AMC Networks reported fourth-quarter 2025 earnings on Wednesday, revealing that subscriber numbers across its streaming platforms remained at last quarter’s level of 10.4 million, while U.S. ad sales fell 10% year-over-year.
AMC Networks’ streaming portfolio currently consists of AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and the newly launched All Reality. AMC’s linear networks include AMC, BBC AMERICA (including the U.S. distribution and sales of BBC News), IFC, SundanceTV, and We TV. The company also owns film distribution labels Independent Film Company and RLJE Films (fully acquired in the fourth quarter), and in-house studio AMC Studios.
Subscription revenue for the U.S. business was $315 million in the October-December period. Of this, streaming revenue increased 14% to $177 million. Domestic advertising sales totaled $125 million. Revenue from content licensing and the “other” category increased 12% to $75 million.
This is the first quarter in AMC Networks’ history that streaming has been the company’s largest source of revenue.
Looking at AMC Networks’ international division, subscription revenue totaled $49 million. Advertising sales were $30 million, down nearly 13% year over year. Content licensing decreased 15% to $3.2 million.
Wall Street expects earnings per share (EPS) of 66 cents on revenue of $581.8 million, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 64 cents on revenue of $595 million. Revenue decreased less than 1% compared to the comparable fourth quarter of 2024.
Free cash flow for the quarter was $40.4 million.
“AMC Networks is set for success in 2025,” AMC Networks CEO Christine Dolan said in a letter to shareholders. “Streaming is now our largest single source of revenue in our domestic segment, marking a significant milestone and turning point in our ongoing business transformation. We achieved free cash flow significantly above our previous growth expectations and once again met our financial guidance for the year. We look forward to continuing to leverage our independence and unique strengths to move the company forward during a period of industry change.”
