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AMC Networks (AMC Global Media) · AMCX
PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLDFinancial statements PUBLIC FILING ANALYST PROJECTION
| $M | FY2023A | FY2024A | FY2025A | LTM Jun-26 | LTM Jun-27E | LTM Jun-28E | LTM Jun-29E | LTM Jun-30E | LTM Jun-31E |
|---|---|---|---|---|---|---|---|---|---|
| Revenueⓘ | $2.7B | $2.4B | $2.3B | $2.2B | $1.9B | $1.7B | $1.5B | $1.4B | $1.3B |
| % growth | -10.7% | -4.5% | -14.0% | -12.0% | -10.0% | -8.0% | -6.0% | ||
| Direct costs / COGSⓘ | $1.3B | $1.1B | $1.1B | $1.2B | $1.1B | $988.9M | $897.7M | $825.9M | $776.3M |
| Gross profit (NOI for real estate) | $1.4B | $1.3B | $1.2B | $1.1B | $836.9M | $711.0M | $632.2M | $581.7M | $546.8M |
| % margin | 51.0% | 53.2% | 50.6% | 48.3% | 43.3% | 41.8% | 41.3% | 41.3% | 41.3% |
| Operating expenses (cash, adjusted)ⓘ | $714.3M | $726.1M | $758.5M | $771.0M | $663.1M | $583.5M | $525.1M | $483.1M | $454.1M |
| EBITDA (company-adjusted basis) | $670.1M | $562.6M | $411.9M | $313.0M | $173.9M | $127.5M | $107.1M | $98.5M | $92.6M |
| % margin | 24.7% | 23.2% | 17.8% | 13.9% | 9.0% | 7.5% | 7.0% | 7.0% | 7.0% |
| D&Aⓘ | $107.4M | $98.0M | $94.4M | $85.3M | $73.4M | $64.6M | $58.1M | $53.4M | $50.2M |
| Share-based compensationⓘ | $25.7M | $26.1M | $25.3M | $24.4M | $20.9M | $18.4M | $16.6M | $15.3M | $14.3M |
| EBIT | $537.0M | $438.5M | $292.1M | $203.4M | $79.6M | $44.5M | $32.4M | $29.8M | $28.0M |
| Interest expenseⓘ | $152.7M | $166.2M | $172.4M | $170.5M | $156.0M | $156.0M | $156.0M | $144.5M | $144.5M |
| EBT | $384.3M | $272.3M | $119.8M | $32.9M | ($76.4M) | ($111.4M) | ($123.5M) | ($114.6M) | ($116.4M) |
| Taxesⓘ | $94.6M | $43.5M | $46.2M | $3.8M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income (model basis) | $289.7M | $228.8M | $73.5M | $29.1M | ($76.4M) | ($111.4M) | ($123.5M) | ($114.6M) | ($116.4M) |
| Capexⓘ | $35.2M | $44.8M | $33.3M | $28.2M | $21.2M | $18.7M | $16.8M | $15.5M | $14.6M |
| Working capital & other cash items | $218.9M | ($22.7M) | ($112.4M) | ($80.0M) | $29.0M | $25.5M | $22.9M | $21.1M | $19.8M |
| Free cash flowⓘ | $168.7M | $330.8M | $272.4M | $190.5M | ($32.3M) | ($72.7M) | ($88.6M) | ($82.5M) | ($86.2M) |
Historical columns are calculated from reported filing inputs (click a line label to jump to its source). Projections flow from the selected scenario’s assumptions (Scenarios tab): interest accrues on beginning balances by tranche; floating tranches use MAX(SOFR, floor) + spread + scenario shock; PIK accrues to principal. FCF = net income + D&A + SBC + PIK − capex − ΔNWC / other. Impairments, restructuring and other one-offs are excluded from EBITDA and net income and sit in the cash plug.
Provenance: reported inputs → standardized lines PUBLIC FILING
Each blue input in the Excel Historical tab is one row below. Values are US$ millions (filing reports US$ thousands; ÷1000). “Calculated” lines are formulas over these inputs, never typed numbers.
| Metric | Feeds line | Period | US$M | Filing | Page / section | Raw text | Source |
|---|---|---|---|---|---|---|---|
| revenue | revenue (+) | FY2023 | 2,711.877 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 2,711,877 | SEC ↗ |
| FY2024 | 2,421.314 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 2,421,314 | SEC ↗ | ||
| FY2025 | 2,311.801 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 2,311,801 | SEC ↗ | ||
| H1-2025 | 1,155.257 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Income (Loss) / MD&A | 1,155,257 | SEC ↗ | ||
| H1-2026 | 1,089.622 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Income (Loss) / MD&A | 1,089,622 | SEC ↗ | ||
| direct_costs | cogs (+) | FY2023 | 1,327.5 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 1,327,500 | SEC ↗ |
| FY2024 | 1,132.593 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 1,132,593 | SEC ↗ | ||
| FY2025 | 1,141.393 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 1,141,393 | SEC ↗ | ||
| H1-2025 | 551.222 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 551,222 | SEC ↗ | ||
| H1-2026 | 571.961 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 571,961 | SEC ↗ | ||
| sga | opexAdj (+) | FY2023 | 764.087 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 764,087 | SEC ↗ |
| FY2024 | 781.329 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 781,329 | SEC ↗ | ||
| FY2025 | 818.341 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 818,341 | SEC ↗ | ||
| H1-2025 | 419.679 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 419,679 | SEC ↗ | ||
| H1-2026 | 426.623 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 426,623 | SEC ↗ | ||
| sbc | opexAdj (−), sbc (+) | FY2023 | 25.665 | Form 10-K for period ended 2024-12-31 | p. 58 · Non-GAAP reconciliation (MD&A) | 25,665 | SEC ↗ |
| FY2024 | 26.051 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 26,051 | SEC ↗ | ||
| FY2025 | 25.33 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 25,330 | SEC ↗ | ||
| H1-2025 | 13.8 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 13,800 | SEC ↗ | ||
| H1-2026 | 12.826 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 12,826 | SEC ↗ | ||
| cloud_amort | opexAdj (−) | FY2023 | 10.543 | Form 10-K for period ended 2024-12-31 | p. 58 · Non-GAAP reconciliation (MD&A) | 10,543 | SEC ↗ |
| FY2024 | 13.452 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 13,452 | SEC ↗ | ||
| FY2025 | 10.733 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 10,733 | SEC ↗ | ||
| H1-2025 | 5.938 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 5,938 | SEC ↗ | ||
| H1-2026 | 4.416 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 4,416 | SEC ↗ | ||
| jv_aoi | opexAdj (−) | FY2023 | 13.606 | Form 10-K for period ended 2024-12-31 | p. 58 · Non-GAAP reconciliation (MD&A) | 13,606 | SEC ↗ |
| FY2024 | 15.678 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 15,678 | SEC ↗ | ||
| FY2025 | 23.744 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 23,744 | SEC ↗ | ||
| H1-2025 | 9.777 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 9,777 | SEC ↗ | ||
| H1-2026 | 6.762 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 6,762 | SEC ↗ | ||
| da | da (+) | FY2023 | 107.402 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 107,402 | SEC ↗ |
| FY2024 | 98.015 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 98,015 | SEC ↗ | ||
| FY2025 | 94.425 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 94,425 | SEC ↗ | ||
| H1-2025 | 47.372 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 47,372 | SEC ↗ | ||
| H1-2026 | 38.243 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 38,243 | SEC ↗ | ||
| interest_expense | interest (+) | FY2023 | 152.703 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 152,703 | SEC ↗ |
| FY2024 | 166.186 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 166,186 | SEC ↗ | ||
| FY2025 | 172.353 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 172,353 | SEC ↗ | ||
| H1-2025 | 85.852 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 85,852 | SEC ↗ | ||
| H1-2026 | 84.012 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 84,012 | SEC ↗ | ||
| taxes | taxes (+) | FY2023 | 94.606 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 94,606 | SEC ↗ |
| FY2024 | 43.49 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 43,490 | SEC ↗ | ||
| FY2025 | 46.226 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 46,226 | SEC ↗ | ||
| H1-2025 | 31.027 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 31,027 | SEC ↗ | ||
| H1-2026 | -11.413 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 11,413 | SEC ↗ | ||
| cfo | cfo (+) | FY2023 | 203.919 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 203,919 | SEC ↗ |
| FY2024 | 375.615 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 375,615 | SEC ↗ | ||
| FY2025 | 305.67 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 305,670 | SEC ↗ | ||
| H1-2025 | 211.596 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Cash Flows | 211,596 | SEC ↗ | ||
| H1-2026 | 124.659 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Cash Flows | 124,659 | SEC ↗ | ||
| capex | capex (+) | FY2023 | 35.207 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 35,207 | SEC ↗ |
| FY2024 | 44.775 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 44,775 | SEC ↗ | ||
| FY2025 | 33.303 | Form 10-K for period ended 2025-12-31 | p. F-8 · Consolidated Statements of Cash Flows | 33,303 | SEC ↗ | ||
| H1-2025 | 21.67 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Cash Flows | 21,670 | SEC ↗ | ||
| H1-2026 | 16.577 | Form 10-Q for period ended 2026-06-30 | Condensed Consolidated Statements of Cash Flows | 16,577 | SEC ↗ | ||
| impairment | memo / check | FY2023 | 96.689 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 96,689 | SEC ↗ |
| FY2024 | 399.513 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 399,513 | SEC ↗ | ||
| FY2025 | 97.784 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 97,784 | SEC ↗ | ||
| restructuring | memo / check | FY2023 | 27.787 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 27,787 | SEC ↗ |
| FY2024 | 49.464 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 49,464 | SEC ↗ | ||
| FY2025 | 26.536 | Form 10-K for period ended 2025-12-31 | p. F-5 · Consolidated Statements of Income (Loss) | 26,536 | SEC ↗ | ||
| H1-2025 | 8.318 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 8,318 | SEC ↗ | ||
| H1-2026 | 5.68 | Form 10-Q for period ended 2026-06-30 | MD&A results of operations | 5,680 | SEC ↗ | ||
| cash_interest | memo / check | FY2023 | 149.535 | Form 10-K for period ended 2025-12-31 | p. F-46 · Note 19 Supplemental cash flow data | 149,535 | SEC ↗ |
| FY2024 | 129.164 | Form 10-K for period ended 2025-12-31 | p. F-46 · Note 19 Supplemental cash flow data | 129,164 | SEC ↗ | ||
| FY2025 | 156.563 | Form 10-K for period ended 2025-12-31 | p. F-46 · Note 19 Supplemental cash flow data | 156,563 | SEC ↗ | ||
| H1-2025 | 84.394 | Form 10-Q for period ended 2026-06-30 | Note: Supplemental data | 84,394 | SEC ↗ | ||
| H1-2026 | 78.984 | Form 10-Q for period ended 2026-06-30 | Note: Supplemental data | 78,984 | SEC ↗ | ||
| aoi_reported | memo / check | FY2023 | 670.104 | Form 10-K for period ended 2024-12-31 | p. 58 · Non-GAAP reconciliation (MD&A) | 670,104 | SEC ↗ |
| FY2024 | 562.573 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 562,573 | SEC ↗ | ||
| FY2025 | 411.874 | Form 10-K for period ended 2025-12-31 | p. 60 · Non-GAAP reconciliation (MD&A) | 411,874 | SEC ↗ | ||
| H1-2025 | 213.871 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 213,871 | SEC ↗ | ||
| H1-2026 | 115.042 | Form 10-Q for period ended 2026-06-30 | Non-GAAP reconciliation (MD&A) | 115,042 | SEC ↗ | ||
| debt_2032_secured | memo / check | 2026-06-30 | 1,315.098 | Form 10-Q for period ended 2026-06-30 | Note 9 Long-term Debt | 1,315,098 | SEC ↗ |
| debt_2029_unsecured | memo / check | 2026-06-30 | 276.706 | Form 10-Q for period ended 2026-06-30 | Note 9 Long-term Debt | 276,706 | SEC ↗ |
| debt_2029_convert | memo / check | 2026-06-30 | 143.75 | Form 10-Q for period ended 2026-06-30 | Note 9 Long-term Debt | 143,750 | SEC ↗ |
| cash | memo / check | 2026-06-30 | 463.996 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 463,996 | SEC ↗ |
| FY2025 | 502.379 | Form 10-K for period ended 2025-12-31 | p. F-4 · Consolidated Balance Sheets | 502,379 | SEC ↗ | ||
| program_rights | memo / check | 2026-06-30 | 1,627.782 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 1,627,782 | SEC ↗ |
| ar | memo / check | 2026-06-30 | 547.187 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 547,187 | SEC ↗ |
| ppe | memo / check | 2026-06-30 | 110.555 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 110,555 | SEC ↗ |
| intangibles | memo / check | 2026-06-30 | 169.447 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 169,447 | SEC ↗ |
| debt_total | memo / check | FY2025 | 1,778.251 | Form 10-K for period ended 2025-12-31 | p. F-27 · Note 9 Long-term Debt | 1,778,251 | SEC ↗ |
| 2026-06-30 | 1,735.554 | Form 10-Q for period ended 2026-06-30 | Note 9 Long-term Debt | 1,735,554 | SEC ↗ | ||
| fy25_undrawn_revolver | memo / check | 2025-12-31 | — | Form 10-K for period ended 2025-12-31 | p. 56 · MD&A Liquidity: undrawn revolver at 2025-12-31 | undrawn $175.0 million Revolving Credi… | SEC ↗ |
| cov_net_lev_reported | memo / check | 2025-12-31 | — | Form 10-K for period ended 2025-12-31 | p. 56 · Total net leverage ratio at 2025-12-31 as reported by the company (credit-agreement definition) | 4.41:1.00 | SEC ↗ |
| cov_icr_reported | memo / check | 2025-12-31 | — | Form 10-K for period ended 2025-12-31 | p. 56 · Interest coverage at 2025-12-31 as reported by the company | 2.01:1.00 | SEC ↗ |
| current_assets | memo / check | 2026-06-30 | 1,262.345 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 1,262,345 | SEC ↗ |
| current_liabilities | memo / check | 2026-06-30 | 716.838 | Form 10-Q for period ended 2026-06-30 | Consolidated Balance Sheets | 716,838 | SEC ↗ |
Sources & data lineage (4)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| SEC EDGAR | AMC Networks Inc. (now AMC Global Media Inc.) — Form 10-K, period ended 2025-12-31 | Annual report | 2025-12-31 | 0001514991-26-000011 | 2026-02-11 | 2026-10-07 | PUBLIC FILING |
| SEC EDGAR | AMC Networks Inc. — Form 10-K, period ended 2024-12-31 | Annual report | 2024-12-31 | 0001514991-25-000009 | 2025-02-14 | 2026-10-07 | PUBLIC FILING |
| SEC EDGAR | AMC Global Media Inc. — Form 10-Q, period ended 2026-06-30 | Quarterly report | 2026-06-30 | 0001514991-26-000089 | 2026-07-30 | 2026-10-07 | PUBLIC FILING |
| FRED (Federal Reserve Bank of St. Louis) | SOFR — Secured Overnight Financing Rate (3.90% on 2026-10-06) | Macro rate | — | — | 2026-10-06 | 2026-10-07 | PUBLIC FILING |