The Netflix deal is a game-changer for cash flow and content monetization, but the core linear TV business continues to erode. Watch for Q3 revenue recognition from the deal (expected $200-225M) and whether guidance raise is sufficient to offset affiliate declines. The stock may trade on the deal narrative near-term; monitor subscriber trends and advertising recovery.
Price Chart
Executive Summary
AMC Global Media reported Q2 2026 results with revenue of $547M (-8.8% YoY) and adjusted EPS of -$0.28, missing consensus of -$0.07. The core business continues to decline due to affiliate subscriber losses and advertising weakness. However, the company announced a transformative $500M global licensing deal with Netflix for The Walking Dead Universe and raised full-year guidance, providing a significant cash flow catalyst and validating the value of its IP.
Key Financial Metrics
Key Facts
- Q2 revenue $547.5M, down 8.8% YoY; consensus $554.6M (miss)
- Adjusted EPS $(0.28) vs consensus $(0.07) (significant miss)
- Netflix licensing deal: $500M cash over 5 years for The Walking Dead Universe; ~$445M PV revenue, $200-225M expected in 2026 and 2027
- Full-year guidance raised (no specific numbers provided)
- Domestic ad revenue down 11% (with one-time system integration issue); content licensing down 34%
- Streaming revenue up 6% to $180M, now >1/3 of domestic segment revenue
- Operating cash flow $57M, free cash flow $43M, both down ~44% YoY
- Term loan A repaid ($80M), credit facility terminated; leverage ratio 4.1x (up from 3.4x at Q1)
- Accelerated share repurchase of $30M executed; $87M remaining authorization
- Restructuring charges $1.3M in Q2
Financial Impact
Netflix deal provides $500M in cash over 5 years (~$100M/year) and $445M PV revenue; Q2 revenue miss of ~$7M vs consensus is small relative to deal
Risk Factors
- Continued secular decline in linear TV subscribers and affiliate fees
- Advertising market softness and lower ratings
- High leverage (4.1x net debt/adj. operating income) despite debt paydown
- Execution risk on Netflix deal revenue recognition and cash flow timing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001514991-26-000086 |
| Document: amcx-20260730.htm | 0001514991-26-000086 |
| Document: 0001514991-26-000086-index-headers.html | 0001514991-26-000086 |
| Document: 0001514991-26-000086-index.html | 0001514991-26-000086 |
| Document: 0001514991-26-000086.txt | 0001514991-26-000086 |
| 8-K Data (Synthetic) | 0001514991-26-000086 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $9.33 | awaiting T+20 | — | $7.94 (−14.90%) |
Oct 7, 2026 19d ago | SC 13G/A | $10.74 | awaiting T+20 | — | $7.94 (−26.07%) |
Aug 16, 2026 10w ago | Institutional Cluster | $12.09 $12.19 | ▲ +0.83% | ▲ +2.80% | $7.94 (−34.33%) |
Jul 30, 2026 12w ago | 8-K | $9.71 $12.35 | ▲ +27.19% | ▲ +23.22% | $7.94 (−18.23%) |
Jun 12, 2026 19w ago | Institutional Cluster | $10.08 $9.92 | ▼ −1.59% | ▼ −3.37% | $7.94 (−21.23%) |
May 8, 2026 24w ago | Press Release | $8.80 $9.80 | ▼ −11.36% | ▼ −11.34% | $7.94 (+9.77%) |
Apr 30, 2026 25w ago | DEFA14A | $8.49 $9.83 | ▲ +15.78% | ▲ +10.82% | $7.94 (−6.48%) |
Apr 20, 2026 27w ago | Press Release | $8.58 | awaiting T+20 | — | $7.94 (−7.46%) |
Apr 8, 2026 28w ago | 8-K | $7.52 $8.47 | ▲ +12.63% | ▲ +5.07% | $7.94 (+5.59%) |
Apr 3, 2026 29w ago | 8-K | $7.38 $8.29 | ▲ +12.33% | ▲ +3.35% | $7.94 (+7.59%) |
US Market Status
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