AMC Networks(US:AMCX)2026-02-11 21:03Financial Performance - AMC Networks reported net revenues of $594.8 million for Q4 2025, a decrease of 0.8% from Q4 2024, and full-year revenues of $2.31 billion, down 4.5% year-over-year[6]. - The company reported an operating loss of $50.9 million in Q4 2025, an improvement of 80% compared to a loss of $254.2 million in Q4 2024[6]. - The net income attributable to AMC Networks' stockholders for the full year 2025 was $89.4 million, compared to a net loss of $226.5 million in 2024[34]. - The company reported a net loss attributable to AMC Networks stockholders of $55,467 thousand for the three months ended December 31, 2025, compared to a net income of $27,566 thousand in the same period of 2024[49]. - For the twelve months ended December 31, 2025, the reported net loss was $47.753 million, with a diluted EPS of $(12.372)[53]. Cash Flow and Liquidity - The company achieved a free cash flow of $40.4 million in Q4 2025, up 7.6% from Q4 2024, and a full-year free cash flow of $272.4 million, down 17.7% from the previous year[6]. - The company generated $305.7 million in net cash provided by operating activities for the year 2025, compared to $375.6 million in 2024[36]. - Free Cash Flow for the twelve months ended December 31, 2025, was $272,367 thousand, compared to $330,840 thousand in 2024, a decline of about 17.6%[44]. - Cash and cash equivalents decreased from $784,649 thousand in 2024 to $502,379 thousand in 2025, a drop of approximately 36.0%[38]. Revenue Segments - Streaming revenue grew by 14% in Q4 2025, now representing the largest revenue component for the Domestic Operations segment[8]. - The Domestic Operations segment reported subscription revenues of $314.8 million in Q4 2025, a slight increase of 0.3% year-over-year, while full-year subscription revenues were $1.26 billion, down 0.8%[10]. - The International segment's revenues decreased by 5% to $81.3 million in Q4 2025, with subscription revenues increasing by 1% to $48.6 million[14]. Expenses and Charges - The total operating expenses for Q4 2025 were $645.7 million, down from $853.5 million in Q4 2024, reflecting a significant reduction in impairment and other charges[34]. - The company faced impairment and other charges of $98 million for the year ended December 31, 2025, including a $93 million goodwill impairment charge[19]. - The company incurred $97.8 million in impairment and other charges in Q4 2025, significantly lower than the $302.7 million in Q4 2024[34]. - Restructuring and related charges amounted to $43.037 million for the three months ended December 31, 2024[51]. Ownership and Acquisitions - AMC Networks acquired the remaining 17% of RLJ Entertainment for $75 million, consolidating its ownership of RLJ Entertainment[18]. - The company completed significant affiliate renewals in 2025, covering over a third of its subscriber footprint in the US and Canada[8]. Assets and Liabilities - Total assets decreased from $4,362,221 thousand in 2024 to $3,936,881 thousand in 2025, a decline of approximately 9.7%[38]. - Total liabilities decreased from $3,422,080 thousand in 2024 to $2,923,132 thousand in 2025, a reduction of about 14.6%[38]. - The company had a total debt of $1,778,251 thousand as of December 31, 2025[40]. - Net debt as of December 31, 2025, was $1,275,872 thousand, reflecting a decrease from the previous year[40]. Future Outlook - AMC Networks plans to continue focusing on its streaming services and original content production to drive future growth[31].