AMC Global Media (AMCX) Q1 2026 earnings summary

Executive summary

• Achieved double-digit streaming revenue growth and robust free cash flow in Q1 2026, with improved advertising revenue trends and expanded distribution partnerships, including new content launches and original series.

• Streaming revenue is now the largest domestic revenue source, with 10.1 million reported streaming subscribers and 1.8 million hard bundle or ad-supported activations.

• Revenues for Q1 2026 were $542.1 million, down 2.4% year-over-year, with operating income dropping 51% to $31 million and a net loss attributable to stockholders of $18.9 million.

• Announced new original content, expanded FAST channel offerings, and notable upcoming licensing opportunities for The Walking Dead universe.

• Major debt refinancing, $30 million accelerated share repurchase, and a corporate name change to AMC Global Media Inc.

Financial highlights

• Q1 2026 consolidated net revenue declined 2% year-over-year to $542 million; streaming revenues up 11% to $174 million.

• Adjusted Operating Income (AOI) dropped 34% to $69 million (13% margin); operating income was $31 million, down 51% year-over-year.

• Domestic operations revenue decreased 3% to $471 million; streaming revenue grew 11% while affiliate revenue fell 16%.

• Domestic advertising revenue declined 5%, but digital advertising grew 44% year-over-year.

• Free cash flow was $65 million, down 31% year-over-year.

Outlook and guidance

• Management reiterated 2026 outlook: consolidated revenue of ~$2.25 billion, AOI of ~$350 million, and free cash flow of at least $200 million.

• AOI expected to be back half weighted due to timing of licensing revenue and streaming rate events; Q2 AOI will be the low point for the year.

• The Walking Dead licensing revenue is not included in 2026 AOI guidance.

• Management expects continued declines in linear TV and advertising, with streaming growth partially offsetting these trends.

• Company believes cash on hand, operating cash flow, and access to capital markets will provide sufficient liquidity for the next twelve months, but refinancing will be needed for long-term debt maturities.