AMC Networks U.S. Ad Sales Drop 10% in Q4, Streaming Subscribers Flat

AMC Networks recently released its fourth-quarter 2025 earnings report, showcasing a mix of positive and negative results. The company saw a 10% decline in U.S. ad sales compared to the previous year, while maintaining a steady subscriber base of 10.4 million across its various streaming platforms.

The streaming portfolio of AMC Networks includes popular platforms such as AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and the newly launched All Reality. In addition to these streaming services, AMC also operates linear networks like AMC, BBC AMERICA, IFC, SundanceTV, and We TV. The company also owns film distribution labels Independent Film Company and RLJE Films, which was fully acquired in the fourth quarter of 2025. AMC Studios, the in-house studio of the company, also plays a significant role in its content creation.

In terms of revenue, subscription revenue for the U.S. business amounted to $315 million for the October-December quarter. Streaming revenue saw a notable increase of 14% to $177 million, making it the largest revenue source for the company in this quarter. Domestic ad sales generated $125 million, while revenue from content licensing and other categories rose by 12% to $75 million.

Internationally, AMC Networks reported subscription revenues of $49 million, ad sales of $30 million (a 13% decrease from the previous year), and content licensing revenue dropping by 15% to $3.2 million. Despite these fluctuations, AMC Networks managed to exceed Wall Street’s forecasted earnings per share (EPS) of 66 cents by reporting an adjusted EPS of 64 cents on $595 million in revenue, which was slightly lower than the previous year’s fourth quarter.

AMC Networks CEO Kristin Dolan expressed satisfaction with the company’s performance in 2025, emphasizing the significant milestone of streaming becoming the largest revenue source in the domestic segment. Dolan highlighted the company’s ability to deliver free cash flow ahead of forecast and meet financial guidance for the year. Moving forward, AMC Networks aims to leverage its independence and unique strengths to navigate the evolving landscape of the entertainment industry.

Overall, AMC Networks’ fourth-quarter results reflect a mix of challenges and achievements, showcasing the company’s resilience and adaptability in a rapidly changing market.