Earnings Releases·Oct 29, 2026, 4:01 PM ET

Starz Entertainment Corp. — Third Quarter 2026 Earnings Summary

Total revenue increased 0.5% year-over-year to $322.4 million, driven by a 1.7% rise in OTT revenue to $226.6 million, while linear revenue declined to $95.8 million; operating loss narrowed to $(21.2) million from $(34.8) million, and Adjusted OIBDA more than doubled to $44.2 million.
The company reiterated its full-year 2026 guidance for positive OTT revenue growth, mid-single-digit Adjusted OIBDA growth, $100–$120 million Unlevered Free Cash Flow, and an Adjusted OIBDA leverage ratio of approximately 2.7x, while maintaining a 20% Adjusted OIBDA margin outlook for H2 2027.
Cash and cash equivalents grew to $86.8 million from $35.7 million at year-end 2025, supported by $18.8 million in Unlevered Free Cash Flow, while total debt remained at $687.5 million with the $183.0 million revolving credit facility fully undrawn.
Management highlighted a strategic shift toward a durable portfolio approach, rationalizing content by cancelling low-value programming and recognizing content recoveries and termination fee adjustments, though GAAP outlook remains limited due to unreliability in estimating restructuring and share-based compensation expenses.