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AMC Networks

AMC Networks (AMCX) Q4 2025 Earnings

Reported Feb 11, 2026 at 4:03 PM ET · SEC Source

Q4 25 EPS

$0.64

MISS 3.72%

Est. $0.66

Q4 25 Revenue

$594.8M

BEAT +2.23%

Est. $581.8M

vs S&P Since Q4 25

+25.5%

BEATING MARKET

AMCX +34.3% vs S&P +8.8%

Full Year 2025 Results

FY 25 EPS

$2.03

MISS 1.09%

Est. $2.05

FY 25 Revenue

$2.31B

BEAT +0.52%

Est. $2.30B

Market Reaction

Did AMCX Beat Earnings? Q4 2025 Results

AMC Networks closed out Q4 2025 with a quiet beat that underscored how far its streaming pivot has come, posting adjusted EPS of $0.64 against a consensus estimate of $0.58, a 10.34% beat, while revenue of $594.80 million edged past the $582.89 milli… Read more AMC Networks closed out Q4 2025 with a quiet beat that underscored how far its streaming pivot has come, posting adjusted EPS of $0.64 against a consensus estimate of $0.58, a 10.34% beat, while revenue of $594.80 million edged past the $582.89 million estimate by 2.04%, even as it slipped 0.8% from the year-ago period. The most material driver was a 14% surge in Q4 streaming revenue to $177.00 million, a milestone that pushed streaming past linear channels to become the largest single domestic revenue source, a moment CEO Kristin Dolan described as a significant inflection point. That momentum helped offset a 13% decline in traditional affiliate revenue and a 10% drop in advertising, both casualties of continuing linear ratings pressure. Free cash flow of $272.37 million for the full year exceeded the company's own raised forecast, and management sees at least $200 million in free cash flow for 2026, supported by a programming slate featuring new seasons of Dark Winds and The Walking Dead: Daryl Dixon alongside the new original series The Audacity.

Key Takeaways

  • • Streaming revenue growth of 14% in Q4 driven by price increases across services
  • • Streaming is now the largest single revenue component for Domestic Operations
  • • Content licensing revenues increased 12% due to availability of deliveries
  • • Significant affiliate renewal activity representing more than a third of US and Canada subscriber footprint
  • • More than 1.1 million Spectrum TV customers activated ad-supported AMC+ on Charter
24/7 Wall St

AMCX YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

AMCX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“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 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.”

— Kristin Dolan, Q4 2025 Earnings Press Release

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