Versant Media Q3 revenue beats estimates on new cinema operating platform
VSNT•Versant Media's Q3 revenue fell 4% year over year to $1.59 billion, beating the $1.57 billion analyst estimate, while net income dropped 41% to $47 million. The company reaffirmed its 2026 revenue and adjusted EBITDA outlook and said free cash flow is expected to exceed its prior range.
1. Quarterly results
Versant Media reported Q3 revenue of $1.59 billion, down 4% year over year and above the $1.57 billion consensus estimate. Net income fell 41% to $47 million, mainly due to lower revenue and higher public company costs; adjusted EBITDA was $353 million.
2. Revenue drivers
Platforms revenue rose 10%, driven by higher Fandango sales and a new cinema operating platform. Linear distribution revenue fell 6%, mainly because of subscriber declines, partly offset by contractual rate increases. Advertising revenue dropped 5%, reflecting the event-timing impact of the prior year's Ryder Cup.
3. Outlook and capital
Versant reaffirmed its 2026 revenue outlook of $6.2 billion to $6.45 billion and adjusted EBITDA forecast of $1.90 billion to $2.05 billion. It expects 2026 free cash flow to exceed its prior $1.0 billion to $1.2 billion range. The company completed a $100 million share buyback and plans an additional $100 million accelerated share repurchase in Q4.
