LIONMEDIUM SIGNALFINANCIAL10-Q

Lionsgate Studios shows strong revenue growth of 72% but deteriorating cash flow performance and rising interest burden.

While the substantial revenue increase suggests successful content monetization or new business activity, the company's cash flow deterioration and mounting losses indicate ongoing operational challenges. The 48% increase in interest expense compounds financial pressure despite improved operating performance.

Comparing 2026-02-05 vs 2025-11-07View on EDGAR →
FINANCIAL ANALYSIS

Revenue surged 72% to $1.7B and operating losses improved 64%, indicating better operational efficiency at higher scale. However, operating cash flow deteriorated significantly from -$135M to -$244M, while interest expense jumped 48% to $201M, resulting in wider net losses of $269M. The financial picture shows a company successfully growing its top line but struggling with cash generation and debt servicing costs.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-80.7%
-$135.0M-$243.9M

Operating cash flow fell 80.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+72.4%
$1.0B$1.7B

Strong top-line growth of 72.4% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+63.7%
-$56.5M-$20.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+47.8%
$135.9M$200.9M

Interest expense surged 47.8% — significant debt increase or rising rates materially impacting earnings.

Capital Expenditure
Cash Flow
+44.8%
$6.7M$9.7M

Capital expenditure jumped 44.8% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
-20.7%
-$222.4M-$268.5M

Net income declined 20.7% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-11-07
ADDED
Title of Each Class Outstanding at February 2, 2026 Common Shares, no par value per share 290,187,242 shares LIONSGATE STUDIOS CORP.
These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Any forward-looking statements which we make in this report speak only as of the date of such statement and we undertake no obligation to update such statements.
shareholders' equity (deficit) ( 1,276.4 ) ( 264.7 ) Noncontrolling interests 31.2 ( 88.0 ) Total equity (deficit) ( 1,245.2 ) ( 352.7 ) Total liabilities, redeemable noncontrolling interests and equity (deficit) $ 5,244.2 $ 6,822.1 See accompanying notes.
shareholders $ ( 46.2 ) $ ( 21.9 ) $ ( 268.5 ) $ ( 244.7 ) Amounts attributable to Lionsgate Studios Corp.
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REMOVED
Title of Each Class Outstanding at November 3, 2025 Common Shares, no par value per share 289,729,314 shares LIONSGATE STUDIOS CORP.
Any forward-looking statements, which we make in this report, speak only as of the date of such statement, and we undertake no obligation to update such statements.
shareholders' equity (deficit) ( 1,261.4 ) ( 264.7 ) Noncontrolling interests 30.6 ( 88.0 ) Total equity (deficit) ( 1,230.8 ) ( 352.7 ) Total liabilities, redeemable noncontrolling interests and equity (deficit) $ 5,159.3 $ 6,822.1 See accompanying notes.
shareholders $ ( 113.5 ) $ ( 163.3 ) $ ( 222.4 ) $ ( 222.7 ) Amounts attributable to Lionsgate Studios Corp.
shareholders: Net loss from continuing operations $ ( 111.9 ) $ ( 169.1 ) $ ( 205.9 ) $ ( 256.2 ) Net income (loss) from discontinued operations, net of tax ( 1.6 ) 5.8 ( 16.5 ) 33.5 Net loss attributable to Lionsgate Studios Corp.
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