Revenue: As of FY2026 Q2, the actual value is USD 547.5 M, missing the estimate of USD 553.79 M.

EPS: As of FY2026 Q2, the actual value is USD -0.51, missing the estimate of USD -0.1466.

EBIT: As of FY2026 Q2, the actual value is USD 55.34 M.

Overall Financial Performance

Operating Income

AMC Global Media Inc.’s operating income for the second quarter of 2026 was $15,854 thousand, a decrease of 75.4% from $64,469 thousand in the second quarter of 2025. For the six months ended June 30, 2026, operating income was $47,115 thousand, a decrease of 63.4% from $128,666 thousand in the prior year period.

Adjusted Operating Income

Adjusted Operating Income for the second quarter of 2026 was $46,068 thousand, down 57.9% from $109,386 thousand in the second quarter of 2025. For the six months ended June 30, 2026, Adjusted Operating Income was $115,042 thousand, a decrease of 46.2% from $213,871 thousand in the prior year period.

Net Income Attributable to AMC Global Media Inc.’s Stockholders

Net loss attributable to AMC Global Media Inc.’s stockholders for the second quarter of 2026 was - $21,943 thousand, compared to a net income of $50,289 thousand in the second quarter of 2025. For the six months ended June 30, 2026, net loss attributable to AMC Global Media Inc.’s stockholders was - $40,813 thousand, compared to a net income of $68,338 thousand in the prior year period.

Cash Flow from Operating Activities

Net cash provided by operating activities was $57,192 thousand in the second quarter of 2026, a 44.4% decrease from $102,791 thousand in the second quarter of 2025. For the six months ended June 30, 2026, net cash provided by operating activities was $124,659 thousand, down 41.1% from $211,596 thousand in the prior year period.

Free Cash Flow

Free Cash Flow was $43,267 thousand in the second quarter of 2026, a 54.8% decrease from $95,741 thousand in the second quarter of 2025. For the six months ended June 30, 2026, Free Cash Flow was $108,082 thousand, a decrease of 43.1% from $189,926 thousand in the prior year period.

Capital Expenditures

Capital expenditures for the three months ended June 30, 2026, were - $13,925 thousand, compared to - $7,050 thousand in the same period of 2025. For the six months ended June 30, 2026, capital expenditures were - $16,577 thousand, compared to - $21,670 thousand in the prior year period.

Restructuring and Other Related Charges

Second quarter restructuring and other related charges were $1,342 thousand, including $800 thousand related to the International segment’s restructuring plan and $500 thousand for severance charges.

Segment Performance

Domestic Operations

• Total Revenues, Net: Decreased 10.7% to $470,390 thousand from $526,853 thousand in Q2 2025. For the six months, total revenues were $941,077 thousand, down 7.1% from $1,013,160 thousand.
• Subscription Revenue: Decreased 4.5% to $305,902 thousand, primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth. For the six months, subscription revenue was $611,184 thousand, down 3.6% from $633,732 thousand.
  • Streaming revenue increased 6% to $180 million, representing over a third of Domestic Operations segment revenue.
  • Affiliate revenue declined 17% to $126 million due to basic subscriber declines.
• Advertising Revenue: Decreased 11.2% to $108,829 thousand. For the six months, advertising revenue was $221,676 thousand, down 8.3% from $241,854 thousand.
• Content Licensing and Other Revenue: Decreased 33.7% to $55,659 thousand, primarily due to timing and availability of deliveries. For the six months, content licensing and other revenue was $108,217 thousand, down 21.3% from $137,574 thousand.
• Segment Adjusted Operating Income: Decreased 51.7% to $60,972 thousand, driven by revenue declines and increased marketing investments. For the six months, Segment Adjusted Operating Income was $153,233 thousand, down 38.8% from $250,263 thousand.

International Operations

• Total Revenues, Net: Increased 4.1% to $78,600 thousand from $75,535 thousand in Q2 2025. For the six months, total revenues were $150,863 thousand, up 3.7% from $145,481 thousand.
• Subscription Revenue: Decreased 1.0% to $46,612 thousand, mainly due to the wind-down of a joint venture, partially offset by favorable foreign currency translation. For the six months, subscription revenue was $92,974 thousand, up 1.3% from $91,771 thousand.
• Advertising Revenue: Increased 13.0% to $29,383 thousand, related to outperformance in Q4 2025 and favorable foreign currency translation. For the six months, advertising revenue was $52,755 thousand, up 8.5% from $48,611 thousand.
• Content Licensing and Other Revenue: Increased 5.8% to $2,605 thousand. For the six months, content licensing and other revenue was $5,134 thousand, up 0.7% from $5,099 thousand.
• Segment Adjusted Operating Income: Decreased 2.6% to $14,359 thousand, primarily due to lower subscription revenue and higher selling, general and administrative expenses. For the six months, Segment Adjusted Operating Income was $19,796 thousand, down 19.5% from $24,588 thousand.

Other Key Financial Metrics

• Total Debt: As of June 30, 2026, total debt was $1,735,554 thousand.
• Net Debt: As of June 30, 2026, net debt was $1,271,558 thousand.
• Net Debt and Finance Leases: As of June 30, 2026, net debt and finance leases were $1,285,440 thousand.
• Leverage Ratio: The leverage ratio was 4.1x for the twelve months ended June 30, 2026.
• Cash and Cash Equivalents: As of June 30, 2026, cash and cash equivalents were $463,996 thousand.
• Stock Repurchase Program: As of June 30, 2026, AMC Global Media Inc. had $87 million of authorization remaining for repurchase under its Stock Repurchase Program.

Outlook / Guidance

AMC Global Media Inc. is increasing its full-year guidance, leveraging its intellectual property, studio, and partner relationships, especially in distribution. The Netflix licensing agreement is expected to provide approximately $25 million in cash payments in 2026 and $100 million annually from 2027 to 2030. The company anticipates recognizing annual revenue from this license agreement between $200 million and $225 million in both 2026 and 2027.