AMC Networks US ad sales down 10% in Q4, streaming subscribers flat

AMC Networks reported fourth-quarter 2025 earnings on Wednesday, showing U.S. ad sales down 10% from last year, while the number of subscribers to the company’s streaming platforms remained at the previous quarter’s 10.4 million mark.

Currently, AMC Networks’ streaming portfolio includes AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and the recently launched All Reality. AMC’s linear networks include AMC, BBC AMERICA (including U.S. distribution and sales of BBC News), IFC, SundanceTV and We TV. The company also owns the film distribution labels Independent Film Company and RLJE Films (which it fully acquired in the fourth quarter) and its in-house studio AMC Studios.

For the US company, subscription revenue was $315 million for the October-December quarter. Within that, streaming revenue rose 14% to $177 million. Domestic advertising sales were $125 million. Revenue from content licensing and ‘other’ categories rose 12% to $75 million.

This marks the first quarter in AMC Networks history in which streaming represented the largest revenue generator for the company.

Looking at AMC Networks’ international segment, subscription revenue was $49 million. Advertising sales were $30 million, down nearly 13% year over year. Content licenses fell 15% to $3.2 million.

Wall Street expects earnings per share (EPS) of 66 cents on revenue of $581.8 million, according to consensus data from LSEG analysts. AMC Networks reported adjusted earnings per share of 64 cents on revenue of $595 million. Sales fell less than 1% compared to the comparable fourth quarter of 2024.

Free cash flow for the quarter was $40.4 million.

“AMC Networks has had a successful 2025,” Kristin Dolan, CEO of AMC Networks, said in a letter to shareholders. “Streaming is now the largest source of revenue in our domestic segment, a significant milestone and turning point in the ongoing transformation of our business. We delivered free cash flow well above our previously increased guidance and once again achieved our financial guidance for the year. We look forward to continuing to capitalize on our independence and unique strengths as we drive the company forward during a time of change in our industry.”