Total Revenue, OTT Revenue, and U.S. OTT Subscriber Growth U.S. OTT Subscriber Growth of 520,000 YTD and 670,000 YoYEngagement on STARZ App Reached 12-Month High During Period
Management Reiterates All Previously Provided 2025 Outlook
SANTA MONICA, Calif. and VANCOUVER, BC, Nov. 13, 2025 /PRNewswire/ -- STARZ (NASDAQ:STRZ) today reported results for the quarter ended September 30, 2025. This press release includes consolidated financial results for Starz Entertainment Corp.
"STARZ reported a great quarter both operationally and financially, and we expect to continue our momentum to close out 2025," said STARZ President & CEO Jeffrey Hirsch. "It's been just six months since we became a standalone public company, and we are set to deliver on our post-separation plan of generating new revenue through content licensing and getting more ownership of series on the network at improved economics. With an incredibly strong slate of originals airing on STARZ over the next year, we have a great opportunity to further scale our core audience of women and underrepresented audiences, while also delivering significant value for shareholders."
Quarter Ended September 30, 2025 ResultsFor the quarter ended September 30, 2025, STARZ reported consolidated revenue of $320.9 million and net loss of $(52.6) million or a net loss per share of $(3.15). Operating loss was $(34.8) million and Adjusted OIBDA1 was $21.8 million.
STARZ ended the quarter with $300 million outstanding on its Term Loan A credit facility, $325.1 million in senior unsecured notes and $37.0 million in cash. This resulted in total net debt of $588.1 million. On a trailing twelve-month basis, the company's total Adjusted OIBDA Leverage Ratio was 3.4x2. STARZ's $150 million revolving credit facility was undrawn at September 30, 2025.
STARZ ended the quarter with 12.3 million U.S. Over-The-Top (OTT) subscribers, representing a sequential increase of 110,000. Total U.S. subscribers were 17.5 million, a decrease of 130,000 from the prior quarter. This decline was driven by continued pressure on linear subscribers. Including Canada, total North American subscribers were 19.2 million, reflecting a sequential increase of 120,000. Canadian subscribers increased by 250,000 in the quarter due to the resolution of a carriage dispute in Canada that resulted in the reinstatement of linear subscribers removed from STARZ's subscriber counts during the dispute.
STARZ senior management will hold its analyst and investor conference call to discuss results for the quarter ended September 30, 2025, today, Thursday, November 13, 2025, at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may listen to the live webcast by visiting the events page on the STARZ Investor Relations website. A full replay will become available this evening at the same link.
1
See "Use of Non-GAAP Financial Measures" for a definition of Adjusted OIBDA.
2
Total Adjusted OIBDA Leverage Ratio of 3.4x is calculated based on total Adjusted OIBDA of $173.2 million for the trailing twelve-month period ended September 30, 2025. Refer to "Reconciliation of Operating Loss to Adjusted OIBDA" section for further detail.
About STARZSTARZ is the leading premium entertainment destination for women and underrepresented audiences, and home to some of the most popular franchises and series on television. STARZ offers a robust programming mix for discerning adult audiences, including boundary-breaking originals and an expansive lineup of blockbuster movies, and is embodied by its brand positioning "We're All Adults Here." Complementary to any platform or service, STARZ is available across a wide range of digital OTT platforms and multichannel video distributors and is a bundling partner of choice. STARZ is powered by an industry-leading advanced technology, data analytics and digital infrastructure and the highly rated and first-of-its-kind STARZ app.
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The matters discussed in this press release include forward-looking statements, including those regarding expected future performance. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to: the benefits of the separation of the Lionsgate's Studios Business and Lionsgate's STARZ Business (the "Separation"); unexpected costs related to the Separation; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; potential adverse reactions or changes to business or employee relationships; the impact of global pandemics on our business; weakness in the global economy and financial markets, including a recession and past and future bank failures; wars, terrorism and multiple international conflicts that could cause significant economic disruption and political and social instability; labor disruptions and strikes; and the other risk factors set forth in Starz's Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
STARZ ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,2025
March 31,2025
(Amounts in millions)
ASSETS
Cash and cash equivalents
$ 37.0
$ 17.8
Accounts receivable, net
65.5
52.7
Due from LG Studios Business
—
81.6
Prepaid expenses and other
11.2
18.4
Total current assets
113.7
170.5
Programming content, net
1,028.7
1,096.3
Property and equipment, net
50.3
48.6
Intangible assets, net
729.8
816.0
Other assets
49.9
41.8
Total assets
$ 1,972.4
$ 2,173.2
LIABILITIES
Current portion of debt
$ 3.8
$ ,
Accounts payable
83.2
64.5
Programming related payables
312.7
101.8
Other accrued liabilities
40.6
64.5
Residuals
29.8
29.5
Programming related obligations
88.2
90.7
Deferred revenue
41.5
39.4
Due to LG Studios Business
—
232.1
Total current liabilities
599.8
622.5
Debt
608.7
699.9
Other liabilities
92.4
75.9
Deferred tax liabilities
8.3
8.5
Total liabilities
1,309.2
1,406.8
EQUITY
Common stock, no par value, unlimited authorized, 16.7 shares issued (March 31, 2025, nil)
731.8
—
Accumulated other comprehensive income
19.2
19.2
Parent net investment
—
747.2
Accumulated deficit
(87.8)
—
Total equity
663.2
766.4
Total liabilities and equity
$ 1,972.4
$ 2,173.2
STARZ ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
September 30,
September 30,
2025
2024
2025
2024
(Amounts in millions)
(Amounts in millions)
Revenue
OTT revenue
$ 222.8
$ 232.2
$ 443.9
$ 466.6
Linear and other revenue
98.1
114.7
196.7
227.9
Total revenue
320.9
346.9
640.6
694.5
Operating expenses:
Programming amortization
156.8
182.1
319.3
330.0
Other operating
38.8
39.9
75.3
79.2
Advertising and marketing
78.4
75.5
141.8
158.2
General and administrative
28.8
26.3
57.9
52.9
Depreciation and amortization
47.9
41.2
96.6
82.8
Restructuring and other
5.0
(1.1)
11.4
(1.7)
Total expenses
355.7
363.9
702.3
701.4
