AMC Networks Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
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 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.
- 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
“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.”
AMC Networks CEO, on the earnings call
Forward Guidance & Outlook
The company delivered free cash flow well ahead of its previously increased forecast for 2025 and achieved its financial guidance for the year. AMC Networks expects to continue leveraging its independence and unique strengths during a period of industry change. The 2026 programming slate is diversified and includes new original series The Audacity, new seasons of Dark Winds, The Vampire Lestat, The Walking Dead: Daryl Dixon, and The Terror, as well as sports docuseries Rise of the 49ers and weekly live TNA Wrestling programming.
AMCX YoY Financials
AMCX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.