# AMC Global Media Inc. (AMCX) Informational only - not investment advice. CIK: 0001514991 SIC: 4841 Cable & Other Pay Television Services SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4841 Cable & Other Pay Television Services](/industry/4841/) Latest 10-K filed: 2026-02-11 SEC page: https://www.sec.gov/edgar/browse/?CIK=1514991 Filing source: https://www.sec.gov/Archives/edgar/data/1514991/000151499126000011/amcx-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0001514991-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514991.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,311,801,000 USD | 2025 | verified | | Net income | 89,400,000 USD | 2025 | verified | | Assets | 3,936,881,000 USD | 2025 | verified | | Free cash flow | 272,367,000 USD | 2025 | computed | | Net margin | 3.87% | 2025 | computed | | Operating margin | 5.77% | 2025 | computed | | Revenue YoY | -4.52% | 2025 | computed | | ROE | 9.11% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | AMCX | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 3.9% | 1.9% | 58 | 13 | | Operating margin | 5.8% | 2.0% | 67 | 13 | | Revenue growth | -4.5% | -0.0% | 17 | 13 | | FCF margin | 11.8% | 10.1% | 67 | 13 | | ROE | 9.1% | 2.0% | 70 | 11 | | ROA | 2.3% | 0.7% | 67 | 13 | | Liabilities / equity | 2.98 | 1.75 | 80 | 11 | | Current ratio | 1.67 | 1.08 | 67 | 13 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4841 Cable & Other Pay Television Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2311801000 | USD | 2025 | 2026-02-11 | | Net income | 89400000 | USD | 2025 | 2026-02-11 | | Assets | 3936881000 | USD | 2025 | 2026-02-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514991.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 2,805,691,000 | 2,971,929,000 | 3,060,321,000 | 2,814,956,000 | 3,077,608,000 | 3,096,545,000 | 2,711,877,000 | 2,421,314,000 | 2,311,801,000 | | Net income | | | | 270,510,000 | 471,316,000 | 446,187,000 | 380,486,000 | 239,979,000 | 250,596,000 | 7,594,000 | 215,464,000 | -226,546,000 | 89,400,000 | | Operating income | | | | 657,556,000 | 722,359,000 | 726,909,000 | 625,277,000 | 442,644,000 | 489,922,000 | 86,916,000 | 388,412,000 | -39,600,000 | 133,322,000 | | Diluted EPS | | | | 3.74 | 7.18 | 7.57 | 6.67 | 4.64 | 5.77 | 0.17 | 4.90 | -5.10 | 1.66 | | Operating cash flow | | | | | 385,729,000 | 606,547,000 | 483,748,000 | 748,736,000 | 143,474,000 | 181,834,000 | 203,919,000 | 375,615,000 | 305,670,000 | | Capital expenditures | | | | 79,220,000 | 80,049,000 | 89,802,000 | 91,604,000 | 46,595,000 | 42,572,000 | 44,272,000 | 35,207,000 | 44,775,000 | 33,303,000 | | Share buybacks | | | | 223,237,000 | 434,210,000 | 283,143,000 | 70,598,000 | 356,701,000 | 0.00 | 0.00 | 0.00 | 0.00 | 17,969,000 | | Assets | | | | 4,480,595,000 | 5,052,884,000 | 5,278,563,000 | 5,596,686,000 | 5,246,338,000 | 5,748,946,000 | 5,633,836,000 | 4,969,787,000 | 4,362,221,000 | 3,936,881,000 | | Liabilities | | | | 4,262,908,000 | 4,657,551,000 | 4,633,797,000 | 4,595,730,000 | 4,287,588,000 | 4,562,425,000 | 4,526,354,000 | 3,710,544,000 | 3,422,080,000 | 2,923,132,000 | | Stockholders' equity | | | | -30,082,000 | 134,944,000 | 316,680,000 | 665,781,000 | 616,805,000 | 851,088,000 | 806,988,000 | 1,048,051,000 | 855,595,000 | 981,871,000 | | Cash and cash equivalents | 521,951,000 | 201,367,000 | 316,321,000 | 481,389,000 | 558,783,000 | 554,886,000 | | | | 930,002,000 | 570,576,000 | 784,649,000 | 502,379,000 | | Free cash flow | | | | | 305,680,000 | 516,745,000 | 392,144,000 | 702,141,000 | 100,902,000 | 137,562,000 | 168,712,000 | 330,840,000 | 272,367,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | 16.80% | 15.01% | 12.43% | 8.53% | 8.14% | 0.25% | 7.95% | -9.36% | 3.87% | | Operating margin | | | | | 25.75% | 24.46% | 20.43% | 15.72% | 15.92% | 2.81% | 14.32% | -1.64% | 5.77% | | Return on equity | | | | | 349.27% | 140.90% | 57.15% | 38.91% | 29.44% | 0.94% | 20.56% | -26.48% | 9.11% | | Return on assets | | | | 6.04% | 9.33% | 8.45% | 6.80% | 4.57% | 4.36% | 0.13% | 4.34% | -5.19% | 2.27% | | Liabilities / equity | | | | | 34.51 | 14.63 | 6.90 | 6.95 | 5.36 | 5.61 | 3.54 | 4.00 | 2.98 | | Current ratio | | | | 1.78 | 2.53 | 2.46 | 2.90 | 2.21 | 1.89 | 1.67 | 1.72 | 2.38 | 1.67 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001514991.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.94 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 2.36 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.60 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 636,954,000 | 63,424,000 | 1.44 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 678,848,000 | -21,809,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 596,461,000 | 45,803,000 | 1.03 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 625,934,000 | -29,234,000 | -0.66 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 599,614,000 | 41,382,000 | 0.76 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 599,305,000 | -284,497,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 555,233,000 | 18,049,000 | 0.34 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 600,024,000 | 50,289,000 | 0.91 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 561,741,000 | 76,529,000 | 1.38 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 594,803,000 | -55,467,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 542,127,000 | -18,870,000 | -0.43 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 547,495,000 | -21,943,000 | -0.51 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from AMCX's latest 10-K: [/company/AMCX/business/](/company/AMCX/business/). ## Risk Factors Verbatim Item 1A Risk Factors from AMCX's latest 10-K: [/company/AMCX/risk-factors/](/company/AMCX/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1514991/000151499126000089/amcx-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations. This Management's Discussion and Analysis of Financial Condition and Results of Operations contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. In this Management's Discussion and Analysis of Financial Condition and Results of Operations there are statements concerning our future operating results and future financial performance. Words such as "expects," "anticipates," "believes," "estimates," "may," "will," "should," "could," "potential," "continue," "intends," "plans" and similar words and terms used in the discussion of future operating results and future financial performance identify forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: •the level of our revenues; •market demand, including changes in viewer consumption patterns, for our programming networks, our subscription streaming services, our programming (including our owned original programming and our film content) and our production services; •demand for advertising inventory and our ability to deliver guaranteed viewer ratings; •the highly competitive nature of the cable, telecommunications, streaming and programming industries; •the cost of, and our ability to obtain or produce, desirable content for our programming services, other forms of distribution, including digital and licensing in international markets, as well as our film distribution businesses; •the loss of any of our key personnel or artistic talent; •the impact and lingering effects of strikes, including those related to the Writers, Directors, and Screen Actors guilds; •the security of our program rights and other electronic data; •breaches or failures of our or our vendors’ information technology systems or products, including by cyber-attack, malware, data leakage, unauthorized access or theft, or other cybersecurity incidents; •our ability to maintain and renew distribution or affiliation agreements with distributors; •economic and business conditions and industry trends in the countries in which we operate, including fluctuations in inflation rates, recession risk, the impacts of tariffs, U.S. federal government shutdowns, and uncertainty regarding the foregoing; •fluctuations in currency exchange rates and interest rates; •changes in domestic and foreign laws or regulations under which we operate; •changes in laws or treaties relating to taxation, or the interpretation thereof, in the United States or in the countries in which we operate; •the impact of existing and proposed federal, state and international laws and regulations relating to data protection, privacy and security, including the European Union's General Data Protection Regulation ("GDPR"), the California Consumer Privacy Act ("CCPA") and other similar comprehensive privacy and security laws that have been or may be enacted in other states; •our substantial debt and high leverage, as well as our liquidity; •reduced access to, or inability to access, capital or credit markets, or significant increases in costs to borrow; •the level of our expenses; •changes in our business strategy; •future acquisitions and dispositions of assets; •our ability to successfully acquire new businesses and, if acquired, to integrate, and implement our plan with respect to businesses we acquire; •problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire; •the outcome of litigation, arbitration and other proceedings or investigations; •whether pending uncompleted transactions, if any, are completed on the terms and at the times set forth (if at all); •financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate; •impairment charges related to our goodwill and other intangible assets; •the impact of pandemics or other health emergencies on the economy and our business; •the direct and indirect impact of events that are outside our control, such as geopolitical conditions (including international wars or conflicts), political unrest in international markets, terrorist attacks, natural disasters and other similar events; and •the factors described under Item 1A, "Risk Factors" in our 2025 Annual Report on Form 10-K (the "2025 Form 10-K"), as filed with the Securities and Exchange Commission. We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws. 27 Introduction Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere herein and our 2025 Form 10-K to enhance the understanding of our financial condition, changes in financial condition and results of our operations. Unless the context otherwise requires, all references to "we," "us," "our," "AMC Global Media" or the "Company" refer to AMC Global Media Inc., together with its subsidiaries. The MD&A is organized as follows: Business Overview. This section provides a general description of our business and our operating segments, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. Consolidated Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International. Liquidity and Capital Resources. This section provides a discussion of our financial condition as of June 30, 2026, as well as an analysis of our cash flows for the six months ended June 30, 2026 and 2025. The discussion of our financial condition and liquidity also includes summaries of (i) our primary sources of liquidity and (ii) our contractual obligations that existed at June 30, 2026 as compared to December 31, 2025. Critical Accounting Policies and Estimates. This section provides an update, if any, to our significant accounting policies or critical accounting estimates since December 31, 2025. Business Overview Financial Highlights The tables presented below set forth our consolidated revenues, net, operating income and adjusted operating income ("AOI")1, for the periods indicated. [[GREPCENT_TABLE]] [["(In thousands)","Three Months Ended June 30,","","Six Months Ended June 30,"],["2026","","2025","","2026","","2025"],["Revenues, net","$","547,495","","","$","600,024","","","$","1,089,622","","","$","1,155,257"],["Operating Income","$","15,854","","","$","64,469","","","$","47,115","","","$","128,666"],["Adjusted Operating Income","$","46,068","","","$","109,386","","","$","115,042","","","$","213,871"]] [[/GREPCENT_TABLE]] Segment Reporting We manage our business through the following two operating segments: •Domestic Operations: Consists of our streaming services, our five programming networks, our AMC Studios operation and our film distribution business. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality). Our programming networks are AMC, We TV, BBC America, IFC, and SundanceTV. Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business consists of Independent Film Company. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks. •International: Consists of AMC Global Media International, our international programming businesses consisting of a portfolio of channels distributed around the world. 1 Adjusted Operating Income is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section in this MD&A for additional information, including our definition and our use of this non-GAAP financial measure, and for a reconciliation to its most comparable GAAP financial measure. 28 Domestic Operations In our Domestic Operations segment, we earn revenue principally from: (i) subscription revenues in connection with the distribution of our programming through our streaming services and programming networks, (ii) the sale of advertising, and (iii) the licensing of our original programming to distributors, including the distribution of programming of Independent Film Company. Substantially all of our subscription revenues are based on a per subscriber fee. The subscription revenues we earn vary from period to period, distributor to distributor and also vary among our streaming services and programming networks. Subscription revenues are generally based on the impact of renewals of distributor agreements and upon the number of each distributor's subscribers who receive our programming, referred to as viewing subscribers. Subscription fees for our services are generally paid by distributors and consumers on a monthly basis. In negotiating for additional subscribers or extended carriage, we have agreed, in some instances, to make payments to a distributor which we record as deferred carriage fees and which are amortized as a reduction of revenue over the period of the related affiliation agreement. We also may support the distributors' efforts to market our networks. We believe that these transactions generate a positive return on investment over the contract period. Under affiliation agreements with our distributors, we have the right to sell a specified amount of national advertising time on our programming networks. Our advertising revenues are more variable than subscription revenues because the majority of our advertising is sold on a short-term basis, not under long-term contracts. Our arrangements with advertisers provide for a set number of advertising units to air over a specific period of time at a negotiated price per unit. Additionally, in these advertising sales arrangements, our programming networks generally guarantee specified viewer ratings for their programming. If these guaranteed viewer ratings are not met, we are generally required to provide additional advertising units to the advertiser at no charge. For these types of arrangements, a portion of the related revenue is deferred if the guaranteed ratings are not met and is subsequently recognized either when we provide the required additional advertising units or the guarantee obligation contractually expires. Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen. Our domestic programming networks have advertisers representing companies in a broad range of sectors, including the automotive, restaurants/food, health, technology and telecommunications industries. We seek to increase our advertising revenues by increasing the rates we charge for such advertising, which depend in part on the overall distribution and popularity of our programming, including among desirable demographic groups as measured by Nielsen, the penetration of our services across digital platforms, including AVOD and FAST services, and the integration of our [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1514991/000151499126000011/amcx-20251231.htm Complete FY 2025 MD&A: /company/AMCX/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-11 Report date: 2025-12-31 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management's discussion and analysis of financial condition and results of operations, or MD&A, is a supplement to and should be read in conjunction with the accompanying consolidated financial statements and related notes. Our MD&A is provided to enhance the understanding of our financial condition, changes in financial condition and results of our operations and is organized as follows: Business Overview. This section provides a general description of our business and our operating segments, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. Consolidated Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International. Analysis of our results of operations, on both a consolidated and segment basis, for the year ended December 31, 2023, including a comparison of 2024 to 2023, is included in our Annual Report on Form 10-K for the year ended December 31, 2024. Liquidity and Capital Resources. This section provides a discussion of our financial condition as of December 31, 2025 as well as an analysis of our cash flows for the years ended December 31, 2025 and 2024. The discussion of our financial condition and liquidity also includes a summary of our primary sources of liquidity. Analysis of our cash flows for the year ended December 31, 2023 is included in our Annual Report on Form 10-K for the year ended December 31, 2024. Critical Accounting Policies and Estimates. This section provides a discussion of our accounting policies considered to be important to an understanding of our financial condition and results of operations, and which require significant judgment and estimates on the part of management in their application. Business Overview Financial Highlights     The tables presented below set forth our consolidated revenues, net, operating income (loss) and adjusted operating income ("AOI")(1), for the periods indicated. [[GREPCENT_TABLE]] [["(In thousands)","Year Ended December 31,","","Change"],["2025","","2024","","","","2025 vs. 2024"],["Revenues, net","$","2,311,801","","","$","2,421,314","","","","","(4.5)","%"],["Operating Income (Loss)","$","133,322","","","$","(39,600)","","","","","n/m"],["Adjusted Operating Income","$","411,874","","","$","562,573","","","","","(26.8)","%"],["n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful."]] [[/GREPCENT_TABLE]] (1) Adjusted Operating Income is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section in this MD&A for additional information, including our definition and our use of this non-GAAP financial measure, and for a reconciliation to its most comparable GAAP financial measure. Segment Reporting We manage our business through the following two operating segments: •Domestic Operations: Consists of our five programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, We TV, BBCA, IFC, and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes Independent Film Company, RLJE Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks. •International: Consists of AMCNI, our international programming businesses consisting of a portfolio of channels distributed around the world. Domestic Operations In our Domestic Operations segment, we earn revenue principally from: (i) subscription revenues in connection with the distribution of our programming through our programming networks and streaming services, (ii) the sale of advertising, and (iii) the licensing of our original programming to distributors, including the distribution of programming of Independent Film Company. 43 In the first quarter of 2025, the Company updated the definition of "aggregate paid subscribers" and the definitions of "affiliate revenues" and "streaming revenues". These changes have no effect on the Company's consolidated financial statements or results of operations, or operating segment results. The impact of these changes to historical affiliate revenues and streaming revenues is not material. The new definitions are as follows: Streaming subscriber (previously "aggregate paid subscriber"): A subscriber who registers on an a la carte basis and from whom we receive a fee, for one of our streaming services directly through our direct-to-consumer applications or indirectly through one of our streaming platform arrangements. This definitional change resulted in the exclusion of subscribers from our count who received access to our streaming services from distributors through a video package that also included access to our programming networks. Subscribers in this Annual Report on Form 10-K reflect our updated definition. The following table sets forth our streaming subscribers, presented under both the old definition of "aggregate paid subscriber" and the new definition of "streaming subscriber" as of each date indicated: [[GREPCENT_TABLE]] [["(in thousands)","December 31, 2024","","December 31, 2023"],["As originally reported (a)","12,388","","11,443"],["Adjustments (b)","(1,971)","","(1,306)"],["Recast (c)","10,417","","10,137"]] [[/GREPCENT_TABLE]] (a) Originally reported as "aggregate paid subscribers". Prior to the first quarter of 2025, a paid subscription was defined as a subscription to a direct-to-consumer service or a subscription received through distributor arrangements, in which we received a fee for the distribution of our streaming services. (b) Primarily consists of Orange (Spain) and Philo customers at the end of the period presented that were provided access to our streaming services as part of video packages that also included access to our programming networks. (c) Under new definition of "streaming subscribers". Affiliate revenues: Represents fees received from distributors for the rights to use the Company's programming under multi-year contracts, commonly referred to as "affiliation agreements." Affiliate revenues also include fees received from distributors who provide access to our streaming services to end users through a video package that also includes access to our programming networks. Affiliate revenues are earned from cable and other multichannel video programming distribution platforms, including direct broadcast satellite and platforms operated by telecommunications providers and virtual multichannel video programming distributors. Streaming revenues: Represents fees for our streaming services earned from our direct-to-consumer platforms as well as through streaming platform arrangements with companies that sell our streaming services on our behalf. Substantially all of our subscription revenues are based on a per subscriber fee. The subscription revenues we earn vary from period to period, distributor to distributor and also vary among our programming networks and streaming services. Subscription revenues are generally based on the impact of renewals of distributor agreements and upon the number of each distributor's subscribers who receive our programming, referred to as viewing subscribers. Subscription fees for our services are generally paid by distributors and consumers on a monthly basis. In negotiating for additional subscribers or extended carriage, we have agreed, in some instances, to make upfront payments to a distributor which we record as deferred carriage fees and which are amortized as a reduction of revenue over the period of the related affiliation agreement. We also may support the distributors' efforts to market our networks. We believe that these transactions generate a positive return on investment over the contract period. Under affiliation agreements with our distributors, we have the right to sell a specified amount of national advertising time on our programming networks. Our advertising revenues are more variable than subscription revenues because the majority of our advertising is sold on a short-term basis, not under long-term contracts. Our arrangements with advertisers provide for a set number of advertising units to air over a specific period of time at a negotiated price per unit. Additionally, in these advertising sales arrangements, our programming networks generally guarantee specified viewer ratings for their programming. If these guaranteed viewer ratings are not met, we are generally required to provide additional advertising units to the advertiser at no charge. For these types of arrangements, a portion of the related revenue is deferred if the guaranteed ratings are not met and is subsequently recognized either when we provide the required additional advertising time or the guarantee obligation contractually expires. Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen. Our domestic programming networks have advertisers representing companies in a broad range of sectors, including the automotive, restaurants/food, health, technology and telecommunications 44 industries. We seek to increase our advertising revenues by increasing the rates we charge for such advertising, which is directly related to the overall distribution of our programming, penetration of our services on various digital platforms such as AVOD and FAST services, integration of our advanced advertising products, and the popularity (including within desirable demographic groups) of our services as measured by Nielsen. Content licensing revenue is earned from the licensing of original programming for digital, foreign and home video distribution and is recognized upon availability or distribution by the licensee, and, to a lesser extent, is earned through the distribution of AMC Studios produced series to third parties. Content licensing revenues vary based on the timing and availability of programming to distributors. We continue to contract for and produce high-quality, attractive programming and remain disciplined in our marketing spend in our efforts to acquire and retain higher lifetime value subscribers. As competition for programming increases and alternative distribution technologies continue to emerge and develop in the industry, costs for content acquisition and original programming have increased. There is a concentration of subscribers in the hands of a few distributors, which could create disparate bargaining power between the largest distributors and us by giving those distributors greater leverage in negotiating the price and other terms of affiliation agreements. We also seek to increase our content licensing revenues by expanding the opportunities for licensing our programming through digital distribution platforms, foreign distribution and home video services. Content expenses, included in technical and operating expenses, represent the largest expenses of the Domestic Operations segment and primarily consist of amortization of program rights, such as those for original programming, feature films and licensed series, as well as participation and residual costs. The other components of technical and operating expenses primarily include distribution and production rel [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/AMCX/mda/fy2025/ All MD&A years: /company/AMCX/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/AMCX/mda/fy2024/): filed 2025-02-14; accession 0001514991-25-000009 (https://www.sec.gov/Archives/edgar/data/1514991/000151499125000009/amcx-20241231.htm) - [FY 2023 MD&A](/company/AMCX/mda/fy2023/): filed 2024-02-09; accession 0001514991-24-000007 (https://www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm) - [FY 2022 MD&A](/company/AMCX/mda/fy2022/): filed 2023-02-17; accession 0001514991-23-000009 (https://www.sec.gov/Archives/edgar/data/1514991/000151499123000009/amcx-20221231.htm) - [FY 2021 MD&A](/company/AMCX/mda/fy2021/): filed 2022-02-16; accession 0001514991-22-000007 (https://www.sec.gov/Archives/edgar/data/1514991/000151499122000007/amcx-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4841 Cable & Other Pay Television Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/AMCX.md · JSON record: /company/AMCX.json · verified financials: /company/AMCX/financials.json / /company/AMCX/financials.csv · machine TOC for the whole site: /llms.txt