Starz Q3 Revenue Grows to $322.4M, Adjusted OIBDA Doubles, All Targets Reaffirmed
STRZ has more than doubled off its 52-week low of $8.4.
Summary
Starz grew Q3 revenue to $322.4M and more than doubled Adjusted OIBDA to $44.2M while narrowing its operating loss, and reaffirmed all 2026 and 2027 financial targets.
Key Events · Earnings and Guidance · STRZ
-
Q3 Revenue Returns to Growth
Total revenue was $322.4M versus $320.9M a year ago, with OTT revenue of $226.6M versus $222.8M and linear and other revenue of $95.8M versus $98.1M.
-
Adjusted OIBDA More Than Doubles
Adjusted OIBDA rose to $44.2M from $21.8M in Q3 2025, helped by an $11.1M credit from revised film-termination estimates; operating loss narrowed to $(21.2)M from $(34.8)M.
-
Free Cash Flow Positive for the Quarter
Net cash from operations was $18.9M, unlevered free cash flow $18.8M and equity free cash flow $13.1M, against $174.4M of cash paid for programming content.
-
Leverage at 2.8x on $687.5M Debt
Total debt of $687.5M against $86.8M of cash gives net corporate debt of $600.7M and a 2.8x trailing Adjusted OIBDA leverage ratio; the $183.0M revolver is undrawn.
Analysis · STRZ · Trade & Services
Starz returned to top-line growth and more than doubled Adjusted OIBDA to $44.2M from $21.8M a year ago, while narrowing its operating loss to $(21.2)M from $(34.8)M. Revenue of $322.4M edged past last year's $320.9M as OTT revenue rose to $226.6M, offsetting continued linear declines. Management reaffirmed every 2026 and 2027 target, including $100M-$120M of unlevered free cash flow and leverage exiting 2026 near 2.7x, which matters because the balance sheet still carries $687.5M of debt against $86.8M of cash. The quarter also benefited from a credit tied to revised film-termination estimates, so the OIBDA jump is partly non-recurring; the reaffirmed cash flow guide is the more durable takeaway.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 30.9% of the 1649 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, STRZ was trading at $21.74 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $372.3M. The 52-week trading range was $8.40 to $32.58. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.