AMC Networks’ second quarter results received a positive market response, reflecting stronger-than-expected growth in streaming and content licensing revenues. Management credited the acceleration in streaming revenue to both higher engagement and successful price increases across platforms like Acorn and HIDIVE. CEO Kristin Dolan pointed to robust fan engagement at events like Comic-Con and highlighted the role of targeted streaming services in driving subscriber loyalty. CFO Patrick O’Connell emphasized that operational discipline and programming efficiencies contributed to higher-than-anticipated free cash flow.
Is now the time to buy AMCX? Find out in our full research report (it’s free).
AMC Networks (AMCX) Q2 CY2025 Highlights:
- Revenue: $600 million vs analyst estimates of $582.4 million (4.1% year-on-year decline, 3% beat)
- Adjusted EPS: $0.69 vs analyst estimates of $0.61 (13% beat)
- Adjusted EBITDA: $109.4 million vs analyst estimates of $88.07 million (18.2% margin, 24.2% beat)
- Operating Margin: 10.7%, up from 1.7% in the same quarter last year
- Market Capitalization: $307.2 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From AMC Networks’s Q2 Earnings Call
- Thomas L. Yeh (Morgan Stanley) asked about the drivers behind the increased free cash flow outlook. CFO Patrick O’Connell responded that cash tax savings were the largest contributor, with modest programming cost savings also playing a role.
- Thomas L. Yeh (Morgan Stanley) also inquired about trends in advertising and affiliate revenues for the remainder of the year. O’Connell explained that content licensing remains strong while advertising is somewhat weaker, but overall guidance for total revenue remains unchanged.
- Thomas L. Yeh (Morgan Stanley) questioned the strategic value of the Runway AI partnership. CEO Kristin Dolan clarified that Runway’s tools support creative ideation and visualization, expanding production capabilities without impacting ownership of AMC’s content IP.
- John Christopher Hodulik (UBS) sought details on the sustainability of streaming subscription growth and digital advertising trends. O’Connell and Chief Commercial Officer Kim Kelleher highlighted continued pricing power in streaming and over 25% growth in digital ad commitments, but noted ongoing weakness in linear advertising.
- Steven Lee Cahall (Wells Fargo) probed about the logic behind continued integration of content and distribution assets. O’Connell stressed that AMC Networks’ diverse assets—studio, streaming, and IP—work together to drive value, and that buybacks remain secondary to content investment and debt reduction.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will monitor (1) the pace of streaming revenue growth, especially as more rate increases take effect; (2) the expansion and adoption of FAST channels in international markets; and (3) the ability of content licensing to provide consistent, high-margin revenue. Progress in digital advertising and successful new content launches—such as upcoming seasons of major franchises—will also be critical for tracking AMC Networks’ execution.
AMC Networks currently trades at $7.26, up from $6 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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