AMC Networks saw double-digit declines in U.S. advertising and affiliate revenue in its third quarter of 2025 as linear TV ratings and subscribers continued to decline.
U.S. ad revenue fell 17% to $110 million as a result of “linear rating declines and lower market pricing,” while affiliate revenues dropped 13% to $142 million due to “basic subscriber declines, and to a lesser extent, contractual rate decreases in connection with renewals.”
The declines in linear were offset by streaming, which was a bright spot as its revenue grew 14% to $174 million, primarily due to price increases across its services. The company operates five targeted streaming services, which includes AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE.
“We expect streaming to be our single largest source of revenue in our domestic segment this year. This is a first for us, and a meaningful inflection point as we continue to manage the business for the long term,” AMC Networks CEO Kristin Dolan told analysts during the company’s third quarter earnings call on Friday.
“As much larger companies spin off assets or split up to find clarity in a complicated time, we’ve built the components of a modern media business that is nimble, independent and well suited to today’s environment and whatever comes next,” Dolan added.
Here are the results:
Revenue: $562 million, down 6% year over year, compared to $549.27 million expected by analysts at Yahoo Finance.
Net Income $76.5 billion, compared to $41.4 billion a year ago.
Earnings per Share: $1.38, up 81.6% year over year. On an adjusted basis, EPS was 18 cents per share, compared to 34 cents per share expected by analysts at Yahoo Finance.
Subscribers: 10.4 million, up 2% from 10.2 million in the previous quarter.
The company also disclosed a less than 5% reduction of its total workforce as a result of its voluntary buyout program for U.S. employees.
“This program did not have specific financial targets. Rather, its purpose was to strengthen our talent base and ensure we have the right skills for the future,” Dolan said. “We are thankful for the contributions of those who have chosen to pursue new opportunities, and of course, those who are driving this new era of the company.”
Domestic operations saw revenue fall 8% to $486 million and profits tumble 25% to $112 million.
U.S. subscription revenues were flat at $316 million as growth in streaming revenues offset declines in affiliate revenues. Content licensing revenues declined 27% to $59 million primarily due to the timing and availability of deliveries during the quarter. Dolan noted that the company saw a 40% increase in digital advertising commitments during its upfront.
The international segment saw revenue jump 5% to $77 million, while profits fell 12% to$12 million.
International subscription revenue fell 1% to $48 million primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024, offset by the “favorable impact of foreign currency translation.” Excluding that impact, subscription revenues decreased 6%. International ad revenues grew 15% to $26 million due to strong performance in the UK and Ireland as well as the foreign currency impact. Excluding that, ad revenues increased 10%.
The latest quarterly results come as AMC Networks recently renewed and expanded its licensing deal with Netflix.
It also renewed a long-term distribution agreement with DirecTV, expanding the availability of its networks and programming on linear, FAST and streaming. Starting next year, DirecTV will bundle the ad-supported version of AMC+ in its video packages and add Shudder to one of its genre packages.
Additionally, more than 850,000 Spectrum customers have opted into AMC+ since its inclusion in the company’s video package earlier this year as part of a deal with its parent company Charter Communications. AMC has also expanded its relationship with Cox, with all five of its linear networks included in the streaming-only Cox TV Lite plan.
AMC+ also launched its first triple bundle with MGM+ and Starz, which is available as an add-on through Amazon’s Prime Video for $19.99 per month. Additionally, AMC renewed its FAST and ad-supported streaming distribution deals with Roku and Samsung, which will see it launch new FAST channels by the end of the year.
Looking ahead, AMC reiterated its full year guidance for 2025. The company continues to anticipate an acceleration in streaming revenue growth for the fourth quarter of 2025.
It also continues to expect revenue of approximately $2.3 billion, reflecting continued linear declines offset by streaming and content licensing strength, and adjusted operating income in the range of $400 million to $420 million.
Additionally, AMC remains on track to deliver approximately $250 million of fee cash flow in 2025, with $232 million already generated the first nine months of the year.
