AMC Global Media Beats EPS Forecast Despite $2.1M ALLBLK Charge

AMC Global Media reported adjusted earnings of 44 cents per share on $566 million in revenue for the third quarter of 2026, crushing Wall Street's forecast of a 1-cent loss on $584.9 million in revenue, according to analyst consensus data from LSEG.

The results, released Monday, came bundled with a $2.1 million restructuring charge tied to the sale of its ALLBLK streaming service (a platform focused on Black artists and audiences). Content licensing revenue, by contrast, jumped 42% year over year.

The quarter's biggest line item wasn't streaming at all. It was litigation.

What did the Kirkman settlement cost?

AMC said its Sept. 4 settlement with "The Walking Dead" creator Robert Kirkman and other series producers triggered an $85 million charge, recorded in the July-September quarter as consideration for dismissing the action with prejudice (meaning it can't be refiled). The company has paid $85 million in cash, with $35 million still owed no later than Jan. 31, 2027.

That's a pricey exit from a profit-participation fight. AMC evidently decided certainty was worth the invoice.

What did the CEO tell shareholders?

CEO Kristin Dolan framed the quarter around growth in licensing and streaming. "We saw consolidated revenue growth in the third quarter, led by our licensing and streaming businesses," Dolan said in a letter to shareholders. "We also saw sequential and year-over-year improvements in both domestic affiliate and advertising revenue trends."

Dolan pointed to a deliberately narrow streaming strategy as the company's edge — "complementary to larger and more expensive options from other providers, running on a single technology platform with attractive pricing and packaging."

She also flagged AMC Studios, the in-house production arm, as a growth driver: "Our AMC Studios business is creating valuable and distinctive IP for our own platforms and for partners through co-production relationships and content sales."

In plain terms: AMC isn't trying to outspend Netflix. It's selling shows and running a lean shop.

Why the numbers diverge from the forecast

The revenue miss — $566 million versus $584.9 million expected — mattered less than the profit surprise. Analysts braced for a loss; AMC delivered 44 cents. The gap between top-line shortfall and bottom-line beat suggests cost discipline and the licensing surge did the heavy lifting.

The quarter's ledger, in brief:

• Revenue: $566 million, below the $584.9 million consensus
• Adjusted EPS: 44 cents versus a forecast 1-cent loss
• Content licensing revenue: up 42%
• ALLBLK sale charge: $2.1 million
• Kirkman settlement charge: $85 million, with $35 million unpaid until Jan. 31, 2027

The ALLBLK divestiture trims AMC's portfolio rather than gutting it. The company keeps its targeted-streaming thesis intact while shedding a niche service.

The next test arrives with the final $35 million Kirkman payment due by Jan. 31, 2027, and whether the licensing surge holds as AMC Studios' co-productions mature into revenue.