Overview

• Starz’s revenue fell 6% year-over-year to $330.6 million in Q4 2025, driving a $136.3 million operating loss in its first report as an independent company.
• U.S. streaming subscribers rose by 530,000 to 12.3 million, led by the Season 4 premiere of Power Book III: Raising Kanan.
• The company recorded a $177.4 million restructuring charge tied to a strategic reassessment of its content portfolio, severance and transaction costs.
• Starz ended the quarter with net debt of $615.5 million and a 3.1 times leverage ratio and plans to expand margins to 20% by 2028 with 70% of adjusted OIBDA converted into free cash flow by 2026.
• Following its May 7 split from Lionsgate, Starz extended its output deal through 2028 to secure rights to the studio’s theatrical slate and gain autonomy over distribution and bundling.