Why it may matterVerify against the original reporting
The raised 2026 OIBDA and UFCF targets, plus a reaffirmed 2.7x leverage at year-end, provide a clear incremental growth path and deleveraging trajectory, which historically supports multiple expansion in media names when guidance shifts higher despite near-term GAAP losses from restructuring charges. Similar past moves include OTT-focused operators rallying on stronger cash flow visibility even when quarter-to-quarter GAAP results are negative.
AI summary
What happened, with direct paths to the underlying reporting
STARZ posted Q2 2026 revenue of $307.9M and Adjusted OIBDA of $59.9M, with an operating loss of $(175.5)M driven by restructuring. It raised 2026 targets for Adjusted OIBDA and Unlevered Free Cash Flow and reaffirmed a 2.7x year-end Adjusted OIBDA leverage, signaling a clearer path to deleveraging and a stronger OTT-driven growth trajectory.
Q2 2026 revenue: $307.9M; Adjusted OIBDA: $59.9M; operating loss $175.5M due to restructuring.
Balance sheet: cash $59.6M; total debt $625.1M; net debt $565.5M; revolver $150M undrawn.
Outlook: OTT revenue growth positive; mid-single-digit OIBDA growth; Unlevered FCF at $80–$120M; end-2026 leverage ~2.7x.
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