10-Q · May 8, 2026
AMC Global Media Inc. reported Q1 2026 results with revenues of $542.1 million, a slight increase from $555.2 million in Q1 2025, while EPS dropped significantly to $0.08 from $0.34 in the same quarter last year. The…
AMCX earnings analysis
10-Q · Filed November 9, 2026 · Our reading of the company's report
The latest report
AMC Global Media delivered modest revenue growth to $566.1 million, but the quarter deteriorated materially below the revenue line: operating income swung to a $41.6 million loss, net loss was $47.4 million, and…
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AMC Global Media delivered modest revenue growth to $566.1 million, but the quarter deteriorated materially below the revenue line: operating income swung to a $41.6 million loss, net loss was $47.4 million, and adjusted operating income declined 25.4% to $70.4 million. Domestic licensing and streaming growth, including the new $500 million Netflix agreement, offset declines in linear subscriptions and advertising, while International revenue and profitability contracted. Liquidity remains the central concern as nine-month operating cash flow fell to $82.8 million and management acknowledges that refinancing will be required to address $1.7 billion of debt at maturity.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Operating margin
- -7.4%
What stood out
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Licensing offset subscription weakness
Third-quarter revenue was $566.1 million, up 0.8% from $561.7 million a year earlier, driven by a 38.0% increase in content licensing and other revenue to $84.8 million.
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Domestic streaming and licensing grew
Domestic Operations revenue rose 1.9% to $495.1 million, with streaming revenue increasing 4.3% and content licensing and other revenue increasing 41.7% year over year.
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$500 million Netflix licensing agreement
The company signed a five-year, $500 million aggregate content license agreement with Netflix for The Walking Dead Universe; expected recognized revenue is approximately $450 million based on present value.
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Quarterly interest expense declined
Interest expense declined 7.2% year over year to $41.4 million in the quarter, reflecting lower balances under the Term Loan A Facility and 4.25% Senior Notes.
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Term loan fully repaid
The company repaid the remaining $80.0 million Term Loan A balance, terminated its revolving credit facility, and was in compliance with all debt covenants as of September 30, 2026.
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Positive year-to-date free cash flow
The company generated $82.8 million of operating cash flow and $55.6 million of free cash flow for the nine months ended September 30, 2026, while capital expenditures were $27.2 million, or 1.6% of nine-month revenue.
What to watch
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Impairment drove operating loss
Operating income swung to a $41.6 million loss from $55.5 million of income year over year, and operating expenses increased 20.0% to $607.7 million, including $81.3 million of impairment and other charges.
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Legal settlement pressured earnings and cash
Net loss attributable to AMC Global Media stockholders was $47.4 million versus $76.5 million of net income a year earlier; the quarter also included an $85.0 million cash legal-settlement payment and a total settlement obligation of $120 million.
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Cash generation deteriorated
Operating cash flow fell to $82.8 million from $256.4 million in the prior-year period, while free cash flow declined to $55.6 million from $231.9 million.
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Core subscription and ad pressure
Subscription revenue declined 2.7% to $354.5 million and advertising revenue fell 6.8% to $126.7 million; management expects linear subscriber declines and continued advertising revenue declines.
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Refinancing remains necessary
The company had $1.7 billion of debt outstanding, all at fixed rates, and stated it will not generate sufficient operating cash plus cash on hand to repay all debt at maturity, creating dependence on capital markets.
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Content costs are rising
Domestic Operations adjusted operating income fell 20.6% to $89.1 million as technical and operating expenses rose 9.8% to $281.3 million, partly due to participation and residual costs tied to new licensing deals.
Management's outlook
No quantitative EPS or revenue guidance was provided. Management expects content licensing revenue to increase in Q4 2026 versus Q4 2025 based on contracted start dates under The Walking Dead Universe Licensing Agreement. Management also said cash on hand, operating cash flow, accounts receivable monetization and new debt issuance are expected to provide sufficient liquidity over the next 12 months, but the company will depend on capital markets to refinance debt at maturity.
Earlier filings 1
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