AMCX - NASDAQ
AMC Networks Inc.
AMCX·NASDAQ
$9.44
-10%Communication ServicesEntertainment
AMC Networks Inc., an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences and a platform to distributors and advertisers in the United States and internationally. The company operates in two segments, Domestic Operations, and International and Other. The Domestic Operations segment operates various national programming networks, including the AMC, WE tv, BBC AMERICA, IFC, and SundanceTV; provides subscription streaming services comprising Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE, as well as AMC+ and other streaming initiatives; and engages in film distribution business under the IFC Films name. This segment also produces and licenses original programming for various programming networks, as well as services the national programming networks. The International and Other segment operates a portfolio of channels under the AMCNI name; and production and comedy venues activities under the Levity name. AMC Networks Inc. was founded in 1980 and is headquartered in New York, New York.
At a Glance
Live SnapshotMarket Cap$414.68M
EPS2.0100
P/E Ratio4.70
Earnings Date08/14/2026
Earnings Call Transcript
AMCX • 2025 • Q4
Operator
Good day, and thank you for standing by. Welcome to the AMC Networks fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speakers' presentation, we will open for questions. To ask a question during the session, you need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would like to hand it over to your first speaker, Nicholas Seibert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead. Thank you. Good afternoon, and welcome to the AMC Networks fourth quarter and full year 2025 earnings conference call.
Nicholas Seibert
Joining us today are Kristin Dolan, Chief Executive Officer; Patrick O’Connell, Chief Financial Officer; Kimberly Kelleher, Chief Commercial Officer; and Dan McDermott, Chief Content Officer and President of AMC Studios. We will begin with prepared remarks, then we will open the call for questions. Today’s call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks’ SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. Required definitions and reconciliations can be found in today’s press release available on our website at amcnetworks.com. And with that, I would like to turn the call over to Kristin.
Operator
Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question comes from the line of Steven Cahall from Wells Fargo.
Steven Lee Cahall
Your line is open.
Operator
Yes, thanks. Good evening.
Steven Lee Cahall
Wanted to kick off with an advertising question. It was a little worse in 2025 than it was in 2024. It came in a little below your expectations. So can you just help us think a little more about what is within the low double-digit guidance for 2026, the puts and takes. I know you have done a lot of work on the dynamic side of things, so would love to frame your confidence in that outlook. And then The Walking Dead rights coming back is pretty exciting for the company. Just wondering when you start to think about having conversations in the market about what that could be worth and kind of what those bids look like. When we look at this, it could be a $150,000,000 opportunity. It could be two times that or even bigger. So just trying to sort of frame expectations for what can happen to those rights as we get towards the end of the year. Thank you.
Kristin Dolan
Hi, Steven. It is Kristin. We will miss Patrick too. I am going to answer The Walking Dead, then I will let Kim speak to advertising. We have had a great relationship with Netflix for well over a decade since 2011 in carriage of The Walking Dead. The rights come back to us as we said. It is a consistent top performer on streaming. And as you noted, the rights are very valuable. I cannot say a lot right now, but we are in conversation now preparing for the rights coming back and for finding a home for them in the future. There is more to report. We are just not ready to speak about it now, but we are in conversations, and we are very optimistic about the value of the content and our opportunity to monetize it going forward.
Kimberly Kelleher
Hi, Steve. On your advertising question, I think the whole industry saw what we saw at the top half of 2025. We saw a huge influx of digital inventory hit the marketplace driven by the shifting viewership. And I think that drove down pricing, and we saw a lot of impact across the board for that. We reacted as quickly as we could and went into the upfront with a very streaming-first approach that I think we started seeing the impact from with the tides turning for us in Q3 and then continued momentum into Q4 with improvements. It really reflected the team’s successful upfront strategy that we look to take into 2026. We are growing in all the most important areas: streaming, FAST, AVOD, and really looking to mitigate losses on the linear side.
Nicholas Seibert
Thank you. Thanks for the question, Steve. Operator, we will go to the next question. Our next question will come from the line of David Carl Joyce from Seaport Research Partners. Your line is open.
David Carl Joyce
Thank you.
Kimberly Kelleher
The only thing I would add, David, is our viewership across our digital distribution continues to grow, and we have activated DAI across all of that. So it is a very seamless transaction for the advertiser, and that has been well met in the marketplace.
Operator
Thank you. One moment for our next question. And as a reminder, to ask a question, that is star 11. Our next question will come from the line of Thomas L. Yeh from Morgan Stanley. Your line is open.
Dan McDermott
I think that is right. I think it is the most important and meaningful thing that we do. The one thing I would say is we have an extremely strong production team that takes advantage of tax incentives around the world, shooting in locations that get us the real bang for our buck, if you will. We are very savvy about how we deliver the tentpole series that we deliver on the cash that we have. That has been a real great situation in 2025, and we expect to continue that in 2026.
Kristin Dolan
And I will just finish up by saying that the caliber of the slate in 2025 and what we have planned for 2026 continues to either meet or outperform our expectations. So series like the 49ers that we spoke about. We had a Dark Winds premiere here in LA last night. It was amazing. So we are putting a really good slate out on AMC, but also on our streaming service as well. We are not just being efficient. We are still producing the content that built the reputation that we have to this day. So we are excited about what we have.
Thomas L. Yeh
Gotcha. Thanks so much for the color.
Nicholas Seibert
Thank you. And with that, this concludes the question and answer session. I will now turn it back over to Nick for closing remarks.
Nicholas Seibert
Thank you for joining us today. We look forward to having a dialogue, and thank you for your interest in AMC Networks Inc.
Transcript from February 11, 2026
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