AMC Global Media Holds 2026 Revenue Forecast at $2.4 Billion to $2.45 Billion Despite ALLBLK Sale
Key Facts
On November 9, AMC Global Media maintained its 2026 revenue forecast at a range of $2.4 billion to $2.45 billion and estimated adjusted operating income for the year at $410 million to $420 million. The annual guidance followed the sale of its ALLBLK streaming business in August, with its future results excluded from the forecast. In the third quarter, consolidated revenue rose 0.8% to $566.070 million, compared with $561.741 million in the same period of 2025. CEO Kristin Dolan said quarterly revenue growth was led by the licensing and streaming businesses. The performance puts revenue growth alongside a marked decline in adjusted operating income for the quarter.
Adjusted operating income was $70.441 million in the third quarter, down 25.4% from $94.446 million a year earlier. The company posted an operating loss of $41.614 million, compared with operating income of $55.518 million in the third quarter of 2025. Adjusted operating income for the first nine months also fell to $185.483 million from $308.317 million, a decline of 39.8%. The figures highlight mounting pressure on annual profitability even as quarterly revenue returned to growth.
Streaming revenue rose 4% to $181 million in the third quarter, with the company attributing the increase mainly to price rises across its services. Excluding ALLBLK from both comparison quarters, streaming revenue growth was 7%. Dolan said licensing and streaming led consolidated revenue growth, while distribution and local advertising revenue trends improved from the previous quarter and year over year. But local subscriptions fell 2% to $308 million, mainly because of lower affiliated distribution revenue, partly offset by streaming growth. Local advertising revenue declined 7% to $102 million, as weak market rates weighed on it despite growth in digital advertising.
Content licensing revenue increased 42% to $84 million, which the company attributed mainly to the timing and availability of deliveries during the period. By contrast, adjusted operating income for domestic operations fell 21% to $89 million, as technology and operating expenses rose. The company recorded a free cash flow deficit of $52 million in the third quarter. It said free cash flow would have been $33 million excluding the effect of a one-time settlement payment. The divergence between licensing growth and lower domestic operating income reflects differing performance across revenue sources and their associated expenses during the quarter.
The company sold ALLBLK for cash on August 26, 2026, and recorded a pretax gain of $3.7 million from the transaction in the third quarter. After the sale, AMC Global Media entered into a long-term content licensing agreement with the buyer. The company maintained its annual revenue forecast range despite excluding ALLBLK's future results. AMCX shares closed at $8.90 on November 9, after rising 6.08% in regular trading, then fell 6.74% to $8.30 after the close, according to Investing.com data. The stock's performance on the results announcement day comes as the market weighs streaming and licensing growth against pressure on subscriptions, advertising and profitability.
Looking ahead, the company announced that all seasons of The Walking Dead will be available on AMC+ as part of The Walking Dead Universe Collection starting January 7, 2027. The collection will include the six spin-off series alongside the seasons. AMC Global Media also said the series Happy Jack will air on AMC and AMC+ in 2027. The announcements are part of the content plans the company unveiled alongside its third-quarter results. Its financial guidance for the current year remains set at the revenue and adjusted operating income ranges it maintained on November 9.