Key Financial Data
- Q1 Total revenue: $542.1 million (-2.4% year-over)
- Operating income: $31.3 million (-51.3$)
- Domestic operating revenue: $470.7 million (-3.2%)
- Domestic subscription revenue: $305.3 million (-2.6%)
- Domestic advertising revenue: $112.8 million (-5.4%)
- Domestic content licensing revenue: $52.6 million (-2.1%)
- Streaming revenue: $174 million (+11%)
- Streaming subscribers: 10.1 million (-1%)
- Affiliate revenue: $131 million (-16%)
- International revenue; $72.3 million (+3.3%)
- Read more Q1 2026 media earnings coverage
AMC Global Media reported lower first quarter (Q1) revenue and sharply reduced profit on Friday, even as its streaming business continued to grow by double digits and the company generated positive free cash flow.
The entertainment company, which operated as AMC Networks until last month, saw revenue fall 2.4 percent to $542.1 million during Q1 compared with revenue of $555.2 million during the same period last year.
Operating income declined 51 percent to $31.3 million, while adjusted operating income fell 34 percent to $69 million. The company posted a net loss attributable to shareholders of $18.9 million, or 43 cents per diluted share, compared with net income of $18 million, or 34 cents per diluted share, a year earlier.
On an adjusted basis, AMC Global Media earned 8 cents per share, down from 52 cents per share in the prior-year quarter. Free cash flow totaled $64.8 million, compared with $94.2 million last year.
AMC CEO Kristin Dolan encouraged investors to focus on the company’s momentum in its streaming business, saying the company “delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation.”
Dolan said AMC is “tracking to plan across all key metrics” and reiterated the company’s full-year financial outlook, adding AMC continues to pursue “our own differentiated playbook as a studio-driven owner of world-class IP” distributed across owned and partner platforms.
Domestic revenue clocked in at $470.7 million, down 3.2 percent from a year ago. Subscription revenue fell 2.6 percent to $305.3 million as affiliate revenue — the amount AMC earns from cable and satellite companies — declined 16 percent as pay TV companies continue to see higher churn. That weakness was partially offset by streaming revenue, which rose 11 percent to $174 million, primarily because of price increases across AMC’s streaming services.
Stock Price
AMC ended the quarter with 10.1 million streaming subscribers, down slightly from 10.2 million a year earlier. Activations of the ad-supported AMC Plus tier through hard-bundle arrangements with some pay TV providers rose to 1.8 million, which are not included in AMC’s streaming subscriber count.
Advertising revenue in the domestic segment fell 5.4 percent to $112.8 million, with lower marketplace pricing partly offset by digital advertising growth. Content licensing and other revenue slipped 2.1 percent to $52.6 million.
International revenue increased 3.3 percent to $72.3 million, though the company said revenue would have declined 5 percent excluding foreign currency translation. International adjusted operating income fell 44.8 percent to $5.4 million.
