AMC Networks Inc. Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

AMC Networks (NASDAQ: AMCX) reported Q4 and full-year 2025 results for the year ended December 31, 2025. Full-year net revenues were $2.31 billion, down 4.5% year-over-year, with streaming revenue up 12% and now the largest domestic revenue source. Free cash flow was $272 million for 2025. The company acquired the remaining 17% of RLJ Entertainment for $75 million and recorded $98 million of impairment and other charges for the year.

Positive

• Streaming revenue +12% for full year 2025, now largest Domestic Operations revenue source
• Free Cash Flow of $272 million for full year 2025
• Acquisition of remaining 17% of RLJ Entertainment for $75 million consolidates ownership

Negative

• Net revenues down 4.5% year-over-year to $2.31 billion
• Adjusted Operating Income decreased 26.8% year-over-year to $412 million
• Adjusted EPS declined 47.4% to $2.03 for full year 2025
• Impairment and other charges of $98 million, including $93 million goodwill impairment
• Advertising revenues declined 15% for full year 2025; affiliate revenues declined 13% for Domestic Operations

News Market Reaction – AMCX

-2.27%

5 alerts

-2.27% Session close to close

$346.69M Market Cap

0.1x Rel. Volume

In the Feb 12 session, AMCX declined 2.27%, reflecting a moderate negative market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights AMC Networks’ ongoing shift toward streaming and cash generation. Strea...

Analysis

This announcement highlights AMC Networks’ ongoing shift toward streaming and cash generation. Streaming is now the largest domestic revenue source, with Q4 streaming growth of 14% and full-year free cash flow of $272M, even as total net revenues fell 5% and impairments and restructuring charges weighed on GAAP results. Historically, earnings have produced modest average moves of about ±1.33%. Investors may watch future updates on streaming subscriber trends, linear advertising declines, cost actions, and how management balances content investment with maintaining free cash flow.

Key Figures

Q4 2025 Net Revenues: $595M Q4 2025 Free Cash Flow: $40M FY 2025 Free Cash Flow: $272M +5 more

8 metrics

Q4 2025 Net Revenues $595M Quarter ended December 31, 2025; down 1% year-over-year

Q4 2025 Free Cash Flow $40M Three months ended December 31, 2025

FY 2025 Free Cash Flow $272M Twelve months ended December 31, 2025

FY 2025 Net Revenues $2.3B Twelve months ended December 31, 2025; down 5% year-over-year

Streaming Revenue Growth 14% Q4 2025 streaming revenue growth; now largest domestic revenue component

Streaming Subscribers 10.4M Subscribers at December 31, 2025; flat vs December 31, 2024

Goodwill Impairment $93M Goodwill impairment for AMC Networks International in 2025

RLJ Entertainment Purchase $75M Cash paid to acquire remaining 17% of RLJ Entertainment on Nov 26, 2025

Previous Earnings Reports

5 past events · Latest: Nov 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 07	Q3 2025 earnings	Positive	+3.7%	Q3 2025 results with streaming revenue growth and solid free cash flow.
Aug 08	Q2 2025 earnings	Positive	+8.8%	Q2 2025 results showing streaming and licensing growth plus debt reduction.
May 09	Q1 2025 earnings	Neutral	+2.3%	Mixed Q1 2025 results with revenue declines but streaming growth and cash flow.
Feb 14	FY 2024 results	Positive	-10.7%	Full-year 2024 guidance met with strong free cash flow but impairment-driven loss.
Nov 08	Q3 2024 earnings	Positive	+2.5%	Q3 2024 results featuring streaming growth and solid adjusted operating margin.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have typically produced modest positive moves, with one notable selloff on full-year 2024 results despite meeting guidance.

Recent Company History

Over the past five earnings cycles, AMC Networks has highlighted steady streaming growth and meaningful free cash flow, while legacy segments and impairments pressured GAAP results. Prior updates showed net revenues declining year-over-year but consistent streaming subscriber levels around 10–12M, plus sizable debt reduction and share repurchases. The latest 2025 results continue this pattern: streaming becomes the largest domestic revenue component, free cash flow reached $272M, and management again met guidance. Today’s announcement fits a multi-quarter narrative of shifting toward streaming and cash generation amid structural TV headwinds.

Key Terms

free cash flow, adjusted operating income, adjusted eps, non-gaap financial measures, +4 more

8 terms

free cash flow financial

"We delivered free cash flow(1) well ahead of our previously increased forecast"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

adjusted operating income financial

"Adjusted Operating Income(1) of $104 million, with a margin of 17%."

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

adjusted eps financial

"Diluted EPS of $(1.26); Adjusted EPS(1) of $0.64."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

non-gaap financial measures financial

"See page 5 of this earnings release for a discussion of non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

goodwill impairment financial

"consisted of a $93 million goodwill impairment charge for AMC Networks International"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

restructuring and other related charges financial

"Restructuring and other related charges were $27 million for the year ended"

Costs a company records when it reorganizes its business—such as closing facilities, laying off staff, breaking leases, or writing down obsolete assets—and any closely related expenses. Think of it like the upfront bill for a major home renovation: it can temporarily reduce reported profits but may lower future operating costs or reflect deeper problems; investors watch these charges to judge whether they signal a strategic reset or recurring trouble.

restricted stock units financial

"he received 39,165 restricted stock units (RSUs) under the AMC Networks Inc."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

noncontrolling interest financial

"The carrying amount of the related noncontrolling interest was reduced to zero"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported financial results for the fourth quarter and full year ended December 31, 2025.

AMC Networks Chief Executive Officer Kristin Dolan said: "AMC Networks had a successful 2025. Streaming is now the largest single source of revenue in our domestic segment, a significant milestone and inflection point in the ongoing transformation of our business. We delivered free cash flow⁽¹⁾ well ahead of our previously increased forecast and once again achieved our financial guidance for the year. We look forward to continuing to take advantage of our independence and unique strengths as we drive the company forward during a time of change in our industry."

Operational Highlights:

• Completed significant affiliate renewal activity in 2025, representing more than a third of our subscriber footprint in the US and Canada, including long-term agreements with DirecTV, National Content & Technology Cooperative (NCTC), Philo, and EastLink in Canada, among others.
  • More than 1.1 million Spectrum TV customers have activated ad-supported AMC+ on Charter since launch.
• Advanced targeted streaming business across multiple fronts: launched new unscripted service All Reality and relaunched Sundance Now with 1,000+ hours of the best in indie film.
• Diversified original programming slate for 2026 includes: new darkly comedic Silicon Valley drama The Audacity; new seasons of Dark Winds, The Vampire Lestat, The Walking Dead: Daryl Dixon and The Terror; sports docuseries Rise of the 49ers; weekly live programming from TNA Wrestling; and much more.
• Acquired remaining 17% of RLJ Entertainment in the fourth quarter; important RLJE assets include Acorn TV, ALLBLK, RLJE Films and a substantial investment in Agatha Christie Limited.
  
  

Fourth Quarter Financial Highlights:

• Net cash provided by operating activities of $49 million; Free Cash Flow of $40 million.
• Operating loss of $51 million; Adjusted Operating Income⁽¹⁾ of $104 million, with a margin of 17%.
• Net revenues of $595 million decreased 1% from the prior year. Foreign currency translation represented a beneficial impact of approximately 1% to our fourth quarter growth rate.
  • Domestic Operations segment subscription revenues were flat.
  • Streaming revenue growth of 14%; now represents largest revenue component for Domestic Operations segment.
• Diluted EPS of $(1.26); Adjusted EPS⁽¹⁾ of $0.64.
  
  

Full Year Financial Highlights:

• Net cash provided by operating activities of $306 million; Free Cash Flow of $272 million.
• Operating income of $133 million; Adjusted Operating Income of $412 million, with a margin of 18%.
• Net revenues of $2.3 billion decreased 5% from the prior year. Foreign currency translation represented a beneficial impact of approximately 50 basis points to our full year growth rate.
  • Domestic Operations segment subscription revenues declined less than 1%.
  • Streaming revenue growth of 12%; now represents largest revenue component for Domestic Operations segment.
• Diluted EPS of $1.66; Adjusted EPS of $2.03.
  
  

Consolidated Results:

(dollars in thousands, except per share amounts)	Three Months Ended December 31,											Twelve Months Ended December 31,
		2025				2024			Change				2025				2024			Change
Net Revenues	$	594,803			$	599,305			(0.8	)%		$	2,311,801			$	2,421,314			(4.5	)%
Operating Income (Loss)	$	(50,862	)		$	(254,219	)		80.0	%		$	133,322			$	(39,600	)		n/m
Adjusted Operating Income	$	103,557			$	129,166			(19.8	)%		$	411,874			$	562,573			(26.8	)%
Diluted Earnings (Loss) Per Share	$	(1.26	)		$	(6.38	)		80.3	%		$	1.66			$	(5.10	)		n/m
Adjusted Earnings Per Share	$	0.64			$	0.64			—	%		$	2.03			$	3.86			(47.4	)%
Net cash provided by operating activities	$	49,246			$	58,108			(15.3	)%		$	305,670			$	375,615			(18.6	)%
Free Cash Flow	$	40,445			$	37,585			7.6	%		$	272,367			$	330,840			(17.7	)%
n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.

(1)

See page 5 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 December 31,											Twelve Months Ended December 31,
		2025				2024			Change				2025				2024			Change
Revenues, net:
Subscription	$	314,848			$	313,991			0.3	%		$	1,264,823			$	1,275,127			(0.8	)%
Advertising		124,858				139,108			(10.2	)%			476,745				561,301			(15.1	)%
Content licensing and other		75,381				67,130			12.3	%			272,402				276,561			(1.5	)%
Total revenues, net	$	515,087			$	520,229			(1.0	)%		$	2,013,970			$	2,112,989			(4.7	)%
Total Adjusted Operating Income	$	127,677			$	151,723			(15.8	)%		$	490,163			$	619,579			(20.9	)%

Fourth Quarter Results:

• Domestic Operations segment revenues decreased 1% from the prior year to $515 million.
  • Subscription revenues of $315 million were consistent with the prior year period as growth in streaming revenues offset a decline in affiliate revenues.
    • Streaming revenues increased 14% to $177 million primarily due to the impact of price increases across our services.
      • Streaming subscribers of 10.4 million at December 31, 2025 were consistent with streaming subscribers of 10.4 million at December 31, 2024 and September 30, 2025.
    • Affiliate revenues declined 13% to $138 million primarily due to basic subscriber declines.
  • Advertising revenues decreased 10% to $125 million due to linear ratings declines and lower marketplace pricing.
  • Content licensing revenues increased 12% to $75 million due to the availability of deliveries in the period.
• Domestic Operations segment Adjusted Operating Income decreased 16% to $128 million, with a margin of 25%.
  
  

Full Year Results:

• Domestic Operations segment revenues decreased 5% from the prior year to $2.0 billion.
  • Subscription revenues decreased less than 1% to $1.3 billion due to a decline in affiliate revenues, mostly offset by streaming revenue growth.
    • Streaming revenues increased 12% to $677 million primarily due to the impact of price increases across our services.
    • Affiliate revenues declined 13% to $588 million primarily due to basic subscriber declines.
  • Advertising revenues decreased 15% to $477 million due to linear ratings declines and lower marketplace pricing.
  • Content licensing revenues decreased 2% to $272 million due to the availability of deliveries in the period.
• Domestic Operations segment Adjusted Operating Income decreased 21% to $490 million, with a margin of 24%.
  
  

Segment Results – International:

(dollars in thousands)	Three Months Ended December 31,											Twelve Months Ended December 31,
		2025				2024			Change				2025				2024			Change
Revenues, net:
Subscription	$	48,559			$	47,961			1.2	%		$	188,417			$	196,924			(4.3	)%
Advertising		29,541				33,832			(12.7	)%			104,050				115,333			(9.8	)%
Content licensing and other		3,240				3,829			(15.4	)%			11,498				12,771			(10.0	)%
Total revenues, net	$	81,340			$	85,622			(5.0	)%		$	303,965			$	325,028			(6.5	)%
Total Adjusted Operating Income	$	6,669			$	8,698			(23.3	)%		$	43,180			$	64,905			(33.5	)%

Fourth Quarter Results:

• International segment revenues decreased 5% from the prior year period to $81 million. Prior year period advertising revenues included $7 million of revenues related to a retroactive adjustment reported by a third party. Excluding the retroactive adjustment in the prior year period and the favorable impact of foreign currency translation in the current year period, International revenues decreased 4%.
  • Subscription revenues increased 1% to $49 million primarily due to the favorable impact of foreign currency translation, partially offset by the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 6%.
  • Advertising revenues decreased 13% to $30 million primarily due to retroactive adjustments in the prior year period, partially offset by strong advertising performance in the UK and Ireland and the favorable impact of foreign currency translation. Excluding the retroactive adjustment in the prior year period and the favorable impact of foreign currency translation in the current year period, advertising revenues increased 4%.
• International segment Adjusted Operating Income decreased 23% to $7 million. Excluding the retroactive adjustment in the prior year period, segment Adjusted Operating Income increased to $7 million from $1 million in the prior year period.
  
  

Full Year Results:

• International segment revenues decreased 6% from the prior year to $304 million. Prior year advertising revenues included $21 million of revenues related to retroactive adjustments reported by a third party. Excluding the retroactive adjustments in the prior year and the favorable impact of foreign currency translation in the current year, International revenues decreased 4%.
  • Subscription revenues decreased 4% to $188 million primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024, partially offset by the favorable impact of foreign currency translation. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 8%.
  • Advertising revenues decreased 10% to $104 million due to retroactive adjustments in the prior year, partially offset by strong advertising performance in the UK and Ireland and the favorable impact of foreign currency translation. Excluding the retroactive adjustments in the prior year and the favorable impact of foreign currency translation in the current year, advertising revenues increased 6%.
• International segment Adjusted Operating Income decreased 33% to $43 million. Excluding the retroactive adjustment in the prior year and the favorable impact of foreign currency translation in the current year, segment Adjusted Operating Income decreased 8%.
  
  

Other Matters

RLJ Entertainment Transaction
On November 26, 2025, the Company acquired the remaining 17% of RLJ Entertainment that it had not previously owned for $75 million in cash.

The carrying amount of the related noncontrolling interest was reduced to zero, reflecting the Company's 100% ownership of RLJ Entertainment. The Company will continue to consolidate RLJ Entertainment.

Impairment and Other Charges
Impairment and other charges of $98 million for the year ended December 31, 2025 consisted of a $93 million goodwill impairment charge for AMC Networks International and a $4 million impairment charge for indefinite-lived intangible assets related to SundanceTV trademarks.

Restructuring and Other Related Charges
Restructuring and other related charges were $27 million for the year ended December 31, 2025, of which $17 million was related to our restructuring plan in our International segment designed to achieve cost reductions and streamline operations including channel re-branding and a reduction of workforce in Southern Europe, the wind-down of a UK joint venture, and a voluntary buyout program for employees in Argentina. An additional $12 million was related to our voluntary buyout program for U.S. employees, which is expected to result in modifications to the organizational structure of the Company and reduced employee costs.

Stock Repurchase Program & Outstanding Shares
The Company repurchased 854,692 shares of its Class A Common Stock for $7.5 million in the fourth quarter. As of December 31, 2025, the Company had $117 million of authorization remaining for repurchase under its Stock Repurchase Program.

As of February 4, 2026, the Company had 31,229,673 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.

Please see the Company’s Form 10-K for the year ended December 31, 2025, 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 11 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 11 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 12-13 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 Networks will host a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full year 2025 results. To listen to the call, please visit investors.amcnetworks.com.

About AMC Networks Inc.

AMC Networks (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 labels Independent Film Company and RLJE Films. 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; and AMC Networks International, its international programming business.

Contacts

Investor Relations		Corporate Communications
Nicholas Seibert		Georgia Juvelis
nicholas.seibert@amcnetworks.com		georgia.juvelis@amcnetworks.com

AMC NETWORKS INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share amounts) (unaudited)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Revenues, net	$	594,803			$	599,305			$	2,311,801			$	2,421,314
Operating expenses:
Technical and operating (excluding depreciation and amortization)		299,096				292,544				1,141,393				1,132,593
Selling, general and administrative		209,371				192,650				818,341				781,329
Depreciation and amortization		25,675				22,599				94,425				98,015
Impairment and other charges		97,784				302,694				97,784				399,513
Restructuring and other related charges		13,739				43,037				26,536				49,464
Total operating expenses		645,665				853,524				2,178,479				2,460,914
Operating income (loss)		(50,862	)			(254,219	)			133,322				(39,600	)
Other income (expense):
Interest expense		(41,927	)			(45,006	)			(172,353	)			(166,186	)
Interest income		5,013				9,323				27,746				36,803
Gain (loss) on extinguishment of debt, net		(1,261	)			—				129,800				(105	)
Miscellaneous, net		8,303				(10,562	)			29,483				(5,409	)
Total other income (expense)		(29,872	)			(46,245	)			14,676				(134,897	)
Income (loss) from operations before income taxes		(80,734	)			(300,464	)			147,998				(174,497	)
Income tax (expense) benefit		27,566				10,943				(46,226	)			(43,490	)
Net income (loss) including noncontrolling interests		(53,168	)			(289,521	)			101,772				(217,987	)
Net (income) loss attributable to noncontrolling interests		(2,299	)			5,024				(12,372	)			(8,559	)
Net income (loss) attributable to AMC Networks’ stockholders	$	(55,467	)		$	(284,497	)		$	89,400			$	(226,546	)
Net income (loss) per share attributable to AMC Networks’ stockholders:
Basic	$	(1.26	)		$	(6.38	)		$	2.01			$	(5.10	)
Diluted	$	(1.26	)		$	(6.38	)		$	1.66			$	(5.10	)
Weighted average common shares:
Basic		43,870				44,609				44,420				44,438
Diluted		43,870				44,609				56,590				44,438

AMC NETWORKS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
		2025				2024
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$	101,772			$	(217,987	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		94,425				98,015
Non-cash impairment and other charges		97,784				399,513
Share-based compensation expenses related to equity classified awards		25,330				26,051
Non-cash restructuring and other related charges		4,834				44,217
Amortization and write-offs of program rights		846,800				889,394
Amortization of deferred carriage fees		21,155				26,748
Unrealized foreign currency transaction (gain) loss		(10,761	)			4,595
Amortization of deferred financing costs and discounts on indebtedness		7,208				7,335
(Gain) loss on extinguishment of debt		(129,800	)			105
Deferred income taxes		(17,278	)			(63,063	)
Other, net		(11,276	)			(3,685	)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)		51,376				30,886
Prepaid expenses and other assets		35,215				215,028
Program rights and obligations, net		(815,229	)			(932,269	)
Deferred revenue		1,742				(3,963	)
Deferred carriage fees, net		(17,723	)			(22,828	)
Accounts payable, accrued liabilities and other liabilities		20,096				(122,477	)
Net cash provided by operating activities		305,670				375,615
Cash flows from investing activities:
Capital expenditures		(33,303	)			(44,775	)
Other, net		(908	)			4,399
Net cash used in investing activities		(34,211	)			(40,376	)
Cash flows from financing activities:
Proceeds from the issuance of 10.50% Senior Secured Notes due 2032, net		394,500				—
Proceeds from the issuance of 10.25% Senior Secured Notes due 2029, net		—				862,969
Proceeds from the issuance of 4.25% Convertible Senior Notes due 2029, net		—				139,437
Tender, redemption, and repurchase of 4.75% Senior Notes due 2025		—				(774,729	)
Tender and repurchase of 4.25% Senior Notes due 2029		(569,078	)			(10,129	)
Principal payments on Term Loan A Facility		(282,830	)			(241,875	)
Payments for financing costs		(3,926	)			(10,628	)
Deemed repurchases of restricted stock units		(4,044	)			(4,626	)
Purchase of treasury stock		(17,969	)			—
Principal payments on finance lease obligations		(4,670	)			(4,650	)
Purchase of noncontrolling interests		(75,000	)			(42,000	)
Distributions to noncontrolling interests		(7,271	)			(23,992	)
Net cash used in financing activities		(570,288	)			(110,223	)
Net (decrease) increase in cash and cash equivalents from operations		(298,829	)			225,016
Effect of exchange rate changes on cash and cash equivalents		16,559				(10,943	)
Cash and cash equivalents at beginning of year		784,649				570,576
Cash and cash equivalents at end of year	$	502,379			$	784,649

AMC NETWORKS INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
		2025				2024
ASSETS
Current Assets:
Cash and cash equivalents	$	502,379			$	784,649
Accounts receivable, trade (less allowance for doubtful accounts of $11,523 and $9,468)		575,263				623,898
Prepaid expenses and other current assets		202,967				262,257
Total current assets		1,280,609				1,670,804
Property and equipment, net of accumulated depreciation of $409,991 and $458,396		115,978				143,036
Program rights, net		1,763,084				1,713,952
Intangible assets, net		184,803				216,478
Goodwill		166,809				246,304
Deferred tax assets, net		17,781				13,183
Operating lease right-of-use assets		72,545				58,390
Other assets		335,272				300,074
Total assets	$	3,936,881			$	4,362,221
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	94,742			$	88,570
Accrued liabilities		323,029				290,718
Current portion of program rights obligations		258,252				221,603
Deferred revenue		63,651				61,838
Current portion of long-term debt		11,068				7,500
Current portion of lease obligations		17,643				32,439
Total current liabilities		768,385				702,668
Program rights obligations		181,773				144,476
Long-term debt, net		1,741,225				2,328,719
Lease obligations		82,263				64,581
Deferred tax liabilities, net		108,164				121,302
Other liabilities		41,322				60,334
Total liabilities		2,923,132				3,422,080
Commitments and contingencies
Redeemable noncontrolling interests		—				55,881
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,730 shares issued and 31,215 and 32,636 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		429,902				437,860
Accumulated earnings		2,176,124				2,092,229
Treasury stock, at cost (35,516 and 34,094 shares Class A Common Stock, respectively)		(1,406,027	)			(1,408,307	)
Accumulated other comprehensive loss		(218,910	)			(266,969	)
Total AMC Networks stockholders' equity		981,871				855,595
Non-redeemable noncontrolling interests		31,878				28,665
Total stockholders' equity		1,013,749				884,260
Total liabilities and stockholders' equity	$	3,936,881			$	4,362,221

AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited)
Capitalization	December 31, 2025
Cash and cash equivalents	$	502,379
Credit facility debt(a)	$	82,795
10.25% Senior Secured Notes due January 2029		875,000
4.25% Senior Notes due February 2029		276,706
4.25% Convertible Senior Notes due February 2029(b)		143,750
10.50% Senior Secured Notes due July 2032		400,000
Senior notes(c)		1,695,456
Total debt	$	1,778,251
Net debt	$	1,275,872
Finance leases		15,810
Net debt and finance leases	$	1,291,682
	Twelve Months Ended December 31, 2025
Operating Income - (GAAP)	$	133,322
Share-based compensation expense		25,330
Depreciation and amortization		94,425
Restructuring and other related charges		26,536
Impairment and other charges		97,784
Cloud computing amortization		10,733
Majority owned equity investees AOI		23,744
Adjusted Operating Income - (Non-GAAP)	$	411,874
Leverage ratio(d)		3.1		x

(a)		Represents the aggregate principal amount of the debt under the Term Loan A Facility. The Company also has an undrawn $175.0 million revolving credit facility, which is available to be drawn for general corporate purposes of the Company.
(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 $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $12.74 per share of Class A Common Stock).
(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 December 31, 2025. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned. AMC Networks was in compliance with all of its financial covenants under the Company's credit facility as of December 31, 2025. As of December 31, 2025, as determined for purposes of the Company’s credit facility, the Net Leverage Ratio was approximately 4.41:1.00 and the Interest Coverage Ratio was approximately 2.01:1.00.

AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited)
Adjusted Operating Income	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Operating income (loss)	$	(50,862	)		$	(254,219	)		$	133,322			$	(39,600	)
Share-based compensation expenses		5,503				5,743				25,330				26,051
Depreciation and amortization		25,675				22,599				94,425				98,015
Restructuring and other related charges		13,739				43,037				26,536				49,464
Impairment and other charges		97,784				302,694				97,784				399,513
Cloud computing amortization		2,390				3,349				10,733				13,452
Majority owned equity investees AOI		9,328				5,963				23,744				15,678
Adjusted operating income	$	103,557			$	129,166			$	411,874			$	562,573

Free Cash Flow(1)	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Net cash provided by operating activities	$	49,246			$	58,108			$	305,670			$	375,615
Less: capital expenditures		(8,801	)			(20,523	)			(33,303	)			(44,775	)
Free Cash Flow	$	40,445			$	37,585			$	272,367			$	330,840

Supplemental Cash Flow Information	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Restructuring initiatives(2)	$	(1,955	)		$	(2,944	)		$	(13,039	)		$	(13,295	)
Distributions to noncontrolling interests(3)		—				(5,992	)			(7,271	)			(23,992	)

(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 $12.2 million for severance and employee-related costs and $0.8 million for content impairments and other exit costs for the twelve months ended December 31, 2025. Restructuring initiatives primarily include cash payments of $1.9 million for severance and employee-related costs for the three months ended December 31, 2025. Restructuring initiatives includes cash payments of $0.4 million and $8.1 million for severance and employee-related costs, for the three and twelve months ended December 31, 2024, respectively, and $2.6 million and $5.2 million for content impairments and other exit costs for the three and twelve months ended December 31, 2024, respectively.
(3)		For the twelve months ended December 31, 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 NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (Dollars in thousands, except per share amounts) (unaudited)
Adjusted Earnings Per Share
	Three Months Ended December 31, 2025
	Income (loss) from operations before income taxes				Income tax (expense) benefit				Net (income) loss attributable to noncontrolling interests				Net income (loss) attributable to AMC Networks' stockholders				Diluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)	$	(80,734	)		$	27,566			$	(2,299	)		$	(55,467	)		$	(1.26	)
Adjustments:
Amortization of acquisition-related intangible assets		7,588				(1,724	)			(359	)			5,505				0.13
Restructuring and other related charges		13,739				(1,874	)			(383	)			11,482				0.26
Impairment and other charges		97,784				(420	)			—				97,364				2.22
(Gain) loss on extinguishment of debt, net		1,261				(300	)			—				961				0.02
Purchase of RLJ Entertainment noncontrolling interest		—				(17,837	)			—				(17,837	)			(0.41	)
Tax reform(1)		—				(6,716	)			—				(6,716	)			(0.15	)
Dilutive income and share basis difference - GAAP vs. Adjusted(2)		1,527				(382	)			—				1,145				(0.17	)
Adjusted Results (Non-GAAP)	$	41,165			$	(1,687	)		$	(3,041	)		$	36,437			$	0.64

^{(1) Represents a timing adjustment between current and deferred tax expense as a result of tax reform. This offsets the adjustment in the third quarter of 2025, therefore there is no impact on a full year basis.
(2) 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 December 31, 2024
	Income (loss) from operations before income taxes				Income tax (expense) benefit				Net (income) loss attributable to noncontrolling interests				Net income (loss) attributable to AMC Networks' stockholders				Diluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)	$	(300,464	)		$	10,943			$	5,024			$	(284,497	)		$	(6.38	)
Adjustments:
Amortization of acquisition-related intangible assets		7,830				(1,566	)			(359	)			5,905				0.13
Restructuring and other related charges		43,037				(9,736	)			—				33,301				0.75
Impairment and other charges		302,694				(11,830	)			(10,633	)			280,231				6.28
(Gain) loss on extinguishment of debt, net		—				—				—				—				—
Dilutive income and share basis difference - GAAP vs. Adjusted(1)		1,527				(349	)			—				1,178				(0.14	)
Adjusted Results (Non-GAAP)	$	54,624			$	(12,538	)		$	(5,968	)		$	36,118			$	0.64

^{(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.}

AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (Dollars in thousands, except per share amounts) (unaudited)
Adjusted Earnings Per Share
	Twelve Months Ended December 31, 2025
	Income (loss) from operations before income taxes				Income tax (expense) benefit				Net (income) loss attributable to noncontrolling interests				Net income (loss) attributable to AMC Networks' stockholders				Diluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)(1)	$	154,107			$	(47,753	)		$	(12,372	)		$	93,982			$	1.66
Adjustments:
Amortization of acquisition-related intangible assets		30,960				(7,147	)			(1,435	)			22,378				0.40
Restructuring and other related charges		26,536				(3,827	)			(1,742	)			20,967				0.37
Impairment and other charges		97,784				(420	)			—				97,364				1.72
(Gain) loss on extinguishment of debt, net		(129,800	)			28,061				—				(101,739	)			(1.80	)
Purchase of RLJ Entertainment noncontrolling interest		—				(17,837	)			—				(17,837	)			(0.32	)
Adjusted Results (Non-GAAP)	$	179,587			$	(48,923	)		$	(15,549	)		$	115,115			$	2.03

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

	Twelve Months Ended December 31, 2024
	Income (loss) from operations before income taxes				Income tax (expense) benefit				Net (income) loss attributable to noncontrolling interests				Net income (loss) attributable to AMC Networks' stockholders				Diluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)	$	(174,497	)		$	(43,490	)		$	(8,559	)		$	(226,546	)		$	(5.10	)
Adjustments:
Amortization of acquisition-related intangible assets		33,911				(7,544	)			(2,642	)			23,725				0.53
Restructuring and other related charges		49,464				(11,380	)			—				38,084				0.86
Impairment and other charges		399,513				(15,631	)			(25,249	)			358,633				8.07
(Gain) loss on extinguishment of debt, net		105				(27	)			—				78				—
Dilutive income and share basis difference - GAAP vs. Adjusted(1)		3,207				(769	)			—				2,438				(0.50	)
Adjusted Results (Non-GAAP)	$	311,703			$	(78,841	)		$	(36,450	)		$	196,412			$	3.86

^{(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.}

FAQ

What were AMC Networks (AMCX) total revenues and revenue trend in 2025?

Total revenues were $2.31 billion in 2025, down 4.5% year-over-year. According to the company, streaming revenue grew 12% and became the largest Domestic Operations revenue source, while advertising and affiliate revenues declined versus prior year.

How did AMC Networks' streaming business perform in Q4 and full-year 2025 (AMCX)?

Streaming revenue grew 14% in Q4 and 12% for full-year 2025, becoming the largest domestic revenue component. According to the company, price increases and product launches helped streaming growth despite flat subscriber counts year-over-year.

What was AMC Networks' free cash flow and operating cash generation in 2025 (AMCX)?

Free cash flow was $272 million for the full year 2025. According to the company, net cash provided by operating activities totaled $306 million, with free cash flow calculated after capital expenditures.

Did AMC Networks (AMCX) take any write-downs or impairment charges in 2025?

Yes. The company recorded $98 million of impairment and other charges for 2025, including a $93 million goodwill impairment for AMC Networks International. According to the company, these charges are reflected in full-year results.

What material acquisitions or capital actions did AMC Networks announce in 2025 (AMCX)?

AMC Networks acquired the remaining 17% of RLJ Entertainment for $75 million in cash and will continue consolidating RLJ. According to the company, it also repurchased 854,692 shares for $7.5 million in Q4 and has $117 million repurchase authorization remaining.

How did AMC Networks' profitability metrics change in 2025, including adjusted operating income and EPS (AMCX)?

Adjusted Operating Income decreased 26.8% to $412 million, and Adjusted EPS fell 47.4% to $2.03 for 2025. According to the company, declines were driven by lower advertising and affiliate revenues and certain impairment and restructuring charges.