AMC Networks Inc. reported its financial results for the second quarter ended June 30, 2025, with consolidated net revenue declining 4.1% year-over-year to $600.0 million, but surpassing analyst expectations of $582.37 million. Adjusted EPS was $0.69, a 44.4% decrease year-over-year, but beat analyst projections of $0.61.
The company generated $96 million in free cash flow during the quarter and raised its full-year 2025 free cash flow outlook to approximately $250 million, up from the previous $220 million. This reflects strong year-to-date performance and continued operational discipline.
Streaming revenue increased 12% year-over-year to $169 million, primarily driven by successful price increases across services like Acorn and Shudder. Streaming subscribers reached 10.4 million, a 2% increase year-over-year and flat sequentially, with improved churn and engagement noted.
Domestic Operations advertising revenue decreased 17.8% to $122.6 million, reflecting linear ratings declines and lower marketplace pricing. However, content licensing and other revenues surged 26.1% to $83.9 million, boosted by a music catalog sale and fees from the Apple TV+ series 'Silo'.
AMC Networks completed a series of financing transactions in Q2 and July 2025, including issuing $400 million of new 10.50% Senior Secured Notes due 2032 and a tender offer for $600 million of 4.25% Senior Notes due 2029. These actions, along with open market repurchases and voluntary prepayments, reduced gross debt by approximately $400 million since March 31, 2025, capturing about $138 million in debt discount. The company also repurchased 1.6 million shares of Class A Common Stock at an average price of $6.48 per share.
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