AMC Networks | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 561.74 M

Revenue: As of FY2025 Q3, the actual value is USD 561.74 M, beating the estimate of USD 549.27 M.

EPS: As of FY2025 Q3, the actual value is USD 1.38, beating the estimate of USD 0.2433.

EBIT: As of FY2025 Q3, the actual value is USD 93.98 M.

Subscription Revenues: Increased by 0.1% to $316.2 million for the three months ended September 30, 2025, due to a 14.4% increase in streaming revenues, offset by a 13.2% decline in affiliate revenues. For the nine months ended September 30, 2025, subscription revenues decreased by 1.2% to $949.9 million.
Advertising Revenues: Decreased by 17.4% to $110.0 million for the three months ended September 30, 2025, and by 16.7% to $351.9 million for the nine months ended September 30, 2025, primarily due to linear ratings declines and lower marketplace pricing.
Content Licensing and Other Revenues: Decreased by 26.7% to $59.4 million for the three months ended September 30, 2025, and by 5.9% to $197.0 million for the nine months ended September 30, 2025, primarily due to the timing and availability of deliveries.
Segment Adjusted Operating Income: Decreased by 25.3% to $112.2 million for the three months ended September 30, 2025, and by 22.5% to $362.5 million for the nine months ended September 30, 2025, primarily due to continued revenue declines in linear businesses.

Subscription Revenues: Decreased by 0.9% to $48.1 million for the three months ended September 30, 2025, and by 6.1% to $139.9 million for the nine months ended September 30, 2025, primarily due to the non-renewal of a distribution agreement in Spain.
Advertising Revenues: Increased by 15.3% to $25.9 million for the three months ended September 30, 2025, but decreased by 8.6% to $74.5 million for the nine months ended September 30, 2025, due to a retroactive adjustment in 2024 and lower digital advertising revenue.
Content Licensing and Other Revenues: Increased by 15.2% to $3.2 million for the three months ended September 30, 2025, but decreased by 7.6% to $8.3 million for the nine months ended September 30, 2025.
Segment Adjusted Operating Income: Decreased by 12.0% to $11.9 million for the three months ended September 30, 2025, and by 35.0% to $36.5 million for the nine months ended September 30, 2025, primarily due to the non-renewal of a distribution agreement in Spain and higher corporate overhead costs.

Net Cash Provided by Operating Activities: $256.4 million for the nine months ended September 30, 2025, compared to $317.5 million for the same period in 2024.
Net Cash Used in Investing Activities: $24.5 million for the nine months ended September 30, 2025, primarily for capital expenditures.
Net Cash Used in Financing Activities: $317.2 million for the nine months ended September 30, 2025, primarily related to the tender offer for and repurchases of Senior Notes and principal payments on the Term Loan A Facility.

Core Business Focus: AMC Networks plans to continue investing in high-quality original programming and streaming services, with a focus on increasing streaming revenues through price adjustments and content offerings.
Non-Core Business: The company is implementing restructuring plans in the International segment to achieve cost reductions and streamline operations, including channel re-branding and workforce reductions.