AMC Global Media reported second-quarter 2026 results with net revenue of $547.5 million and diluted loss per share of $0.51. The company posted operating income of $15.9 million and Adjusted Operating Income of $46.1 million for the quarter, and generated net cash provided by operating activities of $57.2 million. Management highlighted a co‑exclusive global streaming license for The Walking Dead Universe with Netflix and renewed distribution agreements with major partners.

Financial Highlights

  • Net revenue: $547.5 million for the three months ended June 30, 2026 (down 8.8% year-over-year).
  • Operating income (GAAP): $15.9 million for the quarter; Operating income — six months: $47.1 million.
  • Adjusted Operating Income (non-GAAP): $46.1 million for the quarter; $115.0 million for the six months.
  • Diluted earnings (loss) per share: $(0.51) for the quarter; Adjusted diluted EPS (non-GAAP): $(0.28) for the quarter.
  • Cash flow and liquidity: Net cash provided by operating activities of $57.2 million for the quarter and Free Cash Flow of $43.3 million for the quarter.

Business Highlights

  • Entered a global co‑exclusive licensing agreement with Netflix for The Walking Dead Universe (seven series, 371 episodes) with aggregate license fees of $500 million over five years; company expects staggered cash receipts (approximately $25 million in 2026 and ~$100 million annually 2027–2030) and to recognize revenue based on present value (~$445 million).
  • Renewed distribution agreements with major partners including Comcast and YouTube; renewed distribution deals with four of the top five domestic MVPDs (Comcast, DirecTV, DISH, YouTube) in the past 12 months, covering linear networks, streaming services and FAST channels and planned launches within YouTube TV genre packages.
  • Domestic segment trends: Domestic revenue declined 11% to $470 million with streaming revenue growing (streaming represented over one-third of Domestic revenue and increased 6% to $180 million) while affiliate revenue fell 17% to $126 million and content licensing timing reduced licensing revenue.
  • International segment: International revenue increased 4% to $79 million (2% growth excluding FX); advertising grew while subscription revenue was slightly lower due to the wind‑down of a joint venture in select markets.
  • Capital and balance sheet actions: Repayment of the $80 million remaining Term Loan A balance and termination of the revolving credit facility (May 12, 2026); initiated a $30 million accelerated share repurchase under existing repurchase authorization with $87 million remaining authorization as of June 30, 2026.

Original SEC Filing:

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