AMC Global Media

AMCX · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

AMCX · Last close · November 6, 2026

$8.39

AMC Global Media's revenue fell 4.5% to $2.3 billion in fiscal 2025. Its operating margin was 5.8%, up from −1.6% a year earlier. Free cash flow was $272 million, down 17.7%. It paid out $18 million in dividends and buybacks, 7% of free cash flow. The diluted share count rose 27.4%.

AMC Global Media Inc. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001514991-26-000011 Updated November 9, 2026

Revenue

$2.3B

4.5%

Operating margin

5.8%

7.4 pts

Net income

$89M

Free cash flow

$272M

17.7%

Return on capital

3.9%

5.0 pts

Market cap

$361M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What AMC Global Media does

AMC Networks makes and distributes TV shows and films. It owns streaming services (AMC+, Acorn TV, Shudder, Sundance Now, HIDIVE and others) and cable networks (AMC, BBC America, IFC, SundanceTV and We TV). It also distributes independent films and runs an art-house venue, the IFC Center in New York.

It earns money from subscription fees paid by cable and satellite distributors and by streaming subscribers, from advertising, and from licensing its content to other platforms. Its AMC Studios unit produces much of its scripted series, including The Walking Dead Universe and the Anne Rice Immortal Universe, which it owns and can license to others.

Its international division delivers programming to subscribers in more than 100 countries and territories. The company has worked in entertainment for more than 40 years and was spun off from Cablevision Systems in 2011.

Its biggest risks, as it describes them

Viewer appeal of its programming is unpredictable, and it may not secure enough good programming.
Falling cable and satellite subscriber numbers, and dependence on a few large distributors.
Rising programming costs and difficulty attracting and keeping streaming subscribers.
Advertising market conditions that can sharply reduce its revenue in a given period.
Intense competition, and theft of its content.

From AMC Global Media's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 8.6% a year and net income 11.6% a year, while buybacks cut the share count by 22%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	892	930	571	785	502
Debt incl. finance leases	2,866	2,836	2,381	2,354	1,768
Net debt (negative means net cash)	1,973	1,906	1,810	1,569	1,266
Net debt to EBITDA	3.4x	9.8x	3.6x	26.9x	5.6x
Debt to equity	3.4x	3.5x	2.3x	2.8x	1.8x
Interest coverage	3.8x	0.7x	2.5x	−0.2x	0.8x
Current ratio	1.9x	1.7x	1.7x	2.4x	1.7x
Quick ratio	1.9x	1.7x	1.7x	2.4x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project AMC Global Media's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open AMC Global Media's projections

Insider trades

No officer, director or 10% owner of AMC Global Media reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	5 of 9	6 of 9
Rule of 40	−6.2%	3.0%	7.3%
Altman Z''	3.25	3.23	3.25
Accruals ratio	0.2%	−12.9%	−5.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	6 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put AMC Global Media side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AMC Global Media	FY25	−4.5%	5.8%	11.8%	3.9%	5.6x	6
Cable One	FY25	−5.0%	−13.8%	18.5%	−3.4%	23.3x	3	Compare
Liberty Latin America	FY25	−0.1%	2.4%	6.9%	1.0%	7.4x	6	Compare
Liberty Global	FY25	12.4%	−0.5%	−2.7%	−0.1%	6.3x	5	Compare
GCI Liberty	FY25	3.0%	−33.2%	11.7%	−11.8%	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,756	2,806	2,972	3,060	2,815	3,078	3,096	2,712	2,421	2,312
Revenue growth	6.8%	1.8%	5.9%	3.0%	−8.0%	9.3%	0.6%	−12.4%	−10.7%	−4.5%
Gross profit	1,476	1,465	1,526	1,553	1,413	1,646	1,581	1,384	1,289	1,170
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	658	722	727	625	443	490	87	388	−40	133
Net income	270	471	446	380	240	251	8	216	−226	89
Diluted EPS (US$)	3.74	7.18	7.57	6.67	4.64	5.77	0.17	4.90	−5.10	1.66
Diluted shares (millions)	72	66	59	57	52	43	44	44	44	57
Cash flow
Cash from operations	514	386	606	484	749	144	182	204	376	306
Capital expenditure	79	80	90	92	47	43	44	35	45	33
Free cash flow	435	306	517	392	702	101	138	169	331	272
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	223	434	283	71	357	0	0	0	0	18
Acquisitions	0	0	84	0	0	62	0	0	0	0
Stock-based compensation	39	54	61	64	53	48	30	26	26	25
Balance sheet at fiscal year end
Cash and short-term investments	481	559	555	816	888	892	930	571	785	502
Debt incl. finance leases	2,819	3,099	3,110	3,118	2,881	2,866	2,836	2,381	2,354	1,768
Total assets	4,481	5,033	5,279	5,597	5,246	5,749	5,634	4,970	4,362	3,937
Total liabilities	4,263	4,650	4,634	4,596	4,288	4,562	4,526	3,710	3,422	2,923
Shareholders' equity	−30	135	317	666	617	851	807	1,048	856	982
Margins and ratios
Gross margin	53.5%	52.2%	51.4%	50.8%	50.2%	53.5%	51.0%	51.0%	53.2%	50.6%
Operating margin	23.9%	25.8%	24.5%	20.4%	15.7%	15.9%	2.8%	14.3%	−1.6%	5.8%
Net margin	9.8%	16.8%	15.0%	12.4%	8.5%	8.1%	0.2%	8.0%	−9.4%	3.9%
Free cash flow margin	15.8%	10.9%	17.4%	12.8%	24.9%	3.3%	4.4%	6.2%	13.7%	11.8%
Rule of 40 (growth + FCF margin)	22.6%	12.7%	23.3%	15.8%	16.9%	12.6%	5.1%	−6.2%	3.0%	7.3%
Return on capital	17.3%	21.2%	19.4%	17.8%	10.1%	13.3%	2.4%	9.4%	−1.2%	3.9%
Return on equity	—	—	—	77.5%	37.4%	34.1%	0.9%	23.2%	−23.8%	9.7%
Return on assets	6.2%	9.9%	8.7%	7.0%	4.4%	4.6%	0.1%	4.1%	−4.9%	2.1%
Net debt to EBITDA	3.1x	3.1x	3.1x	3.2x	3.6x	3.4x	9.8x	3.6x	26.9x	5.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AMC Global Media's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AMC Global Media.