New York, NY – November 9, 2026: AMC Global Media Inc. (“AMC Global Media” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2026.
Chief Executive Officer Kristin Dolan said: “We saw consolidated revenue growth in the third quarter, led by our licensing and streaming businesses. We also saw sequential and year-over-year improvements in both domestic affiliate and advertising revenue trends. We continue to leverage our key points of differentiation including a targeted streaming strategy that is complementary to larger and more expensive options from other providers, running on a single technology platform with attractive pricing and packaging. Our AMC Studios business is creating valuable and distinctive IP for our own platforms and for partners through co-production relationships and content sales.”
Operational Highlights:
- Announced that all seasons of The Walking Dead will be available on AMC+ as part of The Walking Dead Universe Collection, which includes all six spin-off series, beginning on January 7th.
- Expanded relationship with Netflix through an innovative co-production agreement to develop new AMC Studios series together. Greenlit the first new series under this new construct, a spy drama called Bannerman.
- Partnered with Alcon Entertainment and StudioCanal to greenlight new AMC Studios co-produced series Point Break.
- Greenlit Happy Jack, a new AMC Studios comedy starring Charlie Sheen and Martin Sheen, set to premiere on AMC and AMC+ in 2027.
- Commenced production on Thunder Road, the AMC Studios multi-generational racing drama produced in partnership with NASCAR and starring Dennis Quaid.
Financial Highlights – Third Quarter Ended September 30, 2026:
- Net cash used in operating activities of $42 million; Free Cash Flow(1) of $(52) million.
- Free Cash Flow of $33 million, excluding the impact of one-time settlement payment.
- Operating loss of $42 million; Adjusted Operating Income(1) of $70 million.
- Domestic Operations revenue of $495 million increased 2% from the prior year period.
- Diluted EPS of $(1.13); Adjusted EPS(1) of $0.44.
Third Quarter Results
- Domestic Operations revenue increased 2% from the prior year to $495 million.
- Subscription revenue decreased 2% to $308 million primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth.
- Streaming revenue increased 4% to $181 million primarily due to the impact of price increases across our services. Excluding revenue from ALLBLK in the current and prior third quarter periods, streaming revenue increased 7%.
- Affiliate revenue declined 11% to $127 million primarily due to basic subscriber declines.
- Advertising revenue decreased 7% to $102 million primarily due to lower marketplace pricing, partially offset by digital advertising growth.
- Content licensing revenue increased 42% to $84 million primarily due to the timing and availability of deliveries in the period.
- Subscription revenue decreased 2% to $308 million primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth.
- Segment Adjusted Operating Income decreased 21% to $89 million. The decrease in segment Adjusted Operating Income was primarily driven by increased technical and operating expenses.
Third Quarter Results
- International revenue decreased 5% from the prior year to $73 million. Excluding the impact of foreign currency translation, International revenue decreased 4%.
- Subscription revenue decreased 4% to $46 million primarily due to the previously disclosed wind-down of a joint venture that operated primarily in Poland and Africa and the impact of foreign currency translation. Excluding the impact of foreign currency translation, subscription revenue decreased 3%.
- Advertising revenue decreased 6% to $24 million primarily due to a decline in the U.K. advertising market, partially offset by digital advertising growth.
- Segment Adjusted Operating Income decreased 12% to $11 million. Segment adjusted operating income decreased primarily due to lower subscription and advertising revenues, partially offset by lower selling, general and administrative expenses.
Other Matters:
Legal Settlement
On September 4, 2026, the Company entered into a settlement agreement (the “Settlement Agreement”) with Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Charles Eglee, United Bongo Drum, Inc.; Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the “Plaintiffs”) resolving breach of contract claims. The complaint was initially filed in 2022 and a jury trial was scheduled to commence on October 27, 2026.
The Settlement Agreement provides for total consideration of $120 million (the “Settlement Payment”) to the Plaintiffs consisting of (i) a cash payment of $85 million, paid on September 16, 2026 and (ii) $35 million to be paid no later than January 31, 2027, which $35 million payment will be treated as an advance against Modified Adjusted Gross Receipts participation amounts that will accrue in the normal course on a go-forward basis to the Plaintiffs under contractual arrangements relating to the television series The Walking Dead and Fear the Walking Dead.
With regard to the Settlement Payment, the Company recorded a charge of $85 million during the three months ended September 30, 2026, included in Impairment and other charges, in consideration for the dismissal of the action with prejudice.
Sale of a Business
On August 26, 2026, the Company divested its ALLBLK streaming business in a cash sale transaction. The transaction resulted in a pre-tax gain of $3.7 million recorded in Impairment and other charges for the three months ended September 30, 2026. Subsequent to the divestiture, the Company entered into a long-term content licensing agreement with the buyer of the ALLBLK streaming business.
Restructuring and Other Related Charges
Third quarter restructuring and other related charges were $2.2 million and included $2.1 million related to the sale of ALLBLK and $0.1 million related to the Company’s restructuring plan in its International segment.
Stock Repurchase Program
On May 8, 2026, the Company entered into an accelerated share repurchase (“ASR”) agreement with Citibank, N.A. (“Citibank”) to repurchase $30 million of its outstanding Class A Common Stock as part of its existing Stock Repurchase Program. Under the ASR agreement, which concluded in October, the Company repurchased 2,817,888 shares of Class A Common Stock.
As of September 30, 2026, the Company had $87 million of authorization remaining for repurchase under the Stock Repurchase Program.
Outstanding Shares
As of October 30, 2026, the Company had 29,674,947 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Please see the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, which will be filed later today, for further details regarding the above matters.
Description of Non-GAAP Measures
Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units), depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization, and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company’s operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expenses or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units) allows management and investors to better track the performance of the various operating units of the business without regard to the period-to-period effects of share-based compensation awards, including the changes in fair value of liability-classified share-based compensation awards to non-employee directors that will be cash settled. Beginning in June 2026, non-employee directors receive a portion of their compensation in director stock units that will be settled in cash. These liability-classified share-based compensation awards to non-employee directors are included in the share-based compensation adjustment to operating income (loss) to allow for comparability between periods without regard to the period-to-period effects of share-based compensation awards (including the changes in fair value of those awards from period to period). Liability-classified share-based compensation awards to employees are included in Adjusted Operating Income (Loss).
The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry.
Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 10 of this release.
The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in the Company’s Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release.
The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see pages 11-12 of this release.
Forward-Looking Statements
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information
AMC Global Media will host a conference call today at 4:30 p.m. ET to discuss its third quarter 2026 results. To listen to the call, please visit investors.amcglobalmedia.com.
About AMC Global Media
AMC Global Media (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution label Independent Film Company. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe. AMC Global Media is headquartered in the United States, with international operations in Iberia, Latin America, Central Europe, the U.K., Australia and New Zealand.
