AMC Global Media (AMCX) Q1 2025 earnings summary

Executive summary

• Revenue declined 6.9% year-over-year to $555 million in Q1 2025, with net income attributable to stockholders down 60.6% to $18 million.

• Generated $94 million in free cash flow in Q1, supporting an upwardly revised two-year cumulative free cash flow guidance of $550 million for 2024-2025.

• Streaming revenues rose 8% in Domestic Operations, with 10.2 million subscribers as of March 31, 2025, flat year-over-year but slightly down sequentially.

• Strategic distribution partnerships, including ad-supported AMC Plus launches with Charter and Philo, are expanding reach and flexibility.

• Continued investment in premium content and franchise expansion, with notable series launches and strong critical reception.

Financial highlights

• Q1 consolidated net revenue declined 6.9% year-over-year to $555 million; streaming revenues up 8% to $157 million.

• Adjusted operating income fell 30% to $104 million, with a 19% margin; operating income declined 42% to $64 million.

• Adjusted EPS was $0.52, down 55%; diluted EPS was $0.34, down 67%.

• Free cash flow was $94 million, down from $144.1 million in Q1 2024.

• Cash and cash equivalents increased to $870 million as of March 31, 2025.

Outlook and guidance

• Free cash flow for 2025 expected at $220 million; consolidated revenue guidance is $2.3 billion.

• AOI projected in the $400–$420 million range.

• Management expects continued linear subscriber and advertising declines, with content licensing revenues to vary based on programming availability.

• Additional $5 million in restructuring charges anticipated for the International segment, with completion expected by year-end 2025.

• Company believes liquidity is sufficient for the next twelve months but will require future refinancing to repay all debt at maturity.