AMC Networks Inc. Reports Second Quarter 2025 Results
AMC Networks (NASDAQ: AMCX) reported Q2 2025 financial results, showing mixed performance with some positive developments in streaming and content licensing, offset by challenges in traditional segments. The company generated $600 million in revenue (down 4% YoY) and achieved $96 million in Free Cash Flow.
Key highlights include 12% growth in streaming revenue to $169 million, 26% increase in content licensing revenue to $84 million, and streaming subscribers growing to 10.4 million (up 2% YoY). The company strengthened its balance sheet by reducing gross debt by $400 million and capturing $138 million in debt discount. AMC Networks increased its 2025 free cash flow outlook to approximately $250 million.
AMC Networks (NASDAQ: AMCX) ha riportato i risultati finanziari del secondo trimestre 2025, mostrando una performance mista con alcuni sviluppi positivi nello streaming e nella concessione di licenze di contenuti, bilanciati da sfide nei segmenti tradizionali. L'azienda ha generato 600 milioni di dollari di ricavi (in calo del 4% su base annua) e ha raggiunto un flusso di cassa libero di 96 milioni di dollari.
I punti salienti includono una crescita del 12% nei ricavi da streaming a 169 milioni di dollari, un aumento del 26% nei ricavi da licenze di contenuti a 84 milioni di dollari, e un aumento degli abbonati allo streaming a 10,4 milioni (in crescita del 2% su base annua). L'azienda ha rafforzato il proprio bilancio riducendo il debito lordo di 400 milioni di dollari e ottenendo un sconto sul debito di 138 milioni di dollari. AMC Networks ha inoltre rivisto al rialzo le previsioni sul flusso di cassa libero per il 2025, portandolo a circa 250 milioni di dollari.
AMC Networks (NASDAQ: AMCX) informó los resultados financieros del segundo trimestre de 2025, mostrando un desempeño mixto con algunos avances positivos en streaming y licencias de contenido, compensados por desafíos en los segmentos tradicionales. La compañía generó 600 millones de dólares en ingresos (una disminución del 4% interanual) y logró un flujo de caja libre de 96 millones de dólares.
Los aspectos destacados incluyen un crecimiento del 12% en ingresos por streaming hasta 169 millones de dólares, un aumento del 26% en ingresos por licencias de contenido hasta 84 millones de dólares, y un crecimiento de suscriptores de streaming a 10.4 millones (un aumento del 2% interanual). La empresa fortaleció su balance reduciendo la deuda bruta en 400 millones de dólares y capturando un descuento de deuda de 138 millones de dólares. AMC Networks aumentó su perspectiva de flujo de caja libre para 2025 a aproximadamente 250 millones de dólares.
AMC Networks (NASDAQ: AMCX)는 2025년 2분기 재무 실적을 발표하며 스트리밍과 콘텐츠 라이선싱에서 긍정적인 발전이 있었으나 전통적인 부문에서는 어려움을 겪는 등 혼합된 성과를 보였습니다. 회사는 6억 달러의 매출(전년 대비 4% 감소)을 기록했고, 9600만 달러의 자유 현금 흐름을 달성했습니다.
주요 내용으로는 스트리밍 매출이 12% 증가하여 1억 6900만 달러에 달했고, 콘텐츠 라이선싱 매출은 26% 증가하여 8400만 달러를 기록했으며, 스트리밍 가입자는 1040만 명(전년 대비 2% 증가)으로 늘어났습니다. 회사는 총 부채를 4억 달러 줄이고 1억 3800만 달러의 부채 할인을 확보하여 재무구조를 강화했습니다. AMC Networks는 2025년 자유 현금 흐름 전망을 약 2억 5000만 달러로 상향 조정했습니다.
AMC Networks (NASDAQ : AMCX) a publié ses résultats financiers du deuxième trimestre 2025, affichant une performance mitigée avec des développements positifs dans le streaming et la licence de contenu, compensés par des défis dans les segments traditionnels. La société a généré 600 millions de dollars de revenus (en baisse de 4 % sur un an) et a réalisé un flux de trésorerie disponible de 96 millions de dollars.
Les points clés incluent une croissance de 12 % des revenus du streaming à 169 millions de dollars, une augmentation de 26 % des revenus de licence de contenu à 84 millions de dollars, et une hausse des abonnés au streaming à 10,4 millions (en hausse de 2 % sur un an). La société a renforcé son bilan en réduisant sa dette brute de 400 millions de dollars et en obtenant un rabais sur la dette de 138 millions de dollars. AMC Networks a revu à la hausse ses prévisions de flux de trésorerie disponible pour 2025 à environ 250 millions de dollars.
AMC Networks (NASDAQ: AMCX) meldete die Finanzergebnisse für das zweite Quartal 2025 und zeigte eine gemischte Performance mit einigen positiven Entwicklungen im Streaming und bei der Lizenzierung von Inhalten, die durch Herausforderungen in traditionellen Segmenten ausgeglichen wurden. Das Unternehmen erzielte 600 Millionen US-Dollar Umsatz (minus 4 % im Jahresvergleich) und erreichte einen freien Cashflow von 96 Millionen US-Dollar.
Zu den wichtigsten Highlights zählen ein 12%iges Wachstum der Streaming-Umsätze auf 169 Millionen US-Dollar, ein 26%iger Anstieg der Erlöse aus Lizenzvergaben auf 84 Millionen US-Dollar sowie ein Wachstum der Streaming-Abonnenten auf 10,4 Millionen (plus 2 % im Jahresvergleich). Das Unternehmen stärkte seine Bilanz durch eine Reduzierung der Bruttoverschuldung um 400 Millionen US-Dollar und erzielte einen Schuldenabschlag von 138 Millionen US-Dollar. AMC Networks hob die Prognose für den freien Cashflow 2025 auf etwa 250 Millionen US-Dollar an.
- Streaming revenue grew 12% YoY to $169 million
- Content licensing revenue increased 26% to $84 million
- Streaming subscribers grew 2% YoY to 10.4 million
- Reduced gross debt by $400 million
- Captured $138 million in debt discount
- Increased 2025 free cash flow guidance to $250 million
- Generated strong free cash flow of $96 million in Q2
- Total revenue declined 4% YoY to $600 million
- Advertising revenue decreased 18% to $123 million
- Affiliate revenue declined 12% to $151 million
- Adjusted Operating Income decreased 28.4% YoY
- Adjusted EPS fell 44.4% to $0.69
- International revenue decreased 16% to $76 million
Insights
AMC Networks shows mixed Q2 results with streaming growth offset by linear decline; improved debt profile but concerning margin compression.
AMC Networks reported Q2 revenues of
Streaming revenues increased
Content licensing was a bright spot, increasing
Profitability metrics reveal concerning trends. While operating income improved to
The company has been actively managing its balance sheet, reducing gross debt by approximately
Despite financial headwinds, management increased its free cash flow outlook for 2025 to approximately
NEW YORK, Aug. 08, 2025 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported financial results for the second quarter ended June 30, 2025.
Chief Executive Officer Kristin Dolan said: "We are executing our clear strategic plan focused on programming, partnerships and profitability. We remain committed to delivering high-quality and distinctive series and films to our engaged fans across all platforms, including the best collection of targeted streaming services in the world. In the second quarter, we saw streaming revenue growth accelerate, strength in content licensing and continued healthy free cash flow generation. We are increasing our free cash flow outlook for 2025 and now expect approximately
Operational Highlights:
- Capitalizing on continued advertising innovation in our current Upfront negotiations with
25% + growth in digital commitments and trending toward overall volumes consistent with the prior year. - Continued expansion of our FAST channels business with the launch of 11 FAST channels on TCLtv+ and introduction of two new FAST channels, AcornTV Mysteries and Love After Lockup.
- Renewed long-term affiliate agreement with the National Content & Technology Cooperative (NCTC).
- Continued momentum in Amazon Prime Video Channels streaming bundles including AMC+ bundles with AcornTV, Discovery+, Starz and MGM+ in market in 2Q and the new launch of an Acorn TV and MGM+ bundled offering.
- Announced partnership with Runway to incorporate Runway’s AI models and tools in AMC Networks’ marketing and programming development processes.
- Inaugural “Murder Mystery May” programming event drove Acorn TV's biggest month ever, with record engagement, viewership and a multi-year high in subscriber acquisition.
- Renewed multiple series in The Walking Dead Universe franchise for new seasons including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon.
- Theatrical debut of Clown in a Cornfield delivered the largest opening weekend and widest screen count in the Company's history. The popular title premieres on our Shudder streaming service today.
- Strengthened our balance sheet through a series of financing transactions in the second quarter and July. Extended debt maturity profile, reduced gross debt by approximately
$400 million and captured$138 million of debt discount since March 31, 2025.
Financial Highlights – Second Quarter Ended June 30, 2025:
- Net cash provided by operating activities of
$103 million ; Free Cash Flow(1) of$96 million . - Operating income of
$64 million ; Adjusted Operating Income(1) of$109 million , with a margin of18% . - Net revenues of
$600 million decreased4% from the prior year. Foreign currency translation represented an approximately 60 bps beneficial impact to our second quarter revenue growth rate.- Streaming revenues of
$169 million increased12% from the prior year.
- Streaming revenues of
- Diluted EPS of
$0.91 ; Adjusted EPS(1) of$0.69 .
Consolidated Results:
| (dollars in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||
| Net Revenues | $ | 600,024 | $ | 625,934 | (4.1) | % | $ | 1,155,257 | $ | 1,222,395 | (5.5) | % | ||||||
| Operating Income | $ | 64,469 | $ | 10,788 | n/m | $ | 128,666 | $ | 120,966 | 6.4 | % | |||||||
| Adjusted Operating Income | $ | 109,386 | $ | 152,807 | (28.4) | % | $ | 213,871 | $ | 301,931 | (29.2) | % | ||||||
| Diluted Earnings (Loss) Per Share | $ | 0.91 | $ | (0.66 | ) | n/m | $ | 1.25 | $ | 0.37 | n/m | |||||||
| Adjusted Earnings Per Share | $ | 0.69 | $ | 1.24 | (44.4) | % | $ | 1.21 | $ | 2.40 | (49.6) | % | ||||||
| Net cash provided by operating activities | $ | 102,791 | $ | 104,403 | (1.5) | % | $ | 211,596 | $ | 255,272 | (17.1) | % | ||||||
| Free Cash Flow | $ | 95,741 | $ | 95,165 | 0.6 | % | $ | 189,926 | $ | 239,314 | (20.6) | % | ||||||
| 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Net Revenues | $ | 526,853 | $ | 538,291 | (2.1) | % | $ | 1,013,160 | $ | 1,062,517 | (4.6) | % | |||||
| Segment Adjusted Operating Income | 126,339 | 155,348 | (18.7) | % | 250,263 | 317,667 | (21.2) | % | |||||||||
Second Quarter Results
- Domestic Operations revenues decreased
2% from the prior year to$527 million .- Subscription revenues decreased
1% to$320 million due to declines in the linear subscriber universe, partially offset by streaming revenue growth.- Streaming revenues increased
12% to$169 million primarily due to the impact of price increases across our services.- Streaming subscribers increased
2% to 10.4 million as compared to 10.2 million subscribers at June 30, 2024 and March 31, 2025.
- Streaming subscribers increased
- Affiliate revenues declined
12% to$151 million primarily due to basic subscriber declines and, to a lesser extent, contractual rate decreases in connection with renewals.
- Streaming revenues increased
- Content licensing revenues increased
26% to$84 million primarily due to the timing and availability of deliveries in the period. Revenues in the quarter included the sale of our music catalog and executive producer fees related to Apple TV+'s Silo. - Advertising revenues decreased
18% to$123 million primarily due to linear ratings declines and lower marketplace pricing, including digital CPMs.
- Subscription revenues decreased
- Segment Adjusted Operating Income decreased
19% to$126 million , with a margin of24% . The decrease in Segment Adjusted Operating Income was primarily driven by revenue headwinds in our linear businesses, partially offset by strength in streaming and content licensing revenue.
International:
| (dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
| Net Revenues | 75,535 | 90,095 | (16.2) | % | $ | 145,481 | $ | 165,700 | (12.2) | % | |||||
| Segment Adjusted Operating Income | 14,737 | 29,265 | (49.6) | % | 24,588 | 42,665 | (42.4) | % | |||||||
Second Quarter Results
- International revenues decreased
16% from the prior year to$76 million . Prior period advertising revenues included the recognition of a$13.4 million retroactive adjustment reported by a third party in the second quarter of 2024. Excluding the retroactive adjustment in the prior period and the favorable impact of foreign currency translation in the current period, International revenues decreased6% .- Subscription revenues decreased
5% to$47 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 decreased9% . - Advertising revenues decreased
31% to$26 million due to the recognition of a$13.4 million retroactive adjustment reported by a third party in the second quarter of 2024, partially offset by the favorable impact of foreign currency translation. Excluding the retroactive adjustment in the prior period and the favorable impact of foreign currency translation in the current period, advertising revenues increased2% .
- Subscription revenues decreased
- Segment Adjusted Operating Income decreased
50% to$15 million , with a margin of20% . The decrease in Segment Adjusted Operating Income was primarily due to the recognition of a$13.4 million retroactive adjustment reported by a third party in the second quarter of 2024 and the impact of the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024. Excluding the retroactive adjustment in the prior period and the favorable impact of foreign currency translation in the current period, Segment Adjusted Operating Income decreased15% .
Recent Financing Activity
AMC Networks completed a series of financing transactions in the second quarter and in July 2025 including the issuance of
- In July, the Company issued
$400 million aggregate principal amount of10.50% Senior Secured Notes due 2032. The Notes are guaranteed by AMC Network Entertainment and AMC Networks' subsidiaries that guarantee the Credit Agreement.
Tender Offer for
- In July, the Company utilized proceeds from the offering of the Senior Secured Notes and existing cash on hand, to complete a cash tender offer to purchase
$600 million aggregate principal amount of its Senior Notes at a discount of$111 million .
Open Market Repurchases of
- During the second quarter of 2025, the Company repurchased
$99 million principal amount of its Senior Notes through open market repurchases and privately negotiated transactions, at a discount of$27 million , and retired the repurchased notes.
Voluntary Prepayment of Borrowings Under the Senior Secured Credit Facility
- During 2025, the Company voluntarily prepaid the remaining
$90 million of borrowings under the Term Loan A Facility (non-extended),$20 million of which was paid in the second quarter of 2025 and$70 million of which was paid in July 2025 in connection with the Senior Secured Notes offering.
Other Matters
Stock Repurchase Program & Outstanding Shares
The Company repurchased 1.6 million shares of its Class A Common Stock at an average purchase price of
As of August 1, 2025, the Company had 31,899,405 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 June 30, 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, we may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from AOI that affect our 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 our 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. 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 8:30 a.m. ET to discuss its second quarter 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 and HIDIVE; 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.
Contact
| Investor Relations | Corporate Communications | |
| Nicholas Seibert | Jim Maiella | |
| nicholas.seibert@amcnetworks.com | jim.maiella@amcnetworks.com | |
| AMC NETWORKS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues, net | $ | 600,024 | $ | 625,934 | $ | 1,155,257 | $ | 1,222,395 | |||||||
| Operating expenses: | |||||||||||||||
| Technical and operating (excluding depreciation and amortization) | 283,876 | 280,727 | 551,222 | 552,303 | |||||||||||
| Selling, general and administrative | 221,704 | 208,176 | 419,679 | 397,057 | |||||||||||
| Depreciation and amortization | 26,446 | 26,493 | 47,372 | 52,319 | |||||||||||
| Impairment and other charges | — | 96,819 | — | 96,819 | |||||||||||
| Restructuring and other related charges | 3,529 | 2,931 | 8,318 | 2,931 | |||||||||||
| Total operating expenses | 535,555 | 615,146 | 1,026,591 | 1,101,429 | |||||||||||
| Operating income | 64,469 | 10,788 | 128,666 | 120,966 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (42,460 | ) | (43,216 | ) | (85,852 | ) | (76,057 | ) | |||||||
| Interest income | 8,205 | 9,292 | 16,620 | 18,177 | |||||||||||
| Gain on extinguishment of debt, net | 25,745 | 247 | 25,745 | 247 | |||||||||||
| Miscellaneous, net | 12,819 | 1,493 | 20,707 | (3,697 | ) | ||||||||||
| Total other income (expense) | 4,309 | (32,184 | ) | (22,780 | ) | (61,330 | ) | ||||||||
| Income (loss) from operations before income taxes | 68,778 | (21,396 | ) | 105,886 | 59,636 | ||||||||||
| Income tax expense | (16,072 | ) | (10,893 | ) | (31,027 | ) | (34,542 | ) | |||||||
| Net income (loss) including noncontrolling interests | 52,706 | (32,289 | ) | 74,859 | 25,094 | ||||||||||
| Less: Net (income) loss attributable to noncontrolling interests | (2,417 | ) | 3,055 | (6,521 | ) | (8,525 | ) | ||||||||
| Net income (loss) attributable to AMC Networks' stockholders | $ | 50,289 | $ | (29,234 | ) | $ | 68,338 | $ | 16,569 | ||||||
| Net income (loss) per share attributable to AMC Networks' stockholders: | |||||||||||||||
| Basic | $ | 1.12 | $ | (0.66 | ) | $ | 1.52 | $ | 0.37 | ||||||
| Diluted | $ | 0.91 | $ | (0.66 | ) | $ | 1.25 | $ | 0.37 | ||||||
| Weighted average common shares: | |||||||||||||||
| Basic | 44,868 | 44,466 | 44,845 | 44,267 | |||||||||||
| Diluted | 56,350 | 44,466 | 56,482 | 45,443 | |||||||||||
| AMC NETWORKS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income including noncontrolling interests | $ | 74,859 | $ | 25,094 | |||
| Adjustments to reconcile net income to net cash from operating activities: | |||||||
| Depreciation and amortization | 47,372 | 52,319 | |||||
| Non-cash impairment and other charges | — | 96,819 | |||||
| Share-based compensation expenses related to equity classified awards | 13,800 | 14,532 | |||||
| Non-cash restructuring and other related charges | 5,320 | 2,199 | |||||
| Amortization and write-off of program rights | 409,631 | 414,716 | |||||
| Amortization of deferred carriage fees | 13,771 | 10,762 | |||||
| Unrealized foreign currency transaction (gain) loss | (14,861 | ) | 2,640 | ||||
| Amortization of deferred financing costs and discounts on indebtedness | 3,935 | 3,371 | |||||
| Gain on extinguishment of debt, net | (25,745 | ) | (247 | ) | |||
| Deferred income taxes | (11,156 | ) | (5,705 | ) | |||
| Other, net | (6,233 | ) | (883 | ) | |||
| Changes in assets and liabilities: | |||||||
| Accounts receivable, trade (including amounts due from related parties, net) | 16,506 | 16,489 | |||||
| Prepaid expenses and other assets | 38,407 | 143,856 | |||||
| Program rights and obligations, net | (331,534 | ) | (435,471 | ) | |||
| Deferred revenue | 7,567 | (8,047 | ) | ||||
| Accounts payable, accrued liabilities and other liabilities | (30,043 | ) | (77,172 | ) | |||
| Net cash provided by operating activities | 211,596 | 255,272 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (21,670 | ) | (15,958 | ) | |||
| Other investing activities, net | (690 | ) | 3,936 | ||||
| Net cash used in investing activities | (22,360 | ) | (12,022 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from the issuance of | — | 862,969 | |||||
| Proceeds from the issuance of | — | 139,437 | |||||
| Tender and redemption of | — | (774,729 | ) | ||||
| Principal payments on Term Loan A Facility | (36,250 | ) | (190,625 | ) | |||
| Repurchase of | (72,405 | ) | (10,129 | ) | |||
| Payments for financing costs | (763 | ) | (9,424 | ) | |||
| Deemed repurchases of restricted stock units | (4,044 | ) | (4,626 | ) | |||
| Purchase of treasury stock | (10,329 | ) | — | ||||
| Principal payments on finance lease obligations | (2,439 | ) | (2,275 | ) | |||
| Distributions to noncontrolling interests | — | (16,520 | ) | ||||
| Net cash used in financing activities | (126,230 | ) | (5,922 | ) | |||
| Net increase in cash and cash equivalents from operations | 63,006 | 237,328 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 18,752 | (5,351 | ) | ||||
| Cash and cash equivalents at beginning of period | 784,649 | 570,576 | |||||
| Cash and cash equivalents at end of period | $ | 866,407 | $ | 802,553 | |||
| AMC NETWORKS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 866,407 | $ | 784,649 | |||
| Accounts receivable, trade (less allowance for doubtful accounts of | 614,887 | 623,898 | |||||
| Prepaid expenses and other current assets | 245,342 | 262,257 | |||||
| Total current assets | 1,726,636 | 1,670,804 | |||||
| Property and equipment, net of accumulated depreciation of | 134,404 | 143,036 | |||||
| Program rights, net | 1,729,327 | 1,713,952 | |||||
| Intangible assets, net | 204,262 | 216,478 | |||||
| Goodwill | 259,438 | 246,304 | |||||
| Deferred tax assets, net | 15,789 | 13,183 | |||||
| Operating lease right-of-use assets | 51,649 | 58,390 | |||||
| Other assets | 300,062 | 300,074 | |||||
| Total assets | $ | 4,421,567 | $ | 4,362,221 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 102,275 | $ | 88,570 | |||
| Accrued liabilities | 291,987 | 290,718 | |||||
| Current portion of program rights obligations | 258,930 | 221,603 | |||||
| Deferred revenue | 68,525 | 61,838 | |||||
| Current portion of long-term debt | 77,500 | 7,500 | |||||
| Current portion of lease obligations | 34,161 | 32,439 | |||||
| Total current liabilities | 833,378 | 702,668 | |||||
| Program rights obligations | 190,392 | 144,476 | |||||
| Long-term debt, net | 2,127,822 | 2,328,719 | |||||
| Lease obligations | 51,446 | 64,581 | |||||
| Deferred tax liabilities, net | 111,602 | 121,302 | |||||
| Other liabilities | 40,190 | 60,334 | |||||
| Total liabilities | 3,354,830 | 3,422,080 | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interests | 59,030 | 55,881 | |||||
| Stockholders' equity: | |||||||
| Class A Common Stock, | 667 | 667 | |||||
| Class B Common Stock, | 115 | 115 | |||||
| Preferred stock, | — | — | |||||
| Paid-in capital | 433,374 | 437,860 | |||||
| Accumulated earnings | 2,155,064 | 2,092,229 | |||||
| Treasury stock, at cost (34,831 and 34,094 shares Class A Common Stock, respectively) | (1,399,599 | ) | (1,408,307 | ) | |||
| Accumulated other comprehensive loss | (217,929 | ) | (266,969 | ) | |||
| Total AMC Networks stockholders' equity | 971,692 | 855,595 | |||||
| Non-redeemable noncontrolling interests | 36,015 | 28,665 | |||||
| Total stockholders' equity | 1,007,707 | 884,260 | |||||
| Total liabilities and stockholders' equity | $ | 4,421,567 | $ | 4,362,221 | |||
| AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited) | ||||
| Capitalization | June 30, 2025 | |||
| Cash and cash equivalents | $ | 866,407 | ||
| Credit facility debt (a) | $ | 329,375 | ||
| $ | 875,000 | |||
| 885,866 | ||||
| 143,750 | ||||
| Senior notes (c) | $ | 1,904,616 | ||
| Total debt | $ | 2,233,991 | ||
| Net debt | $ | 1,367,584 | ||
| Finance leases | 15,433 | |||
| Net debt and finance leases | $ | 1,383,017 | ||
| Twelve Months Ended June 30, 2025 | ||||
| Operating Income (Loss) - (GAAP) | $ | (31,900 | ) | |
| Share-based compensation expense | 25,319 | |||
| Depreciation and amortization | 93,068 | |||
| Restructuring and other related charges | 54,851 | |||
| Impairment and other charges | 302,694 | |||
| Cloud computing amortization | 12,559 | |||
| Majority owned equity investees | 17,922 | |||
| Adjusted Operating Income - (Non-GAAP) | $ | 474,513 | ||
| Leverage ratio (d) | 2.9 | x | ||
| (a) | Represents the aggregate principal amount of the debt, with the Term Loan A (non-extended) of |
| (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 June 30, 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 |
| AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited) | ||||||||||
| Subsequent to the quarter ended June 30, 2025, AMC Networks entered into a series of financing transactions which are summarized in the table below to present AMC Networks pro forma capitalization. | ||||||||||
| Capitalization | June 30, 2025 | Financing Adjustments(a) | As Adjusted as of June 30, 2025(a) | |||||||
| Cash and cash equivalents | $ | 866,407 | $ | (166,717 | ) | $ | 699,690 | |||
| Credit facility debt | $ | 329,375 | $ | (70,000 | ) | $ | 259,375 | |||
| 875,000 | — | 875,000 | ||||||||
| — | 400,000 | 400,000 | ||||||||
| Secured Debt (b) | $ | 1,204,375 | $ | 330,000 | $ | 1,534,375 | ||||
| $ | 885,866 | $ | (600,000 | ) | $ | 285,866 | ||||
| 143,750 | — | 143,750 | ||||||||
| Total Debt (b) | $ | 2,233,991 | $ | (270,000 | ) | $ | 1,963,991 | |||
| Net debt | $ | 1,367,584 | $ | (103,283 | ) | $ | 1,264,301 | |||
| Finance leases | 15,433 | — | 15,433 | |||||||
| Net debt and finance leases | $ | 1,383,017 | $ | (103,283 | ) | $ | 1,279,734 | |||
| Twelve months ended June 30, 2025 Adjusted Operating Income (Non-GAAP) | $ | 474,513 | $ | 474,513 | ||||||
| Leverage ratio (c) | 2.9 | x | 2.7 | x | ||||||
| (a) | The “Financing Adjustments” and “As Adjusted as of June 30, 2025” columns reflects adjustments for, and the impacts of, the financing transactions undertaken during the third quarter of 2025 described under “Other Matters” in the accompanying earnings release. |
| (b) | Represents the aggregate principal amount of the debt. |
| (c) | Represents net debt and finance leases divided by Adjusted Operating Income for the periods indicated. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not |
| Note: Includes estimated fees and expenses of approximately | |
| AMC NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands) (unaudited) | ||||||||||||
| Adjusted Operating Income | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating income | $ | 64,469 | $ | 10,788 | $ | 128,666 | $ | 120,966 | ||||
| Share-based compensation expenses | 8,043 | 8,457 | 13,800 | 14,532 | ||||||||
| Depreciation and amortization | 26,446 | 26,493 | 47,372 | 52,319 | ||||||||
| Restructuring and other related charges | 3,529 | 2,931 | 8,318 | 2,931 | ||||||||
| Impairment and other charges | — | 96,819 | — | 96,819 | ||||||||
| Cloud computing amortization | 2,725 | 3,283 | 5,938 | 6,831 | ||||||||
| Majority owned equity investees AOI | 4,174 | 4,036 | 9,777 | 7,533 | ||||||||
| Adjusted operating income | $ | 109,386 | $ | 152,807 | $ | 213,871 | $ | 301,931 | ||||
| Free Cash Flow (1) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities | $ | 102,791 | $ | 104,403 | $ | 211,596 | $ | 255,272 | |||||||
| Less: capital expenditures | (7,050 | ) | (9,238 | ) | (21,670 | ) | (15,958 | ) | |||||||
| Free Cash Flow | $ | 95,741 | $ | 95,165 | $ | 189,926 | $ | 239,314 | |||||||
| Supplemental Cash Flow Information | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Restructuring initiatives (2) | $ | (2,169 | ) | $ | (3,282 | ) | $ | (7,920 | ) | $ | (8,103 | ) | |||
| Distributions to noncontrolling interests | — | (15,352 | ) | — | (16,520 | ) | |||||||||
| (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 NETWORKS INC. SUPPLEMENTAL FINANCIAL DATA (in thousands, except per share amounts) (unaudited) | |||||||||||||||||||
| Adjusted Earnings Per Share | |||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||
| Income from operations before income taxes | Income tax (expense) benefit | Less: Net income attributable to noncontrolling interests | Net income attributable to AMC Networks' stockholders | Diluted EPS attributable to AMC Networks' stockholders | |||||||||||||||
| Reported Results (GAAP) (1) | $ | 70,306 | $ | (16,455 | ) | $ | (2,417 | ) | $ | 51,434 | $ | 0.91 | |||||||
| Adjustments: | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 7,995 | (1,801 | ) | (358 | ) | 5,836 | 0.10 | ||||||||||||
| Restructuring and other related charges | 3,529 | (576 | ) | (1,041 | ) | 1,912 | 0.03 | ||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||
| Gain on extinguishment of debt, net | (25,745 | ) | 5,657 | — | (20,088 | ) | (0.35 | ) | |||||||||||
| Adjusted Results (Non-GAAP) | $ | 56,085 | $ | (13,175 | ) | $ | (3,816 | ) | $ | 39,094 | $ | 0.69 | |||||||
| (1) | Includes the required adjustment for interest expense associated with the convertible debt. |
| Three Months Ended June 30, 2024 | |||||||||||||||||||
| 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 Networks' stockholders | Diluted EPS attributable to AMC Networks' stockholders | |||||||||||||||
| Reported Results (GAAP) | $ | (21,396 | ) | $ | (10,893 | ) | $ | 3,055 | $ | (29,234 | ) | $ | (0.66 | ) | |||||
| Adjustments: | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 9,608 | (2,460 | ) | (962 | ) | 6,186 | 0.14 | ||||||||||||
| Restructuring and other related charges | 2,931 | (784 | ) | — | 2,147 | 0.05 | |||||||||||||
| Impairment and other charges | 96,819 | (3,801 | ) | (14,616 | ) | 78,402 | 1.76 | ||||||||||||
| Gain on extinguishment of debt, net | (247 | ) | 66 | — | (181 | ) | — | ||||||||||||
| Dilutive income and share basis difference - GAAP vs. Adjusted(1) | 153 | (37 | ) | — | 116 | (0.05 | ) | ||||||||||||
| Adjusted Results (Non-GAAP) | $ | 87,868 | $ | (17,909 | ) | $ | (12,523 | ) | $ | 57,436 | $ | 1.24 | |||||||
| (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 (in thousands, except per share amounts) (unaudited) | |||||||||||||||||||
| Adjusted Earnings Per Share | |||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||
| Income from operations before income taxes | Income tax (expense) benefit | Less: Net (income) loss attributable to noncontrolling interests | Net income attributable to AMC Networks' stockholders | Diluted EPS attributable to AMC Networks' stockholders | |||||||||||||||
| Reported Results (GAAP) (1) | $ | 108,941 | $ | (31,791 | ) | $ | (6,521 | ) | $ | 70,629 | $ | 1.25 | |||||||
| Adjustments: | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 15,790 | (3,696 | ) | (717 | ) | 11,377 | 0.20 | ||||||||||||
| Restructuring and other related charges | 8,318 | (878 | ) | (1,041 | ) | 6,399 | 0.11 | ||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||
| Gain on extinguishment of debt, net | (25,745 | ) | 5,657 | — | (20,088 | ) | (0.35 | ) | |||||||||||
| Adjusted Results (Non-GAAP) | $ | 107,304 | $ | (30,708 | ) | $ | (8,279 | ) | $ | 68,317 | $ | 1.21 | |||||||
| (1) | Includes the required adjustment for interest expense associated with the convertible debt. |
| Six Months Ended June 30, 2024 | ||||||||||||||||||
| 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 Networks' stockholders | Diluted EPS attributable to AMC Networks' stockholders | ||||||||||||||
| Reported Results (GAAP) (1) | $ | 59,789 | $ | (34,579 | ) | $ | (8,525 | ) | $ | 16,685 | $ | 0.37 | ||||||
| Adjustments: | ||||||||||||||||||
| Amortization of acquisition-related intangible assets | 18,164 | (4,333 | ) | (1,924 | ) | 11,907 | 0.26 | |||||||||||
| Restructuring and other related charges | 2,931 | (784 | ) | — | 2,147 | 0.05 | ||||||||||||
| Impairment and other charges | 96,819 | (3,801 | ) | (14,616 | ) | 78,402 | 1.72 | |||||||||||
| Gain on extinguishment of debt, net | (247 | ) | 66 | — | (181 | ) | — | |||||||||||
| Adjusted Results (Non-GAAP) | $ | 177,456 | $ | (43,431 | ) | $ | (25,065 | ) | $ | 108,960 | $ | 2.40 | ||||||
| (1) | Includes the required adjustment for interest expense associated with the convertible debt. |
FAQ
What were AMC Networks' (AMCX) key financial results for Q2 2025?
How many streaming subscribers does AMC Networks have in Q2 2025?
How did AMC Networks' debt reduction efforts impact its balance sheet in Q2 2025?
What is AMC Networks' free cash flow guidance for 2025?
How did AMC Networks' advertising revenue perform in Q2 2025?
