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AMC Networks

AMC Networks (AMCX) Q2 2026 Earnings

Reported Jul 30, 2026 at 7:03 AM ET · SEC Source

Q2 26 EPS

$-0.28

MISS 306.98%

Est. $-0.07

Q2 26 Revenue

$547.5M

MISS 1.29%

Est. $554.6M

vs S&P Since Q2 26

+11.5%

BEATING MARKET

AMCX +15.7% vs S&P +4.3%

Market Reaction

Did AMCX Beat Earnings? Q2 2026 Results

AMC Global Media delivered a bruising second quarter, missing badly on both top and bottom lines as ongoing cord-cutting pressure weighed on results. The rebranded AMC Networks posted adjusted EPS of -$0.28, falling well short of the -$0.07 consensus… Read more AMC Global Media delivered a bruising second quarter, missing badly on both top and bottom lines as ongoing cord-cutting pressure weighed on results. The rebranded AMC Networks posted adjusted EPS of -$0.28, falling well short of the -$0.07 consensus estimate by 306.98%, while revenue of $547.50 million declined 8.8% year-over-year and came in 1.29% below expectations. Domestic operations bore the brunt of the pain, with affiliate revenue tumbling 17% to $126.00 million on basic subscriber losses and advertising slipping 11.2% to $108.83 million, partly due to a one-time system integration issue. The headline story, however, was a sweeping five-year, $500.00 million global co-exclusive licensing deal with Netflix covering The Walking Dead Universe across 7 series and 371 episodes, a transaction the company expects will drive $200.00 to $225.00 million in annual revenue recognition in both 2026 and 2027. Management cited the deal, alongside renewed distribution agreements with Comcast, YouTube, DirecTV, and DISH, as the basis for raising full-year guidance, even as institutional ownership remained elevated at roughly 78% of shares outstanding.

Key Takeaways

  • • Streaming revenue growth of 6% driven by price increases across services
  • • International advertising revenue growth of 13%
  • • Decline in basic subscribers impacting affiliate revenue (-17%)
  • • Timing of content licensing deliveries causing 34% decline in domestic content licensing
  • • One-time system integration issue negatively impacting advertising revenue
  • • Increased marketing investments related to timing of premieres

AMCX Forward Guidance & Outlook

The company is increasing its full-year guidance, leveraging the value of its IP, studio capabilities, and strength of partner relationships, particularly in distribution. The Walking Dead Universe Netflix licensing deal is expected to generate $500 million in license fees over five years, with approximately $25 million in cash payments in 2026, approximately $100 million annually from 2027-2030, and the remainder in 2031. Revenue recognition from the deal is estimated at approximately $445 million in aggregate (present value basis), with $200-$225 million recognized annually in each of 2026 and 2027. The Walking Dead will begin streaming on AMC+ for the first time early next year.

24/7 Wall St

AMCX YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

AMCX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We are pleased to announce today an expansion of our relationship with a key long-term partner, Netflix. We have reached a global co-exclusive licensing agreement for the streaming rights to the entire Walking Dead Universe, which will provide a meaningful source of cash flow for years to come. We renewed distribution agreements with major partners Comcast and YouTube. We are increasing our guidance for the full year as we leverage the value of our IP, the importance of our studio and the strength of our partner relationships, particularly in the area of distribution.”

— Kristin Dolan, Q2 2026 Earnings Press Release

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