v3.25.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Our Chief Executive Officer (“CEO”) is the CODM. The Company classifies its operations into two operating segments: Domestic Operations and International. These operating segments represent strategic business units that are managed separately. In January 2024, the Company updated the name of its previously titled "International and Other" operating segment to "International" due to the divestiture of the 25/7 Media production services business on December 29, 2023, which was the sole component of the operating segment that comprised “Other.” This update did not constitute a change in segment reporting, but rather an update in name only. Prior period segment information contained in this report for the "International" operating segment includes the results of the 25/7 Media production services business through the date of divestiture. The Company evaluates segment performance based on operating segment adjusted operating income ("AOI"). The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expenses or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile adjusted operating income to income from operations before income taxes, and other information as to the continuing operations of the Company's operating segments below. Adjusted operating income reflects the Company’s ability to control costs and generate income through its operations to invest in its current business as well as new opportunities. The CODM uses adjusted operating income to monitor budget versus actual results and to benchmark to peer companies, as adjusted operating income and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry. The monitoring and evaluation of budgeted versus actual results facilitates the CODM’s assessment of segment performance and informs decisions on the allocation of resources, including decisions regarding executive compensation.
(In thousands) | Year Ended December 31, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,264,823 |  |  | $ | 188,417 |  |  | $ | 1,453,240 |
Advertising | 476,745 |  |  | 104,050 |  |  | 580,795 |
Content licensing and other | 269,554 |  |  | 8,212 |  |  | 277,766 |
| 2,011,122 |  |  | 300,679 |  |  | 2,311,801 |
Inter-segment revenues (Content licensing and other) (a) | 2,848 |  |  | 3,286 |  |  | 6,134 |
| 2,013,970 |  |  | 303,965 |  |  | 2,317,935 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (6,134) |
Total consolidated revenues, net |  |  |  |  | $ | 2,311,801 |
Less: (b) |  |  |  |  |
Content expenses | 843,643 |  |  | 77,248 |  |  |
Marketing, research, and advertising sales expenses | 310,921 |  |  | 21,549 |  |  |
Other (c) | 369,243 |  |  | 161,988 |  |  |
Segment adjusted operating income | $ | 490,163 |  |  | $ | 43,180 |  |  | $ | 533,343 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (853) |
Unallocated corporate overhead costs (d) |  |  |  |  | (120,616) |
Share-based compensation expenses |  |  |  |  | (25,330) |
Depreciation and amortization |  |  |  |  | (94,425) |
Impairment and other charges |  |  |  |  | (97,784) |
Restructuring and other related charges |  |  |  |  | (26,536) |
Cloud computing amortization |  |  |  |  | (10,733) |
Majority-owned equity investees AOI |  |  |  |  | (23,744) |
Operating income |  |  |  |  | 133,322 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (172,353) |
Interest income |  |  |  |  | 27,746 |
Gain on extinguishment of debt, net |  |  |  |  | 129,800 |
Miscellaneous, net |  |  |  |  | 29,483 |
Income from operations before income taxes |  |  |  |  | $ | 147,998 |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
(In thousands) | Year Ended December 31, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,275,127 |  |  | $ | 196,924 |  |  | $ | 1,472,051 |
Advertising | 561,301 |  |  | 115,333 |  |  | 676,634 |
Content licensing and other | 264,772 |  |  | 7,857 |  |  | 272,629 |
| 2,101,200 |  |  | 320,114 |  |  | 2,421,314 |
Inter-segment revenues (Content licensing and other) (a) | 11,789 |  |  | 4,914 |  |  | 16,703 |
| 2,112,989 |  |  | 325,028 |  |  | 2,438,017 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (16,703) |
Total consolidated revenues, net |  |  |  |  | $ | 2,421,314 |
Less: (b) |  |  |  |  |
Content expenses | 851,702 |  |  | 79,989 |  |  |
Marketing, research, and advertising sales expenses | 298,267 |  |  | 23,842 |  |  |
Other (c) | 343,441 |  |  | 156,292 |  |  |
Segment adjusted operating income | $ | 619,579 |  |  | $ | 64,905 |  |  | $ | 684,484 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (2,228) |
Unallocated corporate overhead costs (d) |  |  |  |  | (119,683) |
Share-based compensation expenses |  |  |  |  | (26,051) |
Depreciation and amortization |  |  |  |  | (98,015) |
Impairment and other charges |  |  |  |  | (399,513) |
Restructuring and other related charges |  |  |  |  | (49,464) |
Cloud computing amortization |  |  |  |  | (13,452) |
Majority-owned equity investees AOI |  |  |  |  | (15,678) |
Operating loss |  |  |  |  | (39,600) |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (166,186) |
Interest income |  |  |  |  | 36,803 |
Loss on extinguishment of debt, net |  |  |  |  | (105) |
Miscellaneous, net |  |  |  |  | (5,409) |
Loss from operations before income taxes |  |  |  |  | $ | (174,497) |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
(In thousands) | Year Ended December 31, 2023
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,340,207 |  |  | $ | 220,854 |  |  | $ | 1,561,061 |
Advertising | 633,823 |  |  | 81,823 |  |  | 715,646 |
Content licensing and other | 333,771 |  |  | 101,399 |  |  | 435,170 |
| 2,307,801 |  |  | 404,076 |  |  | 2,711,877 |
Inter-segment revenues (Content licensing and other) (a) | 8,786 |  |  | 400 |  |  | 9,186 |
| 2,316,587 |  |  | 404,476 |  |  | 2,721,063 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (9,186) |
Total consolidated revenues, net |  |  |  |  | $ | 2,711,877 |
Less: (b) |  |  |  |  |
Content expenses | 924,490 |  |  | 83,117 |  |  |
Marketing, research, and advertising sales expenses | 266,839 |  |  | 22,783 |  |  |
Production services costs for 25/7 Media | — |  |  | 72,080 |  |  |
Other (c) | 412,514 |  |  | 165,948 |  |  |
Segment adjusted operating income | $ | 712,744 |  |  | $ | 60,548 |  |  | $ | 773,292 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | 2,217 |
Unallocated corporate overhead costs (d) |  |  |  |  | (105,405) |
Share-based compensation expenses |  |  |  |  | (25,665) |
Depreciation and amortization |  |  |  |  | (107,402) |
Impairment and other charges |  |  |  |  | (96,689) |
Restructuring and other related charges |  |  |  |  | (27,787) |
Cloud computing amortization |  |  |  |  | (10,543) |
Majority-owned equity investees AOI |  |  |  |  | (13,606) |
Operating income |  |  |  |  | 388,412 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (152,703) |
Interest income |  |  |  |  | 37,018 |
Miscellaneous, net |  |  |  |  | 23,279 |
Income from operations before income taxes |  |  |  |  | $ | 296,006 |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions. Subscription revenues in the Domestic Operations segment include revenues related to the Company's streaming services of approximately $677.0 million, $603.0 million and $565.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company does not disclose total assets for each operating segment because these amounts are not regularly reviewed by the CODM nor are they used in assessing segment performance or deciding how to allocate resources to the segments. One customer within the Domestic Operations segment accounted for approximately 18%, 16% and 13% of consolidated revenues, net for the years ended December 31, 2025, 2024 and 2023, respectively. The table below summarizes revenue based on customer location:
| Years Ended December 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Revenue |  |  |  |  |
United States | $ | 1,839,707 |  |  | $ | 1,917,532 |  |  | $ | 2,210,253 |
Europe | 322,342 |  |  | 353,215 |  |  | 329,093 |
Other | 149,752 |  |  | 150,567 |  |  | 172,531 |
| $ | 2,311,801 |  |  | $ | 2,421,314 |  |  | $ | 2,711,877 |
The table below summarizes property and equipment based on asset location:
| Years Ended December 31,
(In thousands) | 2025 |  | 2024
Property and equipment, net |  |  |
United States | $ | 97,357 |  |  | $ | 127,881 |
Europe | 15,282 |  |  | 13,634 |
Other | 3,339 |  |  | 1,521 |
| $ | 115,978 |  |  | $ | 143,036 |

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- Definition The entire disclosure for reporting segments including data and tables. 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