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Lionsgate Studios (LION) investor relations material
Lionsgate Studios Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Fiscal Q2 2026 revenue was $475.1 million, with an operating loss of $46.0 million and a net loss of $111.9 million, or $0.39 diluted loss per share.
Adjusted net loss was $56.9 million, or $0.20 adjusted diluted loss per share; Adjusted OIBDA was $14.1 million.
Trailing 12-month library revenue reached a record $1 billion, up 13% year-over-year, marking the fourth consecutive record quarter.
Strategic investments in IP, new film and TV projects, and expansion into sports talent management are driving future growth.
Operational efficiency measures included a 5% headcount reduction this quarter, totaling over 20% in 18 months.
Financial highlights
Q2 revenue was $475.1 million; adjusted EBITDA (OIBDA) was $14.1 million; operating loss was $46.0 million.
Fully diluted loss per share was $0.39; adjusted loss per share was $0.20.
Net cash flow used in operating activities was $104.1 million; adjusted free cash flow used was $128.8 million.
Motion Picture revenue was $276.4 million with segment profit of $30.5 million; TV revenue was $198.7 million with segment profit of $12.5 million.
Revenue declined from $604.0 million in the prior-year quarter to $475.1 million, but operating loss improved from $100.7 million to $46.0 million.
Outlook and guidance
Fiscal 2026 is expected to be back-end loaded, with sequential growth into Q3 and Q4.
Strong adjusted EBITDA growth is projected for fiscal 2027, driven by tentpole film releases and increased TV scripted deliveries.
Over 85% of the $1.6 billion backlog is expected to convert to revenue in the next 18 months.
Management expects significant growth over the next two quarters and through fiscal 2027, citing a strong upcoming film slate and renewed television series.
Backlog conversion timeline and project mix
Cash flow impact of film/TV investment
When will unallocated rent costs normalize?
IP monetization beyond film/TV production
3 Arts transaction impact on leverage target
Marketing efficiency in a fragmented market
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Next Lionsgate Studios earnings date
Q3 20265 Feb, 2026
Next Lionsgate Studios earnings date
Q3 20265 Feb, 2026
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Frequently asked questions
Lionsgate Studios Corp (formerly Lions Gate Entertainment Corp) operates through Motion Picture Production, Motion Picture Distribution, Television Production and Distribution, Television Networks and Group, Media Networks and Group, and Location-Based Entertainment segments. The Motion Picture Production segment engages in the development and production of motion pictures for theatrical release; licensing of distribution rights for motion pictures to theater owners; and production of television shows for various networks, including Fox Broadcasting Company. The Motion Picture Distribution segment distributes motion pictures to various channels of distribution, including theatrical, home video/DVD, pay and free television, subscription video on demand platforms, electronic sell-through platforms, in-flight entertainment services, and other forms. The Television Production segment develops and produces scripted and non-scripted programming content for network episodic series, licensees or distributors.
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