AMC Networks reported its fourth-quarter 2025 earnings Wednesday, revealing U.S. ad sales were down 10% from last year while subscribers across the company’s streaming platforms remained at the prior quarter’s 10.4 million mark.

Currently, AMC Networks’ streaming portfolio consists of AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and the newly launched All Reality. AMC’s linear networks include AMC, BBC AMERICA (which includes U.S. distribution and sales for BBC News), IFC, SundanceTV and We TV. The company also owns film distribution labels Independent Film Company and RLJE Films (which it acquired outright in Q4), and in-house studio AMC Studios.

For the U.S. business, subscription revenue was $315 million for the October-December quarter. Within that, streaming revenue jumped 14% to $177 million. Domestic ad sales came in at $125 million. Revenue from content licensing and “other” categories was up 12% at $75 million.

This marks the first quarter in the history of AMC Networks where streaming represented the biggest revenue source for the company.

Looking at AMC Networks’ international segment, subscription revenues totaled $49 million. Ad sales were $30 million, down nearly 13% year over year. Content licensing dropped 15% to $3.2 million.

Wall Street forecast earnings per share (EPS) of 66 cents on $581.8 million in revenue, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 64 cents on $595 million in revenue. Revenue was down less than 1% from the comparable Q4 2024.

Free cash flow for the quarter stood at $40.4 million.

“AMC Networks had a successful 2025,” AMC Networks CEO Kristin Dolan said in a letter to shareholders. “Streaming is now the largest single source of revenue in our domestic segment, a significant milestone and inflection point in the ongoing transformation of our business. We delivered free cash flow well ahead of our previously increased forecast and once again achieved our financial guidance for the year. We look forward to continuing to take advantage of our independence and unique strengths as we drive the company forward during a time of change in our industry.”