AMC Global Media Earnings Call Transcripts
Fiscal Year 2026
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A major global licensing deal for The Walking Dead with Netflix drove a raised full-year outlook, despite a 9% revenue decline and softer subscriber growth due to external factors. Renewed key distribution agreements and strong engagement in streaming and sports content support optimism for the second half.
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The meeting covered director elections, auditor ratification, executive compensation, and stock plan approval, with all proposals passing. No questions were raised by stockholders during the Q&A sessions.
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Q1 2026 saw double-digit streaming revenue growth, robust free cash flow, and improved ad trends, despite a 2% revenue and 34% AOI decline year-over-year. Guidance for 2026 is reiterated, with strong digital ad growth and a focus on debt reduction and share repurchases.
Fiscal Year 2025
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Streaming became the largest domestic revenue source, offsetting linear declines, while free cash flow and balance sheet strength exceeded expectations. 2026 guidance anticipates stable subscription revenue, lower advertising, and continued investment in content.
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Q3 saw strong free cash flow and record streaming viewership, with streaming revenue now the largest domestic source. Revenue declined 6% year-over-year, but digital advertising grew 40% and partnerships expanded, supporting a reiterated $250M free cash flow outlook for 2025.
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Q2 saw accelerated streaming revenue growth, strong licensing, and $96M in free cash flow, prompting a raised full-year free cash flow outlook to $250M. Digital ad commitments rose 25%+, debt was reduced by $400M+, and streaming is set to become the largest revenue source in 2025.
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Q1 saw $94M in free cash flow and 10.2M streaming subscribers, with revenue down 7% year-over-year but streaming revenue up 8%. Guidance remains for $220M free cash flow and $2.3B revenue in 2025, as price increases and new content are expected to drive growth.
Fiscal Year 2024
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Met 2024 guidance with $2.4B revenue and $331M free cash flow, driven by streaming growth, innovative licensing, and expanded partnerships. 2025 outlook anticipates flat subscription revenue, strong streaming gains, and continued linear headwinds.
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Q3 saw $600M in revenue and $54M in free cash flow, with strong content licensing and streaming growth offsetting linear declines. The company is on track for $500M cumulative free cash flow by 2025 and continues to expand partnerships and digital offerings.
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Q2 2024 saw $626M in revenue (down 8%), $153M AOI, and $95M free cash flow, with strong content licensing and streaming growth offsetting linear declines. A major Netflix deal and backend partnership with Comcast support guidance for $2.4B revenue and $500M cumulative free cash flow by 2025.