Q3 FY2026
Filed Nov 9, 2026AMC Global Media Q3 2026: revenue up 0.8% to $566,070 thousand, GAAP operating loss of $(41,614) thousand after an $85 million legal settlement charge, adjusted EPS $0.44 vs $0.18
Consolidated revenue grew 0.8% and adjusted EPS rose to $0.44 from $0.18, but adjusted operating income fell 25.4%, GAAP diluted EPS was $(1.13), operating cash flow and free cash flow were negative in the quarter, and nine-month revenue, adjusted operating income and free cash flow all declined year over year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, Q3 2026GAAP | $566.1M | – | 0.8% |
| Net revenues, nine months 2026GAAP | $1.66B | – | (3.6)% |
| Technical and operating expenses (excl. D&A), Q3 2026GAAP | $313.8M | – | – |
| Technical and operating expenses (excl. D&A), nine months 2026GAAP | $885.7M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $191.0M | – | – |
| Selling, general and administrative, nine months 2026GAAP | $617.6M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $19.45M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $57.69M | – | – |
| Impairment and other charges, Q3 2026GAAP | $81.28M | – | – |
| Restructuring and other related charges, Q3 2026GAAP | $2.21M | – | – |
| Restructuring and other related charges, nine months 2026GAAP | $7.89M | – | – |
| Total operating expenses, Q3 2026GAAP | $607.7M | – | – |
| Total operating expenses, nine months 2026GAAP | $1.65B | – | – |
| Operating income (loss), Q3 2026GAAP | −$41.61M | – | n/m |
| Operating income (loss), nine months 2026GAAP | $5.50M | – | (97.0)% |
| Adjusted operating income, Q3 2026non-GAAP | $70.44M | – | (25.4)% |
| Adjusted operating income, nine months 2026non-GAAP | $185.5M | – | (39.8)% |
| Interest expense, Q3 2026GAAP | −$41.37M | – | – |
| Interest expense, nine months 2026GAAP | −$125.4M | – | – |
| Interest income, Q3 2026GAAP | $3.71M | – | – |
| Interest income, nine months 2026GAAP | $10.03M | – | – |
| Gain (loss) on extinguishment of debt, net, Q3 2026GAAP | — | – | – |
| Gain (loss) on extinguishment of debt, net, nine months 2026GAAP | −$3.78M | – | – |
| Income tax (expense) benefit, Q3 2026GAAP | $36.66M | – | – |
| Income tax (expense) benefit, nine months 2026GAAP | $48.07M | – | – |
| Net income (loss) attributable to AMC Global Media stockholders, Q3 2026GAAP | −$47.39M | – | – |
| Net income (loss) attributable to AMC Global Media stockholders, nine months 2026GAAP | −$88.20M | – | – |
| Diluted EPS, Q3 2026GAAP | $(1.13) | – | n/m |
| Diluted EPS, nine months 2026GAAP | $(2.06) | – | n/m |
| Adjusted EPS, Q3 2026non-GAAP | $0.44 | – | n/m |
| Adjusted EPS, nine months 2026non-GAAP | $0.33 | – | (76.3)% |
| Net cash provided by (used in) operating activities, Q3 2026GAAP | −$41.83M | – | n/m |
| Net cash provided by operating activities, nine months 2026GAAP | $82.83M | – | (67.7)% |
| Free Cash Flow, Q3 2026non-GAAP | −$52.44M | – | n/m |
| Free Cash Flow, nine months 2026non-GAAP | $55.64M | – | (76.0)% |
| Total debt, Sept 30, 2026GAAP | $1.74B | – | – |
| Net debt, Sept 30, 2026non-GAAP | $1.30B | – | – |
| Net debt and finance leases, Sept 30, 2026non-GAAP | $1.31B | – | – |
| Leverage ratio, twelve months ended Sept 30, 2026non-GAAP | 4.5 x | – | – |
| Adjusted operating income, twelve months ended Sept 30, 2026non-GAAP | $289.0M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Domestic Operations, total revenues, net, Q3 2026Company states Domestic Operations revenue increased 2% from the prior year period. Nine months 2026 total revenues were $1,436,219 thousand, a (4.2)% change. | $495.1M | – | 1.9% |
| Domestic Operations, Segment Adjusted Operating Income, Q3 2026Company states the decrease was primarily driven by increased technical and operating expenses. Nine months 2026 segment Adjusted Operating Income was $242,368 thousand, a (33.1)% change. | $89.14M | – | (20.6)% |
| Domestic Operations, subscription revenue, Q3 2026Company states subscription revenue decreased 2% to $308 million primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth. Nine months 2026 was $919,631 thousand, a (3.2)% change. | $308.4M | – | (2.5)% |
| Domestic Operations, streaming revenue, Q3 2026Company states streaming revenue increased 4% primarily due to the impact of price increases across services. Excluding revenue from ALLBLK in the current and prior third quarter periods, streaming revenue increased 7%. | $181M | – | 4% |
| Domestic Operations, affiliate revenue, Q3 2026Company states affiliate revenue declined 11% primarily due to basic subscriber declines. | $127M | – | declined 11% |
| Domestic Operations, advertising revenue, Q3 2026Company states advertising revenue decreased 7% to $102 million primarily due to lower marketplace pricing, partially offset by digital advertising growth. Nine months 2026 was $324,124 thousand, a (7.9)% change. | $102.4M | – | (6.9)% |
| Domestic Operations, content licensing and other revenue, Q3 2026Company states content licensing revenue increased 42% to $84 million primarily due to the timing and availability of deliveries in the period. Nine months 2026 was $192,464 thousand, a (2.3)% change. | $84.25M | – | 41.7% |
| International, total revenues, net, Q3 2026Company states International revenue decreased 5%. Excluding the impact of foreign currency translation, International revenue decreased 4%. Nine months 2026 was $224,117 thousand, a 0.7% change. | $73.25M | – | (5.0)% |
| International, Segment Adjusted Operating Income, Q3 2026Company states segment adjusted operating income decreased primarily due to lower subscription and advertising revenues, partially offset by lower selling, general and administrative expenses. Nine months 2026 was $30,313 thousand, a (17.0)% change. | $10.52M | – | (11.8)% |
| International, subscription revenue, Q3 2026Company attributes the decrease primarily 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 currency translation, subscription revenue decreased 3%. Nine months 2026 was $139,062 thousand, a (0.6)% change. | $46.09M | – | (4.2)% |
| International, advertising revenue, Q3 2026Company states advertising revenue decreased 6% primarily due to a decline in the U.K. advertising market, partially offset by digital advertising growth. Nine months 2026 was $77,010 thousand, a 3.4% change. | $24.25M | – | (6.3)% |
| International, content licensing and other revenue, Q3 2026Segment table line. Nine months 2026 was $8,045 thousand, a (2.6)% change. No separate driver is printed. | $2.91M | – | (7.9)% |
Capital returns
- Accelerated share repurchase: on May 8, 2026 the Company entered into an ASR agreement with Citibank, N.A. to repurchase $30 million of Class A Common Stock. The ASR concluded in October, and the Company repurchased 2,817,888 shares.
- Purchase of treasury stock in the nine months 2026 cash flow statement: $(30,000) thousand, compared with $(10,329) thousand in the nine months 2025 period.
- As of September 30, 2026, the Company had $87 million of authorization remaining under the Stock Repurchase Program.
- 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.
- No distributions to noncontrolling interests were made in the nine months 2026 period, compared with $(7,271) thousand in the nine months 2025 period.
What drove it
- Company states consolidated revenue growth in the third quarter was led by licensing and streaming businesses.
- Company states subscription revenue decline in Domestic Operations was primarily due to lower affiliate revenue, partially offset by streaming revenue growth.
- Company states Domestic advertising decline was primarily due to lower marketplace pricing, partially offset by digital advertising growth.
- Company states Domestic content licensing increase was primarily due to the timing and availability of deliveries in the period.
- Company states the decrease in Domestic segment Adjusted Operating Income was primarily driven by increased technical and operating expenses.
- Company states the International segment Adjusted Operating Income decrease was primarily due to lower subscription and advertising revenues, partially offset by lower SG&A expenses.
- Company records an $85 million charge in Impairment and other charges for the $120 million legal settlement with the Plaintiffs, of which $85 million was paid in cash on September 16, 2026 and $35 million is payable no later than January 31, 2027 as an advance against Modified Adjusted Gross Receipts participation amounts.
- Company records a pre-tax gain of $3.7 million from the August 26, 2026 divestiture of the ALLBLK streaming business, recorded in Impairment and other charges. Company states it entered a long-term content licensing agreement with the buyer after the sale.
- Company states Q3 restructuring and other related charges of $2.2 million included $2.1 million related to the ALLBLK sale and $0.1 million related to the International restructuring plan.
- Company states Adjusted EPS excludes amortization of acquisition-related intangibles, impairment and other charges, restructuring charges and related tax effects. GAAP diluted EPS of $(1.13) includes the impairment and other charges line.
Concerns
- GAAP operating loss of $(41,614) thousand in Q3 2026 compared with operating income of $55,518 thousand in Q3 2025, with the Q3 2026 impairment and other charges line at $81,280 thousand.
- Adjusted operating income declined 25.4% in Q3 and 39.8% in the nine months, and Domestic segment Adjusted Operating Income declined 20.6% in Q3 and 33.1% in the nine months.
- Free Cash Flow was $(52,439) thousand in Q3 2026 and operating cash flow was $(41,826) thousand, against positive figures in Q3 2025.
- Affiliate revenue declined 11% to $127 million, which the Company attributes primarily to basic subscriber declines.
- Advertising revenue declined in both Domestic (6.9% in Q3) and International (6.3% in Q3) operations.
- The Q3 2025 figures in the Adjusted EPS reconciliation do not match the income statement: the reconciliation prints reported income before taxes of $124,373 thousand and net income attributable of $77,675 thousand, while the income statement prints $122,846 thousand and $76,529 thousand. The nine months 2025 reconciliation prints $148,304 thousand net income attributable against $144,867 thousand on the income statement.
- Deferred tax liabilities, net rose to $180,256 thousand at September 30, 2026 from $108,164 thousand at December 31, 2025, and the nine months 2026 deferred income taxes cash flow adjustment was $77,668 thousand.
- The leverage ratio is printed as 4.5 x, and the $35 million settlement installment is due January 31, 2027.
What to watch
- Payment of the $35 million settlement installment due no later than January 31, 2027, and the Company's cash position against $440,162 thousand at September 30, 2026.
- Affiliate revenue trend in Domestic Operations, given the Company's attribution of the decline to basic subscriber declines.
- Streaming revenue growth excluding ALLBLK, which the Company reports as 7% in Q3 versus 4% including ALLBLK.
- Whether Domestic technical and operating expenses, cited as the driver of lower segment Adjusted Operating Income, stabilize.
- The Bannerman co-production with Netflix, the Point Break co-production, and the January 7 release of The Walking Dead Universe Collection on AMC+, as described in the release.
- The Q3 2026 Form 10-Q, which the Company states will be filed later on November 9, 2026 and which it says contains further details on the settlement, the ALLBLK sale and the ASR.
Balance sheet and cash flow
- Cash and cash equivalents were $440,162 thousand at September 30, 2026, compared with $502,379 thousand at December 31, 2025.
- Total assets were $3,665,493 thousand at September 30, 2026, compared with $3,936,881 thousand at December 31, 2025.
- Total stockholders' equity was $899,429 thousand at September 30, 2026, compared with $1,013,749 thousand at December 31, 2025.
- Long-term debt, net was $1,663,478 thousand at September 30, 2026, compared with $1,741,225 thousand at December 31, 2025. Current portion of long-term debt was nil at September 30, 2026 (printed as —) and $11,068 thousand at December 31, 2025.
- Total debt was $1,735,554 thousand. Components printed: 4.25% Senior Notes due February 2029 $276,706 thousand; 4.25% Convertible Senior Notes due February 2029 $143,750 thousand; 10.50% Senior Secured Notes due July 2032 $1,315,098 thousand.
- Net debt was $1,295,392 thousand and net debt and finance leases were $1,308,513 thousand (finance leases $13,121 thousand). The leverage ratio is printed as 4.5 x, defined by the Company as net debt and finance leases divided by twelve-month Adjusted Operating Income.
- Nine months 2026 cash flow: net cash provided by operating activities $82,833 thousand; capital expenditures $(27,190) thousand; proceeds from sale of business $26,467 thousand; redemption of 10.25% Senior Secured Notes due 2029 $(14,404) thousand; payments on Term Loan A Facility $(82,890) thousand.
- Company supplemental data shows a legal settlement cash outflow of $(85,000) thousand and restructuring initiative cash outflows of $(20,613) thousand for the nine months 2026 period. The Company states that Free Cash Flow of $33 million excludes the impact of the one-time settlement payment; this is the Company's own adjusted presentation.
Analysis
Consolidated net revenues rose 0.8% to $566,070 thousand in the third quarter, against $561,741 thousand a year earlier, while nine-month revenues fell (3.6)% to $1,655,692 thousand. Domestic Operations revenue increased 1.9% to $495,142 thousand in the quarter, with the Company attributing growth to content licensing, which rose 41.7% to $84,247 thousand on the timing and availability of deliveries, and to streaming, which rose 4% to $181 million on price increases. Domestic subscription revenue fell 2.5% and advertising fell 6.9%. The Company attributes the subscription decline mainly to affiliate revenue, which fell 11% to $127 million on basic subscriber declines. International revenue fell 5.0% to $73,254 thousand, with the Company citing the wind-down of a joint venture in Poland and Africa and currency translation.
Profitability weakened sharply. Adjusted operating income fell 25.4% to $70,441 thousand in the quarter and 39.8% to $185,483 thousand for nine months. Domestic segment Adjusted Operating Income fell 20.6% to $89,135 thousand, which the Company attributes primarily to higher technical and operating expenses, a line that rose to $313,760 thousand from $291,075 thousand. GAAP operating income was $(41,614) thousand, driven by an $81,280 thousand impairment and other charges line that includes an $85 million charge for a legal settlement and a $3.7 million gain on the ALLBLK divestiture. GAAP diluted EPS was $(1.13) against $1.38 a year earlier. Adjusted EPS, a non-GAAP measure, rose to $0.44 from $0.18, but for nine months it fell to $0.33 from $1.39.
Cash generation was weak in the period. Operating cash flow was $(41,826) thousand in the quarter and free cash flow was $(52,439) thousand. For nine months, operating cash flow was $82,833 thousand against $256,424 thousand, and free cash flow was $55,643 thousand against $231,922 thousand. The Company states that free cash flow of $33 million excludes the one-time settlement payment; that is its own adjusted presentation. Cash fell to $440,162 thousand from $502,379 thousand at year end. Total debt was $1,735,554 thousand, net debt was $1,295,392 thousand, and the printed leverage ratio is 4.5 x.
Capital allocation included a $30 million accelerated share repurchase with Citibank that concluded in October for 2,817,888 shares, leaving $87 million of authorization at September 30, 2026. Management issued no revenue or earnings guidance in this release, so no outlook comparison is possible. The release also contains internal inconsistencies: the Adjusted EPS reconciliation prints Q3 2025 reported pre-tax income and net income attributable that differ from the income statement, and these should be checked against the Form 10-Q.
Management, verbatim
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.
Kristin Dolan, Chief Executive Officer
Our AMC Studios business is creating valuable and distinctive IP for our own platforms and for partners through co-production relationships and content sales.
Kristin Dolan, Chief Executive Officer
Not in the filing
stated, not guessed- No forward guidance for revenue, gross margin, operating expenses or tax rate is provided in the release, and no prior outlook was supplied.
- Year-over-year percentage changes are not printed for cost lines, interest, tax, net income and per-line balance sheet items; they are left null.
- Prior-quarter (Q2 2026) figures are not printed in this release; qoq_change fields are null.
- Balance sheet comparisons are to December 31, 2025, not to a prior-year quarter; they are described in balance_sheet_cash_flow rather than in the prior_year field.
- Consensus estimates, analyst expectations, price targets and any share price reaction are not in the documents.
- The Q3 2025 reported pre-tax income ($124,373 thousand) and net income attributable ($77,675 thousand) in the Adjusted EPS reconciliation differ from the income statement ($122,846 thousand and $76,529 thousand); the reconciliation figures are not used as primary figures.
- Q3 2026 Adjusted EPS reconciliation pre-tax and net income lines are not reported as key metrics; only the printed Adjusted EPS of $0.44 is used.
- Streaming and affiliate revenue are given only in narrative text as rounded figures ($181 million and $127 million) with prior-year changes as percentages; no prior-year dollar amounts are printed for them.
- Segment-level prior-year dollar amounts for International content licensing and other, and the nine-month percentage breakdown for streaming, affiliate and ALLBLK, are not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.