous, net		(3,424	)			473				(17,395	)			21,180
Total other income (expense)		(41,076	)			67,328				(136,533	)			44,548
Income (loss) from operations before income taxes		(82,690	)			122,846				(131,032	)			228,732
Income tax (expense) benefit		36,656				(42,765	)			48,069				(73,792	)
Net income (loss) including noncontrolling interests		(46,034	)			80,081				(82,963	)			154,940
Less: Net income attributable to noncontrolling interests		(1,352	)			(3,552	)			(5,236	)			(10,073	)
Net income (loss) attributable to AMC Global Media's stockholders	$	(47,386	)		$	76,529			$	(88,199	)		$	144,867
Net income (loss) per share attributable to AMC Global Media's stockholders:
Basic	$	(1.13	)		$	1.73			$	(2.06	)		$	3.25
Diluted	$	(1.13	)		$	1.38			$	(2.06	)		$	2.63
Weighted average common shares:
Basic		41,847				44,136				42,824				44,606
Diluted		41,847				56,275				42,824				56,412

AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) / (unaudited)
	Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$	(82,963	)		$	154,940
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		57,690				68,750
Share-based compensation expenses		19,693				19,827
Non-cash restructuring and other related charges		—				5,320
Amortization of program rights		630,132				625,870
Amortization of deferred carriage fees		8,014				18,210
Unrealized foreign currency transaction (gain) loss		5,683				(11,650	)
Amortization of deferred financing costs and discounts on indebtedness		6,695				5,611
(Gain) loss on extinguishment of debt, net		3,784				(131,061	)
Deferred income taxes		77,668				20,587
Gain on sale of business		(3,720	)			—
Other, net		(1,639	)			(7,531	)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)		40,698				58,753
Prepaid expenses and other assets		(118,555	)			41,461
Program rights and obligations, net		(521,589	)			(569,241	)
Deferred revenue		(1,312	)			13,505
Accounts payable, accrued liabilities and other liabilities		(37,446	)			(56,927	)
Net cash provided by operating activities		82,833				256,424
Cash flows from investing activities:
Capital expenditures		(27,190	)			(24,502	)
Proceeds from sale of business, net of disposal costs		26,467				—
Other investing activities, net		(734	)			(8	)
Net cash used in investing activities		(1,457	)			(24,510	)
Cash flows from financing activities:
Proceeds from the issuance of 10.50% Senior Secured Notes due 2032, net		—				394,500
Redemption of 10.25% Senior Secured Notes due 2029		(14,404	)			—
Payments on Term Loan A Facility		(82,890	)			(114,375	)
Tender and repurchase of 4.25% Senior Notes due 2029		—				(569,078	)
Payments for financing costs		(2,000	)			(3,094	)
Deemed repurchases of restricted stock units		(7,098	)			(4,044	)
Purchase of treasury stock		(30,000	)			(10,329	)
Principal payments on finance lease obligations		(2,596	)			(3,542	)
Distributions to noncontrolling interests		—				(7,271	)
Net cash used in financing activities		(138,988	)			(317,233	)
Net increase (decrease) in cash and cash equivalents from operations		(57,612	)			(85,319	)
Effect of exchange rate changes on cash and cash equivalents		(4,605	)			17,508
Cash and cash equivalents at beginning of period		502,379				784,649
Cash and cash equivalents at end of period	$	440,162			$	716,838

AMC GLOBAL MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
	September 30, 2026				December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	440,162			$	502,379
Accounts receivable, trade (less allowance for doubtful accounts of $8,461 and $11,523)		532,401				575,263
Prepaid expenses and other current assets		318,086				202,967
Total current assets		1,290,649				1,280,609
Property and equipment, net of accumulated depreciation of $442,377 and $409,991		108,930				115,978
Program rights, net		1,508,526				1,763,084
Intangible assets, net		161,686				184,803
Goodwill		163,040				166,809
Deferred tax assets, net		11,656				17,781
Operating lease right-of-use assets		68,184				72,545
Other assets		352,822				335,272
Total assets	$	3,665,493			$	3,936,881
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	108,738			$	94,742
Accrued liabilities		292,769				323,029
Current portion of program rights obligations		209,452				258,252
Deferred revenue		61,954				63,651
Current portion of long-term debt		—				11,068
Current portion of lease obligations		6,149				17,643
Total current liabilities		679,062				768,385
Program rights obligations		119,265				181,773
Long-term debt, net		1,663,478				1,741,225
Lease obligations		81,475				82,263
Deferred tax liabilities, net		180,256				108,164
Other liabilities		42,528				41,322
Total liabilities		2,766,064				2,923,132
Commitments and contingencies
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,730 shares issued and 29,766 and 31,215 shares outstanding, respectively		667				667
Class B Common Stock, $0.01 par value, 90,000 shares authorized: 11,484 shares issued and outstanding		115				115
Preferred stock, $0.01 par value, 45,000 shares authorized: none issued		—				—
Paid-in capital		423,152				429,902
Accumulated earnings		2,087,761				2,176,124
Treasury stock, at cost (36,965 and 35,516 shares of Class A Common Stock, respectively)		(1,419,793	)			(1,406,027	)
Accumulated other comprehensive loss		(228,947	)			(218,910	)
Total AMC Global Media stockholders' equity		862,955				981,871
Non-redeemable noncontrolling interests		36,474				31,878
Total stockholders' equity		899,429				1,013,749
Total liabilities and stockholders' equity	$	3,665,493			$	3,936,881

AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited)
Capitalization	September 30, 2026
Cash and cash equivalents	$	440,162
4.25% Senior Notes due February 2029		276,706
4.25% Convertible Senior Notes due February 2029(a)		143,750
10.50% Senior Secured Notes due July 2032		1,315,098
Senior notes(b)	$	1,735,554
Total debt	$	1,735,554
Net debt	$	1,295,392
Finance leases		13,121
Net debt and finance leases	$	1,308,513
	Twelve Months Ended September 30, 2026
Operating Income (Loss) - (GAAP)	$	(45,361	)
Share-based compensation expense		24,057
Depreciation and amortization		83,365
Restructuring and other related charges		21,625
Impairment and other charges		179,064
Cloud computing amortization		8,698
Majority owned equity investees		17,592
Adjusted Operating Income - (Non-GAAP)	$	289,040
Leverage ratio(c)		4.5		x

(a) 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 $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $12.74 per share of Class A Common Stock).
(b) Represents the aggregate principal amount of the debt.
(c) Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended September 30, 2026. No adjustments have been made for consolidated entities that are not 100% owned.

AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited)
Adjusted Operating Income	Three Months Ended September 30,							Nine Months Ended September 30,
		2026			2025			2026			2025
Operating income (loss)	$	(41,614	)		$	55,518		$	5,501		$	184,184
Share-based compensation expenses(1)		5,728				6,027			18,554			19,827
Depreciation and amortization		19,447				21,378			57,690			68,750
Restructuring and other related charges		2,206				4,479			7,886			12,797
Impairment and other charges		81,280				—			81,280			—
Cloud computing amortization		1,892				2,405			6,308			8,343
Majority owned equity investees AOI		1,502				4,639			8,264			14,416
Adjusted operating income	$	70,441			$	94,446		$	185,483		$	308,317
(1) Includes $1.0 million and $2.0 million for the three and nine months ended September 30, 2026, respectively, associated with cash-settled director stock units granted to non-employee directors.

Free Cash Flow(1)	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net cash provided by operating activities	$	(41,826	)		$	44,828			$	82,833			$	256,424
Less: capital expenditures		(10,613	)			(2,832	)			(27,190	)			(24,502	)
Free Cash Flow	$	(52,439	)		$	41,996			$	55,643			$	231,922

Supplemental Cash Flow Information	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Restructuring initiatives(2)	$	(884	)		$	(3,164	)		$	(20,613	)		$	(11,084	)
Distributions to noncontrolling interests(3)		—				(7,271	)			—				(7,271	)
Legal settlement		(85,000	)			—				(85,000	)			—
(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 $0.9 million and $19.6 million for severance and employee-related costs for the three and nine months ended September 30, 2026, respectively, and $1.0 million for content impairments and other exit costs for the nine months ended September 30, 2026. Restructuring initiatives includes cash payments of $3.1 million and $10.3 million for severance and employee-related costs for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.8 million for content impairments and other exit costs for the three and nine months ended September 30, 2025, respectively.
(3) For the three months ended September 30, 2025, distributions to noncontrolling interests included a cash distribution of $7.3 million primarily related to the one-time retroactive revenue adjustment payments received in the U.K. that were recognized in the second and fourth quarters of 2024.

AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands, except per share amounts) (unaudited)
Adjusted Earnings Per Share
	Three Months Ended September 30, 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)	$	(82,690	)		$	36,656			$	(1,352	)		$	(47,386	)		$	(1.13	)
Adjustments:
Amortization of acquisition-related intangible assets		7,583				(1,720	)			—				5,863				0.14
Restructuring and other related charges		2,206				(520	)			—				1,686				0.04
Impairment and other charges		81,280				(17,595	)			—				63,685				1.52
(Gain) loss on extinguishment of debt, net		—				—				—				—				—
Debt modification expenses		—				—				—				—				—
Dilutive income and share basis difference - GAAP vs. Adjusted(1)		1,527				(366	)			—				1,161				(0.13	)
Adjusted Results (Non-GAAP)	$	9,906			$	16,455			$	(1,352	)		$	25,009			$	0.44

(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, convertible debt and the accelerated share repurchase agreement that were considered anti-dilutive on a GAAP basis. The diluted weighted average common shares used in the above calculation was 56,313.

	Three Months Ended September 30, 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)	$	124,373			$	(43,146	)		$	(3,552	)		$	77,675			$	1.38
Adjustments:
Amortization of acquisition-related intangible assets		7,582				(1,727	)			(359	)			5,496				0.10
Restructuring and other related charges		4,479				(1,075	)			(318	)			3,086				0.05
Impairment and other charges		—				—				—				—				—
(Gain) loss on extinguishment of debt, net		(105,316	)			22,704				—				(82,612	)			(1.47	)
Tax reform(2)		—				6,716				—				6,716				0.12
Adjusted Results (Non-GAAP)	$	31,118			$	(16,528	)		$	(4,229	)		$	10,361			$	0.18

(1) Includes the required adjustment for interest expense associated with the convertible debt.

(2) Represents a timing adjustment between current and deferred tax expense as a result of tax reform that reversed in the fourth quarter of 2025.

AMC GLOBAL MEDIA INC. SUPPLEMENTAL FINANCIAL DATA (in thousands, except per share amounts) (unaudited)
Adjusted Earnings (Loss) Per Share
	Nine Months Ended September 30, 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)	$	(131,032	)		$	48,069			$	(5,236	)		$	(88,199	)		$	(2.06	)
Adjustments:
Amortization of acquisition-related intangible assets		22,790				(5,172	)			—				17,618				0.41
Restructuring and other related charges		7,886				(1,831	)			—				6,055				0.14
Impairment and other charges		81,280				(17,595	)			—				63,685				1.49
(Gain) loss on extinguishment of debt, net		3,784				(746	)			—				3,038				0.07
Debt modification expenses		16,665				(3,933	)			—				12,732				0.3
Dilutive income and share basis difference - GAAP vs. Adjusted(1)		4,582				(1,100	)			—				3,482				(0.02	)
Adjusted Results (Non-GAAP)	$	5,955			$	17,692			$	(5,236	)		$	18,411			$	0.33

(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, convertible debt and the accelerated share repurchase agreement that were considered anti-dilutive on a GAAP basis. The diluted weighted average common shares used in the above calculation was 56,407.

	Nine Months Ended September 30, 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)	$	233,314			$	(74,937	)		$	(10,073	)		$	148,304			$	2.63
Adjustments:
Amortization of acquisition-related intangible assets		23,372				(5,423	)			(1,076	)			16,873				0.30
Restructuring and other related charges		12,797				(1,953	)			(1,359	)			9,485				0.16
Impairment and other charges		—				—				—				—				—
(Gain) loss on extinguishment of debt, net		(131,061	)			28,361				—				(102,700	)			(1.82	)
Tax reform(2)		—				6,716				—				6,716				0.12
Adjusted Results (Non-GAAP)	$	138,422			$	(47,236	)		$	(12,508	)		$	78,678			$	1.39

(1) Includes the required adjustment for interest expense associated with the convertible debt.

(2) Represented a timing adjustment between current and deferred tax expense as a result of tax reform that reversed in the fourth quarter of 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AMC Global Media's third-quarter 2026 revenue and earnings?

AMC Global Media reported revenue of $566.070 million and a diluted loss of $1.13 per share for the quarter ended September 30, 2026. Revenue increased 0.8% year over year, while diluted results compared with earnings of $1.38 per share. Adjusted earnings per share were $0.44, versus $0.18.

How did the settlement affect AMC Global Media's third-quarter 2026 cash flow?

AMC Global Media's third-quarter free cash flow was negative $52.439 million, including the $85 million settlement payment. Excluding that payment, free cash flow was $33 million. Free cash flow is a non-GAAP measure defined as operating cash flow less capital expenditures.

Why did AMC Global Media's streaming revenue increase in the third quarter of 2026?

Domestic streaming revenue increased 4% to $181 million, primarily because of price increases across the services. Excluding ALLBLK revenue from both the current and prior third-quarter periods, streaming revenue increased 7%.

What does AMC Global Media exclude from adjusted operating income?

AMC Global Media's adjusted operating income excludes share-based compensation expense or benefit, depreciation and amortization, impairment and other charges, restructuring charges, and cloud computing amortization. It includes the company's proportionate share of adjusted operating income from majority-owned equity-method investments. As a non-GAAP measure, it supplements rather than replaces GAAP operating results.