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AMC Networks

AMC Networks (AMCX) Q1 2025 Earnings

Reported May 9, 2025 at 7:02 AM ET · SEC Source

Q1 25 EPS

$0.52

MISS 35.47%

Est. $0.81

Q1 25 Revenue

$555.2M

MISS 2.11%

Est. $567.2M

vs S&P Since Q1 25

+47.1%

BEATING MARKET

AMCX +78.4% vs S&P +31.3%

Market Reaction

Did AMCX Beat Earnings? Q1 2025 Results

AMC Networks delivered a disappointing start to 2025, missing Wall Street expectations on both the top and bottom lines as its legacy television business continued to erode. The company posted adjusted EPS of $0.52 for Q1 2025, falling well short of … Read more AMC Networks delivered a disappointing start to 2025, missing Wall Street expectations on both the top and bottom lines as its legacy television business continued to erode. The company posted adjusted EPS of $0.52 for Q1 2025, falling well short of the $0.81 consensus estimate by 35.47%, while revenue declined 6.9% year-over-year to $555.23 million, missing forecasts of $567.20 million by 2.11%. The most material drag came from the linear side of the business, where affiliate revenues tumbled 12% to $156.00 million on subscriber losses and unfavorable contract terms, and advertising revenues fell 15% to $119.00 million amid ratings pressure. A bright spot emerged in streaming, where revenue grew 8% to $157.00 million, driven by price increases across its portfolio of services, though the subscriber base held roughly flat at 10.2 million. The results reinforce a persistent concern among analysts that AMC Networks' heavy reliance on traditional television remains a structural headwind, even as the company pursues streaming and content licensing alternatives to stabilize its business.

Key Takeaways

  • • Streaming revenue growth of 8% driven by price increases across services
  • • Dark Winds Season 3 premiere attracted approximately 2.2 million viewers and boosted AMC+ direct-to-consumer acquisition
  • • Year-over-year improvement in subscriber retention and double-digit sequential increase in viewership hours per subscriber
  • • International advertising revenue growth of 5% driven by increased ratings and advanced advertising in the U.K.
24/7 Wall St

AMCX YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

AMCX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We continue to execute on our core strengths as we navigate the changing world of media. During the first quarter we delivered high-quality premium programming to our audiences, launched ad-supported AMC+ on Charter and generated $94 million of free cash flow. We remain nimble and opportunistic in broadly distributing our sought-after content across all available platforms to build value for our partners, viewers and shareholders.”

— Kristin Dolan, Q1 2025 Earnings Press Release

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