Key Financial Data
- Q4 Total revenue: $322.8 million (-6.3% year-over)
- Q4 Streaming revenue: $210.3 million (-12%)
- Q4 Linear TV revenue: $112.5 million (+6.6%)
- Q4 Operating income: -$4.7 million
- Q4 Net income: -$20.7 million
- U.S. Streaming subscribers: 12.7 million (+7.6%)
- U.S. Total subscribers: 17.6 million (-0.3%)
- FY25 Total revenue: $963.4 million (-7.3%)
- FY25 Streaming revenue: $654.2 million (-7.3%)
- FY25 Linear TV revenue: $309.2 million (-7.3%)
- FY25 Operating income: -$66.4 million
- FY25 Net income: -$115.8 million
- Read more Q4 2025 media earnings coverage
- * – note: FY25 is for the first nine months of Starz’s reported fiscal year.
Starz reported lower revenue but sharply improved its financial loss during the fourth quarter (Q2) of 2025, the company’s second consecutive full quarter since spinning out of Lionsgate last summer.
For the three months ended December 31, Starz generated total revenue of $322.8 million, down 6.3 percent from $344.5 million earned during Q4 2024. The decline was driven by softer direct-to-consumer sales, with streaming-related revenue falling 12 percent to $210.3 million. Linear and other revenue increased 6.6 percent to $112.5 million, the company said.
Despite the revenue decline, operating results improved significantly. Starz posted an operating loss of $4.7 million, compared with a loss of $21.2 million a year earlier. Net loss narrowed to $20.7 million, or $1.24 per share, versus $31.8 million, or $1.90 per share, in the prior-year quarter.
Stock Price
Subscriber trends were mixed but showed continued strength in streaming. Domestic OTT subscribers reached 12.7 million at quarter’s end, up 7.6 percent from 11.8 million a year earlier and up 370,000 sequentially. Total U.S. subscribers were 17.6 million, essentially flat compared with 17.7 million last year, as declines in linear subscribers offset streaming gains.
On a conference call with reporters last week, Starz said it would stop disclosing firm subscriber counts, following in the footsteps of its peers like Disney and Netflix. Instead, Starz will point investors toward other metrics, including streaming-related revenue and profitability, the company affirmed.
For the first nine months of fiscal 2025, total revenue declined 7.3 percent to $963.4 million, compared with $1 billion in the prior-year period. Net loss widened to $115.8 million from $58.2 million, while operating loss increased to $66.4 million from $28.0 million.
“Just nine months after our separation, we are beginning to see the full impact of operating as a standalone company,” Jeffrey Hirsch, the CEO of Starz, said in prepared remarks. “We exceeded all our financial guidance in 2025 and expect 2026 to be a positive financial inflection point for the company as we enter the year with record-high (streaming) subscribers and a balance sheet that outperformed our deleveraging expectations.”
Hirsch continued: “With a disciplined investment strategy, a more efficient operating model, and one of our strongest programming slates to date, we are poised to drive sustainable (streaming) revenue growth, expand profitability, and improve free cash flow as we execute against our long-term targets.”
