Lionsgate Studios Corp.LION
Lionsgate Studios Corp. Revenue Disclosure
Revenue
Revenue by Segment, Market or Product Line
The table below presents revenues by segment, market or product line for the fiscal years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Revenue by Type: | |||||||||||||||||
| Motion Picture | |||||||||||||||||
| Theatrical | $ | 176.9 | $ | 154.1 | $ | 226.5 | |||||||||||
| Home Entertainment | |||||||||||||||||
| Digital Media | 668.7 | 598.2 | 652.3 | ||||||||||||||
| Packaged Media | 44.7 | 60.0 | 84.0 | ||||||||||||||
| Total Home Entertainment | 713.4 | 658.2 | 736.3 | ||||||||||||||
| Television | 226.9 | 347.3 | 274.4 | ||||||||||||||
International (1) | 457.1 | 410.4 | 400.7 | ||||||||||||||
| Other | 42.8 | 28.6 | 28.1 | ||||||||||||||
| Total Motion Picture revenues | 1,617.1 | 1,598.6 | 1,666.0 | ||||||||||||||
| Television Production | |||||||||||||||||
| Television | 517.2 | 1,069.4 | 788.5 | ||||||||||||||
| International | 261.9 | 248.2 | 228.8 | ||||||||||||||
| Home Entertainment | |||||||||||||||||
| Digital Media | 171.7 | 184.0 | 240.6 | ||||||||||||||
| Packaged Media | 2.9 | 4.1 | 2.0 | ||||||||||||||
| Total Home Entertainment | 174.6 | 188.1 | 242.6 | ||||||||||||||
| Other | 90.9 | 100.1 | 70.2 | ||||||||||||||
| Total Television Production revenues | 1,044.6 | 1,605.8 | 1,330.1 | ||||||||||||||
Intersegment eliminations (2) | (29.9) | (619.7) | (545.9) | ||||||||||||||
| Total revenues | $ | 2,631.8 | $ | 2,584.7 | $ | 2,450.2 | |||||||||||
______________________
(1)During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, revenue of $8.9 million and $9.7 million was reclassified from the former Media Networks - Programming Revenues to Motion Picture - International in the years ended March 31, 2025 and 2024, respectively, to conform to the current period presentation. Additionally, the Company sold its streaming platform in India in December 2025, see Note 16.
(2) Amounts reflect the impact of intersegment revenue from the Motion Picture and Television Production segments’ licensing motion pictures or television programming to the former Media Networks segment prior to the Starz separation on May 6, 2025. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2026 are as follows:
| Year Ending March 31, | |||||||||||||||||||||||||||||
| 2027 | 2028 | 2029 | Thereafter | Total | |||||||||||||||||||||||||
| (Amounts in millions) | |||||||||||||||||||||||||||||
| Remaining Performance Obligations | $ | 1,314.8 | $ | 268.3 | $ | 71.1 | $ | 102.2 | $ | 1,756.4 | |||||||||||||||||||
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.
Revenues of $317.9 million, including variable and fixed fee arrangements, were recognized during the year ended March 31, 2026 from performance obligations satisfied prior to March 31, 2025. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.
Accounts Receivable, Contract Assets and Deferred Revenue
The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue (see Note 1). See the consolidated balance sheets or Note 20 for accounts receivable and contract assets and deferred revenue balances as of March 31, 2026 and 2025.
Accounts Receivable. Accounts receivable is presented net of estimated credit losses. The Company estimates credit losses for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records an allowance for estimated credit losses expected over the lifetime of the receivables in direct operating expense.
The Company performs ongoing credit evaluations and monitors its credit exposure through active review of customers’ financial condition, aging of receivable balances, historical collection trends and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.
Changes in the allowance for credit losses were as follows:
| March 31, 2025 | Provision for doubtful accounts | Uncollectible accounts written-off | March 31, 2026 | ||||||||||||||||||||
| (Amounts in millions) | |||||||||||||||||||||||
| Provision for credit losses | $ | 5.6 | $ | 2.4 | $ | (1.7) | $ | 6.3 | |||||||||||||||
Contract Assets. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers’ audit rights to expire. See Note 20 for contract assets as of March 31, 2026 and 2025.
Deferred Revenue. Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred revenue as of March 31, 2026 increased as compared to March 31, 2025 due to the receipt of customers’ payments for certain motion pictures and television programs prior to the Company satisfying the corresponding performance obligation (i.e., completion and delivery of the motion pictures and television programs, and the start of the customers’ exploitation rights). Revenues of $217.7 million were recognized during the year ended March 31, 2026, related to the balance of deferred revenue as of March 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 27, 2026 | Showing above |
| 2025 | May 30, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.