Lionsgate Studios Corp.LION
Lionsgate Studios Corp. Segments Disclosure
Segment Information
The Company’s reportable segments have been determined based on the distinct nature of their operations, the Company’s internal management structure, and the financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer (“CEO”) is the CODM.
Following the Starz Separation, the Company no longer reports the Media Networks segment and currently has two reportable business segments: (1) Motion Picture and (2) Television Production.
(1) Motion Picture. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired.
(2) Television Production. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming. Television Production includes the licensing of Starz original series productions to Starz, and the ancillary market distribution of Starz original productions and licensed product (prior to the Starz Separation, licensing to the former Media Networks segment). Additionally, the Television Production segment includes the results of operations of 3 Arts Entertainment.
In the ordinary course of business, the Company’s reportable segments enter into transactions with one another. The most common types of intersegment transactions, prior to the Starz Separation, included licensing motion pictures or television programming (including Starz original productions) from the Motion Picture and Television Production segments to the former Media Networks segment. While intersegment transactions, prior to the Starz Separation, were treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses) were eliminated in consolidation and, therefore, did not affect consolidated results from operations. Following the Starz Separation, the Company and Starz 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.
Segment information for the years ended March 31, 2026, 2025 and 2024 is presented in the table below:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Segment revenues | |||||||||||||||||
| Studio Business: | |||||||||||||||||
Motion Picture (1) | $ | 1,617.1 | $ | 1,598.6 | $ | 1,666.0 | |||||||||||
| Television Production | 1,044.6 | 1,605.8 | 1,330.1 | ||||||||||||||
| Total Studio Business | 2,661.7 | 3,204.4 | 2,996.1 | ||||||||||||||
| Intersegment eliminations | (29.9) | (619.7) | (545.9) | ||||||||||||||
| 2,631.8 | 2,584.7 | 2,450.2 | |||||||||||||||
| Intersegment revenues | |||||||||||||||||
| Studio Business: | |||||||||||||||||
| Motion Picture | 3.1 | 203.3 | 128.2 | ||||||||||||||
| Television Production | 26.8 | 416.4 | 417.7 | ||||||||||||||
| Intersegment eliminations | 29.9 | 619.7 | 545.9 | ||||||||||||||
| Segment direct operating expenses | |||||||||||||||||
| Studio Business: | |||||||||||||||||
Motion Picture (1) | 797.6 | 830.7 | 807.1 | ||||||||||||||
| Television Production | 801.2 | 1,369.3 | 1,090.1 | ||||||||||||||
| Total Studio Business | 1,598.8 | 2,200.0 | 1,897.2 | ||||||||||||||
| Intersegment eliminations | (42.7) | (476.4) | (427.2) | ||||||||||||||
| 1,556.1 | 1,723.6 | 1,470.0 | |||||||||||||||
| Segment distribution and marketing | |||||||||||||||||
| Studio Business: | |||||||||||||||||
Motion Picture (1) | 427.5 | 360.5 | 429.9 | ||||||||||||||
| Television Production | 56.3 | 38.1 | 35.3 | ||||||||||||||
| Total Studio Business | 483.8 | 398.6 | 465.2 | ||||||||||||||
| Gross contribution | |||||||||||||||||
| Studio Business: | |||||||||||||||||
Motion Picture (1) | 392.0 | 407.4 | 429.0 | ||||||||||||||
| Television Production | 187.1 | 198.4 | 204.7 | ||||||||||||||
| Total Studio Business | 579.1 | 605.8 | 633.7 | ||||||||||||||
| Intersegment eliminations | 12.8 | (143.3) | (118.7) | ||||||||||||||
| 591.9 | 462.5 | 515.0 | |||||||||||||||
| Segment general and administration | |||||||||||||||||
| Studio Business: | |||||||||||||||||
| Motion Picture | 113.1 | 103.1 | 116.6 | ||||||||||||||
| Television Production | 62.6 | 61.9 | 57.9 | ||||||||||||||
| Total Studio Business | 175.7 | 165.0 | 174.5 | ||||||||||||||
| Segment profit | |||||||||||||||||
| Studio Business: | |||||||||||||||||
| Motion Picture | 278.9 | 304.3 | 312.4 | ||||||||||||||
| Television Production | 124.5 | 136.5 | 146.8 | ||||||||||||||
| Total Studio Business | 403.4 | 440.8 | 459.2 | ||||||||||||||
| Intersegment eliminations | 12.8 | (143.3) | (118.7) | ||||||||||||||
| $ | 416.2 | $ | 297.5 | $ | 340.5 | ||||||||||||
_______________________
(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, the following amounts were reclassified from the former Media Networks segment to the Motion Picture segment in the years ended March 31, 2025 and 2024 to conform to the current period presentation: (i) revenue of $8.9 million and $9.7 million, respectively; (ii) direct operating expense of $6.5 million and $11.1 million, respectively; (iii) distribution and marketing expense of $2.7 million and $2.9 million, respectively; and (iv) general and administration expense of $3.0 million and $2.7 million, respectively, which resulted in gross contribution loss of $0.3 million and $4.3 million, respectively and segment loss of $3.3 million and $7.0 million, respectively. Additionally, the Company sold its streaming platform in India in December 2025.
The Company’s primary measure of segment performance is its Studio Business segment profit. Segment profit is defined as gross contribution (segment revenues, less segment direct operating and segment distribution and marketing expense) less segment general and administration expenses. Segment profit excludes, when applicable, corporate general and administrative expense, restructuring and other costs, share-based compensation, certain content charges as a result of changes in management and/or content strategy, certain benefits or expenses related to the COVID-19 global pandemic, unallocated rent cost and purchase accounting and related adjustments. The Company believes the presentation of Studio Business segment profit is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management, including the CODM, and enables them to understand the fundamental performance of the Company’s businesses. The CODM uses the Studio Business segment profit to evaluate the operating performance of the Company’s segments, to inform decisions for planning and forecasting, and for the allocation of resources.
The following table reconciles total segment profit to the Company’s loss from continuing operations before income taxes for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Total segment profit | $ | 416.2 | $ | 297.5 | $ | 340.5 | |||||||||||
Corporate general and administrative expenses(1) | (142.1) | (132.0) | (136.1) | ||||||||||||||
Adjusted depreciation and amortization(2) | (13.6) | (13.7) | (10.6) | ||||||||||||||
| Restructuring and other | (50.9) | (88.3) | (130.1) | ||||||||||||||
COVID-19 related (expense) benefit included in direct operating expense(3) | (1.0) | 2.0 | 1.0 | ||||||||||||||
Unallocated rent cost included in direct operating expense(4) | (27.3) | (18.6) | — | ||||||||||||||
Adjusted share-based compensation expense(5) | (72.5) | (52.1) | (62.2) | ||||||||||||||
Purchase accounting and related adjustments(6) | (11.7) | (12.9) | (17.0) | ||||||||||||||
| Operating income (loss) | 97.1 | (18.1) | (14.5) | ||||||||||||||
| Interest expense | (259.7) | (261.7) | (246.6) | ||||||||||||||
| Interest and other income | 17.9 | 15.0 | 18.5 | ||||||||||||||
| Other loss, net | (19.6) | (11.9) | (19.3) | ||||||||||||||
| Gain (loss) on extinguishment of debt | (2.2) | (4.9) | 10.2 | ||||||||||||||
| Gain on investments, net | 10.5 | — | 3.5 | ||||||||||||||
| Equity interests income (loss) | (3.3) | 4.3 | 8.7 | ||||||||||||||
| Loss from continuing operations before income taxes | $ | (159.3) | $ | (277.3) | $ | (239.5) | |||||||||||
_______________________
(1)Corporate general and administrative expenses include certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense. Corporate general and administrative expenses also include costs that were previously incurred in support of the Media Networks segment but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2.
(2)Adjusted depreciation and amortization represent depreciation and amortization as presented on the consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Depreciation and amortization | $ | 17.6 | $ | 17.8 | $ | 15.6 | |||||||||||
| Less: Amount included in purchase accounting and related adjustments | (4.0) | (4.1) | (5.0) | ||||||||||||||
| Adjusted depreciation and amortization | $ | 13.6 | $ | 13.7 | $ | 10.6 | |||||||||||
(3)Amounts in fiscal year 2025 and 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances (see Note 16). These charges and benefits are excluded from segment operating results.
(4)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, are not allocated to the Company’s segments.
(5)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Total share-based compensation expense | $ | 78.0 | $ | 57.0 | $ | 70.2 | |||||||||||
| Less: | |||||||||||||||||
Amount included in restructuring and other(i) | (5.5) | (4.9) | (8.0) | ||||||||||||||
| Adjusted share-based compensation | $ | 72.5 | $ | 52.1 | $ | 62.2 | |||||||||||
(i)Amounts represent share-based compensation expense recorded within restructuring and other expenses, attributable to the accelerated vesting of equity awards pursuant to certain severance arrangements.
(6)Purchase accounting and related adjustments primarily consist of the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The table below presents the amounts included in each financial statement line item for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Purchase accounting and related adjustments: | |||||||||||||||||
General and administrative expense(i) | $ | 7.7 | $ | 8.7 | $ | 12.0 | |||||||||||
| Depreciation and amortization | 4.0 | 4.2 | 5.0 | ||||||||||||||
| $ | 11.7 | $ | 12.9 | $ | 17.0 | ||||||||||||
(i)Amounts represent compensation expense associated with the noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment. Due to the link to continued employment performance, these amounts are classified as general and administrative expense instead of noncontrolling interest in the consolidated statements of operations.
See Note 13 for revenues by media or product line as broken down by segment for the fiscal years ended March 31, 2026, 2025 and 2024.
The following table reconciles total segment general and administration expenses to the Company’s total consolidated general and administration expenses for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| General and administration | |||||||||||||||||
| Segment general and administrative expenses | $ | 175.7 | $ | 165.0 | $ | 174.5 | |||||||||||
| Corporate general and administrative expenses | 142.1 | 132.0 | 136.1 | ||||||||||||||
| Share-based compensation expense included in general and administrative expense | 72.5 | 52.1 | 62.2 | ||||||||||||||
| Purchase accounting and related adjustments | 7.7 | 8.7 | 12.0 | ||||||||||||||
| $ | 398.0 | $ | 357.8 | $ | 384.8 | ||||||||||||
The following table reconciles total segment assets to the Company’s total consolidated assets:
| March 31, 2026 | March 31, 2025 | ||||||||||
| (Amounts in millions) | |||||||||||
| Assets | |||||||||||
| Motion Picture | $ | 2,247.2 | $ | 1,870.3 | |||||||
| Television Production | 2,288.5 | 2,279.3 | |||||||||
Other unallocated assets(1) | 791.4 | 773.1 | |||||||||
| Assets of discontinued operations | — | 1,899.4 | |||||||||
| Total assets | $ | 5,327.1 | $ | 6,822.1 | |||||||
_______________________
(1)Other unallocated assets primarily consist of cash, other assets and investments.
The following table presents the acquisition of investment in films and television programs, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Acquisitions of investment in films and television programs | |||||||||||||||||
| Motion Picture | $ | 570.7 | $ | 647.2 | $ | 421.8 | |||||||||||
| Television Production | 613.1 | 549.4 | 275.7 | ||||||||||||||
| Total acquisitions of investment in films and television programs | $ | 1,183.8 | $ | 1,196.6 | $ | 697.5 | |||||||||||
The following table presents capital expenditures, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Capital expenditures | |||||||||||||||||
| Motion Picture | $ | — | $ | — | $ | — | |||||||||||
| Television Production | 0.4 | 0.3 | 0.3 | ||||||||||||||
Corporate(1) | 13.0 | 13.2 | 9.6 | ||||||||||||||
| Total capital expenditures | $ | 13.4 | $ | 13.5 | $ | 9.9 | |||||||||||
_______________________
(1)Represents unallocated capital expenditures primarily related to the Company’s corporate headquarters.
Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, was as follows:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| (Amounts in millions) | |||||||||||||||||
| Revenue | |||||||||||||||||
| United States | $ | 1,702.7 | $ | 1,733.6 | $ | 1,779.5 | |||||||||||
| Canada | 70.1 | 63.0 | 59.4 | ||||||||||||||
| Other foreign | 859.0 | 788.1 | 611.3 | ||||||||||||||
| Total revenue | $ | 2,631.8 | $ | 2,584.7 | $ | 2,450.2 | |||||||||||
Long-lived tangible assets and operating lease right-of-use assets recognized on the consolidated balance sheets from continuing operations by geographic location are as follows:
| March 31, 2026 | March 31, 2025 | ||||||||||
| (Amounts in millions) | |||||||||||
| Long-lived assets | |||||||||||
| United States | $ | 286.1 | $ | 315.7 | |||||||
| Other foreign | 11.7 | 12.5 | |||||||||
| Total long-lived assets | $ | 297.8 | $ | 328.2 | |||||||
For the year ended March 31, 2026, the Company had revenue from one individual customer which represented greater than 10% of consolidated revenues, amounting to $476.1 million, primarily related to the Company’s Motion Picture and Television Production segments (2025 - revenue from two individual customers which represented greater than 10% of consolidated revenues, amounting to $513.4 million and $261.1 million, respectively, primarily related to the Company’s Motion Picture and Television Production segments; 2024 - revenue from one individual customer which represented greater than 10% of consolidated revenues, amounting to $411.1 million, primarily related to the Company’s Motion Picture segment).
As of March 31, 2026, the Company had accounts receivable due from one customer which individually represented greater than 10% of consolidated accounts receivable and amounted to 19.8% of total consolidated accounts receivable (current and noncurrent) as of March 31, 2026, or gross accounts receivable of approximately $171.2 million. As of March 31, 2025, the Company had accounts receivable due from two customers which individually represented greater than 10% of consolidated accounts receivable and amounted to 12.7% and 10.4% of total consolidated accounts receivable (current and noncurrent) as of March 31, 2025, or gross accounts receivable of approximately $83.1 million and $68.1 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 27, 2026 | Showing above |
| 2025 | May 30, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.