AMC Global Media Earnings Call Transcripts
Fiscal Year 2026
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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 a 7% revenue decline, with streaming growth offsetting linear headwinds. Guidance for 2025 remains unchanged, with focus on profitable streaming, disciplined capital allocation, and new ad-supported products.
Fiscal Year 2024
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Met 2024 guidance with $2.4B revenue and $331M free cash flow, driven by streaming growth and content licensing. 2025 outlook anticipates $2.3B revenue, $220M free cash flow, and continued digital expansion amid 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.