AMC Networks experienced a significant shift in its financial landscape, with a notable 10% decline in U.S. advertising sales for the fourth quarter of 2025, as revealed in their earnings report released on Wednesday. Meanwhile, the number of subscribers across the company's various streaming services remained stagnant at 10.4 million, consistent with the previous quarter's figures.
Currently, AMC Networks boasts a diverse streaming portfolio that includes popular platforms such as AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and the recently introduced All Reality channel. Additionally, the company operates traditional linear networks like AMC, BBC AMERICA (which oversees U.S. distribution and sales for BBC News), IFC, SundanceTV, and We TV. Furthermore, AMC Networks has expanded its reach through film distribution labels, including Independent Film Company and RLJE Films, which it fully acquired in Q4. They also have an in-house production entity known as AMC Studios.
For the U.S. segment, AMC Networks reported subscription revenue amounting to $315 million during the October-December period. Notably, streaming revenue surged by 14%, reaching $177 million, while domestic ad sales totaled $125 million. Additionally, revenue generated from content licensing and other categories saw a 12% increase, totaling $75 million.
This quarter marks a historic milestone for AMC Networks, as it is the first time that streaming has become the largest source of revenue for the company, highlighting a pivotal moment in its evolving business strategy.
Shifting focus to the international division, AMC Networks recorded subscription revenues of $49 million. However, ad sales in this segment fell by nearly 13% year-on-year, coming in at $30 million, while content licensing revenue dipped by 15% to $3.2 million.
Wall Street analysts had anticipated earnings per share (EPS) of 66 cents on total revenue of $581.8 million, based on consensus estimates provided by LSEG. In contrast, AMC Networks reported adjusted EPS of 64 cents and total revenue of $595 million. This represents a decline of less than 1% compared to the same quarter of 2024.
The company's free cash flow for the quarter was reported at $40.4 million.
Reflecting on these results, AMC Networks CEO Kristin Dolan expressed optimism in a letter to shareholders, stating, "AMC Networks had a successful 2025. Streaming is now the largest single source of revenue in our domestic segment, marking a significant milestone and inflection point in the ongoing transformation of our business. We delivered free cash flow well ahead of our previously increased forecast and once again achieved our financial guidance for the year. We look forward to leveraging our independence and unique strengths as we navigate the shifting landscape of our industry."
