Key Financial Data
- Q4 Revenue: $594.8 million (-0.8% year-over)
- Q4 Operating income: -$50.9 million (80% improvement)
- Q4 Adjusted operating income: $103.6 million (-19.8%)
- Q4 Net cash flow: $49.2 million (-15.3%)
- Q4 Domestic subscription revenue: $314.8 million (+0.3%)
- Q4 Domestic streaming revenue: $177 million (+14%)
- Q4 Domestic affiliate revenue: $138 million (-13%)
- Q4 Domestic advertising revenue: $124.9 million (-10.2%)
- Q4 Domestic content licensing revenue: $75.4 million (+12.3%)
- Q4 International total revenue: $81.3 million (-5%)
- Read more Q4 2025 media earnings coverage
AMC Networks narrowed its operating loss during the fourth quarter (Q4) of the year as the company continued to evolve into a streaming-focused media company while maintaining its commitments to its legacy cable networks business.
During the three months that ended December 31, AMC Networks earned $594.8 million in overall revenue, relatively unchanged from last year, while reducing its operating loss to just $50.9 million, an improvement of 80 percent on a year-over basis.
In the United States, streaming is now the biggest single source of revenue, AMC Networks executives confirmed in a statement on Wednesday, with that part of the business pulling in $177 million (up 14 percent). By comparison, affiliate fees charged to cable and satellite companies for its traditional TV networks was down 13 percent to $138 million, while advertising revenue dipped 10 percent to $124.9 million.
“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,” Kristin Dolan, the CEO of AMC Networks, said in a statement. “We delivered free cash flow well ahead of our previously increased forecast and once again achieved our financial guidance for the year.”
Last November, Dolan and other AMC Networks executives said the company was evolving into a streaming-focused business, where there were more domestic and international growth opportunities at a time when TV and film fans were switching out of legacy pay TV services.
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Between then and now, AMC Networks launched a new unscripted-focused streaming platform called All Reality and relaunched its Sundance Now platform to include more than 1,000 hours of independent films. It also imported content from RLJ Entertainment into other streaming products like Acorn TV and ALLBLK after taking a 17 percent stake in that business.
Streaming has also become a bigger element in its pay TV agreements, with more than 1.1 million customers of Charter’s Spectrum TV activating a subscription to AMC Plus that is included with some plans and available to buy separately through the company’s streaming marketplace. During 2025, AMC Networks also renewed its agreement with Philo and other services that offer included or add-on access to AMC Plus, the company said.
For the full year, AMC Networks generated net revenues of $2.31 billion, down 4.5 percent from $2.42 billion in 2024. Operating income was $133.3 million, compared with an operating loss of $39.6 million in the prior year.
