The Q1 miss on GAAP EPS and the sharp decline in operating income and free cash flow signal fundamental weakness despite streaming revenue growth. The $30M ASR and debt restructuring provide some support, but the 16% decline in affiliate revenue and flat streaming subscriber growth are concerning. Monitor the Q2 2026 earnings for any guidance revision — the reiterated outlook may be tested if the advertising and affiliate revenue trends continue.
Price Chart
Executive Summary
AMC Global Media reported Q1 2026 GAAP EPS of -$0.43 (vs consensus $0.21, a miss) and revenue of $542M (vs $540.3M consensus, roughly in line). However, the headline GAAP loss is driven by $16.7M in debt modification expenses and a $17M 'Miscellaneous, net' charge; the company's adjusted EPS of $0.08 still missed the $0.21 consensus. Total revenue declined 2.4% YoY, operating income fell 51%, and free cash flow dropped 31%. The company reiterated its full-year outlook and announced a $30M ASR, but the fundamental deterioration in core metrics (revenue decline, operating income halved, streaming subscriber growth flat) overshadows the streaming revenue growth and capital return plans.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of -$0.43 vs consensus $0.21 — a significant miss on the GAAP basis; adjusted EPS of $0.08 also missed the $0.21 consensus.
- Revenue of $542M was roughly in line with $540.3M consensus but declined 2.4% YoY.
- Operating income fell 51% YoY to $31M; adjusted operating income fell 34% to $69M.
- Free cash flow declined 31% YoY to $65M.
- Domestic Operations revenue fell 3% YoY; affiliate revenue declined 16% due to basic subscriber losses.
- Streaming revenue grew 11% YoY to $174M, but streaming subscribers were flat at 10.1M (down 1% YoY).
- Company announced a $30M accelerated share repurchase (ASR) and plans to repay Term Loan A and terminate its credit facility.
- Debt modification expenses of $16.7M and a $17M 'Miscellaneous, net' charge drove the GAAP loss.
- Company reiterated its full-year financial outlook.
- Leverage ratio (net debt/adjusted operating income) stood at 3.4x; net leverage ratio per credit facility was 5.11x.
Financial Impact
GAAP net loss of $18.9M vs prior-year net income of $18.0M; operating income fell $33M YoY; free cash flow fell $29M YoY.
Risk Factors
- Continued linear subscriber declines accelerating affiliate revenue erosion.
- Advertising revenue weakness from lower marketplace pricing.
- Flat streaming subscriber growth limits the upside from streaming price increases.
- High leverage (5.11x net leverage per credit facility) constrains financial flexibility.
- Debt modification expenses and restructuring charges may recur.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3290984 |
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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