AMC Networks Inc.
Cable Television Broadcasting and EntertainmentFounded 2011- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
AMC Networks Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$5.6B
Market Cap
$180M
Employees
7,000
The Walking Dead ran for eleven seasons and generated approximately $1 billion in merchandise revenue alone. Revenue reached $5.6 billion in FY2024, down from $6.2 billion in 2022, as linear television cord-cutting removed subscribers from the affiliate fee base that historically funded everything. Revenue declining from $6.2 billion in 2022 to $5.6 billion in 2024 tells you exactly what is happening to the linear television business. The Domestic Networks segment, which generates approximately $4.2 billion annually, depends on affiliate carriage fees from pay-television distributors who are losing 5 to 7 percent of their subscriber base per year. Net income was -$450 million in 2024. The International and Streaming segment generated $1.4 billion in FY2024 revenue, up 12% driven by Shudder and Acorn TV. Twenty million paid subscribers across two genre platforms represents a genuine alternative revenue stream, but $1.4 billion is still about one-third of what the linear domestic business generates. Market capitalization of approximately $180 million against $5.6 billion in revenue gives you a sense of how the market prices a business undergoing structural contraction.
Revenue Trend Analysis
YoY Change
-3.9%
2-Year CAGR
-5%
Peak Year
2022
Trend
Declining Trend
AMC Networks Inc. has reported revenue across 3 fiscal years, compounding at -5% annually over 2 years. The most recent year saw a 3.9% decline versus the prior year. Revenue peaked in 2022 at $6.2B. Out of 2 reported periods, 0 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2024 | $5.6B | -3.9% |
| FY2023 | $5.8B | -6.0% |
| FY2022 | $6.2B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
AMC Networks' losses reflect goodwill and intangible asset impairment charges rather than purely operational deterioration. The company has taken multi-billion dollar write-downs on the carrying value of its cable network assets as linear TV audiences decline — impairing the goodwill recorded when networks were acquired at premium valuations reflecting pre-cord-cutting economics. Without impairment charges, AMC Networks generates positive EBITDA from its operations. The cash operating situation is challenging but less dire than GAAP net losses suggest; the impairment charges are non-cash write-downs acknowledging that cable networks are worth less than their historical book values.
US cable subscribers have declined from approximately 100 million at peak (~2012) to approximately 55-60 million by 2024, with approximately 5-7 million lost annually. AMC Networks' affiliate fee per subscriber has increased (AMC Networks negotiates higher per-sub rates to partially offset declining sub counts) but cannot fully offset volume losses. Net affiliate fee revenue has declined approximately 5-8% annually. AMC Networks has partially offset this through streaming affiliate fees (carriage on Philo, Sling, Hulu Live) and virtual MVPD agreements, but these replacements typically carry lower per-subscriber rates than traditional cable carriage.
AMC Networks has taken billions in impairment charges on the carrying value of its cable network assets in recent years — writing down goodwill and intangible values assigned to networks when acquired at premium valuations. IFC, WE tv, and smaller networks have seen the largest write-downs as their audience sizes and advertising revenue have declined faster than projected. These impairment charges are non-cash but reduce book equity and signal management's acknowledgment that the cable network assets are worth substantially less than their historical book values — a reckoning common across the cable programming industry (Paramount Global, Warner Bros. Discovery have faced similar impairments).
AMC Networks carried approximately $2.8-3.0 billion in long-term debt as of 2024, generating net debt-to-EBITDA ratios of approximately 4-5x — elevated but not yet distressed. The company has been managing maturities: refinancing debt to extend deadlines while generating cash to reduce principal. CEO Kristin Dolan has focused on cost reduction (layoffs, content budget discipline) to maintain cash generation that services debt. With linear revenue declining and streaming EBITDA still small, AMC Networks faces a multi-year financial tightrope: maintaining enough cash generation to service debt while investing in streaming to replace the declining cable business.
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CorpDigest. "AMC Networks Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/amc-networks/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>AMC Networks Inc. reported $6B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/amc-networks/financials" target="_blank" rel="noopener">CorpDigest — AMC Networks Inc. financials</a></div>