AMC Networks Inc. Reports Fourth Quarter and Full Year 2025 Results

Core Insights - AMC Networks reported a successful 2025, with streaming becoming the largest revenue source in its domestic segment, marking a significant transformation in the business [2][3] - The company achieved free cash flow ahead of forecasts and met its financial guidance for the year, indicating strong operational performance [2] Operational Highlights - The company completed significant affiliate renewal activities in 2025, covering over a third of its subscriber base in the US and Canada [7] - Streaming revenue grew by 14%, now representing the largest revenue component for the Domestic Operations segment [6][12] - The company launched new services and diversified its programming slate for 2026, including new series and docuseries [7] Fourth Quarter Financial Highlights - Net revenues for Q4 2025 were $595 million, a decrease of 1% from Q4 2024 [6][12] - The operating loss for Q4 was $51 million, with adjusted operating income of $104 million, reflecting a margin of 17% [6][8] - Diluted EPS for Q4 was $(1.26), while adjusted EPS was $0.64 [6][8] Full Year Financial Highlights - Total net revenues for 2025 were $2.3 billion, down 5% from 2024 [6][12] - The operating income for the year was $133 million, with adjusted operating income of $412 million, representing a margin of 18% [6][8] - Diluted EPS for the full year was $1.66, with adjusted EPS of $2.03 [6][8] Segment Results – Domestic Operations - Domestic Operations segment revenues decreased 1% to $515 million in Q4 2025, with subscription revenues flat at $315 million [9][12] - Advertising revenues fell by 10% to $125 million due to declines in linear ratings and pricing [12] - For the full year, Domestic Operations revenues decreased 5% to $2.0 billion, with subscription revenues down less than 1% [16] Segment Results – International - International segment revenues decreased 5% to $81 million in Q4 2025 [13][17] - Subscription revenues increased 1% to $49 million, while advertising revenues decreased 13% to $30 million [13][17] - Adjusted Operating Income for the International segment decreased 23% to $7 million [13][17] Other Matters - The company acquired the remaining 17% of RLJ Entertainment for $75 million, consolidating its ownership [19] - Impairment and other charges for the year totaled $98 million, primarily due to a goodwill impairment charge [20] - The company repurchased 854,692 shares of Class A Common Stock for $7.5 million in Q4 2025 [22]