AMC Global Media (NASDAQ: AMCX) posts weaker Q1 2026 profit but strong cash flow
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
AMC Global Media Inc. reported first-quarter 2026 results with net revenues of $542 million and Adjusted Operating Income of $69 million. Revenue declined modestly from the prior year, while operating income and Adjusted EPS fell more sharply as content and operating costs increased.
The company generated net cash from operating activities of $67 million and Free Cash Flow of $65 million, remaining solidly cash-generative despite lower profits. Streaming revenues grew 11% to $174 million and now represent over a third of domestic segment revenue, even as total streaming subscribers edged down to 10.1 million.
Management reiterated its full-year financial outlook and highlighted several new and renewed series, expanded distribution deals, and a new partnership with Meta. The company also refinanced its 2029 secured notes into 2032 notes, plans to repay its Term Loan A and terminate its credit facility, and announced an approximately $30 million accelerated share repurchase under its existing authorization.
Positive
- None.
Negative
- None.
Insights
AMC Global Media posts softer Q1 profits but solid cash flow and streaming growth.
AMC Global Media delivered Q1 2026 net revenues of $542 million, down 2.4% year over year, as linear subscription and advertising softened. Operating income dropped to $31 million and Adjusted Operating Income to $69 million, while Adjusted EPS fell to $0.08 from $0.52.
Despite weaker earnings, the business remained cash-generative, with net cash from operating activities of $67 million and Free Cash Flow of $65 million. Streaming revenues grew 11% to $174 million, now over one-third of domestic revenues, though streaming subscribers slipped slightly to 10.1 million.
The company continued to reshape its balance sheet, exchanging $861 million of 10.25% notes into 10.50% 2032 notes, fully redeeming remaining 2029 secured notes, and planning repayment of its Term Loan A Facility. An announced $30 million accelerated share repurchase and a leverage ratio of 3.4x Adjusted Operating Income underscore an ongoing capital allocation and de-leveraging focus, while management reiterated its full-year financial outlook for 2026.
8-K Event Classification
3 items: 2.02, 9.01, 99.1
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 99.1
Item 99.1
Key Figures
Net revenues: $542.1M
Adjusted Operating Income: $69.0M
Adjusted EPS: $0.08
+5 more
8 metrics
Net revenues
$542.1M
Q1 2026, down 2.4% year over year
Adjusted Operating Income
$69.0M
Q1 2026, down 34.0% year over year
Adjusted EPS
$0.08
Q1 2026 vs $0.52 in Q1 2025
Free Cash Flow
$64.8M
Q1 2026, down 31.2% year over year
Streaming revenues
$174M
Q1 2026, up 11% year over year
Streaming subscribers
10.1M
As of March 31, 2026, down 1% vs prior year
Net debt and finance leases
$1.29B
As of March 31, 2026
Leverage ratio
3.4x
Net debt and finance leases / Adjusted Operating Income, TTM March 31, 2026
Key Terms
Adjusted Operating Income, Free Cash Flow, Accelerated Share Repurchase, Net Leverage Ratio, +2 more
6 terms
Adjusted Operating Income financial
"Adjusted Operating Income(1) of $69 million, with a margin of 13%."
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.
Free Cash Flow financial
"Net cash provided by operating activities of $67 million; Free Cash Flow(1) of $65 million."
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.
Net Leverage Ratio financial
"the Net Leverage Ratio was approximately 5.11:1.00 and the Interest Coverage Ratio was approximately 1.85:1.00."
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
Senior Secured Notes financial
"10.25% Senior Secured Notes due 2029 and 10.50% Senior Secured Notes due 2032"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
Non-GAAP financial measure financial
"Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Earnings Snapshot
Net revenues: $542.1M · Guidance included
Q1 2026
Net revenues
$542.1M
-2.4% YoY
Adjusted Operating Income
$69.0M
-34.0% YoY
Diluted EPS (GAAP)
-$0.43
n/m vs $0.34 prior year
Adjusted EPS
$0.08
-84.6% YoY
Free Cash Flow
$64.8M
-31.2% YoY
Streaming revenues
$174M
+11% YoY
Guidance
Management stated it is tracking to plan across key metrics and reiterated its financial outlook for the year.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 8, 2026
Commission File Number: 1-35106
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(212 ) 324-8500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| The | Stock Market LLC | |||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2026, AMC Global Media Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the Registrant’s press release is being furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Item | |||||||
| 99.1 | Press Release issued by the Registrant dated May 8, 2026 announcing its financial results for the quarter ended March 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| AMC Global Media Inc. | ||||||||||||||
| Date: | May 8, 2026 | By: | /s/ Michael J. Sherin III | |||||||||||
| Michael J. Sherin III | ||||||||||||||
| Executive Vice President and Chief Accounting Officer | ||||||||||||||
AMC GLOBAL MEDIA INC. REPORTS FIRST QUARTER 2026 RESULTS
New York, NY – May 8, 2026: AMC Global Media Inc. ("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2026.
Chief Executive Officer Kristin Dolan said: "AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms."
Operational Highlights:
•Expanded relationship with DISH and Sling TV through new long-term affiliate agreement.
•Expanded distribution of All Reality, our newest targeted streaming service, now available on Roku and Apple.
•Launched new prestige drama, The Audacity, and renewed the series for a second season.
•Greenlit Thunder Road, a new multi-generational racing drama produced in partnership with NASCAR, starring Dennis Quaid.
•Renewed sports docuseries Rise for a new season focused on the New Orleans Saints and the team’s historic run in the years following Hurricane Katrina.
•Announced a new partnership with Meta to make a number of our streaming apps available on the Meta Quest headset.
Financial Highlights – First Quarter Ended March 31, 2026:
•Net cash provided by operating activities of $67 million; Free Cash Flow(1) of $65 million.
•Operating income of $31 million; Adjusted Operating Income(1) of $69 million, with a margin of 13%.
•Net revenues of $542 million decreased 2% from the prior year. Foreign currency translation represented a beneficial impact of approximately 1% to our first quarter growth rate.
◦Streaming revenues of $174 million increased 11% from the prior year; representing over a third of our Domestic Operations segment revenues.
•Diluted EPS of $(0.43); Adjusted EPS(1) of $0.08.
Consolidated Results:
| (dollars in thousands, except per share amounts) | Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Net Revenues | $ | 542,127 | $ | 555,233 | (2.4) | % | |||||||||||
| Operating Income | $ | 31,261 | $ | 64,197 | (51.3) | % | |||||||||||
| Adjusted Operating Income | $ | 68,974 | $ | 104,485 | (34.0) | % | |||||||||||
| Diluted Earnings (Loss) Per Share | $ | (0.43) | $ | 0.34 | n/m | ||||||||||||
| Adjusted Earnings Per Share | $ | 0.08 | $ | 0.52 | (84.6) | % | |||||||||||
| Net cash provided by operating activities | $ | 67,467 | $ | 108,805 | (38.0) | % | |||||||||||
| Free Cash Flow | $ | 64,815 | $ | 94,185 | (31.2) | % | |||||||||||
| n/m - Absolute percentages greater than 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.
1
Segment Results – Domestic Operations:
| (dollars in thousands) | Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Revenues, net: | |||||||||||||||||
| Subscription | $ | 305,282 | $ | 313,373 | (2.6) | % | |||||||||||
| Advertising | 112,847 | 119,248 | (5.4) | % | |||||||||||||
| Content licensing and other | 52,558 | 53,686 | (2.1) | % | |||||||||||||
| Total revenues, net | $ | 470,687 | $ | 486,307 | (3.2) | % | |||||||||||
| Segment Adjusted Operating Income | $ | 92,261 | $ | 123,924 | (25.6) | % | |||||||||||
First Quarter Results
•Domestic Operations revenues decreased 3% from the prior year to $471 million.
◦Subscription revenues decreased 3% to $305 million due to a decline in affiliate revenues, partially offset by streaming revenue growth.
▪Streaming revenues increased 11% to $174 million primarily due to the impact of price increases across our services.
◦Streaming subscribers decreased 1% to 10.1 million as compared to 10.2 million subscribers at March 31, 2025.
◦Activations of ad-supported AMC+ under hard-bundle agreements increased 200% year over year to 1.8 million at March 31, 2026. These activations are in addition to our reported streaming subscriber count.
▪Affiliate revenues declined 16% to $131 million primarily due to basic subscriber declines.
◦Advertising revenues decreased 5% to $113 million primarily due to lower marketplace pricing, partially offset by digital advertising growth.
◦Content licensing revenues decreased 2% to $53 million primarily due to the timing and availability of deliveries in the period.
•Segment Adjusted Operating Income decreased 26% to $92 million, with a margin of 20%.
Segment Results – International:
| (dollars in thousands) | Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Revenues, net: | |||||||||||||||||
| Subscription | $ | 46,362 | $ | 44,702 | 3.7 | % | |||||||||||
| Advertising | 23,372 | 22,608 | 3.4 | % | |||||||||||||
| Content licensing and other | 2,529 | 2,636 | (4.1) | % | |||||||||||||
| Total revenues, net | $ | 72,263 | $ | 69,946 | 3.3 | % | |||||||||||
| Segment Adjusted Operating Income | $ | 5,437 | $ | 9,851 | (44.8) | % | |||||||||||
First Quarter Results
•International revenues increased 3% from the prior year to $72 million. Excluding the favorable impact of foreign currency translation, International revenues decreased 5%.
◦Subscription revenues increased 4% to $46 million primarily due to the favorable impact of foreign currency translation, partially offset by lower revenues resulting from the previously disclosed wind-down of our CBS EMEA joint venture that operated primarily in Poland and Africa and was held by our UK business. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 5%.
◦Advertising revenues increased 3% to $23 million due to the favorable impact of foreign currency translation, partially offset by lower ratings and digital advertising in the UK. Excluding the favorable impact of foreign currency translation, advertising revenues decreased 5%.
•Segment Adjusted Operating Income decreased 45% to $5 million, with a margin of 8%.
2
Other Matters:
Exchange Offer and Redemption of 10.25% Senior Secured Notes due 2029
In March, the Company completed an exchange offer and issued approximately $915 million in aggregate principal amount of add-on notes to its 10.50% Senior Secured Notes due 2032 in exchange for approximately $861 million in aggregate principal amount of the Company’s outstanding 10.25% Senior Secured Notes due 2029 ("2029 Secured Notes"). All 2029 Secured Notes exchanged were cancelled. Following such cancellation, approximately $14 million in aggregate principal amount of 2029 Secured Notes remained outstanding as of March 31, 2026.
In April, the Company redeemed all of its remaining outstanding 2029 Secured Notes, totaling approximately $14 million in aggregate principal amount, at a redemption price equal to 105.125% of the principal amount, plus accrued and unpaid interest to the redemption date.
Repayment of Term Loan A Facility & Termination of Credit Facility
Today, the Company announced plans to repay the remaining balance under the Term Loan A Facility and terminate its Credit Facility.
Accelerated Share Repurchase Program, Stock Repurchase Program & Outstanding Shares
Today, the Company announced plans to repurchase approximately $30 million of Class A Common Stock under an Accelerated Share Repurchase ("ASR") program as part of its existing Stock Repurchase Program, which as of March 31, 2026, had $117 million of authorization remaining for repurchase. The Company expects to fund the ASR program through available cash on hand.
The Company did not repurchase any Class A Common Stock in the first quarter.
As of May 1, 2026, the Company had 32,443,304 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Restructuring and Other Related Charges
Restructuring and other related charges were $4 million for the three months ended March 31, 2026, with approximately $3 million related to the Company's voluntary buyout program for U.S. employees, and approximately $2 million was related to the Company’s restructuring plan in its International segment, which for the quarter consisted primarily of office closures in Latin America.
Corporate Name Change
In April, AMC Networks Inc. filed Amended and Restated Articles of Incorporation with the Nevada Secretary of State to effect a change of its corporate name from AMC Networks Inc. to AMC Global Media Inc.
Please see the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, which will be filed later today, for further details regarding the above matters.
3
Description of Non-GAAP Measures
Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit, depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization, and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company's operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash.
The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry.
Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 10 of this release.
The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in the Company's Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release.
The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see page 11 of this release.
4
Forward-Looking Statements
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information
AMC Global Media will host a conference call today at 8:30 a.m. ET to discuss its first quarter 2026 results. To listen to the call, please visit investors.amcglobalmedia.com.
About AMC Global Media
AMC Global Media (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution label Independent Film Company. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe. AMC Global Media is headquartered in the United States, with international operations in Iberia, Latin America, Central Europe, the U.K., Australia and New Zealand.
Contact
| Investor Relations | Corporate Communications | |||||||
| Nicholas Seibert | Georgia Juvelis | |||||||
| nicholas.seibert@amcnetworks.com | georgia.juvelis@amcnetworks.com | |||||||
5
AMC GLOBAL MEDIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Revenues, net | $ | 542,127 | $ | 555,233 | |||||||
| Operating expenses: | |||||||||||
Technical and operating (excluding depreciation and amortization) | 283,180 | 267,346 | |||||||||
Selling, general and administrative | 201,925 | 197,975 | |||||||||
| Depreciation and amortization | 21,423 | 20,926 | |||||||||
| Restructuring and other related charges | 4,338 | 4,789 | |||||||||
| Total operating expenses | 510,866 | 491,036 | |||||||||
| Operating income | 31,261 | 64,197 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (41,345) | (43,392) | |||||||||
| Interest income | 3,124 | 8,415 | |||||||||
| Miscellaneous, net | (16,942) | 7,888 | |||||||||
| Total other income (expense) | (55,163) | (27,089) | |||||||||
| Income (loss) from operations before income taxes | (23,902) | 37,108 | |||||||||
| Income tax (expense) benefit | 6,738 | (14,955) | |||||||||
| Net income (loss) including noncontrolling interests | (17,164) | 22,153 | |||||||||
| Less: Net income attributable to noncontrolling interests | (1,706) | (4,104) | |||||||||
| Net income (loss) attributable to AMC Global Media's stockholders | $ | (18,870) | $ | 18,049 | |||||||
| Net income (loss) per share attributable to AMC Global Media's stockholders: | |||||||||||
| Basic | $ | (0.43) | $ | 0.40 | |||||||
| Diluted | $ | (0.43) | $ | 0.34 | |||||||
| Weighted average common shares: | |||||||||||
| Basic | 43,627 | 44,821 | |||||||||
| Diluted | 43,627 | 56,616 | |||||||||
6
AMC GLOBAL MEDIA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) including noncontrolling interests | $ | (17,164) | $ | 22,153 | |||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
| Depreciation and amortization | 21,423 | 20,926 | |||||||||
| Share-based compensation expenses related to equity classified awards | 6,097 | 5,757 | |||||||||
| Non-cash restructuring and other related charges | — | 3,470 | |||||||||
| Amortization and write-off of program rights | 206,262 | 197,881 | |||||||||
| Amortization of deferred carriage fees | 2,588 | 6,885 | |||||||||
| Unrealized foreign currency transaction (gain) loss | 3,765 | (3,329) | |||||||||
| Amortization of deferred financing costs and discounts on indebtedness | 1,762 | 1,969 | |||||||||
| Deferred income taxes | 9,512 | (10,675) | |||||||||
| Other, net | (3,373) | (3,928) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable, trade (including amounts due from related parties, net) | 20,853 | 53,204 | |||||||||
| Prepaid expenses and other assets | (7,300) | 12,658 | |||||||||
| Program rights and obligations, net | (167,708) | (169,605) | |||||||||
| Deferred revenue | (218) | (1,296) | |||||||||
| Accounts payable, accrued liabilities and other liabilities | (9,032) | (27,265) | |||||||||
| Net cash provided by operating activities | 67,467 | 108,805 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (2,652) | (14,620) | |||||||||
| Net cash used in investing activities | (2,652) | (14,620) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Principal payments on Term Loan A Facility | (2,767) | (8,125) | |||||||||
| Payments for financing costs | (2,000) | — | |||||||||
| Deemed repurchases of restricted stock units | (6,598) | (3,643) | |||||||||
| Principal payments on finance lease obligations | (455) | (1,198) | |||||||||
| Net cash used in financing activities | (11,820) | (12,966) | |||||||||
| Net increase in cash and cash equivalents from operations | 52,995 | 81,219 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (3,237) | 4,361 | |||||||||
| Cash and cash equivalents at beginning of period | 502,379 | 784,649 | |||||||||
| Cash and cash equivalents at end of period | $ | 552,137 | $ | 870,229 | |||||||
7
AMC GLOBAL MEDIA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 552,137 | $ | 502,379 | |||||||
Accounts receivable, trade (less allowance for doubtful accounts of $9,325 and $11,523) | 550,666 | 575,263 | |||||||||
| Prepaid expenses and other current assets | 237,766 | 202,967 | |||||||||
| Total current assets | 1,340,569 | 1,280,609 | |||||||||
Property and equipment, net of accumulated depreciation of $421,812 and $409,991 | 107,630 | 115,978 | |||||||||
| Program rights, net | 1,685,354 | 1,763,084 | |||||||||
| Intangible assets, net | 176,882 | 184,803 | |||||||||
| Goodwill | 165,018 | 166,809 | |||||||||
| Deferred tax assets, net | 16,652 | 17,781 | |||||||||
| Operating lease right-of-use assets | 68,690 | 72,545 | |||||||||
| Other assets | 312,895 | 335,272 | |||||||||
| Total assets | $ | 3,873,690 | $ | 3,936,881 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 129,303 | $ | 94,742 | |||||||
| Accrued liabilities | 292,105 | 323,029 | |||||||||
| Current portion of program rights obligations | 240,491 | 258,252 | |||||||||
| Deferred revenue | 63,415 | 63,651 | |||||||||
| Current portion of long-term debt | 24,770 | 11,068 | |||||||||
| Current portion of lease obligations | 13,900 | 17,643 | |||||||||
| Total current liabilities | 763,984 | 768,385 | |||||||||
| Program rights obligations | 163,937 | 181,773 | |||||||||
| Long-term debt, net | 1,724,518 | 1,741,225 | |||||||||
| Lease obligations | 78,583 | 82,263 | |||||||||
| Deferred tax liabilities, net | 116,814 | 108,164 | |||||||||
| Other liabilities | 37,621 | 41,322 | |||||||||
| Total liabilities | 2,885,457 | 2,923,132 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,730 shares issued and 32,443 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 | 419,630 | 429,902 | |||||||||
| Accumulated earnings | 2,157,090 | 2,176,124 | |||||||||
Treasury stock, at cost (34,287 and 35,516 shares Class A Common Stock, respectively) | (1,396,092) | (1,406,027) | |||||||||
| Accumulated other comprehensive loss | (226,172) | (218,910) | |||||||||
| Total AMC Global Media stockholders' equity | 955,238 | 981,871 | |||||||||
| Non-redeemable noncontrolling interests | 32,995 | 31,878 | |||||||||
| Total stockholders' equity | 988,233 | 1,013,749 | |||||||||
| Total liabilities and stockholders' equity | $ | 3,873,690 | $ | 3,936,881 | |||||||
8
AMC GLOBAL MEDIA INC.
SUPPLEMENTAL FINANCIAL DATA
(in thousands)
(unaudited)
| Capitalization | March 31, 2026 | |||||||
Cash and cash equivalents | $ | 552,137 | ||||||
Credit facility debt (a) | $ | 80,028 | ||||||
| 10.25% Senior Secured Notes due January 2029 | $ | 13,702 | ||||||
| 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 | 1,315,098 | |||||||
Senior notes (c) | $ | 1,749,256 | ||||||
| Total debt | $ | 1,829,284 | ||||||
Net debt | $ | 1,277,147 | ||||||
| Finance leases | 15,266 | |||||||
| Net debt and finance leases | $ | 1,292,413 | ||||||
| Twelve Months Ended March 31, 2026 | ||||||||
| Operating Income - (GAAP) | $ | 100,386 | ||||||
| Share-based compensation expense | 25,670 | |||||||
| Depreciation and amortization | 94,922 | |||||||
| Restructuring and other related charges | 26,085 | |||||||
| Impairment and other charges | 97,784 | |||||||
| Cloud computing amortization | 9,808 | |||||||
| Majority owned equity investees | 21,708 | |||||||
| Adjusted Operating Income - (Non-GAAP) | $ | 376,363 | ||||||
Leverage ratio (d) | 3.4 | x | ||||||
(a)Represents the aggregate principal amount of the debt, with the Term Loan A. The Company also had commitments under its undrawn $175.0 million Revolving Credit Facility. The Company gave notice on May 6, 2026 of its intention to repay the Term Loan A Facility and terminate the Senior Secured Credit Facility on May 12, 2026.
(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 March 31, 2026. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned. AMC Global Media was in compliance with all of its financial covenants under the Company's credit facility as of March 31, 2026. As of March 31, 2026, as determined for purposes of the Company’s credit facility, the Net Leverage Ratio was approximately 5.11:1.00 and the Interest Coverage Ratio was approximately 1.85:1.00.
9
AMC GLOBAL MEDIA INC.
SUPPLEMENTAL FINANCIAL DATA
(in thousands)
(unaudited)
| Adjusted Operating Income | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Operating income | $ | 31,261 | $ | 64,197 | |||||||
| Share-based compensation expenses | 6,097 | 5,757 | |||||||||
| Depreciation and amortization | 21,423 | 20,926 | |||||||||
| Restructuring and other related charges | 4,338 | 4,789 | |||||||||
| Cloud computing amortization | 2,288 | 3,213 | |||||||||
| Majority owned equity investees AOI | 3,567 | 5,603 | |||||||||
| Adjusted operating income | $ | 68,974 | $ | 104,485 | |||||||
Free Cash Flow (1) | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
Net cash provided by operating activities | $ | 67,467 | $ | 108,805 | |||||||
Less: capital expenditures | (2,652) | (14,620) | |||||||||
Free Cash Flow | $ | 64,815 | $ | 94,185 | |||||||
| Supplemental Cash Flow Information | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
Restructuring initiatives (2) | $ | (10,981) | $ | (5,751) | |||||||
Distributions to noncontrolling interests | — | — | |||||||||
(1) Free Cash Flow includes the impact of certain cash receipts or payments (such as restructuring initiatives, significant legal settlements and programming write-offs) that affect period-to-period comparability. | |||||||||||
(2) Restructuring initiatives includes cash payments of $11.0 million for severance and employee-related costs for the three months ended March 31, 2026. Restructuring initiatives includes cash payments of $5.4 million for severance and employee-related costs and $0.4 million for content impairments and other exit costs for the three months ended March 31, 2025. | |||||||||||
10
AMC GLOBAL MEDIA INC.
SUPPLEMENTAL FINANCIAL DATA
(in thousands, except per share amounts)
(unaudited)
| Adjusted Earnings (Loss) Per Share | |||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| Income (loss) from operations before income taxes | Income tax (expense) benefit | Less: Net (income) loss attributable to noncontrolling interests | Net income (loss) attributable to AMC Global Media's stockholders | Diluted EPS attributable to AMC Global Media's stockholders | |||||||||||||||||||||||||
Reported Results (GAAP) | $ | (23,902) | $ | 6,738 | $ | (1,706) | $ | (18,870) | $ | (0.43) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 7,600 | (1,728) | — | 5,872 | 0.13 | ||||||||||||||||||||||||
| Restructuring and other related charges | 4,338 | (989) | — | 3,349 | 0.08 | ||||||||||||||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||||||||||||
| (Gain) loss on extinguishment of debt, net | — | — | — | — | — | ||||||||||||||||||||||||
| Debt modification expenses | 16,665 | (3,933) | — | 12,732 | 0.29 | ||||||||||||||||||||||||
Dilutive income and share basis difference - GAAP vs. Adjusted (1) | 1,527 | (366) | — | 1,161 | 0.01 | ||||||||||||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 6,228 | $ | (278) | $ | (1,706) | $ | 4,244 | $ | 0.08 | |||||||||||||||||||
(1) For the reconciliation of Adjusted EPS to GAAP EPS, the item “Dilutive income and share basis difference - GAAP vs. Adjusted” represents the impact of the adjustments from a net loss to net income position, which required an adjustment for the interest expense associated with the convertible debt and a change in the dilutive shares outstanding to reflect additional dilutive shares associated with restricted stock units and convertible debt that were considered anti-dilutive on a GAAP basis.
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| Income (loss) from operations before income taxes | Income tax (expense) benefit | Less: Net (income) loss attributable to noncontrolling interests | Net income (loss) attributable to AMC Global Media's stockholders | Diluted EPS attributable to AMC Global Media's stockholders | |||||||||||||||||||||||||
Reported Results (GAAP) (1) | $ | 38,635 | $ | (15,336) | $ | (4,104) | $ | 19,195 | $ | 0.34 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 7,795 | (1,895) | (359) | 5,541 | 0.10 | ||||||||||||||||||||||||
| Restructuring and other related charges | 4,790 | (302) | — | 4,488 | 0.08 | ||||||||||||||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||||||||||||
| (Gain) loss on extinguishment of debt, net | — | — | — | — | — | ||||||||||||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 51,220 | $ | (17,533) | $ | (4,463) | $ | 29,224 | $ | 0.52 | |||||||||||||||||||
(1) Includes the required adjustment for interest expense associated with the convertible debt.
11
FAQ
How did AMCX AMC Global Media perform financially in Q1 2026?
AMC Global Media reported net revenues of $542 million in Q1 2026, down 2.4% year over year. Operating income was $31 million, Adjusted Operating Income $69 million, and Adjusted EPS $0.08, reflecting lower profitability versus 2025.
What were AMCX AMC Global Media’s streaming results in Q1 2026?
Streaming revenues were $174 million, up 11% from the prior year and now over one-third of domestic segment revenues. Streaming subscribers slipped 1% to 10.1 million, while ad-supported AMC+ activations under hard-bundle deals rose 200% to 1.8 million.
How much cash flow did AMCX AMC Global Media generate in Q1 2026?
AMC Global Media generated net cash provided by operating activities of $67 million and Free Cash Flow of $65 million in Q1 2026. Both metrics declined versus 2025 but still show the business producing meaningful cash after capital expenditures.
What capital structure and debt actions did AMCX AMC Global Media take?
The company exchanged about $861 million of 10.25% 2029 secured notes for $915 million of 10.50% 2032 notes and redeemed remaining 2029 notes. It plans to repay its Term Loan A Facility and terminate its credit facility, with a reported leverage ratio of 3.4x Adjusted Operating Income.
Is AMCX AMC Global Media repurchasing its stock in 2026?
Yes. AMC Global Media announced plans to repurchase approximately $30 million of Class A Common Stock via an accelerated share repurchase program. This fits within an existing Stock Repurchase Program that had $117 million of remaining authorization as of March 31, 2026.
Did AMCX AMC Global Media change its corporate name in 2026?
In April 2026, the company filed Amended and Restated Articles of Incorporation in Nevada to change its corporate name from AMC Networks Inc. to AMC Global Media Inc.. This reflects broader positioning but does not alter the underlying financial figures reported.