STARZ (NASDAQ:STRZ) reported its third-quarter 2026 financial results on October 29, 2026, disclosing total revenue of $322.4 million and Adjusted OIBDA of $44.2 million for the quarter ended September 30, 2026, while reiterating all 2026 and 2027 financial targets.

Key Highlights

  • Total revenue: $322.4 million for Q3 2026, compared to $320.9 million in Q3 2025.
  • OTT revenue: $226.6 million for Q3 2026, up from $222.8 million in Q3 2025.
  • Adjusted OIBDA: $44.2 million for Q3 2026, more than doubling year-over-year, according to the filing.
  • Net loss from continuing operations: $(34.8) million, or $(2.02) basic and diluted net loss per common share, for Q3 2026.
  • Total debt: $687.5 million as of September 30, 2026, comprising a $362.4 million Term Loan A credit facility and $325.1 million in senior unsecured notes.
  • Adjusted OIBDA Leverage Ratio: 2.8x on a trailing twelve-month basis, calculated on total Adjusted OIBDA of $217.6 million for that period.
  • 2026 Unlevered Free Cash Flow outlook: Reiterated at $100 million to $120 million.

STARZ Q3 2026 Financial Performance and Reiterated Outlook

According to the filing, STARZ reported total revenue of $322.4 million for the three months ended September 30, 2026, compared to $320.9 million in the same period of 2025. OTT revenue was $226.6 million versus $222.8 million a year earlier, while linear and other revenue declined to $95.8 million from $98.1 million. For the nine months ended September 30, 2026, total revenue was $937.2 million, compared to $971.2 million in the prior-year period.

The company disclosed an operating loss of $(21.2) million for Q3 2026, compared to an operating loss of $(34.8) million in Q3 2025. Total operating expenses for the quarter were $343.6 million, down from $355.7 million. Net cash flows provided by operating activities were $18.9 million, Unlevered Free Cash Flow was $18.8 million, and Equity Free Cash Flow was $13.1 million, as reported in the filing. As of September 30, 2026, cash and cash equivalents stood at $86.8 million, up from $35.7 million at December 31, 2025. The company's $183.0 million revolving credit facility remained fully undrawn, the filing stated. Net corporate debt was reported at $600.7 million.

STARZ President and CEO Jeffrey Hirsch was quoted in the filing as stating that "our portfolio approach to programming is driving a more durable revenue base." The company reiterated its 2026 outlook for positive year-over-year OTT revenue growth, mid-single-digit percentage Adjusted OIBDA growth, Unlevered Free Cash Flow of $100 million to $120 million, and an Adjusted OIBDA Leverage Ratio of approximately 2.7x exiting 2026. The filing also reiterated a 20% Adjusted OIBDA margin outlook for the second half of 2027. The company noted it is not providing a 2026 outlook for GAAP financial measures other than OTT revenue growth.

What Was Disclosed

STARZ filed its Q3 2026 earnings press release disclosing revenue, operating loss, non-GAAP metrics, and balance sheet figures for the quarter ended September 30, 2026, and reiterated all previously stated 2026 and second-half 2027 financial targets.