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Lionsgate Studios (LION) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Lionsgate Studios (LION) Q2 FY27 earnings results →

Q2 FY27 Revenue up 41% year over year to $669M · 2¢ of every $1 of revenue lost · operating margin 4.4%

Lionsgate Studios made $669M in Q2 FY27 (+41% Y/Y). Operating margin 4.4%, net loss $15.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$669M
Year over year+41%
Operating margin4.4%
Net earnings−$15.6M
Operating cash flow−$52.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $668.8M in Q2 FY27, up 41% year over year and down 14% from the previous quarter.

Operating profit was $29.1M, a 4.4% margin (up 14.0 points year over year). Total costs grew 23% against revenue growth of 41%. The fastest-growing cost line was General & admin (+25%). The quarter ended with a net loss of $15.6M, narrower than the previous quarter's $29.3M loss. Net interest and other expense of $42.2M was the main reason.

Operating cash flow was −$52.7M. Non-cash charges added back $4.4M of depreciation and amortization and $22.2M of share-based compensation. Working capital and other items used $63.7M. Capital expenditures of $3.6M exceeded it, leaving free cash flow of −$56.3M.

Quarterly history

Lionsgate Studios revenue by quarterLionsgate Studios revenue by quarter$1.5BQ4 FY25$526MQ1 FY26$475MQ2 FY26$724MQ3 FY26$906MQ4 FY26$777MQ1 FY27$669MQ2 FY27
Lionsgate Studios net earnings by quarterLionsgate Studios net earnings by quarter$133MQ4 FY25−$107MQ1 FY26−$113MQ2 FY26−$44.4MQ3 FY26$70.2MQ4 FY26−$29.3MQ1 FY27−$15.6MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$669M+41%4.4%−$15.6M−$52.7M
Q1 FY2710-QAug 6, 2026$777M+48%3.3%−$29.3M$54.1M
Q4 FY2610-KMay 27, 2026$906M+5%13.0%$70.2M$269M
Q3 FY2610-QFeb 5, 2026$724M+15%5.0%−$44.4M−$109M
Q2 FY2610-QNov 7, 2025$475M-21%-9.7%−$113M−$104M
Q1 FY2610-QAug 11, 2025$526M+8%-2.0%−$107M−$31.0M
Q4 FY2510-KMay 30, 2025$1.5B—14.9%$133M$253M

Charts

Lionsgate Studios: revenue growth, year over year and quarter over quarterLionsgate Studios: revenue growth, year over year and quarter over quarterY/YQ/Q+8%-64%Q1 FY26-21%-10%Q2 FY26+15%+52%Q3 FY26+5%+25%Q4 FY26+48%-14%Q1 FY27+41%-14%Q2 FY27
Latest (Q2 FY27): Y/Y +41%, Q/Q -14%.
Lionsgate Studios: where the cash came from (+) and went (−), TTM to Q2 FY27Lionsgate Studios: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$161MCash drawn (+) / kept (−)−$148MCapital spending−$13.2MPartners−$9.4MShares issued$6.3MOther investing$3.6MExchange rates−$800KOther financing$500K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Lionsgate Studios: profit against cash, quarter by quarterLionsgate Studios: profit against cash, quarter by quarterNet incomeOperating cash flow−$18.5M−$119MQ3 FY25−$114M$194MQ4 FY25−$107M−$31.0MQ1 FY26−$113M−$104MQ2 FY26−$44.4M−$109MQ3 FY26$72.1M$269MQ4 FY26−$29.3M$54.1MQ1 FY27−$15.6M−$52.7MQ2 FY27
Latest (Q2 FY27): Net income −$15.6M, Operating cash flow −$52.7M.
Lionsgate Studios: diluted shares by fiscal yearLionsgate Studios: diluted shares by fiscal year253MFY23244MFY24249MFY25285MFY26
+12.6% since FY23: more shares outstanding (issuance, stock pay).
Lionsgate Studios: long-term debt falling due (FY26)Lionsgate Studios: long-term debt falling due (FY26)$162M2027$162M2028$162M2029$1.1B2030$390M2031
Cash $342M, short-term investments —, long-term debt $1.9B at 2026-03-31.
Lionsgate Studios in its industry: growth against margin (8 companies, SIC 7812)Lionsgate Studios in its industry: growth against margin (8 companies, SIC 7812)revenue growth, year over year →↑ operating marginmedian +22%median -7%FUBOSTRZANGXCURIGAIATOONCPLXLION (+41%, 4%)
Services-Motion Picture & Video Tape Production; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Lionsgate Studios

Lionsgate (NYSE: LION) is one of the world’s leading standalone, pure play content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a premiere talent management and production powerhouse at 3 Arts Entertainment and a more than 20,000-title film and television library, all driven by Lionsgate’s bold and entrepreneurial culture. Refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview in this Annual Report for information related to the Starz Separation.

In its own words, from its 10-K, filed May 27, 2026.

Lionsgate Studios against its Services-Motion Picture & Video Tape Production peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +41% against the peers' median +22%. Operating margin: 4.4% against the peers' median -6.6%.

CompanyQuarterRevenueY/YOp. margin
LION Lionsgate StudiosQ2 FY27$669M+41%4.4%
FUBO FuboTVQ3 FY26$1.5B+290%-1.8%
STRZ Starz EntertainmentQ3 2026$322M+0.5%-6.6%
ANGX Angel StudiosQ2 2026$112M+28%-16.6%
CURI CuriosityStreamQ2 2026$23.2M+22%39.5%
GAIA GaiaQ3 2026$22.0M-12%-13.4%
TOON Kartoon StudiosQ2 2026$5.8M-43%-58.6%
CPLX CertiplexQ2 2026$26K-35%-71.3%

Source: Lionsgate Studios 10-Q on SEC EDGAR · CIK 2052959 · Services-Motion Picture & Video Tape Production

Guidance and outlook

Lionsgate Studios: what its forward-looking statements are about (10-Q filed 2026-11-05)Lionsgate Studios: what its forward-looking statements are about (10-Q filed 2026-11-05)Other6Tax4Legal & regulation1Costs1Demand1Financing1Deals1Supply chain1
16 statements; tone +0.00 (−1 all cautious, +1 all confident); 3 hedged.
Lionsgate Studios: outlook statements against the filing beforeLionsgate Studios: outlook statements against the filing beforeConfident1Cautious1

13F: who owns LION and who is buying

Largest holders of LION (13F)Largest holders of LION (13F)MHR Fund Management LLC$576MLiberty 77 Capital L.P.$575MJericho Capital Asset Management …$288MBlackRock$252MVanguard Group$203MFMR LLC$158MVanguard Portfolio Management LLC$158MNeuberger Berman Group LLC$157MVanguard Capital Management LLC$142MAmeriprise Financial$134M
Funds' net buying of LION by quarter (13F)Funds' net buying of LION by quarter (13F)$84.5M2025-06$99.1M2025-09−$35.0M2025-12$91.8M2026-03$126M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LION

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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