# Entertainment — company-by-company sector analysis

> Entertainment: The Walt Disney Company owns the largest revenue base; Sphere Entertainment Co. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Entertainment has outperformed S&P 500 by 19.5% over 52 weeks and 7.8% over 13 weeks. 17 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 26 beat the sector itself. The Walt Disney Company leads with revenue of $97,263 million, based on 23 of 27 comparable companies through Mar 2026.

### Is the Entertainment sector outperforming S&P 500?

Entertainment has outperformed S&P 500 by 19.5% over 52 weeks and 7.8% over 13 weeks. 17 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 26 beat the sector itself.

### Which Entertainment company is largest by revenue?

The Walt Disney Company leads with revenue of $97,263 million, based on 23 of 27 comparable companies through Mar 2026.

### Which Entertainment company is growing fastest?

Sphere Entertainment Co. has the fastest current revenue growth at 21.6%, across 22 of 27 comparable companies.

### Which Entertainment company has the strongest 4-Factor Sector Score?

Roku, Inc. ranks first at 61/100 with 64.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Entertainment company reports the most CAPEX?

The Walt Disney Company reports the largest latest CAPEX at $1,973 million, with 27 of 27 companies comparable.

### Which Entertainment company has the least gross debt?

Starz Entertainment Corp. has the lowest comparable gross debt at $0 million. The Walt Disney Company has the highest at $47,358 million.

### Which Entertainment company has the lowest comparable PEG?

The Walt Disney Company has the lowest comparable Guarded PEG at 0.53, among 11 of 27 companies that pass the metric’s comparability rules.

### How much history does this Entertainment comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Entertainment has outperformed S&P 500 by 19.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.8%. 17 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Starz Entertainment Corp. is the strongest against the sector itself at +41.7%.

13-week sector return versus NIFTY 500: 7.8%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 17/26
Stocks leading sector: 14/26

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 27
Combined market value: ₹7.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Roku, Inc. (ROKU): 61/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 24.2/35 | Capital efficiency 12.3/25 | Valuation 9.3/20 | Relative strength 15.2/20
   - Exact sum: 24.2 + 12.3 + 9.3 + 15.2 = 61
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Netflix, Inc. (NFLX): 59/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 23.2/35 | Capital efficiency 18.3/25 | Valuation 15.4/20 | Relative strength 1.9/20
   - Exact sum: 23.2 + 18.3 + 15.4 + 1.9 = 58.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -37.2% and the one-year return is -37.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Sirius XM Holdings Inc. (SIRI): 58/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 16.2/35 | Capital efficiency 13.9/25 | Valuation 11.5/20 | Relative strength 16.8/20
   - Exact sum: 16.2 + 13.9 + 11.5 + 16.8 = 58.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 23.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Sphere Entertainment Co. (SPHR): 58/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 25.7/35 | Capital efficiency 9.3/25 | Valuation 9.4/20 | Relative strength 13.3/20
   - Exact sum: 25.7 + 9.3 + 9.4 + 13.3 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. IMAX Corporation (IMAX): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.5/35 | Capital efficiency 13.6/25 | Valuation 9.7/20 | Relative strength 16.3/20
   - Exact sum: 16.5 + 13.6 + 9.7 + 16.3 = 56.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. The Walt Disney Company (DIS): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.6/35 | Capital efficiency 15.2/25 | Valuation 15.9/20 | Relative strength 3.7/20
   - Exact sum: 18.6 + 15.2 + 15.9 + 3.7 = 53.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Cinemark Holdings, Inc. (CNK): 53/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 21.0/35 | Capital efficiency 5.8/25 | Valuation 10.6/20 | Relative strength 15.4/20
   - Exact sum: 21 + 5.8 + 10.6 + 15.4 = 52.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Warner Music Group Corp. (WMG): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 23.9/35 | Capital efficiency 13.1/25 | Valuation 7.1/20 | Relative strength 5.2/20
   - Exact sum: 23.9 + 13.1 + 7.1 + 5.2 = 49.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.2% and the one-year return is 0.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. TKO Group Holdings, Inc. (TKO): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 22.4/35 | Capital efficiency 14.8/25 | Valuation 8.0/20 | Relative strength 3.4/20
   - Exact sum: 22.4 + 14.8 + 8 + 3.4 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Fox Corporation (FOXA): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.9/35 | Capital efficiency 16.1/25 | Valuation 13.0/20 | Relative strength 2.4/20
   - Exact sum: 16.9 + 16.1 + 13 + 2.4 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. The Marcus Corporation (MCS): 48/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 15.3/35 | Capital efficiency 7.4/25 | Valuation 5.4/20 | Relative strength 19.6/20
   - Exact sum: 15.3 + 7.4 + 5.4 + 19.6 = 47.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 35.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Manchester United plc (MANU): 47/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.7/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 13.4/20
   - Exact sum: 17.7 + 5.7 + 10 + 13.4 = 46.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Lionsgate Studios Corp. (LION): 44/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 8.9/35 | Capital efficiency 12.2/25 | Valuation 10.0/20 | Relative strength 13.0/20
   - Exact sum: 8.9 + 12.2 + 10 + 13 = 44.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Reservoir Media, Inc. (RSVR): 43/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.5/35 | Capital efficiency 11.2/25 | Valuation 4.0/20 | Relative strength 13.6/20
   - Exact sum: 14.5 + 11.2 + 4 + 13.6 = 43.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 19.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15. News Corporation (NWS): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.0/35 | Capital efficiency 14.3/25 | Valuation 5.9/20 | Relative strength 6.1/20
   - Exact sum: 17 + 14.3 + 5.9 + 6.1 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. AMC Global Media Inc. (AMCX): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.8/35 | Capital efficiency 8.0/25 | Valuation 11.2/20 | Relative strength 11.9/20
   - Exact sum: 10.8 + 8 + 11.2 + 11.9 = 41.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Madison Square Garden Sports Corp. (MSGS): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.8/35 | Capital efficiency 7.7/25 | Valuation 8.5/20 | Relative strength 14.9/20
   - Exact sum: 9.8 + 7.7 + 8.5 + 14.9 = 40.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Madison Square Garden Entertainment Corp. (MSGE): 40/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 7.9/35 | Capital efficiency 11.6/25 | Valuation 6.8/20 | Relative strength 13.6/20
   - Exact sum: 7.9 + 11.6 + 6.8 + 13.6 = 39.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 25.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
19. Paramount Skydance Corporation (PSKY): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 15.4/35 | Capital efficiency 10.2/25 | Valuation 10.3/20 | Relative strength 1.1/20
   - Exact sum: 15.4 + 10.2 + 10.3 + 1.1 = 37
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Live Nation Entertainment, Inc. (LYV): 33/100 — Adverse evidence; evidence 82%
   - Growth & earnings 9.3/35 | Capital efficiency 4.6/25 | Valuation 8.0/20 | Relative strength 11.3/20
   - Exact sum: 9.3 + 4.6 + 8 + 11.3 = 33.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Warner Bros. Discovery, Inc. (WBD): 27/100 — Adverse evidence; evidence 65%
   - Growth & earnings 8.3/35 | Capital efficiency 6.2/25 | Valuation 8.8/20 | Relative strength 3.8/20
   - Exact sum: 8.3 + 6.2 + 8.8 + 3.8 = 27.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. AMC Entertainment Holdings, Inc. (AMC): 56/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 21.2/35 | Capital efficiency 10.2/25 | Valuation 10.0/20 | Relative strength 14.1/20
   - Exact sum: 21.2 + 10.2 + 10 + 14.1 = 55.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. Atlanta Braves Holdings, Inc. (BATRK): 51/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 20.3/35 | Capital efficiency 9.7/25 | Valuation 11.5/20 | Relative strength 9.8/20
   - Exact sum: 20.3 + 9.7 + 11.5 + 9.8 = 51.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. Starz Entertainment Corp. (STRZ): 51/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 18.1/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 18.1 + 5.7 + 10 + 17 = 50.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Formula One Group (FWONK): 48/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 19.6/35 | Capital efficiency 11.5/25 | Valuation 9.9/20 | Relative strength 7.2/20
   - Exact sum: 19.6 + 11.5 + 9.9 + 7.2 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Versant Media Group, Inc. (VSNT): 46/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 7.8/35 | Capital efficiency 17.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 7.8 + 17.8 + 10 + 10 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. Angel Studios, Inc. (ANGX): 39/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 22.0/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 22 + 3.6 + 10 + 3 = 38.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: The Walt Disney Company is the scale leader at $97,263 million, 101.1% ahead of Netflix, Inc.. Sphere Entertainment Co.'s growth is 21.6% from a $1,326 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: The Walt Disney Company is the scale benchmark; Sphere Entertainment Co. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: The Walt Disney Company's growth falls below Sphere Entertainment Co.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: The Walt Disney Company · $97,263 million | 101.1% versus #2 · Netflix, Inc. | 7/8 recent comparable periods | 23/27 companies · 475 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. The Walt Disney Company (DIS): ₹97.3K Cr
2. Netflix, Inc. (NFLX): ₹48.4K Cr
3. Warner Bros. Discovery, Inc. (WBD): ₹37.2K Cr
4. Paramount Skydance Corporation (PSKY): ₹29.0K Cr
5. Live Nation Entertainment, Inc. (LYV): ₹25.6K Cr

### Revenue growth — fastest growers
1. Sphere Entertainment Co. (SPHR): 22%
2. Roku, Inc. (ROKU): 17%
3. Netflix, Inc. (NFLX): 16%
4. Live Nation Entertainment, Inc. (LYV): 13%
5. Warner Music Group Corp. (WMG): 13%

### 20-quarter Revenue history
- NFLX: Sep 2021 ₹7.5K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹8.0K Cr | Sep 2022 ₹7.9K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹8.5K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹9.4K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.2K Cr | Mar 2025 ₹10.5K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹11.5K Cr | Dec 2025 ₹12.1K Cr | Mar 2026 ₹12.3K Cr | Jun 2026 ₹12.6K Cr
- DIS: Sep 2021 ₹17.0K Cr | Dec 2021 ₹18.5K Cr | Mar 2022 ₹21.8K Cr | Jun 2022 ₹19.2K Cr | Sep 2022 ₹21.5K Cr | Dec 2022 ₹20.2K Cr | Mar 2023 — | Jun 2023 ₹21.8K Cr | Sep 2023 ₹22.3K Cr | Dec 2023 ₹23.5K Cr | Mar 2024 ₹22.1K Cr | Jun 2024 ₹23.2K Cr | Sep 2024 ₹22.6K Cr | Dec 2024 ₹24.7K Cr | Mar 2025 ₹23.6K Cr | Jun 2025 ₹23.7K Cr | Sep 2025 ₹22.5K Cr | Dec 2025 ₹26.0K Cr | Mar 2026 ₹25.2K Cr | Jun 2026 —
- WBD: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹9.8K Cr | Dec 2022 ₹11.0K Cr | Mar 2023 ₹10.7K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹10.3K Cr | Mar 2024 ₹10.0K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹9.6K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹9.8K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.5K Cr | Mar 2026 ₹8.9K Cr | Jun 2026 —
- LYV: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹333 Cr | Jun 2022 ₹328 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹449 Cr | Dec 2023 ₹614 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- FWONK: Sep 2021 ₹668 Cr | Dec 2021 ₹787 Cr | Mar 2022 ₹360 Cr | Jun 2022 ₹744 Cr | Sep 2022 ₹715 Cr | Dec 2022 ₹754 Cr | Mar 2023 ₹381 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹887 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹587 Cr | Jun 2024 ₹988 Cr | Sep 2024 ₹911 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹447 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 ₹3.0K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- ROKU: Sep 2021 ₹680 Cr | Dec 2021 ₹865 Cr | Mar 2022 ₹734 Cr | Jun 2022 ₹764 Cr | Sep 2022 ₹761 Cr | Dec 2022 ₹867 Cr | Mar 2023 ₹741 Cr | Jun 2023 ₹847 Cr | Sep 2023 ₹912 Cr | Dec 2023 ₹984 Cr | Mar 2024 ₹881 Cr | Jun 2024 ₹968 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- NWS: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- WMG: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SIRI: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- MSGS: Sep 2021 ₹19 Cr | Dec 2021 ₹290 Cr | Mar 2022 ₹338 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹354 Cr | Mar 2023 ₹383 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹358 Cr | Mar 2025 ₹424 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹432 Cr | Jun 2026 —
- PSKY: Sep 2021 ₹6.6K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.6K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SPHR: Sep 2021 ₹295 Cr | Dec 2021 ₹516 Cr | Mar 2022 ₹353 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹314 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹308 Cr | Mar 2025 ₹281 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹386 Cr | Jun 2026 —
- CNK: Sep 2021 ₹435 Cr | Dec 2021 ₹667 Cr | Mar 2022 ₹461 Cr | Jun 2022 ₹744 Cr | Sep 2022 ₹650 Cr | Dec 2022 ₹600 Cr | Mar 2023 ₹611 Cr | Jun 2023 ₹942 Cr | Sep 2023 ₹875 Cr | Dec 2023 ₹639 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹734 Cr | Sep 2024 ₹922 Cr | Dec 2024 ₹814 Cr | Mar 2025 ₹541 Cr | Jun 2025 ₹941 Cr | Sep 2025 ₹858 Cr | Dec 2025 ₹776 Cr | Mar 2026 ₹643 Cr | Jun 2026 —
- MANU: Sep 2021 ₹126 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹189 Cr | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹692 Cr | Mar 2024 ₹344 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹628 Cr | Mar 2025 ₹866 Cr | Jun 2025 ₹526 Cr | Sep 2025 ₹475 Cr | Dec 2025 ₹724 Cr | Mar 2026 ₹907 Cr | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹194 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹356 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹407 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹460 Cr | Mar 2026 ₹246 Cr | Jun 2026 —
- BATRK: Sep 2021 ₹234 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹270 Cr | Sep 2023 ₹272 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹283 Cr | Sep 2024 ₹291 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹312 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 ₹57 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- AMC: Sep 2021 ₹763 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹786 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹968 Cr | Dec 2022 ₹991 Cr | Mar 2023 ₹954 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹863 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- MCS: Sep 2021 ₹93 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹88 Cr | Sep 2025 — | Dec 2025 ₹110 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- RSVR: Sep 2021 ₹30 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- AMCX: Sep 2021 ₹811 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹712 Cr | Jun 2022 ₹738 Cr | Sep 2022 ₹682 Cr | Dec 2022 ₹965 Cr | Mar 2023 ₹717 Cr | Jun 2023 ₹679 Cr | Sep 2023 ₹637 Cr | Dec 2023 ₹679 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹626 Cr | Sep 2024 ₹600 Cr | Dec 2024 ₹599 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹600 Cr | Sep 2025 ₹562 Cr | Dec 2025 ₹595 Cr | Mar 2026 ₹542 Cr | Jun 2026 —
- STRZ: Sep 2021 ₹888 Cr | Dec 2021 ₹885 Cr | Mar 2022 ₹930 Cr | Jun 2022 ₹894 Cr | Sep 2022 ₹875 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹909 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹975 Cr | Mar 2024 — | Jun 2024 ₹348 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹971 Cr | Mar 2025 — | Jun 2025 ₹320 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹323 Cr | Mar 2026 ₹307 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- NFLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.6% | Sep 2022 5.9% | Dec 2022 1.9% | Mar 2023 3.7% | Jun 2023 2.7% | Sep 2023 7.8% | Dec 2023 12% | Mar 2024 15% | Jun 2024 17% | Sep 2024 15% | Dec 2024 16% | Mar 2025 13% | Jun 2025 16% | Sep 2025 17% | Dec 2025 18% | Mar 2026 16% | Jun 2026 13%
- DIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 26% | Dec 2022 8.7% | Mar 2023 — | Jun 2023 13% | Sep 2023 3.8% | Dec 2023 17% | Mar 2024 — | Jun 2024 6.1% | Sep 2024 1.1% | Dec 2024 4.9% | Mar 2025 7.0% | Jun 2025 2.1% | Sep 2025 -0.5% | Dec 2025 5.2% | Mar 2026 6.6% | Jun 2026 —
- WBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 221% | Sep 2022 212% | Dec 2022 245% | Mar 2023 239% | Jun 2023 5.4% | Sep 2023 1.6% | Dec 2023 -6.6% | Mar 2024 -6.9% | Jun 2024 -6.2% | Sep 2024 -3.6% | Dec 2024 -2.5% | Mar 2025 -9.8% | Jun 2025 1.0% | Sep 2025 -6.0% | Dec 2025 -5.7% | Mar 2026 -1.0% | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 670% | Sep 2022 128% | Dec 2022 59% | Mar 2023 73% | Jun 2023 27% | Sep 2023 33% | Dec 2023 36% | Mar 2024 22% | Jun 2024 7.0% | Sep 2024 -6.2% | Dec 2024 -2.4% | Mar 2025 -11% | Jun 2025 16% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -7.8% | Jun 2023 -7.0% | Sep 2023 32% | Dec 2023 126% | Mar 2024 298% | Jun 2024 291% | Sep 2024 243% | Dec 2024 51% | Mar 2025 3.9% | Jun 2025 9.6% | Sep 2025 -27% | Dec 2025 12% | Mar 2026 26% | Jun 2026 —
- FWONK: Sep 2021 — | Dec 2021 62% | Mar 2022 100% | Jun 2022 49% | Sep 2022 7.0% | Dec 2022 -4.2% | Mar 2023 5.8% | Jun 2023 -2.7% | Sep 2023 24% | Dec 2023 63% | Mar 2024 54% | Jun 2024 36% | Sep 2024 2.7% | Dec 2024 -5.1% | Mar 2025 -24% | Jun 2025 36% | Sep 2025 19% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 4.8% | Dec 2022 3.7% | Mar 2023 18% | Jun 2023 -0.0% | Sep 2023 0.5% | Dec 2023 -8.1% | Mar 2024 -16% | Jun 2024 2.0% | Sep 2024 11% | Dec 2024 20% | Mar 2025 27% | Jun 2025 6.3% | Sep 2025 4.9% | Dec 2025 2.1% | Mar 2026 -8.6% | Jun 2026 —
- ROKU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 12% | Dec 2022 0.2% | Mar 2023 1.0% | Jun 2023 11% | Sep 2023 20% | Dec 2023 13% | Mar 2024 19% | Jun 2024 14% | Sep 2024 16% | Dec 2024 22% | Mar 2025 16% | Jun 2025 15% | Sep 2025 14% | Dec 2025 16% | Mar 2026 22% | Jun 2026 —
- NWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.3% | Sep 2022 -1.0% | Dec 2022 -7.2% | Mar 2023 -1.8% | Jun 2023 -9.0% | Sep 2023 0.9% | Dec 2023 -15% | Mar 2024 -19% | Jun 2024 -14% | Sep 2024 -16% | Dec 2024 4.8% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 2.3% | Dec 2025 5.5% | Mar 2026 8.8% | Jun 2026 —
- WMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 4.1% | Dec 2022 -7.8% | Mar 2023 — | Jun 2023 14% | Sep 2023 11% | Dec 2023 17% | Mar 2024 6.8% | Jun 2024 -0.6% | Sep 2024 2.8% | Dec 2024 -4.7% | Mar 2025 -0.7% | Jun 2025 8.7% | Sep 2025 15% | Dec 2025 10% | Mar 2026 17% | Jun 2026 —
- SIRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.4% | Sep 2022 3.7% | Dec 2022 0.1% | Mar 2023 -1.9% | Jun 2023 -0.1% | Sep 2023 -0.4% | Dec 2023 0.2% | Mar 2024 0.8% | Jun 2024 -3.2% | Sep 2024 -4.4% | Dec 2024 -4.4% | Mar 2025 -4.4% | Jun 2025 -1.8% | Sep 2025 -0.6% | Dec 2025 0.2% | Mar 2026 1.1% | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 26% | Dec 2022 22% | Mar 2023 13% | Jun 2023 -27% | Sep 2023 79% | Dec 2023 -7.6% | Mar 2024 12% | Jun 2024 79% | Sep 2024 23% | Dec 2024 9.5% | Mar 2025 -1.4% | Jun 2025 -10% | Sep 2025 -26% | Dec 2025 13% | Mar 2026 1.9% | Jun 2026 —
- PSKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 4.6% | Dec 2022 1.6% | Mar 2023 -0.9% | Jun 2023 -2.1% | Sep 2023 3.1% | Dec 2023 -6.1% | Mar 2024 -100% | Jun 2024 -11% | Sep 2024 -5.6% | Dec 2024 4.5% | Mar 2025 — | Jun 2025 0.5% | Sep 2025 -0.4% | Dec 2025 2.1% | Mar 2026 2.2% | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -6.2% | Jun 2025 -5.5% | Sep 2025 -4.7% | Dec 2025 -4.7% | Mar 2026 -1.1% | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 -58% | Dec 2022 -69% | Mar 2023 -54% | Jun 2023 -7.9% | Sep 2023 -4.1% | Dec 2023 96% | Mar 2024 98% | Jun 2024 112% | Sep 2024 93% | Dec 2024 -1.9% | Mar 2025 -12% | Jun 2025 3.7% | Sep 2025 15% | Dec 2025 28% | Mar 2026 37% | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 152% | Sep 2022 49% | Dec 2022 -10% | Mar 2023 33% | Jun 2023 27% | Sep 2023 35% | Dec 2023 6.5% | Mar 2024 -5.2% | Jun 2024 -22% | Sep 2024 5.4% | Dec 2024 27% | Mar 2025 -6.6% | Jun 2025 28% | Sep 2025 -6.9% | Dec 2025 -4.7% | Mar 2026 19% | Jun 2026 —
- MANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 14% | Dec 2022 -9.7% | Mar 2023 11% | Jun 2023 42% | Sep 2023 9.0% | Dec 2023 35% | Mar 2024 -19% | Jun 2024 -15% | Sep 2024 -8.9% | Dec 2024 -12% | Mar 2025 18% | Jun 2025 15% | Sep 2025 -2.1% | Dec 2025 -4.5% | Mar 2026 17% | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -9.3% | Mar 2025 152% | Jun 2025 8.0% | Sep 2025 -21% | Dec 2025 15% | Mar 2026 4.7% | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.6% | Jun 2023 -17% | Sep 2023 -2.7% | Dec 2023 13% | Mar 2024 13% | Jun 2024 26% | Sep 2024 -2.1% | Dec 2024 1.0% | Mar 2025 6.1% | Jun 2025 -17% | Sep 2025 14% | Dec 2025 13% | Mar 2026 1.7% | Jun 2026 —
- BATRK: Sep 2021 — | Dec 2021 180% | Mar 2022 38% | Jun 2022 16% | Sep 2022 4.7% | Dec 2022 -28% | Mar 2023 41% | Jun 2023 8.0% | Sep 2023 11% | Dec 2023 -4.2% | Mar 2024 19% | Jun 2024 4.8% | Sep 2024 7.0% | Dec 2024 -24% | Mar 2025 27% | Jun 2025 10% | Sep 2025 7.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 21% | Dec 2022 -10% | Mar 2023 45% | Jun 2023 32% | Sep 2023 51% | Dec 2023 -12% | Mar 2024 -9.2% | Jun 2024 -9.2% | Sep 2024 -13% | Dec 2024 8.1% | Mar 2025 10% | Jun 2025 3.4% | Sep 2025 18% | Dec 2025 34% | Mar 2026 -6.9% | Jun 2026 —
- AMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 162% | Sep 2022 27% | Dec 2022 -15% | Mar 2023 21% | Jun 2023 16% | Sep 2023 45% | Dec 2023 11% | Mar 2024 -0.3% | Jun 2024 -24% | Sep 2024 -4.1% | Dec 2024 18% | Mar 2025 -9.3% | Jun 2025 36% | Sep 2025 -3.6% | Dec 2025 -1.4% | Mar 2026 21% | Jun 2026 —
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 98% | Dec 2022 -3.6% | Mar 2023 15% | Jun 2023 4.0% | Sep 2023 14% | Dec 2023 -0.6% | Mar 2024 -8.6% | Jun 2024 -15% | Sep 2024 11% | Dec 2024 16% | Mar 2025 7.2% | Jun 2025 17% | Sep 2025 -9.9% | Dec 2025 2.7% | Mar 2026 3.4% | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 45% | Jun 2024 -15% | Sep 2024 -82% | Dec 2024 -38% | Mar 2025 62% | Jun 2025 418% | Sep 2025 — | Dec 2025 255% | Mar 2026 145% | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 10% | Dec 2022 15% | Mar 2023 0.0% | Jun 2023 33% | Sep 2023 15% | Dec 2023 17% | Mar 2024 11% | Jun 2024 6.3% | Sep 2024 7.9% | Dec 2024 20% | Mar 2025 5.1% | Jun 2025 8.8% | Sep 2025 9.8% | Dec 2025 9.5% | Mar 2026 15% | Jun 2026 —
- AMCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.3% | Sep 2022 -16% | Dec 2022 20% | Mar 2023 0.7% | Jun 2023 -8.0% | Sep 2023 -6.6% | Dec 2023 -30% | Mar 2024 -17% | Jun 2024 -7.8% | Sep 2024 -5.8% | Dec 2024 -12% | Mar 2025 -6.9% | Jun 2025 -4.2% | Sep 2025 -6.3% | Dec 2025 -0.7% | Mar 2026 -2.3% | Jun 2026 —
- STRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.8% | Sep 2022 -1.5% | Dec 2022 13% | Mar 2023 — | Jun 2023 1.7% | Sep 2023 16% | Dec 2023 -2.5% | Mar 2024 — | Jun 2024 -62% | Sep 2024 -66% | Dec 2024 -0.4% | Mar 2025 — | Jun 2025 -8.1% | Sep 2025 -7.5% | Dec 2025 -67% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Netflix, Inc. leads opm at 33.4%; Angel Studios, Inc. leads margin change at +68.5 percentage points.

Investor read: Netflix, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Netflix, Inc. · 33.4% | 27.5% versus #2 · Versant Media Group, Inc. | 6/8 recent comparable periods | 27/27 companies · 474 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Netflix, Inc. (NFLX): 33%
2. Versant Media Group, Inc. (VSNT): 26%
3. Reservoir Media, Inc. (RSVR): 25%
4. Sirius XM Holdings Inc. (SIRI): 22%
5. TKO Group Holdings, Inc. (TKO): 21%

### Margin change — fastest expanders
1. Angel Studios, Inc. (ANGX): +68.5 pp
2. Sphere Entertainment Co. (SPHR): +29.9 pp
3. AMC Entertainment Holdings, Inc. (AMC): +12.5 pp
4. Atlanta Braves Holdings, Inc. (BATRK): +10.3 pp — older report
5. Roku, Inc. (ROKU): +9.8 pp

### 20-quarter OPM history
- NFLX: Sep 2021 24% | Dec 2021 8.2% | Mar 2022 25% | Jun 2022 20% | Sep 2022 19% | Dec 2022 7.0% | Mar 2023 21% | Jun 2023 22% | Sep 2023 22% | Dec 2023 17% | Mar 2024 28% | Jun 2024 27% | Sep 2024 30% | Dec 2024 22% | Mar 2025 32% | Jun 2025 34% | Sep 2025 28% | Dec 2025 25% | Mar 2026 32% | Jun 2026 33%
- DIS: Sep 2021 7.8% | Dec 2021 2.7% | Mar 2022 10% | Jun 2022 7.3% | Sep 2022 11% | Dec 2022 2.7% | Mar 2023 — | Jun 2023 9.7% | Sep 2023 0.0% | Dec 2023 13% | Mar 2024 3.7% | Jun 2024 15% | Sep 2024 5.3% | Dec 2024 16% | Mar 2025 14% | Jun 2025 15% | Sep 2025 9.9% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- WBD: Sep 2021 10% | Dec 2021 16% | Mar 2022 11% | Jun 2022 -37% | Sep 2022 -22% | Dec 2022 -17% | Mar 2023 -5.2% | Jun 2023 -8.7% | Sep 2023 1.0% | Dec 2023 -1.8% | Mar 2024 -2.7% | Jun 2024 -105% | Sep 2024 2.9% | Dec 2024 1.6% | Mar 2025 -0.4% | Jun 2025 -1.9% | Sep 2025 6.8% | Dec 2025 3.7% | Mar 2026 -28% | Jun 2026 —
- LYV: Sep 2021 5.1% | Dec 2021 -4.6% | Mar 2022 1.5% | Jun 2022 7.2% | Sep 2022 8.2% | Dec 2022 -3.0% | Mar 2023 4.6% | Jun 2023 6.9% | Sep 2023 8.0% | Dec 2023 -1.4% | Mar 2024 -1.1% | Jun 2024 7.7% | Sep 2024 8.4% | Dec 2024 -4.2% | Mar 2025 3.4% | Jun 2025 6.9% | Sep 2025 9.3% | Dec 2025 -2.3% | Mar 2026 -9.8% | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 28% | Jun 2022 21% | Sep 2022 50% | Dec 2022 44% | Mar 2023 -48% | Jun 2023 47% | Sep 2023 21% | Dec 2023 10% | Mar 2024 -14% | Jun 2024 9.6% | Sep 2024 2.2% | Dec 2024 5.9% | Mar 2025 19% | Jun 2025 28% | Sep 2025 15% | Dec 2025 5.5% | Mar 2026 21% | Jun 2026 —
- FWONK: Sep 2021 10% | Dec 2021 7.9% | Mar 2022 5.3% | Jun 2022 6.6% | Sep 2022 9.0% | Dec 2022 5.4% | Mar 2023 4.2% | Jun 2023 7.2% | Sep 2023 12% | Dec 2023 9.9% | Mar 2024 18% | Jun 2024 7.1% | Sep 2024 12% | Dec 2024 9.0% | Mar 2025 -13% | Jun 2025 21% | Sep 2025 16% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 32% | Dec 2021 4.8% | Mar 2022 21% | Jun 2022 22% | Sep 2022 31% | Dec 2022 9.2% | Mar 2023 -4.2% | Jun 2023 15% | Sep 2023 24% | Dec 2023 5.5% | Mar 2024 23% | Jun 2024 20% | Sep 2024 26% | Dec 2024 10% | Mar 2025 16% | Jun 2025 22% | Sep 2025 26% | Dec 2025 11% | Mar 2026 21% | Jun 2026 —
- ROKU: Sep 2021 10% | Dec 2021 2.5% | Mar 2022 -3.2% | Jun 2022 -15% | Sep 2022 -19% | Dec 2022 -29% | Mar 2023 -29% | Jun 2023 -15% | Sep 2023 -38% | Dec 2023 -11% | Mar 2024 -8.2% | Jun 2024 -7.4% | Sep 2024 -3.4% | Dec 2024 -3.3% | Mar 2025 -5.7% | Jun 2025 -2.1% | Sep 2025 0.8% | Dec 2025 4.7% | Mar 2026 4.1% | Jun 2026 —
- NWS: Sep 2021 8.9% | Dec 2021 15% | Mar 2022 6.0% | Jun 2022 3.9% | Sep 2022 6.1% | Dec 2022 8.6% | Mar 2023 4.6% | Jun 2023 3.2% | Sep 2023 6.2% | Dec 2023 13% | Mar 2024 5.5% | Jun 2024 6.7% | Sep 2024 9.1% | Dec 2024 16% | Mar 2025 8.1% | Jun 2025 5.7% | Sep 2025 9.5% | Dec 2025 16% | Mar 2026 9.3% | Jun 2026 —
- WMG: Sep 2021 7.3% | Dec 2021 15% | Mar 2022 — | Jun 2022 12% | Sep 2022 10% | Dec 2022 18% | Mar 2023 8.9% | Jun 2023 12% | Sep 2023 13% | Dec 2023 20% | Mar 2024 8.0% | Jun 2024 13% | Sep 2024 8.8% | Dec 2024 13% | Mar 2025 11% | Jun 2025 10% | Sep 2025 7.7% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- SIRI: Sep 2021 29% | Dec 2021 21% | Mar 2022 23% | Jun 2022 22% | Sep 2022 21% | Dec 2022 25% | Mar 2023 19% | Jun 2023 21% | Sep 2023 23% | Dec 2023 20% | Mar 2024 19% | Jun 2024 22% | Sep 2024 -134% | Dec 2024 23% | Mar 2025 19% | Jun 2025 17% | Sep 2025 23% | Dec 2025 10% | Mar 2026 22% | Jun 2026 —
- MSGS: Sep 2021 -186% | Dec 2021 12% | Mar 2022 18% | Jun 2022 14% | Sep 2022 -149% | Dec 2022 15% | Mar 2023 21% | Jun 2023 -9.6% | Sep 2023 -34% | Dec 2023 8.8% | Mar 2024 19% | Jun 2024 23% | Sep 2024 -16% | Dec 2024 3.7% | Mar 2025 7.6% | Jun 2025 -11% | Sep 2025 -70% | Dec 2025 5.5% | Mar 2026 0.5% | Jun 2026 —
- PSKY: Sep 2021 13% | Dec 2021 33% | Mar 2022 11% | Jun 2022 11% | Sep 2022 8.2% | Dec 2022 2.2% | Mar 2023 -16% | Jun 2023 -3.3% | Sep 2023 8.6% | Dec 2023 5.3% | Mar 2024 — | Jun 2024 -78% | Sep 2024 5.0% | Dec 2024 3.5% | Mar 2025 7.6% | Jun 2025 5.8% | Sep 2025 4.8% | Dec 2025 3.0% | Mar 2026 8.4% | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 32% | Jun 2024 28% | Sep 2024 22% | Dec 2024 22% | Mar 2025 29% | Jun 2025 24% | Sep 2025 11% | Dec 2025 11% | Mar 2026 26% | Jun 2026 —
- SPHR: Sep 2021 -28% | Dec 2021 6.8% | Mar 2022 0.2% | Jun 2022 -44% | Sep 2022 -42% | Dec 2022 -31% | Mar 2023 -63% | Jun 2023 -55% | Sep 2023 -59% | Dec 2023 -51% | Mar 2024 -13% | Jun 2024 -26% | Sep 2024 -52% | Dec 2024 -46% | Mar 2025 -28% | Jun 2025 -18% | Sep 2025 -49% | Dec 2025 7.3% | Mar 2026 1.9% | Jun 2026 —
- CNK: Sep 2021 -9.8% | Dec 2021 6.7% | Mar 2022 -7.2% | Jun 2022 -2.5% | Sep 2022 2.9% | Dec 2022 -9.5% | Mar 2023 4.7% | Jun 2023 18% | Sep 2023 17% | Dec 2023 3.2% | Mar 2024 3.0% | Jun 2024 11% | Sep 2024 18% | Dec 2024 12% | Mar 2025 -3.6% | Jun 2025 18% | Sep 2025 13% | Dec 2025 8.3% | Mar 2026 3.7% | Jun 2026 —
- MANU: Sep 2021 -8.0% | Dec 2021 2.9% | Mar 2022 -14% | Jun 2022 -51% | Sep 2022 -2.4% | Dec 2022 -1.7% | Mar 2023 -2.8% | Jun 2023 -0.2% | Sep 2023 1.2% | Dec 2023 12% | Mar 2024 -49% | Jun 2024 -23% | Sep 2024 -4.9% | Dec 2024 1.5% | Mar 2025 0.4% | Jun 2025 -9.3% | Sep 2025 9.3% | Dec 2025 10% | Mar 2026 2.7% | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1% | Mar 2024 5.7% | Jun 2024 -4.6% | Sep 2024 -17% | Dec 2024 4.4% | Mar 2025 25% | Jun 2025 -2.0% | Sep 2025 -9.7% | Dec 2025 5.0% | Mar 2026 13% | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 8.2% | Jun 2022 -3.1% | Sep 2022 -7.7% | Dec 2022 32% | Mar 2023 12% | Jun 2023 -15% | Sep 2023 -24% | Dec 2023 34% | Mar 2024 7.4% | Jun 2024 -4.8% | Sep 2024 -13% | Dec 2024 34% | Mar 2025 11% | Jun 2025 -17% | Sep 2025 -19% | Dec 2025 36% | Mar 2026 6.5% | Jun 2026 —
- BATRK: Sep 2021 13% | Dec 2021 -1.8% | Mar 2022 -215% | Jun 2022 11% | Sep 2022 0.0% | Dec 2022 -8.4% | Mar 2023 -159% | Jun 2023 7.2% | Sep 2023 5.8% | Dec 2023 -45% | Mar 2024 -141% | Jun 2024 8.8% | Sep 2024 2.2% | Dec 2024 -32% | Mar 2025 -94% | Jun 2025 13% | Sep 2025 13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 -1.5% | Dec 2021 24% | Mar 2022 -13% | Jun 2022 -0.1% | Sep 2022 -6.2% | Dec 2022 7.7% | Mar 2023 13% | Jun 2023 15% | Sep 2023 21% | Dec 2023 3.2% | Mar 2024 15% | Jun 2024 3.2% | Sep 2024 21% | Dec 2024 10% | Mar 2025 19% | Jun 2025 16% | Sep 2025 27% | Dec 2025 19% | Mar 2026 12% | Jun 2026 —
- AMC: Sep 2021 -19% | Dec 2021 -5.2% | Mar 2022 -21% | Jun 2022 -1.4% | Sep 2022 -12% | Dec 2022 -23% | Mar 2023 -11% | Jun 2023 6.3% | Sep 2023 7.1% | Dec 2023 -14% | Mar 2024 -11% | Jun 2024 -4.6% | Sep 2024 5.3% | Dec 2024 0.4% | Mar 2025 -17% | Jun 2025 6.6% | Sep 2025 2.8% | Dec 2025 0.0% | Mar 2026 -4.4% | Jun 2026 —
- MCS: Sep 2021 -28% | Dec 2021 8.3% | Mar 2022 -13% | Jun 2022 9.5% | Sep 2022 4.9% | Dec 2022 -1.7% | Mar 2023 -5.9% | Jun 2023 10% | Sep 2023 10% | Dec 2023 0.7% | Mar 2024 -12% | Jun 2024 1.3% | Sep 2024 14% | Dec 2024 -1.2% | Mar 2025 -14% | Jun 2025 6.3% | Sep 2025 11% | Dec 2025 0.9% | Mar 2026 -13% | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -11% | Jun 2023 -64% | Sep 2023 24% | Dec 2023 -8.7% | Mar 2024 -68% | Jun 2024 -141% | Sep 2024 -71% | Dec 2024 -97% | Mar 2025 -71% | Jun 2025 -25% | Sep 2025 — | Dec 2025 -65% | Mar 2026 -2.3% | Jun 2026 —
- RSVR: Sep 2021 26% | Dec 2021 10% | Mar 2022 25% | Jun 2022 5.4% | Sep 2022 20% | Dec 2022 15% | Mar 2023 25% | Jun 2023 9.9% | Sep 2023 16% | Dec 2023 18% | Mar 2024 22% | Jun 2024 15% | Sep 2024 25% | Dec 2024 23% | Mar 2025 25% | Jun 2025 15% | Sep 2025 24% | Dec 2025 23% | Mar 2026 25% | Jun 2026 —
- AMCX: Sep 2021 23% | Dec 2021 7.9% | Mar 2022 25% | Jun 2022 21% | Sep 2022 22% | Dec 2022 -41% | Mar 2023 24% | Jun 2023 16% | Sep 2023 19% | Dec 2023 -1.7% | Mar 2024 19% | Jun 2024 1.7% | Sep 2024 16% | Dec 2024 -42% | Mar 2025 12% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 -8.6% | Mar 2026 5.8% | Jun 2026 —
- STRZ: Sep 2021 3.4% | Dec 2021 1.1% | Mar 2022 -5.4% | Jun 2022 -7.6% | Sep 2022 -200% | Dec 2022 0.8% | Mar 2023 — | Jun 2023 -1.8% | Sep 2023 -81% | Dec 2023 -4.5% | Mar 2024 — | Jun 2024 2.9% | Sep 2024 -4.9% | Dec 2024 3.7% | Mar 2025 — | Jun 2025 -8.4% | Sep 2025 -11% | Dec 2025 -1.5% | Mar 2026 -50% | Jun 2026 —

### 20-quarter Margin change history
- NFLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.4 pp | Sep 2022 −4.2 pp | Dec 2022 −1.2 pp | Mar 2023 −4.1 pp | Jun 2023 +2.5 pp | Sep 2023 +3.1 pp | Dec 2023 +9.9 pp | Mar 2024 +7.1 pp | Jun 2024 +4.9 pp | Sep 2024 +7.2 pp | Dec 2024 +5.3 pp | Mar 2025 +3.6 pp | Jun 2025 +6.9 pp | Sep 2025 −1.4 pp | Dec 2025 +2.3 pp | Mar 2026 +0.6 pp | Jun 2026 −0.7 pp
- DIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +2.4 pp | Sep 2023 −11.1 pp | Dec 2023 +9.8 pp | Mar 2024 — | Jun 2024 +4.8 pp | Sep 2024 +5.3 pp | Dec 2024 +3.4 pp | Mar 2025 +10.7 pp | Jun 2025 +0.1 pp | Sep 2025 +4.6 pp | Dec 2025 −1.0 pp | Mar 2026 −0.3 pp | Jun 2026 —
- WBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −62.4 pp | Sep 2022 −32.7 pp | Dec 2022 −33.1 pp | Mar 2023 −16.4 pp | Jun 2023 +28.3 pp | Sep 2023 +23.3 pp | Dec 2023 +15.4 pp | Mar 2024 +2.5 pp | Jun 2024 −96.4 pp | Sep 2024 +1.9 pp | Dec 2024 +3.4 pp | Mar 2025 +2.3 pp | Jun 2025 +103.2 pp | Sep 2025 +3.9 pp | Dec 2025 +2.1 pp | Mar 2026 −27.4 pp | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.3 pp | Sep 2022 +3.1 pp | Dec 2022 +1.6 pp | Mar 2023 +3.1 pp | Jun 2023 −0.3 pp | Sep 2023 −0.2 pp | Dec 2023 +1.6 pp | Mar 2024 −5.7 pp | Jun 2024 +0.8 pp | Sep 2024 +0.4 pp | Dec 2024 −2.8 pp | Mar 2025 +4.5 pp | Jun 2025 −0.8 pp | Sep 2025 +0.9 pp | Dec 2025 +1.9 pp | Mar 2026 −13.2 pp | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −75.3 pp | Jun 2023 +26.0 pp | Sep 2023 −28.9 pp | Dec 2023 −34.0 pp | Mar 2024 +33.4 pp | Jun 2024 −37.5 pp | Sep 2024 −18.7 pp | Dec 2024 −4.3 pp | Mar 2025 +32.9 pp | Jun 2025 +18.5 pp | Sep 2025 +13.2 pp | Dec 2025 −0.4 pp | Mar 2026 +2.5 pp | Jun 2026 —
- FWONK: Sep 2021 — | Dec 2021 +16.4 pp | Mar 2022 +31.4 pp | Jun 2022 +15.2 pp | Sep 2022 −1.2 pp | Dec 2022 −2.5 pp | Mar 2023 −1.1 pp | Jun 2023 +0.6 pp | Sep 2023 +3.1 pp | Dec 2023 +4.5 pp | Mar 2024 +13.5 pp | Jun 2024 −0.1 pp | Sep 2024 +0.3 pp | Dec 2024 −0.9 pp | Mar 2025 −30.2 pp | Jun 2025 +14.0 pp | Sep 2025 +3.5 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −1.2 pp | Dec 2022 +4.4 pp | Mar 2023 −24.9 pp | Jun 2023 −6.8 pp | Sep 2023 −6.7 pp | Dec 2023 −3.7 pp | Mar 2024 +26.7 pp | Jun 2024 +5.1 pp | Sep 2024 +1.7 pp | Dec 2024 +4.5 pp | Mar 2025 −6.4 pp | Jun 2025 +2.1 pp | Sep 2025 +0.1 pp | Dec 2025 +1.2 pp | Mar 2026 +4.5 pp | Jun 2026 —
- ROKU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.2 pp | Sep 2022 −29.4 pp | Dec 2022 −31.3 pp | Mar 2023 −25.5 pp | Jun 2023 −0.4 pp | Sep 2023 −19.1 pp | Dec 2023 +18.2 pp | Mar 2024 +20.5 pp | Jun 2024 +7.5 pp | Sep 2024 +35.0 pp | Dec 2024 +7.3 pp | Mar 2025 +2.5 pp | Jun 2025 +5.3 pp | Sep 2025 +4.2 pp | Dec 2025 +8.0 pp | Mar 2026 +9.8 pp | Jun 2026 —
- NWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.5 pp | Sep 2022 −2.8 pp | Dec 2022 −5.9 pp | Mar 2023 −1.4 pp | Jun 2023 −0.7 pp | Sep 2023 +0.1 pp | Dec 2023 +4.4 pp | Mar 2024 +0.9 pp | Jun 2024 +3.5 pp | Sep 2024 +2.9 pp | Dec 2024 +2.6 pp | Mar 2025 +2.6 pp | Jun 2025 −1.0 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 +1.2 pp | Jun 2026 —
- WMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 +2.9 pp | Dec 2022 +3.0 pp | Mar 2023 — | Jun 2023 0.0 pp | Sep 2023 +3.2 pp | Dec 2023 +2.5 pp | Mar 2024 −0.9 pp | Jun 2024 +1.2 pp | Sep 2024 −4.6 pp | Dec 2024 −7.5 pp | Mar 2025 +3.3 pp | Jun 2025 −3.3 pp | Sep 2025 −1.1 pp | Dec 2025 +2.9 pp | Mar 2026 +3.9 pp | Jun 2026 —
- SIRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.5 pp | Sep 2022 −8.1 pp | Dec 2022 +3.8 pp | Mar 2023 −4.1 pp | Jun 2023 −0.7 pp | Sep 2023 +2.7 pp | Dec 2023 −4.7 pp | Mar 2024 −0.3 pp | Jun 2024 +0.3 pp | Sep 2024 −156.8 pp | Dec 2024 +3.2 pp | Mar 2025 −0.2 pp | Jun 2025 −4.5 pp | Sep 2025 +156.4 pp | Dec 2025 −12.8 pp | Mar 2026 +3.0 pp | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.6 pp | Sep 2022 +36.9 pp | Dec 2022 +2.2 pp | Mar 2023 +3.2 pp | Jun 2023 −23.1 pp | Sep 2023 +114.6 pp | Dec 2023 −5.8 pp | Mar 2024 −2.9 pp | Jun 2024 +32.6 pp | Sep 2024 +18.9 pp | Dec 2024 −5.1 pp | Mar 2025 −10.9 pp | Jun 2025 −34.1 pp | Sep 2025 −54.0 pp | Dec 2025 +1.8 pp | Mar 2026 −7.1 pp | Jun 2026 —
- PSKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.2 pp | Sep 2022 −5.1 pp | Dec 2022 −31.1 pp | Mar 2023 −26.1 pp | Jun 2023 −13.8 pp | Sep 2023 +0.4 pp | Dec 2023 +3.1 pp | Mar 2024 −6,55,30,184.5 pp | Jun 2024 −74.8 pp | Sep 2024 −3.6 pp | Dec 2024 −1.8 pp | Mar 2025 +6,55,30,207.6 pp | Jun 2025 +83.9 pp | Sep 2025 −0.2 pp | Dec 2025 −0.5 pp | Mar 2026 +0.8 pp | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.6 pp | Jun 2025 −3.8 pp | Sep 2025 −11.0 pp | Dec 2025 −11.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1,188.6 pp | Sep 2022 −13.2 pp | Dec 2022 −38.0 pp | Mar 2023 −63.1 pp | Jun 2023 −10.2 pp | Sep 2023 −17.6 pp | Dec 2023 −19.6 pp | Mar 2024 +50.3 pp | Jun 2024 +28.4 pp | Sep 2024 +7.5 pp | Dec 2024 +4.4 pp | Mar 2025 −15.4 pp | Jun 2025 +8.4 pp | Sep 2025 +2.2 pp | Dec 2025 +53.7 pp | Mar 2026 +29.9 pp | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +26.5 pp | Sep 2022 +12.7 pp | Dec 2022 −16.2 pp | Mar 2023 +11.9 pp | Jun 2023 +20.4 pp | Sep 2023 +13.8 pp | Dec 2023 +12.7 pp | Mar 2024 −1.7 pp | Jun 2024 −6.6 pp | Sep 2024 +1.0 pp | Dec 2024 +8.5 pp | Mar 2025 −6.6 pp | Jun 2025 +7.1 pp | Sep 2025 −4.4 pp | Dec 2025 −3.4 pp | Mar 2026 +7.3 pp | Jun 2026 —
- MANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.2 pp | Sep 2022 +5.6 pp | Dec 2022 −4.6 pp | Mar 2023 +11.5 pp | Jun 2023 +51.1 pp | Sep 2023 +3.6 pp | Dec 2023 +13.9 pp | Mar 2024 −45.7 pp | Jun 2024 −22.6 pp | Sep 2024 −6.1 pp | Dec 2024 −10.7 pp | Mar 2025 +48.9 pp | Jun 2025 +13.5 pp | Sep 2025 +14.2 pp | Dec 2025 +8.8 pp | Mar 2026 +2.3 pp | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +3.3 pp | Mar 2025 +19.7 pp | Jun 2025 +2.6 pp | Sep 2025 +7.0 pp | Dec 2025 +0.6 pp | Mar 2026 −12.4 pp | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +4.1 pp | Jun 2023 −11.6 pp | Sep 2023 −15.8 pp | Dec 2023 +2.2 pp | Mar 2024 −4.9 pp | Jun 2024 +9.9 pp | Sep 2024 +10.2 pp | Dec 2024 0.0 pp | Mar 2025 +3.9 pp | Jun 2025 −11.9 pp | Sep 2025 −5.5 pp | Dec 2025 +1.5 pp | Mar 2026 −4.8 pp | Jun 2026 —
- BATRK: Sep 2021 — | Dec 2021 +98.2 pp | Mar 2022 +35.2 pp | Jun 2022 −3.4 pp | Sep 2022 −12.8 pp | Dec 2022 −6.6 pp | Mar 2023 +55.8 pp | Jun 2023 −3.8 pp | Sep 2023 +5.8 pp | Dec 2023 −36.1 pp | Mar 2024 +17.8 pp | Jun 2024 +1.6 pp | Sep 2024 −3.6 pp | Dec 2024 +12.5 pp | Mar 2025 +47.0 pp | Jun 2025 +4.6 pp | Sep 2025 +10.3 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.7 pp | Sep 2022 −4.7 pp | Dec 2022 −15.9 pp | Mar 2023 +26.5 pp | Jun 2023 +14.6 pp | Sep 2023 +27.4 pp | Dec 2023 −4.5 pp | Mar 2024 +2.2 pp | Jun 2024 −11.3 pp | Sep 2024 0.0 pp | Dec 2024 +7.1 pp | Mar 2025 +4.0 pp | Jun 2025 +12.4 pp | Sep 2025 +6.0 pp | Dec 2025 +9.0 pp | Mar 2026 −7.1 pp | Jun 2026 —
- AMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +65.3 pp | Sep 2022 +7.1 pp | Dec 2022 −17.4 pp | Mar 2023 +9.9 pp | Jun 2023 +7.7 pp | Sep 2023 +19.0 pp | Dec 2023 +9.0 pp | Mar 2024 −0.1 pp | Jun 2024 −10.9 pp | Sep 2024 −1.8 pp | Dec 2024 +14.0 pp | Mar 2025 −5.5 pp | Jun 2025 +11.2 pp | Sep 2025 −2.5 pp | Dec 2025 −0.4 pp | Mar 2026 +12.5 pp | Jun 2026 —
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +33.1 pp | Dec 2022 −10.0 pp | Mar 2023 +6.8 pp | Jun 2023 +0.6 pp | Sep 2023 +5.1 pp | Dec 2023 +2.4 pp | Mar 2024 −6.1 pp | Jun 2024 −8.8 pp | Sep 2024 +4.1 pp | Dec 2024 −1.9 pp | Mar 2025 −1.7 pp | Jun 2025 +5.0 pp | Sep 2025 −3.3 pp | Dec 2025 +2.1 pp | Mar 2026 +1.2 pp | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −56.6 pp | Jun 2024 −77.2 pp | Sep 2024 −95.1 pp | Dec 2024 −88.6 pp | Mar 2025 −2.9 pp | Jun 2025 +116.2 pp | Sep 2025 — | Dec 2025 +32.8 pp | Mar 2026 +68.5 pp | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.1 pp | Sep 2022 −6.0 pp | Dec 2022 +5.0 pp | Mar 2023 −0.1 pp | Jun 2023 +4.5 pp | Sep 2023 −3.7 pp | Dec 2023 +3.0 pp | Mar 2024 −2.2 pp | Jun 2024 +4.6 pp | Sep 2024 +8.9 pp | Dec 2024 +4.2 pp | Mar 2025 +2.8 pp | Jun 2025 +0.2 pp | Sep 2025 −1.4 pp | Dec 2025 +0.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- AMCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.0 pp | Sep 2022 −1.1 pp | Dec 2022 −48.5 pp | Mar 2023 −0.3 pp | Jun 2023 −5.2 pp | Sep 2023 −3.1 pp | Dec 2023 +38.9 pp | Mar 2024 −5.7 pp | Jun 2024 −13.9 pp | Sep 2024 −3.4 pp | Dec 2024 −40.7 pp | Mar 2025 −6.9 pp | Jun 2025 +9.0 pp | Sep 2025 −5.7 pp | Dec 2025 +33.8 pp | Mar 2026 −5.8 pp | Jun 2026 —
- STRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.9 pp | Sep 2022 −203.1 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 +5.8 pp | Sep 2023 +119.2 pp | Dec 2023 −5.3 pp | Mar 2024 — | Jun 2024 +4.7 pp | Sep 2024 +75.6 pp | Dec 2024 +8.2 pp | Mar 2025 — | Jun 2025 −11.3 pp | Sep 2025 −5.9 pp | Dec 2025 −5.2 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Netflix, Inc. leads with $13,650 million of TTM profit, 10.7% above The Walt Disney Company. TKO Group Holdings, Inc. shows ≥100% on the scoring scale (303.9% uncapped) growth from a $618 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Netflix, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Netflix, Inc. · $13,650 million | 10.7% versus #2 · The Walt Disney Company | 8/8 recent comparable periods | 23/27 companies · 478 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Netflix, Inc. (NFLX): ₹13.7K Cr
2. The Walt Disney Company (DIS): ₹12.3K Cr
3. Fox Corporation (FOXA): ₹1.8K Cr
4. Versant Media Group, Inc. (VSNT): ₹851 Cr
5. Sirius XM Holdings Inc. (SIRI): ₹846 Cr

### Profit growth — fastest growers
1. TKO Group Holdings, Inc. (TKO): 100%
2. Netflix, Inc. (NFLX): 33%
3. The Walt Disney Company (DIS): 31%
4. Warner Music Group Corp. (WMG): 8.4%
5. News Corporation (NWS): -4.8%

### 20-quarter Net profit history
- NFLX: Sep 2021 ₹1.4K Cr | Dec 2021 ₹607 Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹938 Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 ₹3.4K Cr
- DIS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹597 Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹254 Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹-153 Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹564 Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- WBD: Sep 2021 ₹197 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹475 Cr | Jun 2022 ₹-3.4K Cr | Sep 2022 ₹-2.3K Cr | Dec 2022 ₹-2.1K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-407 Cr | Dec 2023 ₹-392 Cr | Mar 2024 ₹-955 Cr | Jun 2024 ₹-10.0K Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹-640 Cr | Mar 2025 ₹-449 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹-143 Cr | Dec 2025 ₹-247 Cr | Mar 2026 ₹-2.9K Cr | Jun 2026 —
- LYV: Sep 2021 ₹87 Cr | Dec 2021 ₹-162 Cr | Mar 2022 ₹-49 Cr | Jun 2022 ₹228 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹-202 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹581 Cr | Dec 2023 ₹-225 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹376 Cr | Sep 2024 ₹516 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹303 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹-136 Cr | Mar 2026 ₹-380 Cr | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹66 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-237 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹266 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹248 Cr | Jun 2026 —
- FWONK: Sep 2021 ₹-50 Cr | Dec 2021 ₹-149 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹374 Cr | Mar 2023 ₹-109 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹-248 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹382 Cr | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 ₹708 Cr | Dec 2021 ₹-73 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹308 Cr | Sep 2022 ₹613 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹704 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹832 Cr | Dec 2024 ₹388 Cr | Mar 2025 ₹354 Cr | Jun 2025 ₹719 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- ROKU: Sep 2021 ₹69 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-112 Cr | Sep 2022 ₹-122 Cr | Dec 2022 ₹-237 Cr | Mar 2023 ₹-194 Cr | Jun 2023 ₹-108 Cr | Sep 2023 ₹-330 Cr | Dec 2023 ₹-78 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-27 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹86 Cr | Jun 2026 —
- NWS: Sep 2021 ₹267 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- WMG: Sep 2021 ₹61 Cr | Dec 2021 ₹209 Cr | Mar 2022 — | Jun 2022 ₹134 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹254 Cr | Jun 2026 —
- SIRI: Sep 2021 ₹343 Cr | Dec 2021 ₹319 Cr | Mar 2022 ₹309 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹365 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹228 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹-3.0K Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹245 Cr | Jun 2026 —
- MSGS: Sep 2021 ₹-17 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —
- PSKY: Sep 2021 ₹496 Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹436 Cr | Jun 2022 ₹390 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-254 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-5.3K Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹-152 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹-473 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹429 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹303 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹286 Cr | Jun 2026 —
- SPHR: Sep 2021 ₹-77 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-52 Cr | Sep 2022 ₹-46 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹-114 Cr | Jun 2023 ₹360 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹-173 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-71 Cr | Sep 2024 ₹-105 Cr | Dec 2024 ₹-126 Cr | Mar 2025 ₹-82 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹-101 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CNK: Sep 2021 ₹-78 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹-73 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-99 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- MANU: Sep 2021 ₹-16 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹-71 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹-72 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-45 Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-91 Cr | Sep 2024 ₹-184 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹-92 Cr | Sep 2025 ₹-112 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-4 Cr | Jun 2022 ₹-74 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-51 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹-27 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- BATRK: Sep 2021 ₹36 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹-45 Cr | Mar 2023 ₹-58 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-41 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹30 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 ₹-6 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- AMC: Sep 2021 ₹-224 Cr | Dec 2021 ₹-134 Cr | Mar 2022 ₹-337 Cr | Jun 2022 ₹-122 Cr | Sep 2022 ₹-227 Cr | Dec 2022 ₹-288 Cr | Mar 2023 ₹-236 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-182 Cr | Mar 2024 ₹-164 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-136 Cr | Mar 2025 ₹-202 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-298 Cr | Dec 2025 ₹-127 Cr | Mar 2026 ₹-117 Cr | Jun 2026 —
- MCS: Sep 2021 ₹-23 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-2 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-16 Cr | Sep 2025 — | Dec 2025 ₹-79 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- RSVR: Sep 2021 ₹4 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- AMCX: Sep 2021 ₹118 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹-279 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹-290 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-17 Cr | Jun 2026 —
- STRZ: Sep 2021 ₹3 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹-108 Cr | Jun 2022 ₹-123 Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹-72 Cr | Sep 2023 ₹-888 Cr | Dec 2023 ₹-107 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹-43 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-165 Cr | Jun 2026 —

### 20-quarter Profit growth history
- NFLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5% | Sep 2022 -3.5% | Dec 2022 -91% | Mar 2023 -18% | Jun 2023 3.3% | Sep 2023 20% | Dec 2023 1,605% | Mar 2024 79% | Jun 2024 44% | Sep 2024 41% | Dec 2024 99% | Mar 2025 24% | Jun 2025 46% | Sep 2025 7.7% | Dec 2025 29% | Mar 2026 83% | Jun 2026 8.8%
- DIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 33% | Dec 2022 -0.8% | Mar 2023 — | Jun 2023 149% | Sep 2023 -110% | Dec 2023 747% | Mar 2024 — | Jun 2024 91% | Sep 2024 — | Dec 2024 23% | Mar 2025 1,475% | Jun 2025 109% | Sep 2025 156% | Dec 2025 -6.1% | Mar 2026 -28% | Jun 2026 —
- WBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -575% | Sep 2022 -1,260% | Dec 2022 -2,385% | Mar 2023 -323% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -201% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 356% | Dec 2022 — | Mar 2023 — | Jun 2023 45% | Sep 2023 46% | Dec 2023 — | Mar 2024 -198% | Jun 2024 14% | Sep 2024 -11% | Dec 2024 — | Mar 2025 — | Jun 2025 -19% | Sep 2025 -7.4% | Dec 2025 -148% | Mar 2026 -926% | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 33% | Jun 2023 69% | Sep 2023 -84% | Dec 2023 -123% | Mar 2024 -369% | Jun 2024 -46% | Sep 2024 -76% | Dec 2024 — | Mar 2025 — | Jun 2025 491% | Sep 2025 2,000% | Dec 2025 — | Mar 2026 52% | Jun 2026 —
- FWONK: Sep 2021 — | Dec 2021 -455% | Mar 2022 — | Jun 2022 102% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.5% | Sep 2023 9.3% | Dec 2023 -84% | Mar 2024 — | Jun 2024 -79% | Sep 2024 -0.9% | Dec 2024 -513% | Mar 2025 -71% | Jun 2025 1,492% | Sep 2025 -44% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -13% | Dec 2022 — | Mar 2023 -117% | Jun 2023 20% | Sep 2023 -32% | Dec 2023 -64% | Mar 2024 — | Jun 2024 -13% | Sep 2024 100% | Dec 2024 237% | Mar 2025 -50% | Jun 2025 125% | Sep 2025 -27% | Dec 2025 -36% | Mar 2026 -51% | Jun 2026 —
- ROKU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -253% | Sep 2022 -277% | Dec 2022 -1,088% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -75% | Dec 2022 -64% | Mar 2023 -43% | Jun 2023 -125% | Sep 2023 -12% | Dec 2023 106% | Mar 2024 8.5% | Jun 2024 — | Sep 2024 157% | Dec 2024 58% | Mar 2025 67% | Jun 2025 28% | Sep 2025 0.7% | Dec 2025 -21% | Mar 2026 13% | Jun 2026 —
- WMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 169% | Dec 2022 11% | Mar 2023 — | Jun 2023 25% | Sep 2023 7.3% | Dec 2023 14% | Mar 2024 33% | Jun 2024 0.0% | Sep 2024 -41% | Dec 2024 25% | Mar 2025 -16% | Jun 2025 -25% | Sep 2025 -2.9% | Dec 2025 -27% | Mar 2026 291% | Jun 2026 —
- SIRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -28% | Dec 2022 14% | Mar 2023 -25% | Jun 2023 6.2% | Sep 2023 18% | Dec 2023 -38% | Mar 2024 3.4% | Jun 2024 14% | Sep 2024 -1,116% | Dec 2024 26% | Mar 2025 -15% | Jun 2025 -42% | Sep 2025 — | Dec 2025 -66% | Mar 2026 20% | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 — | Dec 2022 47% | Mar 2023 117% | Jun 2023 -133% | Sep 2023 — | Dec 2023 -36% | Mar 2024 -27% | Jun 2024 — | Sep 2024 — | Dec 2024 -93% | Mar 2025 -137% | Jun 2025 -108% | Sep 2025 — | Dec 2025 700% | Mar 2026 — | Jun 2026 —
- PSKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -63% | Sep 2022 -55% | Dec 2022 -100% | Mar 2023 -348% | Jun 2023 -165% | Sep 2023 51% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -78% | Dec 2024 -241% | Mar 2025 — | Jun 2025 — | Sep 2025 244% | Dec 2025 — | Mar 2026 -15% | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -14% | Jun 2025 -19% | Sep 2025 -54% | Dec 2025 -54% | Mar 2026 -22% | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -640% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -120% | Sep 2024 -257% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,514% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -61% | Sep 2024 108% | Dec 2024 — | Mar 2025 -256% | Jun 2025 102% | Sep 2025 -73% | Dec 2025 -33% | Mar 2026 — | Jun 2026 —
- MANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 233% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -240% | Mar 2025 — | Jun 2025 — | Sep 2025 -800% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -100% | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29% | Mar 2024 -86% | Jun 2024 — | Sep 2024 — | Dec 2024 -39% | Mar 2025 167% | Jun 2025 -140% | Sep 2025 — | Dec 2025 22% | Mar 2026 -38% | Jun 2026 —
- BATRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 156% | Sep 2022 -183% | Dec 2022 — | Mar 2023 — | Jun 2023 -145% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 200% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -69% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 0.0% | Jun 2024 -50% | Sep 2024 0.0% | Dec 2024 133% | Mar 2025 60% | Jun 2025 140% | Sep 2025 53% | Dec 2025 -57% | Mar 2026 -25% | Jun 2026 —
- AMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -467% | Sep 2024 -275% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -200% | Mar 2023 — | Jun 2023 44% | Sep 2023 300% | Dec 2023 — | Mar 2024 — | Jun 2024 -254% | Sep 2024 92% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -30% | Dec 2025 500% | Mar 2026 — | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -154% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -500% | Mar 2023 -78% | Jun 2023 — | Sep 2023 -75% | Dec 2023 — | Mar 2024 50% | Jun 2024 — | Sep 2024 -100% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 -60% | Mar 2026 33% | Jun 2026 —
- AMCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 -24% | Dec 2022 -1,263% | Mar 2023 0.0% | Jun 2023 -31% | Sep 2023 -24% | Dec 2023 — | Mar 2024 -49% | Jun 2024 -152% | Sep 2024 -32% | Dec 2024 — | Mar 2025 -61% | Jun 2025 — | Sep 2025 74% | Dec 2025 — | Mar 2026 -177% | Jun 2026 —
- STRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -813% | Mar 2024 -108% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -4,400% | Sep 2025 — | Dec 2025 — | Mar 2026 -437% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: The Walt Disney Company reports $1,973 million of CAPEX; Live Nation Entertainment, Inc. has the highest covered intensity at 8.1%. Coverage is only 27 of 27 companies and 474 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: The Walt Disney Company · $1,973 million | 538.5% versus #2 · Live Nation Entertainment, Inc. | 8/8 recent comparable periods | 27/27 companies · 474 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. The Walt Disney Company (DIS): ₹2.0K Cr
2. Live Nation Entertainment, Inc. (LYV): ₹309 Cr
3. Warner Bros. Discovery, Inc. (WBD): ₹268 Cr
4. Netflix, Inc. (NFLX): ₹219 Cr
5. Fox Corporation (FOXA): ₹135 Cr

### CAPEX intensity — highest reinvestment intensity
1. Live Nation Entertainment, Inc. (LYV): 8.1%
2. The Walt Disney Company (DIS): 7.8%
3. IMAX Corporation (IMAX): 7.4%
4. Cinemark Holdings, Inc. (CNK): 5.9%
5. Sirius XM Holdings Inc. (SIRI): 5.0%

### 20-quarter CAPEX history
- NFLX: Sep 2021 ₹167 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹196 Cr | Jun 2026 ₹219 Cr
- DIS: Sep 2021 ₹938 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹981 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- WBD: Sep 2021 ₹106 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹316 Cr | Dec 2022 ₹364 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹292 Cr | Sep 2023 ₹457 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹421 Cr | Mar 2026 ₹268 Cr | Jun 2026 —
- LYV: Sep 2021 ₹46 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹352 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- FWONK: Sep 2021 ₹90 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹344 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- FOXA: Sep 2021 ₹53 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- ROKU: Sep 2021 ₹14 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- NWS: Sep 2021 ₹101 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- WMG: Sep 2021 ₹35 Cr | Dec 2021 ₹34 Cr | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- SIRI: Sep 2021 ₹80 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- MSGS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PSKY: Sep 2021 ₹93 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- SPHR: Sep 2021 ₹147 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹291 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹15 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- CNK: Sep 2021 ₹24 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- MANU: Sep 2021 ₹4 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- BATRK: Sep 2021 ₹7 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹5 Cr
- AMC: Sep 2021 ₹24 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹45 Cr
- MCS: Sep 2021 ₹5 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- RSVR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- AMCX: Sep 2021 ₹11 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- STRZ: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- NFLX: Sep 2021 2.2% | Dec 2021 2.2% | Mar 2022 1.5% | Jun 2022 1.1% | Sep 2022 1.1% | Dec 2022 1.4% | Mar 2023 0.8% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 1.3% | Dec 2024 1.6% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 2.0% | Mar 2026 1.6% | Jun 2026 1.7%
- DIS: Sep 2021 5.5% | Dec 2021 6.0% | Mar 2022 4.5% | Jun 2022 5.6% | Sep 2022 8.1% | Dec 2022 5.7% | Mar 2023 — | Jun 2023 5.7% | Sep 2023 5.2% | Dec 2023 5.5% | Mar 2024 5.7% | Jun 2024 5.9% | Sep 2024 6.6% | Dec 2024 10% | Mar 2025 7.9% | Jun 2025 7.5% | Sep 2025 8.5% | Dec 2025 12% | Mar 2026 7.8% | Jun 2026 —
- WBD: Sep 2021 3.4% | Dec 2021 3.1% | Mar 2022 2.7% | Jun 2022 2.3% | Sep 2022 3.2% | Dec 2022 3.3% | Mar 2023 2.8% | Jun 2023 2.8% | Sep 2023 4.6% | Dec 2023 2.6% | Mar 2024 2.0% | Jun 2024 2.6% | Sep 2024 2.2% | Dec 2024 2.9% | Mar 2025 2.8% | Jun 2025 2.9% | Sep 2025 3.1% | Dec 2025 4.5% | Mar 2026 3.0% | Jun 2026 —
- LYV: Sep 2021 1.7% | Dec 2021 1.8% | Mar 2022 3.5% | Jun 2022 1.5% | Sep 2022 1.2% | Dec 2022 3.3% | Mar 2023 3.7% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 2.3% | Mar 2024 3.5% | Jun 2024 3.3% | Sep 2024 2.1% | Dec 2024 2.7% | Mar 2025 5.1% | Jun 2025 3.8% | Sep 2025 3.2% | Dec 2025 5.6% | Mar 2026 8.1% | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1% | Mar 2023 1.6% | Jun 2023 1.6% | Sep 2023 0.7% | Dec 2023 5.9% | Mar 2024 3.0% | Jun 2024 2.3% | Sep 2024 1.8% | Dec 2024 3.0% | Mar 2025 2.1% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 5.8% | Mar 2026 1.3% | Jun 2026 —
- FWONK: Sep 2021 14% | Dec 2021 20% | Mar 2022 31% | Jun 2022 46% | Sep 2022 14% | Dec 2022 24% | Mar 2023 74% | Jun 2023 36% | Sep 2023 36% | Dec 2023 9.6% | Mar 2024 4.6% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 2.0% | Mar 2025 7.4% | Jun 2025 1.6% | Sep 2025 0.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOXA: Sep 2021 1.7% | Dec 2021 1.5% | Mar 2022 2.0% | Jun 2022 3.8% | Sep 2022 2.3% | Dec 2022 1.7% | Mar 2023 2.1% | Jun 2023 4.0% | Sep 2023 2.2% | Dec 2023 1.9% | Mar 2024 2.4% | Jun 2024 3.6% | Sep 2024 1.8% | Dec 2024 1.5% | Mar 2025 1.7% | Jun 2025 3.6% | Sep 2025 2.8% | Dec 2025 2.4% | Mar 2026 3.4% | Jun 2026 —
- ROKU: Sep 2021 2.1% | Dec 2021 1.4% | Mar 2022 2.0% | Jun 2022 4.8% | Sep 2022 5.8% | Dec 2022 7.5% | Mar 2023 7.3% | Jun 2023 2.1% | Sep 2023 0.8% | Dec 2023 0.4% | Mar 2024 0.1% | Jun 2024 0.1% | Sep 2024 0.1% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 0.2% | Jun 2026 —
- NWS: Sep 2021 4.0% | Dec 2021 3.9% | Mar 2022 4.3% | Jun 2022 6.9% | Sep 2022 4.2% | Dec 2022 4.5% | Mar 2023 5.4% | Jun 2023 6.1% | Sep 2023 3.2% | Dec 2023 3.4% | Mar 2024 4.6% | Jun 2024 5.3% | Sep 2024 3.6% | Dec 2024 3.7% | Mar 2025 4.6% | Jun 2025 7.4% | Sep 2025 3.8% | Dec 2025 4.2% | Mar 2026 4.6% | Jun 2026 —
- WMG: Sep 2021 2.5% | Dec 2021 2.1% | Mar 2022 — | Jun 2022 2.0% | Sep 2022 2.4% | Dec 2022 1.4% | Mar 2023 2.5% | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 1.7% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 2.0% | Dec 2024 2.2% | Mar 2025 2.4% | Jun 2025 2.3% | Sep 2025 1.5% | Dec 2025 1.1% | Mar 2026 1.6% | Jun 2026 —
- SIRI: Sep 2021 3.6% | Dec 2021 6.3% | Mar 2022 4.4% | Jun 2022 4.4% | Sep 2022 3.6% | Dec 2022 6.4% | Mar 2023 9.6% | Jun 2023 5.7% | Sep 2023 8.3% | Dec 2023 5.6% | Mar 2024 8.0% | Jun 2024 7.9% | Sep 2024 9.9% | Dec 2024 7.5% | Mar 2025 9.1% | Jun 2025 6.8% | Sep 2025 8.1% | Dec 2025 6.6% | Mar 2026 5.0% | Jun 2026 —
- MSGS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.3% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.3% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.3% | Mar 2025 0.5% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.2% | Mar 2026 0.0% | Jun 2026 —
- PSKY: Sep 2021 1.4% | Dec 2021 1.5% | Mar 2022 0.7% | Jun 2022 1.3% | Sep 2022 1.1% | Dec 2022 1.6% | Mar 2023 1.0% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 — | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.2% | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 1.2% | Jun 2025 2.5% | Sep 2025 3.2% | Dec 2025 3.2% | Mar 2026 1.6% | Jun 2026 —
- SPHR: Sep 2021 50% | Dec 2021 36% | Mar 2022 61% | Jun 2022 184% | Sep 2022 237% | Dec 2022 199% | Mar 2023 151% | Jun 2023 250% | Sep 2023 161% | Dec 2023 21% | Mar 2024 5.9% | Jun 2024 5.5% | Sep 2024 8.3% | Dec 2024 5.5% | Mar 2025 6.0% | Jun 2025 — | Sep 2025 — | Dec 2025 3.8% | Mar 2026 1.3% | Jun 2026 —
- CNK: Sep 2021 5.5% | Dec 2021 5.7% | Mar 2022 4.1% | Jun 2022 3.0% | Sep 2022 3.8% | Dec 2022 7.5% | Mar 2023 4.3% | Jun 2023 3.0% | Sep 2023 4.0% | Dec 2023 9.4% | Mar 2024 4.1% | Jun 2024 3.3% | Sep 2024 4.7% | Dec 2024 7.5% | Mar 2025 4.1% | Jun 2025 3.2% | Sep 2025 6.2% | Dec 2025 15% | Mar 2026 5.9% | Jun 2026 —
- MANU: Sep 2021 3.2% | Dec 2021 1.1% | Mar 2022 0.7% | Jun 2022 1.7% | Sep 2022 2.8% | Dec 2022 1.8% | Mar 2023 1.8% | Jun 2023 3.6% | Sep 2023 5.7% | Dec 2023 1.3% | Mar 2024 2.2% | Jun 2024 2.1% | Sep 2024 7.0% | Dec 2024 3.5% | Mar 2025 11% | Jun 2025 6.7% | Sep 2025 12% | Dec 2025 1.1% | Mar 2026 0.5% | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.2% | Mar 2025 0.5% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 3.4% | Dec 2022 1.1% | Mar 2023 1.5% | Jun 2023 2.0% | Sep 2023 2.1% | Dec 2023 2.0% | Mar 2024 3.5% | Jun 2024 2.7% | Sep 2024 4.3% | Dec 2024 2.2% | Mar 2025 1.2% | Jun 2025 2.6% | Sep 2025 3.8% | Dec 2025 1.7% | Mar 2026 4.1% | Jun 2026 —
- BATRK: Sep 2021 3.0% | Dec 2021 9.2% | Mar 2022 18% | Jun 2022 1.2% | Sep 2022 2.4% | Dec 2022 5.6% | Mar 2023 45% | Jun 2023 5.9% | Sep 2023 5.9% | Dec 2023 35% | Mar 2024 76% | Jun 2024 11% | Sep 2024 5.5% | Dec 2024 23% | Mar 2025 43% | Jun 2025 5.4% | Sep 2025 2.6% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 7.0% | Dec 2021 5.5% | Mar 2022 8.3% | Jun 2022 8.1% | Sep 2022 12% | Dec 2022 8.2% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 7.7% | Dec 2023 13% | Mar 2024 7.6% | Jun 2024 7.9% | Sep 2024 14% | Dec 2024 7.5% | Mar 2025 15% | Jun 2025 5.4% | Sep 2025 11% | Dec 2025 4.8% | Mar 2026 7.4% | Jun 2026 —
- AMC: Sep 2021 3.1% | Dec 2021 3.3% | Mar 2022 4.5% | Jun 2022 3.4% | Sep 2022 5.7% | Dec 2022 7.3% | Mar 2023 4.9% | Jun 2023 3.6% | Sep 2023 4.1% | Dec 2023 6.5% | Mar 2024 5.4% | Jun 2024 4.4% | Sep 2024 4.5% | Dec 2024 6.9% | Mar 2025 5.4% | Jun 2025 3.6% | Sep 2025 5.1% | Dec 2025 6.4% | Mar 2026 4.4% | Jun 2026 —
- MCS: Sep 2021 5.4% | Dec 2021 4.7% | Mar 2022 5.3% | Jun 2022 5.0% | Sep 2022 6.0% | Dec 2022 5.5% | Mar 2023 5.9% | Jun 2023 3.4% | Sep 2023 4.8% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 11% | Sep 2024 7.7% | Dec 2024 13% | Mar 2025 15% | Jun 2025 8.3% | Sep 2025 10% | Dec 2025 11% | Mar 2026 4.5% | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- RSVR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- AMCX: Sep 2021 1.4% | Dec 2021 1.6% | Mar 2022 1.7% | Jun 2022 1.4% | Sep 2022 1.8% | Dec 2022 1.1% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.1% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 3.5% | Mar 2025 2.7% | Jun 2025 1.2% | Sep 2025 0.5% | Dec 2025 1.5% | Mar 2026 0.6% | Jun 2026 —
- STRZ: Sep 2021 0.9% | Dec 2021 0.9% | Mar 2022 1.2% | Jun 2022 1.1% | Sep 2022 1.4% | Dec 2022 1.5% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 0.6% | Mar 2024 — | Jun 2024 1.4% | Sep 2024 3.7% | Dec 2024 0.5% | Mar 2025 — | Jun 2025 2.2% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Roku, Inc. has the clearest covered balance-sheet capacity with $1,967 million net cash and gross debt of $413 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Starz Entertainment Corp. · $0 million | 100% versus #2 · Angel Studios, Inc. | 7/8 recent comparable periods | 26/27 companies · 462 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Starz Entertainment Corp. (STRZ): ₹0 Cr
2. Angel Studios, Inc. (ANGX): ₹105 Cr
3. IMAX Corporation (IMAX): ₹283 Cr
4. The Marcus Corporation (MCS): ₹350 Cr
5. Roku, Inc. (ROKU): ₹413 Cr

### Net debt — lowest net debt
1. Roku, Inc. (ROKU): ₹-2.0K Cr
2. Starz Entertainment Corp. (STRZ): ₹-102 Cr
3. Angel Studios, Inc. (ANGX): ₹66 Cr
4. IMAX Corporation (IMAX): ₹123 Cr
5. Sphere Entertainment Co. (SPHR): ₹308 Cr

### 20-quarter Gross debt history
- NFLX: Sep 2021 ₹15.5K Cr | Dec 2021 ₹15.4K Cr | Mar 2022 ₹14.5K Cr | Jun 2022 ₹14.2K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹14.4K Cr | Jun 2023 ₹14.5K Cr | Sep 2023 ₹14.3K Cr | Dec 2023 ₹14.5K Cr | Mar 2024 ₹14.0K Cr | Jun 2024 ₹14.0K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹15.0K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹14.4K Cr | Jun 2026 ₹14.3K Cr
- DIS: Sep 2021 ₹55.8K Cr | Dec 2021 ₹54.4K Cr | Mar 2022 ₹54.1K Cr | Jun 2022 ₹52.0K Cr | Sep 2022 ₹51.6K Cr | Dec 2022 ₹48.4K Cr | Mar 2023 — | Jun 2023 ₹48.5K Cr | Sep 2023 ₹47.2K Cr | Dec 2023 ₹47.7K Cr | Mar 2024 ₹46.3K Cr | Jun 2024 ₹47.6K Cr | Sep 2024 ₹45.8K Cr | Dec 2024 ₹45.3K Cr | Mar 2025 ₹42.9K Cr | Jun 2025 ₹42.3K Cr | Sep 2025 ₹42.0K Cr | Dec 2025 ₹46.6K Cr | Mar 2026 ₹47.4K Cr | Jun 2026 —
- WBD: Sep 2021 ₹14.8K Cr | Dec 2021 ₹14.8K Cr | Mar 2022 ₹14.4K Cr | Jun 2022 ₹52.5K Cr | Sep 2022 ₹49.9K Cr | Dec 2022 ₹49.0K Cr | Mar 2023 ₹48.9K Cr | Jun 2023 ₹47.3K Cr | Sep 2023 ₹44.8K Cr | Dec 2023 ₹43.7K Cr | Mar 2024 ₹42.6K Cr | Jun 2024 ₹41.0K Cr | Sep 2024 ₹40.2K Cr | Dec 2024 ₹39.5K Cr | Mar 2025 ₹37.4K Cr | Jun 2025 ₹34.6K Cr | Sep 2025 ₹33.5K Cr | Dec 2025 ₹32.6K Cr | Mar 2026 ₹32.5K Cr | Jun 2026 —
- LYV: Sep 2021 ₹7.3K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.4K Cr | Dec 2023 ₹8.4K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹9.4K Cr | Dec 2025 ₹10.2K Cr | Mar 2026 ₹10.6K Cr | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- FWONK: Sep 2021 ₹18.1K Cr | Dec 2021 ₹18.6K Cr | Mar 2022 ₹19.1K Cr | Jun 2022 ₹17.9K Cr | Sep 2022 ₹17.6K Cr | Dec 2022 ₹16.6K Cr | Mar 2023 ₹16.4K Cr | Jun 2023 ₹16.2K Cr | Sep 2023 ₹15.7K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹15.4K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- FOXA: Sep 2021 ₹8.0K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹8.4K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 —
- ROKU: Sep 2021 ₹486 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹533 Cr | Jun 2022 ₹673 Cr | Sep 2022 ₹677 Cr | Dec 2022 ₹665 Cr | Mar 2023 ₹586 Cr | Jun 2023 ₹589 Cr | Sep 2023 ₹600 Cr | Dec 2023 ₹586 Cr | Mar 2024 ₹569 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹535 Cr | Dec 2024 ₹513 Cr | Mar 2025 ₹496 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹457 Cr | Dec 2025 ₹436 Cr | Mar 2026 ₹413 Cr | Jun 2026 —
- NWS: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- WMG: Sep 2021 ₹6.5K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 — | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- SIRI: Sep 2021 ₹9.2K Cr | Dec 2021 ₹9.2K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹10.2K Cr | Sep 2022 ₹10.2K Cr | Dec 2022 ₹9.8K Cr | Mar 2023 ₹9.9K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹11.2K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹10.7K Cr | Dec 2024 ₹10.4K Cr | Mar 2025 ₹10.5K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹10.1K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 —
- MSGS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹993 Cr | Sep 2022 ₹983 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PSKY: Sep 2021 ₹19.2K Cr | Dec 2021 ₹19.3K Cr | Mar 2022 ₹18.4K Cr | Jun 2022 ₹17.3K Cr | Sep 2022 ₹17.3K Cr | Dec 2022 ₹17.3K Cr | Mar 2023 ₹17.3K Cr | Jun 2023 ₹17.1K Cr | Sep 2023 ₹17.0K Cr | Dec 2023 ₹15.9K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹15.7K Cr | Sep 2024 ₹15.5K Cr | Dec 2024 ₹15.5K Cr | Mar 2025 ₹15.5K Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹14.8K Cr | Mar 2026 ₹16.6K Cr | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹983 Cr | Dec 2025 ₹983 Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- SPHR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹961 Cr | Mar 2026 ₹938 Cr | Jun 2026 —
- CNK: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- MANU: Sep 2021 ₹542 Cr | Dec 2021 ₹586 Cr | Mar 2022 ₹596 Cr | Jun 2022 ₹641 Cr | Sep 2022 ₹684 Cr | Dec 2022 ₹745 Cr | Mar 2023 ₹728 Cr | Jun 2023 ₹622 Cr | Sep 2023 ₹742 Cr | Dec 2023 ₹782 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹723 Cr | Dec 2024 ₹740 Cr | Mar 2025 ₹722 Cr | Jun 2025 ₹645 Cr | Sep 2025 ₹758 Cr | Dec 2025 ₹780 Cr | Mar 2026 ₹756 Cr | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹4.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- BATRK: Sep 2021 ₹718 Cr | Dec 2021 ₹808 Cr | Mar 2022 ₹675 Cr | Jun 2022 ₹599 Cr | Sep 2022 ₹598 Cr | Dec 2022 ₹656 Cr | Mar 2023 ₹647 Cr | Jun 2023 ₹645 Cr | Sep 2023 ₹662 Cr | Dec 2023 ₹680 Cr | Mar 2024 ₹686 Cr | Jun 2024 ₹702 Cr | Sep 2024 ₹745 Cr | Dec 2024 ₹730 Cr | Mar 2025 ₹811 Cr | Jun 2025 ₹815 Cr | Sep 2025 ₹868 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 ₹233 Cr | Dec 2021 ₹226 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹263 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹256 Cr | Sep 2023 ₹252 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹283 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹266 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹291 Cr | Jun 2026 ₹283 Cr
- AMC: Sep 2021 ₹10.9K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹10.8K Cr | Jun 2022 ₹10.5K Cr | Sep 2022 ₹10.2K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹9.5K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 ₹7.7K Cr
- MCS: Sep 2021 ₹592 Cr | Dec 2021 ₹515 Cr | Mar 2022 ₹508 Cr | Jun 2022 ₹504 Cr | Sep 2022 ₹461 Cr | Dec 2022 ₹408 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹398 Cr | Sep 2023 ₹384 Cr | Dec 2023 ₹379 Cr | Mar 2024 ₹372 Cr | Jun 2024 ₹374 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹388 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹350 Cr | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- RSVR: Sep 2021 ₹204 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹319 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹338 Cr | Jun 2024 ₹331 Cr | Sep 2024 ₹331 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹394 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹428 Cr | Dec 2025 ₹459 Cr | Mar 2026 ₹463 Cr | Jun 2026 —
- AMCX: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- STRZ: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- NFLX: Sep 2021 ₹8.0K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹5.2K Cr
- DIS: Sep 2021 ₹39.8K Cr | Dec 2021 ₹38.4K Cr | Mar 2022 ₹39.7K Cr | Jun 2022 ₹38.8K Cr | Sep 2022 ₹38.6K Cr | Dec 2022 ₹36.8K Cr | Mar 2023 — | Jun 2023 ₹38.1K Cr | Sep 2023 ₹35.7K Cr | Dec 2023 ₹40.5K Cr | Mar 2024 ₹39.7K Cr | Jun 2024 ₹41.6K Cr | Sep 2024 ₹39.8K Cr | Dec 2024 ₹39.8K Cr | Mar 2025 ₹37.0K Cr | Jun 2025 ₹36.9K Cr | Sep 2025 ₹36.3K Cr | Dec 2025 ₹41.0K Cr | Mar 2026 ₹41.7K Cr | Jun 2026 —
- WBD: Sep 2021 ₹11.7K Cr | Dec 2021 ₹10.9K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹49.9K Cr | Sep 2022 ₹47.4K Cr | Dec 2022 ₹45.3K Cr | Mar 2023 ₹46.3K Cr | Jun 2023 ₹44.3K Cr | Sep 2023 ₹42.4K Cr | Dec 2023 ₹39.9K Cr | Mar 2024 ₹39.6K Cr | Jun 2024 ₹37.3K Cr | Sep 2024 ₹36.9K Cr | Dec 2024 ₹34.2K Cr | Mar 2025 ₹33.6K Cr | Jun 2025 ₹29.7K Cr | Sep 2025 ₹29.2K Cr | Dec 2025 ₹28.0K Cr | Mar 2026 ₹29.2K Cr | Jun 2026 —
- LYV: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- FWONK: Sep 2021 ₹15.2K Cr | Dec 2021 ₹15.8K Cr | Mar 2022 ₹15.8K Cr | Jun 2022 ₹15.2K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹14.2K Cr | Jun 2023 ₹14.3K Cr | Sep 2023 ₹13.6K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- FOXA: Sep 2021 ₹2.5K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- ROKU: Sep 2021 ₹-1.7K Cr | Dec 2021 ₹-1.7K Cr | Mar 2022 ₹-1.7K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.5K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.6K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-1.8K Cr | Jun 2025 ₹-1.8K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹-2.0K Cr | Jun 2026 —
- NWS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹749 Cr | Jun 2025 ₹463 Cr | Sep 2025 ₹658 Cr | Dec 2025 ₹797 Cr | Mar 2026 ₹671 Cr | Jun 2026 —
- WMG: Sep 2021 ₹6.0K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 — | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- SIRI: Sep 2021 ₹9.1K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹10.1K Cr | Sep 2022 ₹10.1K Cr | Dec 2022 ₹9.8K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹9.6K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹9.3K Cr | Sep 2024 ₹10.6K Cr | Dec 2024 ₹10.2K Cr | Mar 2025 ₹10.3K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 —
- MSGS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹902 Cr | Sep 2022 ₹902 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹994 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- PSKY: Sep 2021 ₹14.4K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹13.1K Cr | Jun 2022 ₹13.3K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹15.4K Cr | Sep 2023 ₹15.2K Cr | Dec 2023 ₹13.4K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.9K Cr | Mar 2025 ₹12.9K Cr | Jun 2025 — | Sep 2025 ₹11.5K Cr | Dec 2025 ₹11.5K Cr | Mar 2026 ₹14.7K Cr | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-23 Cr | Dec 2023 ₹-23 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-8 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹928 Cr | Dec 2025 ₹928 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SPHR: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-999 Cr | Jun 2022 ₹-760 Cr | Sep 2022 ₹-459 Cr | Dec 2022 ₹-554 Cr | Mar 2023 ₹-327 Cr | Jun 2023 ₹-429 Cr | Sep 2023 ₹-452 Cr | Dec 2023 ₹-628 Cr | Mar 2024 ₹-694 Cr | Jun 2024 ₹-573 Cr | Sep 2024 ₹-553 Cr | Dec 2024 ₹973 Cr | Mar 2025 ₹-478 Cr | Jun 2025 ₹-369 Cr | Sep 2025 ₹-398 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- CNK: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- MANU: Sep 2021 ₹443 Cr | Dec 2021 ₹499 Cr | Mar 2022 ₹500 Cr | Jun 2022 ₹520 Cr | Sep 2022 ₹660 Cr | Dec 2022 ₹714 Cr | Mar 2023 ₹654 Cr | Jun 2023 ₹546 Cr | Sep 2023 ₹661 Cr | Dec 2023 ₹719 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹481 Cr | Sep 2024 ₹573 Cr | Dec 2024 ₹644 Cr | Mar 2025 ₹649 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹678 Cr | Dec 2025 ₹736 Cr | Mar 2026 ₹695 Cr | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹3.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BATRK: Sep 2021 ₹584 Cr | Dec 2021 ₹666 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹392 Cr | Sep 2022 ₹439 Cr | Dec 2022 ₹505 Cr | Mar 2023 ₹431 Cr | Jun 2023 ₹514 Cr | Sep 2023 ₹555 Cr | Dec 2023 ₹555 Cr | Mar 2024 ₹505 Cr | Jun 2024 ₹581 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹620 Cr | Mar 2025 ₹566 Cr | Jun 2025 ₹719 Cr | Sep 2025 ₹786 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 ₹40 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹145 Cr | Jun 2026 ₹123 Cr
- AMC: Sep 2021 ₹9.3K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹9.4K Cr | Mar 2023 ₹9.2K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹8.3K Cr | Mar 2024 ₹8.4K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 — | Jun 2026 ₹6.9K Cr
- MCS: Sep 2021 ₹583 Cr | Dec 2021 ₹497 Cr | Mar 2022 ₹489 Cr | Jun 2022 ₹446 Cr | Sep 2022 ₹450 Cr | Dec 2022 ₹386 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹353 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹323 Cr | Mar 2024 ₹355 Cr | Jun 2024 ₹341 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹312 Cr | Mar 2026 ₹339 Cr | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-20 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- RSVR: Sep 2021 ₹191 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹360 Cr | Mar 2025 ₹373 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹438 Cr | Mar 2026 ₹437 Cr | Jun 2026 —
- AMCX: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- STRZ: Sep 2021 ₹-443 Cr | Dec 2021 ₹-371 Cr | Mar 2022 ₹-371 Cr | Jun 2022 ₹-379 Cr | Sep 2022 ₹-557 Cr | Dec 2022 ₹-425 Cr | Mar 2023 — | Jun 2023 ₹-323 Cr | Sep 2023 ₹-224 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-230 Cr | Sep 2024 ₹-230 Cr | Dec 2024 ₹-201 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-52 Cr | Sep 2025 ₹-37 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-102 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Netflix, Inc. leads ROCE at 9.3%, 4.8 percentage points above Warner Music Group Corp.. Starz Entertainment Corp. has the strongest latest improvement at +413.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Netflix, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Netflix, Inc. · 9.3% | 106.7% versus #2 · Warner Music Group Corp. | 8/8 recent comparable periods | 27/27 companies · 476 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Netflix, Inc. (NFLX): 9.3%
2. Warner Music Group Corp. (WMG): 4.5%
3. Fox Corporation (FOXA): 4.2%
4. Lionsgate Studios Corp. (LION): 4.2%
5. Versant Media Group, Inc. (VSNT): 3.9%

### ROCE change — fastest improvers
1. Starz Entertainment Corp. (STRZ): +413.2 pp
2. Angel Studios, Inc. (ANGX): +110.5 pp
3. Sphere Entertainment Co. (SPHR): +9.8 pp
4. Atlanta Braves Holdings, Inc. (BATRK): +5.5 pp — older report
5. Roku, Inc. (ROKU): +3.6 pp

### 20-quarter ROCE history
- NFLX: Sep 2021 5.4% | Dec 2021 1.9% | Mar 2022 5.7% | Jun 2022 4.4% | Sep 2022 4.1% | Dec 2022 1.4% | Mar 2023 4.4% | Jun 2023 4.5% | Sep 2023 4.7% | Dec 2023 3.7% | Mar 2024 6.5% | Jun 2024 6.4% | Sep 2024 7.0% | Dec 2024 5.5% | Mar 2025 8.2% | Jun 2025 9.1% | Sep 2025 7.5% | Dec 2025 6.8% | Mar 2026 8.7% | Jun 2026 9.3%
- DIS: Sep 2021 — | Dec 2021 0.3% | Mar 2022 1.3% | Jun 2022 0.8% | Sep 2022 1.4% | Dec 2022 0.3% | Mar 2023 — | Jun 2023 1.2% | Sep 2023 0.0% | Dec 2023 1.7% | Mar 2024 0.5% | Jun 2024 2.0% | Sep 2024 0.7% | Dec 2024 2.4% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 1.4% | Dec 2025 2.4% | Mar 2026 2.1% | Jun 2026 —
- WBD: Sep 2021 1.1% | Dec 2021 1.6% | Mar 2022 1.2% | Jun 2022 -4.6% | Sep 2022 -2.9% | Dec 2022 -2.5% | Mar 2023 -0.8% | Jun 2023 -0.8% | Sep 2023 0.1% | Dec 2023 -0.2% | Mar 2024 -0.2% | Jun 2024 -10% | Sep 2024 0.3% | Dec 2024 0.2% | Mar 2025 0.0% | Jun 2025 -0.2% | Sep 2025 0.7% | Dec 2025 0.4% | Mar 2026 -2.9% | Jun 2026 —
- LYV: Sep 2021 1.8% | Dec 2021 -1.7% | Mar 2022 0.4% | Jun 2022 4.3% | Sep 2022 6.4% | Dec 2022 -1.7% | Mar 2023 1.7% | Jun 2023 4.4% | Sep 2023 7.1% | Dec 2023 -0.9% | Mar 2024 -0.5% | Jun 2024 5.0% | Sep 2024 6.3% | Dec 2024 -2.5% | Mar 2025 1.2% | Jun 2025 5.3% | Sep 2025 7.7% | Dec 2025 -1.3% | Mar 2026 -3.5% | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 7.2% | Mar 2023 -2.1% | Jun 2023 2.1% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 -1.3% | Jun 2024 0.9% | Sep 2024 0.3% | Dec 2024 0.4% | Mar 2025 1.8% | Jun 2025 2.9% | Sep 2025 1.3% | Dec 2025 0.4% | Mar 2026 2.5% | Jun 2026 —
- FWONK: Sep 2021 1.8% | Dec 2021 1.3% | Mar 2022 1.2% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 0.9% | Jun 2023 1.4% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.4% | Dec 2024 0.1% | Mar 2025 -0.3% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 1.7% | Mar 2026 0.5% | Jun 2026 —
- FOXA: Sep 2021 4.8% | Dec 2021 1.1% | Mar 2022 3.6% | Jun 2022 3.4% | Sep 2022 4.9% | Dec 2022 2.1% | Mar 2023 -0.9% | Jun 2023 2.4% | Sep 2023 4.1% | Dec 2023 1.2% | Mar 2024 4.1% | Jun 2024 3.4% | Sep 2024 4.9% | Dec 2024 2.6% | Mar 2025 3.6% | Jun 2025 3.7% | Sep 2025 4.9% | Dec 2025 3.0% | Mar 2026 4.2% | Jun 2026 —
- ROKU: Sep 2021 2.8% | Dec 2021 0.8% | Mar 2022 -0.8% | Jun 2022 -3.4% | Sep 2022 -4.4% | Dec 2022 -7.5% | Mar 2023 -6.4% | Jun 2023 -3.8% | Sep 2023 -11% | Dec 2023 -3.3% | Mar 2024 -2.3% | Jun 2024 -2.3% | Sep 2024 -1.2% | Dec 2024 -1.3% | Mar 2025 -1.9% | Jun 2025 -0.8% | Sep 2025 0.3% | Dec 2025 2.1% | Mar 2026 1.7% | Jun 2026 —
- NWS: Sep 2021 1.8% | Dec 2021 3.1% | Mar 2022 1.1% | Jun 2022 0.8% | Sep 2022 1.1% | Dec 2022 1.6% | Mar 2023 0.8% | Jun 2023 0.6% | Sep 2023 1.2% | Dec 2023 2.0% | Mar 2024 0.8% | Jun 2024 1.0% | Sep 2024 1.4% | Dec 2024 2.7% | Mar 2025 1.3% | Jun 2025 0.9% | Sep 2025 1.5% | Dec 2025 2.9% | Mar 2026 1.6% | Jun 2026 —
- WMG: Sep 2021 1.9% | Dec 2021 5.5% | Mar 2022 — | Jun 2022 3.8% | Sep 2022 3.4% | Dec 2022 5.6% | Mar 2023 2.6% | Jun 2023 4.0% | Sep 2023 4.5% | Dec 2023 7.1% | Mar 2024 2.4% | Jun 2024 4.1% | Sep 2024 2.8% | Dec 2024 4.1% | Mar 2025 3.1% | Jun 2025 3.1% | Sep 2025 2.6% | Dec 2025 5.3% | Mar 2026 4.5% | Jun 2026 —
- SIRI: Sep 2021 8.4% | Dec 2021 6.6% | Mar 2022 7.0% | Jun 2022 6.8% | Sep 2022 6.4% | Dec 2022 7.8% | Mar 2023 5.7% | Jun 2023 6.7% | Sep 2023 7.4% | Dec 2023 2.7% | Mar 2024 5.3% | Jun 2024 6.1% | Sep 2024 -19% | Dec 2024 2.0% | Mar 2025 2.3% | Jun 2025 2.2% | Sep 2025 2.0% | Dec 2025 0.9% | Mar 2026 1.8% | Jun 2026 —
- MSGS: Sep 2021 -3.9% | Dec 2021 3.9% | Mar 2022 6.6% | Jun 2022 2.6% | Sep 2022 -4.2% | Dec 2022 6.0% | Mar 2023 9.3% | Jun 2023 -1.5% | Sep 2023 -1.8% | Dec 2023 3.5% | Mar 2024 9.3% | Jun 2024 6.5% | Sep 2024 -1.0% | Dec 2024 1.6% | Mar 2025 3.7% | Jun 2025 -2.6% | Sep 2025 -3.3% | Dec 2025 2.6% | Mar 2026 0.2% | Jun 2026 —
- PSKY: Sep 2021 1.9% | Dec 2021 5.7% | Mar 2022 1.6% | Jun 2022 1.7% | Sep 2022 1.2% | Dec 2022 0.4% | Mar 2023 -2.4% | Jun 2023 -0.5% | Sep 2023 1.3% | Dec 2023 0.9% | Mar 2024 -11% | Jun 2024 -13% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 1.4% | Jun 2025 2.2% | Sep 2025 0.9% | Dec 2025 0.7% | Mar 2026 1.8% | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 3.2% | Dec 2024 3.2% | Mar 2025 9.1% | Jun 2025 7.4% | Sep 2025 1.6% | Dec 2025 1.6% | Mar 2026 3.9% | Jun 2026 —
- SPHR: Sep 2021 -5.8% | Dec 2021 2.1% | Mar 2022 0.1% | Jun 2022 -4.0% | Sep 2022 -4.0% | Dec 2022 -3.9% | Mar 2023 -7.7% | Jun 2023 -7.6% | Sep 2023 -9.2% | Dec 2023 -18% | Mar 2024 -3.8% | Jun 2024 -9.6% | Sep 2024 -17% | Dec 2024 -7.1% | Mar 2025 -9.5% | Jun 2025 -6.9% | Sep 2025 -19% | Dec 2025 0.9% | Mar 2026 0.3% | Jun 2026 —
- CNK: Sep 2021 -0.9% | Dec 2021 1.0% | Mar 2022 -0.7% | Jun 2022 -0.4% | Sep 2022 0.4% | Dec 2022 -1.3% | Mar 2023 0.7% | Jun 2023 4.0% | Sep 2023 3.5% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 2.0% | Sep 2024 4.1% | Dec 2024 2.4% | Mar 2025 -0.5% | Jun 2025 4.5% | Sep 2025 3.1% | Dec 2025 1.8% | Mar 2026 0.7% | Jun 2026 —
- MANU: Sep 2021 -1.1% | Dec 2021 0.6% | Mar 2022 -2.4% | Jun 2022 -7.3% | Sep 2022 -0.4% | Dec 2022 -0.3% | Mar 2023 -0.6% | Jun 2023 0.0% | Sep 2023 0.2% | Dec 2023 3.4% | Mar 2024 -7.8% | Jun 2024 -4.0% | Sep 2024 -0.8% | Dec 2024 0.4% | Mar 2025 0.1% | Jun 2025 -1.8% | Sep 2025 1.5% | Dec 2025 2.2% | Mar 2026 0.6% | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 0.2% | Mar 2024 0.5% | Jun 2024 — | Sep 2024 — | Dec 2024 0.6% | Mar 2025 9.1% | Jun 2025 -1.0% | Sep 2025 -3.9% | Dec 2025 0.7% | Mar 2026 4.2% | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 3.6% | Jun 2022 -1.2% | Sep 2022 — | Dec 2022 — | Mar 2023 6.6% | Jun 2023 -6.8% | Sep 2023 -24% | Dec 2023 110% | Mar 2024 5.1% | Jun 2024 -3.4% | Sep 2024 -6.8% | Dec 2024 54% | Mar 2025 9.7% | Jun 2025 -11% | Sep 2025 -11% | Dec 2025 48% | Mar 2026 3.8% | Jun 2026 —
- BATRK: Sep 2021 -0.9% | Dec 2021 1.3% | Mar 2022 1.0% | Jun 2022 0.7% | Sep 2022 -1.5% | Dec 2022 -2.0% | Mar 2023 -2.3% | Jun 2023 -2.8% | Sep 2023 -1.5% | Dec 2023 -3.5% | Mar 2024 -3.8% | Jun 2024 -3.5% | Sep 2024 -4.1% | Dec 2024 -3.0% | Mar 2025 -2.4% | Jun 2025 -1.0% | Sep 2025 1.4% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 -0.1% | Dec 2021 4.4% | Mar 2022 -1.2% | Jun 2022 0.0% | Sep 2022 -0.7% | Dec 2022 1.2% | Mar 2023 1.8% | Jun 2023 2.4% | Sep 2023 3.7% | Dec 2023 0.5% | Mar 2024 2.1% | Jun 2024 0.5% | Sep 2024 3.2% | Dec 2024 1.6% | Mar 2025 2.8% | Jun 2025 2.3% | Sep 2025 4.5% | Dec 2025 3.7% | Mar 2026 1.5% | Jun 2026 3.1%
- AMC: Sep 2021 -1.6% | Dec 2021 -0.7% | Mar 2022 -1.9% | Jun 2022 -0.2% | Sep 2022 -1.4% | Dec 2022 -2.7% | Mar 2023 -1.4% | Jun 2023 1.1% | Sep 2023 1.3% | Dec 2023 -2.0% | Mar 2024 -1.5% | Jun 2024 -0.7% | Sep 2024 1.0% | Dec 2024 0.1% | Mar 2025 -2.1% | Jun 2025 1.4% | Sep 2025 0.5% | Dec 2025 0.0% | Mar 2026 -0.7% | Jun 2026 3.8%
- MCS: Sep 2021 0.6% | Dec 2021 1.4% | Mar 2022 -1.7% | Jun 2022 1.9% | Sep 2022 0.9% | Dec 2022 -0.3% | Mar 2023 -1.0% | Jun 2023 2.2% | Sep 2023 2.2% | Dec 2023 0.1% | Mar 2024 -1.9% | Jun 2024 0.3% | Sep 2024 3.7% | Dec 2024 -0.2% | Mar 2025 -2.3% | Jun 2025 1.5% | Sep 2025 2.6% | Dec 2025 0.2% | Mar 2026 -2.2% | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 101% | Dec 2023 -16% | Mar 2024 -93% | Jun 2024 -164% | Sep 2024 -31% | Dec 2024 -83% | Mar 2025 -125% | Jun 2025 -81% | Sep 2025 0.0% | Dec 2025 -347% | Mar 2026 -15% | Jun 2026 —
- RSVR: Sep 2021 2.7% | Dec 2021 0.8% | Mar 2022 1.6% | Jun 2022 0.3% | Sep 2022 1.1% | Dec 2022 0.7% | Mar 2023 1.3% | Jun 2023 0.5% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 1.2% | Jun 2024 0.7% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 0.7% | Sep 2025 1.4% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- AMCX: Sep 2021 4.1% | Dec 2021 1.4% | Mar 2022 3.8% | Jun 2022 3.3% | Sep 2022 3.2% | Dec 2022 -8.6% | Mar 2023 3.8% | Jun 2023 2.4% | Sep 2023 2.7% | Dec 2023 -0.3% | Mar 2024 2.6% | Jun 2024 0.3% | Sep 2024 2.3% | Dec 2024 -6.6% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.5% | Dec 2025 -1.5% | Mar 2026 0.9% | Jun 2026 —
- STRZ: Sep 2021 6.6% | Dec 2021 2.1% | Mar 2022 -11% | Jun 2022 -21% | Sep 2022 -350% | Dec 2022 2.0% | Mar 2023 -27% | Jun 2023 -4.8% | Sep 2023 -209% | Dec 2023 -19% | Mar 2024 -530% | Jun 2024 3.7% | Sep 2024 -7.5% | Dec 2024 32% | Mar 2025 -668% | Jun 2025 -19% | Sep 2025 -26% | Dec 2025 -4.0% | Mar 2026 -255% | Jun 2026 —

### 20-quarter ROCE change history
- NFLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −0.5 pp | Mar 2023 −1.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +2.3 pp | Mar 2024 +2.1 pp | Jun 2024 +1.9 pp | Sep 2024 +2.3 pp | Dec 2024 +1.8 pp | Mar 2025 +1.7 pp | Jun 2025 +2.7 pp | Sep 2025 +0.5 pp | Dec 2025 +1.3 pp | Mar 2026 +0.5 pp | Jun 2026 +0.2 pp
- DIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +0.4 pp | Sep 2023 −1.4 pp | Dec 2023 +1.4 pp | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 +0.7 pp | Dec 2024 +0.7 pp | Mar 2025 +1.6 pp | Jun 2025 +0.1 pp | Sep 2025 +0.7 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 −4.1 pp | Mar 2023 −2.0 pp | Jun 2023 +3.8 pp | Sep 2023 +3.0 pp | Dec 2023 +2.3 pp | Mar 2024 +0.6 pp | Jun 2024 −9.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +9.9 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 −2.9 pp | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 0.0 pp | Mar 2023 +1.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.7 pp | Dec 2023 +0.8 pp | Mar 2024 −2.2 pp | Jun 2024 +0.6 pp | Sep 2024 −0.8 pp | Dec 2024 −1.6 pp | Mar 2025 +1.7 pp | Jun 2025 +0.3 pp | Sep 2025 +1.4 pp | Dec 2025 +1.2 pp | Mar 2026 −4.7 pp | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −8.9 pp | Dec 2023 −6.4 pp | Mar 2024 +0.8 pp | Jun 2024 −1.2 pp | Sep 2024 −0.9 pp | Dec 2024 −0.4 pp | Mar 2025 +3.1 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- FWONK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.1 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 −1.0 pp | Dec 2023 −1.1 pp | Mar 2024 −0.7 pp | Jun 2024 −1.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 −0.5 pp | Jun 2025 +0.9 pp | Sep 2025 +0.7 pp | Dec 2025 +1.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- FOXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +1.0 pp | Mar 2023 −4.5 pp | Jun 2023 −1.0 pp | Sep 2023 −0.8 pp | Dec 2023 −0.9 pp | Mar 2024 +5.0 pp | Jun 2024 +1.0 pp | Sep 2024 +0.8 pp | Dec 2024 +1.4 pp | Mar 2025 −0.5 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ROKU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 −8.3 pp | Mar 2023 −5.6 pp | Jun 2023 −0.4 pp | Sep 2023 −6.5 pp | Dec 2023 +4.2 pp | Mar 2024 +4.1 pp | Jun 2024 +1.5 pp | Sep 2024 +9.7 pp | Dec 2024 +2.0 pp | Mar 2025 +0.4 pp | Jun 2025 +1.5 pp | Sep 2025 +1.5 pp | Dec 2025 +3.4 pp | Mar 2026 +3.6 pp | Jun 2026 —
- NWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.5 pp | Mar 2023 −0.3 pp | Jun 2023 −0.2 pp | Sep 2023 +0.1 pp | Dec 2023 +0.4 pp | Mar 2024 0.0 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- WMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 +1.1 pp | Dec 2023 +1.5 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −1.7 pp | Dec 2024 −3.0 pp | Mar 2025 +0.7 pp | Jun 2025 −1.0 pp | Sep 2025 −0.2 pp | Dec 2025 +1.2 pp | Mar 2026 +1.4 pp | Jun 2026 —
- SIRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 +1.2 pp | Mar 2023 −1.3 pp | Jun 2023 −0.1 pp | Sep 2023 +1.0 pp | Dec 2023 −5.1 pp | Mar 2024 −0.4 pp | Jun 2024 −0.6 pp | Sep 2024 −25.9 pp | Dec 2024 −0.7 pp | Mar 2025 −3.0 pp | Jun 2025 −3.9 pp | Sep 2025 +20.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.5 pp | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +2.1 pp | Mar 2023 +2.7 pp | Jun 2023 −4.1 pp | Sep 2023 +2.4 pp | Dec 2023 −2.5 pp | Mar 2024 0.0 pp | Jun 2024 +8.0 pp | Sep 2024 +0.8 pp | Dec 2024 −1.9 pp | Mar 2025 −5.6 pp | Jun 2025 −9.1 pp | Sep 2025 −2.3 pp | Dec 2025 +1.0 pp | Mar 2026 −3.5 pp | Jun 2026 —
- PSKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −5.3 pp | Mar 2023 −4.0 pp | Jun 2023 −2.2 pp | Sep 2023 +0.1 pp | Dec 2023 +0.5 pp | Mar 2024 −9.0 pp | Jun 2024 −12.5 pp | Sep 2024 −0.5 pp | Dec 2024 −0.2 pp | Mar 2025 +12.8 pp | Jun 2025 +15.2 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.4 pp | Jun 2026 —
- VSNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 +3.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −1.6 pp | Dec 2025 −1.6 pp | Mar 2026 −5.2 pp | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 −6.0 pp | Mar 2023 −7.8 pp | Jun 2023 −3.6 pp | Sep 2023 −5.2 pp | Dec 2023 −13.9 pp | Mar 2024 +3.9 pp | Jun 2024 −2.0 pp | Sep 2024 −7.5 pp | Dec 2024 +10.7 pp | Mar 2025 −5.7 pp | Jun 2025 +2.7 pp | Sep 2025 −1.8 pp | Dec 2025 +8.0 pp | Mar 2026 +9.8 pp | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −2.3 pp | Mar 2023 +1.4 pp | Jun 2023 +4.4 pp | Sep 2023 +3.1 pp | Dec 2023 +1.8 pp | Mar 2024 −0.3 pp | Jun 2024 −2.0 pp | Sep 2024 +0.6 pp | Dec 2024 +1.9 pp | Mar 2025 −0.9 pp | Jun 2025 +2.5 pp | Sep 2025 −1.0 pp | Dec 2025 −0.6 pp | Mar 2026 +1.2 pp | Jun 2026 —
- MANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.9 pp | Mar 2023 +1.8 pp | Jun 2023 +7.3 pp | Sep 2023 +0.6 pp | Dec 2023 +3.7 pp | Mar 2024 −7.2 pp | Jun 2024 −4.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 +7.9 pp | Jun 2025 +2.2 pp | Sep 2025 +2.3 pp | Dec 2025 +1.8 pp | Mar 2026 +0.5 pp | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.2 pp | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +0.4 pp | Mar 2025 +8.6 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +0.1 pp | Mar 2026 −4.9 pp | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.0 pp | Jun 2023 −5.6 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 +3.4 pp | Sep 2024 +16.8 pp | Dec 2024 −56.3 pp | Mar 2025 +4.6 pp | Jun 2025 −7.9 pp | Sep 2025 −4.5 pp | Dec 2025 −6.0 pp | Mar 2026 −5.9 pp | Jun 2026 —
- BATRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −3.3 pp | Mar 2023 −3.3 pp | Jun 2023 −3.5 pp | Sep 2023 0.0 pp | Dec 2023 −1.5 pp | Mar 2024 −1.5 pp | Jun 2024 −0.7 pp | Sep 2024 −2.6 pp | Dec 2024 +0.5 pp | Mar 2025 +1.4 pp | Jun 2025 +2.5 pp | Sep 2025 +5.5 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −3.2 pp | Mar 2023 +3.0 pp | Jun 2023 +2.4 pp | Sep 2023 +4.4 pp | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 −1.9 pp | Sep 2024 −0.5 pp | Dec 2024 +1.1 pp | Mar 2025 +0.7 pp | Jun 2025 +1.8 pp | Sep 2025 +1.3 pp | Dec 2025 +2.1 pp | Mar 2026 −1.3 pp | Jun 2026 +0.8 pp
- AMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −2.0 pp | Mar 2023 +0.5 pp | Jun 2023 +1.3 pp | Sep 2023 +2.7 pp | Dec 2023 +0.7 pp | Mar 2024 −0.1 pp | Jun 2024 −1.8 pp | Sep 2024 −0.3 pp | Dec 2024 +2.1 pp | Mar 2025 −0.6 pp | Jun 2025 +2.1 pp | Sep 2025 −0.5 pp | Dec 2025 −0.1 pp | Mar 2026 +1.4 pp | Jun 2026 +2.4 pp
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −1.7 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 +1.3 pp | Dec 2023 +0.4 pp | Mar 2024 −0.9 pp | Jun 2024 −1.9 pp | Sep 2024 +1.5 pp | Dec 2024 −0.3 pp | Mar 2025 −0.4 pp | Jun 2025 +1.2 pp | Sep 2025 −1.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −131.5 pp | Dec 2024 −67.1 pp | Mar 2025 −31.6 pp | Jun 2025 +82.8 pp | Sep 2025 +31.0 pp | Dec 2025 −263.6 pp | Mar 2026 +110.5 pp | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −0.1 pp | Mar 2023 −0.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.5 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- AMCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −10.0 pp | Mar 2023 0.0 pp | Jun 2023 −0.9 pp | Sep 2023 −0.5 pp | Dec 2023 +8.3 pp | Mar 2024 −1.2 pp | Jun 2024 −2.1 pp | Sep 2024 −0.4 pp | Dec 2024 −6.3 pp | Mar 2025 −0.9 pp | Jun 2025 +1.4 pp | Sep 2025 −0.8 pp | Dec 2025 +5.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- STRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −356.2 pp | Dec 2022 −0.1 pp | Mar 2023 −15.5 pp | Jun 2023 +16.5 pp | Sep 2023 +140.2 pp | Dec 2023 −21.4 pp | Mar 2024 −502.9 pp | Jun 2024 +8.5 pp | Sep 2024 +201.9 pp | Dec 2024 +51.4 pp | Mar 2025 −138.5 pp | Jun 2025 −22.8 pp | Sep 2025 −18.6 pp | Dec 2025 −36.0 pp | Mar 2026 +413.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: The Walt Disney Company has the lowest comparable Guarded PEG at 0.53×, 17.2% below Netflix, Inc.. Only 11 of 27 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: The Walt Disney Company · 0.53× | 17.2% versus #2 · Netflix, Inc. | 0/8 recent comparable periods | 11/27 companies · 33 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. The Walt Disney Company (DIS): 0.5
2. Netflix, Inc. (NFLX): 0.6
3. Fox Corporation (FOXA): 1.5
4. Sirius XM Holdings Inc. (SIRI): 1.9
5. Live Nation Entertainment, Inc. (LYV): 2.1

### P/E — lowest P/E
1. Atlanta Braves Holdings, Inc. (BATRK): -2,548.6 — older report
2. Sirius XM Holdings Inc. (SIRI): 9.7
3. AMC Global Media Inc. (AMCX): 11.3
4. Fox Corporation (FOXA): 14.0
5. The Walt Disney Company (DIS): 14.8

### 20-quarter Guarded PEG history
- NFLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.0 | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 0.7 | Jun 2026 0.6
- DIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.1 | Jun 2026 —
- FOXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.4 | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.2 | Sep 2025 1.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 3.9 | Mar 2026 — | Jun 2026 —
- WMG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 — | Dec 2024 2.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SIRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.8 | Sep 2024 — | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.2 | Mar 2025 — | Jun 2025 0.9 | Sep 2025 — | Dec 2025 2.2 | Mar 2026 1.5 | Jun 2026 —
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.3 | Jun 2026 —

### 20-quarter P/E history
- NFLX: Sep 2021 55.0 | Dec 2021 53.6 | Mar 2022 34.0 | Jun 2022 15.5 | Sep 2022 21.1 | Dec 2022 29.6 | Mar 2023 37.2 | Jun 2023 46.9 | Sep 2023 37.7 | Dec 2023 40.6 | Mar 2024 42.2 | Jun 2024 42.2 | Sep 2024 40.1 | Dec 2024 45.0 | Mar 2025 44.0 | Jun 2025 57.0 | Sep 2025 50.0 | Dec 2025 37.1 | Mar 2026 31.0 | Jun 2026 22.5
- DIS: Sep 2021 — | Dec 2021 161.5 | Mar 2022 92.2 | Jun 2022 94.5 | Sep 2022 55.9 | Dec 2022 54.8 | Mar 2023 — | Jun 2023 44.5 | Sep 2023 72.6 | Dec 2023 55.7 | Mar 2024 133.0 | Jun 2024 38.2 | Sep 2024 35.3 | Dec 2024 36.3 | Mar 2025 20.1 | Jun 2025 19.2 | Sep 2025 16.6 | Dec 2025 16.7 | Mar 2026 14.8 | Jun 2026 —
- WBD: Sep 2021 13.5 | Dec 2021 15.3 | Mar 2022 12.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 38.2 | Sep 2025 102.8 | Dec 2025 99.4 | Mar 2026 — | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 108.6 | Dec 2022 134.1 | Mar 2023 118.6 | Jun 2023 95.9 | Sep 2023 62.0 | Dec 2023 69.9 | Mar 2024 106.8 | Jun 2024 93.7 | Sep 2024 124.4 | Dec 2024 47.3 | Mar 2025 44.6 | Jun 2025 65.5 | Sep 2025 118.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 23.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 51.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7,105.5 | Mar 2025 77.6 | Jun 2025 75.2 | Sep 2025 77.4 | Dec 2025 92.5 | Mar 2026 75.2 | Jun 2026 —
- FWONK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 126.3 | Dec 2022 72.8 | Mar 2023 252.6 | Jun 2023 166.4 | Sep 2023 123.0 | Dec 2023 93.5 | Mar 2024 42.9 | Jun 2024 60.6 | Sep 2024 80.4 | Dec 2024 — | Mar 2025 — | Jun 2025 118.7 | Sep 2025 221.4 | Dec 2025 41.2 | Mar 2026 44.4 | Jun 2026 —
- FOXA: Sep 2021 12.5 | Dec 2021 14.0 | Mar 2022 18.2 | Jun 2022 14.1 | Sep 2022 14.3 | Dec 2022 10.4 | Mar 2023 14.7 | Jun 2023 13.7 | Sep 2023 14.2 | Dec 2023 16.4 | Mar 2024 9.0 | Jun 2024 10.2 | Sep 2024 9.5 | Dec 2024 9.8 | Mar 2025 13.1 | Jun 2025 10.5 | Sep 2025 12.9 | Dec 2025 15.6 | Mar 2026 14.0 | Jun 2026 —
- ROKU: Sep 2021 154.4 | Dec 2021 133.5 | Mar 2022 127.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 183.9 | Mar 2026 71.1 | Jun 2026 —
- NWS: Sep 2021 28.0 | Dec 2021 26.8 | Mar 2022 26.5 | Jun 2022 15.1 | Sep 2022 19.3 | Dec 2022 35.5 | Mar 2023 37.1 | Jun 2023 70.4 | Sep 2023 83.5 | Dec 2023 62.7 | Mar 2024 69.4 | Jun 2024 60.4 | Sep 2024 43.7 | Dec 2024 41.1 | Mar 2025 35.7 | Jun 2025 40.9 | Sep 2025 40.7 | Dec 2025 36.6 | Mar 2026 36.1 | Jun 2026 —
- WMG: Sep 2021 73.7 | Dec 2021 56.8 | Mar 2022 — | Jun 2022 51.7 | Sep 2022 29.3 | Dec 2022 37.2 | Mar 2023 40.2 | Jun 2023 32.6 | Sep 2023 38.3 | Dec 2023 40.7 | Mar 2024 33.0 | Jun 2024 29.5 | Sep 2024 37.7 | Dec 2024 31.6 | Mar 2025 36.0 | Jun 2025 47.8 | Sep 2025 49.4 | Dec 2025 52.9 | Mar 2026 30.1 | Jun 2026 —
- SIRI: Sep 2021 87.1 | Dec 2021 19.8 | Mar 2022 19.5 | Jun 2022 19.8 | Sep 2022 19.7 | Dec 2022 19.7 | Mar 2023 14.2 | Jun 2023 15.6 | Sep 2023 14.5 | Dec 2023 19.8 | Mar 2024 13.3 | Jun 2024 9.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 8.2 | Dec 2025 9.0 | Mar 2026 9.7 | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 78.3 | Mar 2022 59.8 | Jun 2022 71.9 | Sep 2022 67.3 | Dec 2022 82.6 | Mar 2023 57.3 | Jun 2023 99.5 | Sep 2023 95.8 | Dec 2023 114.4 | Mar 2024 188.3 | Jun 2024 77.1 | Sep 2024 71.6 | Dec 2024 95.2 | Mar 2025 927.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSKY: Sep 2021 7.7 | Dec 2021 4.4 | Mar 2022 6.2 | Jun 2022 4.8 | Sep 2022 4.1 | Dec 2022 10.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 31.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 3.8 | Dec 2023 6.1 | Mar 2024 8.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 128.5 | Mar 2026 66.0 | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 32.8 | Dec 2023 10.5 | Mar 2024 12.4 | Jun 2024 22.3 | Sep 2024 18.0 | Dec 2024 15.0 | Mar 2025 16.4 | Jun 2025 16.5 | Sep 2025 26.9 | Dec 2025 22.4 | Mar 2026 25.2 | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 642.4 | Mar 2023 103.6 | Jun 2023 22.9 | Sep 2023 39.7 | Dec 2023 20.6 | Mar 2024 33.2 | Jun 2024 11.5 | Sep 2024 11.6 | Dec 2024 13.5 | Mar 2025 12.0 | Jun 2025 51.9 | Sep 2025 64.6 | Dec 2025 49.9 | Mar 2026 57.8 | Jun 2026 —
- BATRK: Sep 2021 -23.1 | Dec 2021 — | Mar 2022 — | Jun 2022 20.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -40.8 | Sep 2024 -56.3 | Dec 2024 — | Mar 2025 — | Jun 2025 -141.1 | Sep 2025 -2,548.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 212.4 | Sep 2023 42.0 | Dec 2023 32.7 | Mar 2024 33.7 | Jun 2024 41.9 | Sep 2024 46.6 | Dec 2024 53.3 | Mar 2025 56.1 | Jun 2025 46.6 | Sep 2025 46.1 | Dec 2025 58.7 | Mar 2026 58.5 | Jun 2026 55.4
- MCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 352.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 258.3 | Dec 2023 31.9 | Mar 2024 59.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 37.5 | Sep 2025 64.6 | Dec 2025 37.8 | Mar 2026 39.9 | Jun 2026 —
- RSVR: Sep 2021 48.0 | Dec 2021 49.4 | Mar 2022 44.7 | Jun 2022 27.9 | Sep 2022 21.2 | Dec 2022 42.6 | Mar 2023 163.0 | Jun 2023 126.2 | Sep 2023 — | Dec 2023 713.0 | Mar 2024 793.0 | Jun 2024 — | Sep 2024 62.9 | Dec 2024 75.4 | Mar 2025 63.6 | Jun 2025 46.0 | Sep 2025 58.1 | Dec 2025 84.1 | Mar 2026 75.3 | Jun 2026 —
- AMCX: Sep 2021 6.2 | Dec 2021 6.0 | Mar 2022 6.6 | Jun 2022 4.0 | Sep 2022 3.1 | Dec 2022 92.2 | Mar 2023 175.8 | Jun 2023 — | Sep 2023 — | Dec 2023 3.8 | Mar 2024 3.4 | Jun 2024 7.4 | Sep 2024 13.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.7 | Mar 2026 11.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Lionsgate Studios Corp. leads ev/ebitda at 4.14×; AMC Global Media Inc. leads p/bv at 0.31×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Lionsgate Studios Corp. · 4.14× | 43.1% versus #2 · Fox Corporation | 6/6 recent comparable periods | 25/27 companies · 359 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Lionsgate Studios Corp. (LION): 4.1
2. Fox Corporation (FOXA): 7.3
3. Starz Entertainment Corp. (STRZ): 8.0
4. AMC Global Media Inc. (AMCX): 8.3
5. Sirius XM Holdings Inc. (SIRI): 8.3

### P/BV — lowest P/BV
1. AMC Global Media Inc. (AMCX): 0.3
2. Sirius XM Holdings Inc. (SIRI): 0.7
3. Paramount Skydance Corporation (PSKY): 0.9
4. The Marcus Corporation (MCS): 1.2
5. The Walt Disney Company (DIS): 1.5

### 20-quarter EV/EBITDA history
- NFLX: Sep 2021 41.6 | Dec 2021 43.2 | Mar 2022 27.1 | Jun 2022 13.8 | Sep 2022 18.7 | Dec 2022 23.4 | Mar 2023 28.0 | Jun 2023 33.6 | Sep 2023 27.0 | Dec 2023 29.8 | Mar 2024 32.7 | Jun 2024 33.0 | Sep 2024 31.1 | Dec 2024 36.0 | Mar 2025 35.2 | Jun 2025 45.6 | Sep 2025 39.6 | Dec 2025 29.4 | Mar 2026 28.5 | Jun 2026 20.5
- DIS: Sep 2021 — | Dec 2021 45.4 | Mar 2022 33.1 | Jun 2022 28.4 | Sep 2022 19.4 | Dec 2022 18.7 | Mar 2023 — | Jun 2023 19.1 | Sep 2023 21.4 | Dec 2023 18.5 | Mar 2024 26.6 | Jun 2024 17.1 | Sep 2024 16.4 | Dec 2024 17.2 | Mar 2025 12.8 | Jun 2025 15.2 | Sep 2025 13.3 | Dec 2025 13.6 | Mar 2026 11.4 | Jun 2026 —
- WBD: Sep 2021 7.8 | Dec 2021 6.8 | Mar 2022 6.6 | Jun 2022 68.8 | Sep 2022 129.3 | Dec 2022 — | Mar 2023 189.4 | Jun 2023 26.9 | Sep 2023 14.4 | Dec 2023 10.7 | Mar 2024 9.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 9.0 | Sep 2025 12.0 | Dec 2025 15.7 | Mar 2026 27.0 | Jun 2026 —
- LYV: Sep 2021 — | Dec 2021 — | Mar 2022 90.4 | Jun 2022 27.4 | Sep 2022 18.2 | Dec 2022 16.5 | Mar 2023 14.3 | Jun 2023 16.9 | Sep 2023 14.7 | Dec 2023 15.7 | Mar 2024 18.9 | Jun 2024 16.2 | Sep 2024 19.4 | Dec 2024 24.8 | Mar 2025 21.5 | Jun 2025 24.4 | Sep 2025 24.0 | Dec 2025 20.2 | Mar 2026 27.0 | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13.0 | Sep 2023 24.5 | Dec 2023 138.4 | Mar 2024 34.0 | Jun 2024 31.8 | Sep 2024 32.5 | Dec 2024 38.8 | Mar 2025 23.4 | Jun 2025 20.7 | Sep 2025 19.2 | Dec 2025 18.6 | Mar 2026 16.4 | Jun 2026 —
- FWONK: Sep 2021 15.7 | Dec 2021 10.9 | Mar 2022 10.1 | Jun 2022 9.8 | Sep 2022 9.9 | Dec 2022 50.6 | Mar 2023 11.0 | Jun 2023 10.9 | Sep 2023 11.9 | Dec 2023 28.5 | Mar 2024 20.0 | Jun 2024 34.6 | Sep 2024 25.1 | Dec 2024 33.4 | Mar 2025 47.4 | Jun 2025 37.7 | Sep 2025 40.6 | Dec 2025 28.0 | Mar 2026 21.0 | Jun 2026 —
- FOXA: Sep 2021 8.1 | Dec 2021 7.8 | Mar 2022 7.9 | Jun 2022 6.6 | Sep 2022 6.0 | Dec 2022 5.8 | Mar 2023 6.0 | Jun 2023 9.5 | Sep 2023 6.0 | Dec 2023 10.4 | Mar 2024 6.5 | Jun 2024 6.4 | Sep 2024 7.2 | Dec 2024 7.8 | Mar 2025 8.4 | Jun 2025 7.5 | Sep 2025 8.4 | Dec 2025 9.6 | Mar 2026 7.3 | Jun 2026 —
- ROKU: Sep 2021 125.5 | Dec 2021 105.1 | Mar 2022 85.0 | Jun 2022 7,550.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 223.8 | Mar 2026 68.4 | Jun 2026 —
- NWS: Sep 2021 12.6 | Dec 2021 11.4 | Mar 2022 11.5 | Jun 2022 8.0 | Sep 2022 8.1 | Dec 2022 10.8 | Mar 2023 10.3 | Jun 2023 14.9 | Sep 2023 12.6 | Dec 2023 15.1 | Mar 2024 16.3 | Jun 2024 12.7 | Sep 2024 18.3 | Dec 2024 17.0 | Mar 2025 15.9 | Jun 2025 12.6 | Sep 2025 17.6 | Dec 2025 14.9 | Mar 2026 13.6 | Jun 2026 —
- WMG: Sep 2021 30.6 | Dec 2021 26.8 | Mar 2022 — | Jun 2022 22.9 | Sep 2022 16.6 | Dec 2022 19.9 | Mar 2023 20.2 | Jun 2023 16.0 | Sep 2023 17.8 | Dec 2023 18.4 | Mar 2024 17.4 | Jun 2024 16.2 | Sep 2024 16.9 | Dec 2024 19.4 | Mar 2025 19.1 | Jun 2025 17.7 | Sep 2025 20.3 | Dec 2025 17.3 | Mar 2026 14.0 | Jun 2026 —
- SIRI: Sep 2021 21.5 | Dec 2021 13.4 | Mar 2022 12.9 | Jun 2022 12.9 | Sep 2022 13.0 | Dec 2022 12.8 | Mar 2023 10.2 | Jun 2023 11.0 | Sep 2023 10.7 | Dec 2023 14.4 | Mar 2024 9.9 | Jun 2024 8.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.8 | Dec 2025 8.1 | Mar 2026 8.3 | Jun 2026 —
- MSGS: Sep 2021 — | Dec 2021 — | Mar 2022 116.0 | Jun 2022 50.1 | Sep 2022 47.1 | Dec 2022 52.7 | Mar 2023 45.9 | Jun 2023 62.8 | Sep 2023 48.9 | Dec 2023 63.0 | Mar 2024 65.4 | Jun 2024 37.0 | Sep 2024 38.8 | Dec 2024 45.7 | Mar 2025 62.1 | Jun 2025 336.1 | Sep 2025 — | Dec 2025 944.0 | Mar 2026 — | Jun 2026 —
- PSKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.6 | Jun 2025 0.0 | Sep 2025 12.3 | Dec 2025 25.3 | Mar 2026 9.2 | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 2.1 | Jun 2022 — | Sep 2022 1.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 3.5 | Sep 2025 — | Dec 2025 35.7 | Mar 2026 128.1 | Jun 2026 —
- CNK: Sep 2021 — | Dec 2021 399.1 | Mar 2022 38.0 | Jun 2022 24.5 | Sep 2022 18.1 | Dec 2022 28.0 | Mar 2023 24.2 | Jun 2023 12.8 | Sep 2023 10.0 | Dec 2023 7.7 | Mar 2024 22.5 | Jun 2024 24.2 | Sep 2024 11.9 | Dec 2024 10.8 | Mar 2025 10.8 | Jun 2025 9.9 | Sep 2025 10.3 | Dec 2025 10.0 | Mar 2026 10.5 | Jun 2026 —
- MANU: Sep 2021 25.0 | Dec 2021 29.6 | Mar 2022 27.5 | Jun 2022 25.6 | Sep 2022 28.9 | Dec 2022 43.8 | Mar 2023 33.0 | Jun 2023 21.2 | Sep 2023 17.6 | Dec 2023 14.8 | Mar 2024 14.8 | Jun 2024 18.7 | Sep 2024 21.4 | Dec 2024 31.2 | Mar 2025 14.6 | Jun 2025 14.0 | Sep 2025 12.9 | Dec 2025 12.4 | Mar 2026 12.3 | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.6 | Mar 2025 3.5 | Jun 2025 2.0 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 4.1 | Jun 2026 —
- MSGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.9 | Sep 2023 10.9 | Dec 2023 9.2 | Mar 2024 12.1 | Jun 2024 9.7 | Sep 2024 11.2 | Dec 2024 9.0 | Mar 2025 7.5 | Jun 2025 10.3 | Sep 2025 12.5 | Dec 2025 12.4 | Mar 2026 13.6 | Jun 2026 —
- BATRK: Sep 2021 33.5 | Dec 2021 22.8 | Mar 2022 — | Jun 2022 20.1 | Sep 2022 36.1 | Dec 2022 50.5 | Mar 2023 — | Jun 2023 85.3 | Sep 2023 61.2 | Dec 2023 — | Mar 2024 — | Jun 2024 132.8 | Sep 2024 293.1 | Dec 2024 — | Mar 2025 — | Jun 2025 74.7 | Sep 2025 40.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 53.1 | Dec 2021 17.3 | Mar 2022 17.9 | Jun 2022 15.2 | Sep 2022 14.0 | Dec 2022 19.8 | Mar 2023 17.8 | Jun 2023 13.5 | Sep 2023 11.0 | Dec 2023 9.5 | Mar 2024 10.1 | Jun 2024 10.8 | Sep 2024 13.4 | Dec 2024 14.6 | Mar 2025 14.8 | Jun 2025 14.4 | Sep 2025 14.8 | Dec 2025 15.1 | Mar 2026 16.6 | Jun 2026 16.4
- AMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,997.2 | Sep 2022 375.5 | Dec 2022 — | Mar 2023 — | Jun 2023 602.3 | Sep 2023 43.5 | Dec 2023 33.9 | Mar 2024 33.6 | Jun 2024 75.6 | Sep 2024 103.4 | Dec 2024 38.7 | Mar 2025 46.5 | Jun 2025 27.3 | Sep 2025 31.2 | Dec 2025 28.7 | Mar 2026 21.5 | Jun 2026 16.0
- MCS: Sep 2021 — | Dec 2021 34.6 | Mar 2022 21.5 | Jun 2022 9.9 | Sep 2022 9.6 | Dec 2022 11.1 | Mar 2023 11.0 | Jun 2023 9.9 | Sep 2023 8.6 | Dec 2023 7.8 | Mar 2024 8.7 | Jun 2024 9.2 | Sep 2024 9.6 | Dec 2024 11.9 | Mar 2025 10.9 | Jun 2025 9.4 | Sep 2025 9.7 | Dec 2025 9.0 | Mar 2026 9.8 | Jun 2026 —
- RSVR: Sep 2021 — | Dec 2021 — | Mar 2022 32.1 | Jun 2022 25.2 | Sep 2022 22.8 | Dec 2022 23.7 | Mar 2023 24.9 | Jun 2023 23.3 | Sep 2023 23.1 | Dec 2023 23.4 | Mar 2024 24.0 | Jun 2024 22.9 | Sep 2024 21.4 | Dec 2024 22.1 | Mar 2025 14.2 | Jun 2025 19.9 | Sep 2025 20.3 | Dec 2025 19.8 | Mar 2026 15.7 | Jun 2026 —
- AMCX: Sep 2021 7.4 | Dec 2021 6.7 | Mar 2022 7.3 | Jun 2022 5.6 | Sep 2022 5.3 | Dec 2022 15.6 | Mar 2023 16.6 | Jun 2023 19.4 | Sep 2023 23.8 | Dec 2023 5.9 | Mar 2024 5.9 | Jun 2024 6.9 | Sep 2024 7.3 | Dec 2024 37.2 | Mar 2025 259.1 | Jun 2025 29.3 | Sep 2025 81.0 | Dec 2025 7.9 | Mar 2026 8.3 | Jun 2026 —
- STRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.7 | Sep 2025 8.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- NFLX: Sep 2021 17.7 | Dec 2021 16.9 | Mar 2022 9.5 | Jun 2022 4.1 | Sep 2022 5.1 | Dec 2022 6.3 | Mar 2023 7.0 | Jun 2023 8.6 | Sep 2023 7.5 | Dec 2023 10.2 | Mar 2024 12.3 | Jun 2024 13.1 | Sep 2024 13.3 | Dec 2024 15.4 | Mar 2025 16.5 | Jun 2025 22.8 | Sep 2025 19.6 | Dec 2025 14.9 | Mar 2026 13.0 | Jun 2026 9.9
- DIS: Sep 2021 — | Dec 2021 3.6 | Mar 2022 3.1 | Jun 2022 2.7 | Sep 2022 1.9 | Dec 2022 1.8 | Mar 2023 — | Jun 2023 1.9 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 2.3 | Jun 2024 1.8 | Sep 2024 1.7 | Dec 2024 2.0 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.5 | Jun 2026 —
- WBD: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 —
- LYV: Sep 2021 -45.2 | Dec 2021 -34.9 | Mar 2022 -39.6 | Jun 2022 -49.6 | Sep 2022 53.2 | Dec 2022 -58.9 | Mar 2023 -41.9 | Jun 2023 113.2 | Sep 2023 17.5 | Dec 2023 43.0 | Mar 2024 68.6 | Jun 2024 42.5 | Sep 2024 20.7 | Dec 2024 30.6 | Mar 2025 33.4 | Jun 2025 27.5 | Sep 2025 23.2 | Dec 2025 28.8 | Mar 2026 103.5 | Jun 2026 —
- TKO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 1.8 | Jun 2024 2.2 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 3.0 | Jun 2025 3.5 | Sep 2025 4.2 | Dec 2025 4.4 | Mar 2026 4.5 | Jun 2026 —
- FWONK: Sep 2021 0.7 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 2.4 | Dec 2024 3.0 | Mar 2025 2.9 | Jun 2025 3.2 | Sep 2025 3.2 | Dec 2025 2.9 | Mar 2026 2.5 | Jun 2026 —
- FOXA: Sep 2021 1.9 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 2.1 | Jun 2025 1.9 | Sep 2025 2.1 | Dec 2025 2.5 | Mar 2026 2.0 | Jun 2026 —
- ROKU: Sep 2021 15.6 | Dec 2021 11.2 | Mar 2022 6.1 | Jun 2022 4.1 | Sep 2022 2.8 | Dec 2022 2.2 | Mar 2023 3.6 | Jun 2023 3.6 | Sep 2023 4.4 | Dec 2023 5.7 | Mar 2024 4.0 | Jun 2024 3.6 | Sep 2024 4.4 | Dec 2024 4.4 | Mar 2025 4.1 | Jun 2025 5.0 | Sep 2025 5.6 | Dec 2025 6.0 | Mar 2026 5.2 | Jun 2026 —
- NWS: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 2.1 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 —
- WMG: Sep 2021 709.2 | Dec 2021 145.2 | Mar 2022 — | Jun 2022 123.6 | Sep 2022 81.1 | Dec 2022 66.9 | Mar 2023 68.3 | Jun 2023 47.9 | Sep 2023 52.8 | Dec 2023 40.0 | Mar 2024 39.5 | Jun 2024 32.9 | Sep 2024 31.3 | Dec 2024 29.6 | Mar 2025 28.8 | Jun 2025 24.1 | Sep 2025 27.5 | Dec 2025 22.2 | Mar 2026 18.1 | Jun 2026 —
- SIRI: Sep 2021 -9.6 | Dec 2021 -9.6 | Mar 2022 -7.3 | Jun 2022 -6.7 | Sep 2022 -6.2 | Dec 2022 -6.8 | Mar 2023 -4.7 | Jun 2023 -5.6 | Sep 2023 -6.0 | Dec 2023 2.1 | Mar 2024 -6.3 | Jun 2024 -5.2 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- MSGS: Sep 2021 -19.2 | Dec 2021 -19.8 | Mar 2022 -24.2 | Jun 2022 -24.9 | Sep 2022 -19.2 | Dec 2022 -11.3 | Mar 2023 -14.0 | Jun 2023 -13.3 | Sep 2023 -11.8 | Dec 2023 -12.8 | Mar 2024 -15.0 | Jun 2024 -16.9 | Sep 2024 -18.0 | Dec 2024 -19.8 | Mar 2025 -16.5 | Jun 2025 -17.8 | Sep 2025 -18.6 | Dec 2025 -22.1 | Mar 2026 -26.2 | Jun 2026 —
- PSKY: Sep 2021 21.7 | Dec 2021 0.4 | Mar 2022 7.4 | Jun 2022 4.5 | Sep 2022 3.5 | Dec 2022 0.2 | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 — | Sep 2025 1.7 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- SPHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 1.9 | Jun 2026 —
- CNK: Sep 2021 7.6 | Dec 2021 6.0 | Mar 2022 7.3 | Jun 2022 8.7 | Sep 2022 7.5 | Dec 2022 9.5 | Mar 2023 15.8 | Jun 2023 8.2 | Sep 2023 6.9 | Dec 2023 5.5 | Mar 2024 6.7 | Jun 2024 7.2 | Sep 2024 6.1 | Dec 2024 6.4 | Mar 2025 8.2 | Jun 2025 7.8 | Sep 2025 8.5 | Dec 2025 6.6 | Mar 2026 8.7 | Jun 2026 —
- MANU: Sep 2021 9.5 | Dec 2021 7.0 | Mar 2022 8.5 | Jun 2022 11.7 | Sep 2022 19.2 | Dec 2022 28.6 | Mar 2023 28.0 | Jun 2023 30.5 | Sep 2023 36.8 | Dec 2023 27.2 | Mar 2024 10.2 | Jun 2024 14.9 | Sep 2024 13.8 | Dec 2024 12.1 | Mar 2025 8.8 | Jun 2025 11.5 | Sep 2025 10.4 | Dec 2025 10.7 | Mar 2026 12.2 | Jun 2026 —
- LION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -2.3 | Mar 2025 -7.1 | Jun 2025 -1.5 | Sep 2025 -1.6 | Dec 2025 -2.0 | Mar 2026 -2.3 | Jun 2026 —
- BATRK: Sep 2021 4.6 | Dec 2021 4.8 | Mar 2022 5.1 | Jun 2022 3.6 | Sep 2022 4.3 | Dec 2022 5.7 | Mar 2023 7.5 | Jun 2023 9.6 | Sep 2023 3.9 | Dec 2023 4.6 | Mar 2024 5.0 | Jun 2024 4.7 | Sep 2024 4.6 | Dec 2024 4.5 | Mar 2025 5.2 | Jun 2025 5.5 | Sep 2025 4.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMAX: Sep 2021 3.3 | Dec 2021 2.9 | Mar 2022 3.3 | Jun 2022 3.3 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 4.0 | Jun 2023 3.4 | Sep 2023 3.7 | Dec 2023 2.9 | Mar 2024 3.3 | Jun 2024 3.3 | Sep 2024 3.7 | Dec 2024 4.5 | Mar 2025 4.7 | Jun 2025 10.4 | Sep 2025 5.0 | Dec 2025 5.9 | Mar 2026 6.2 | Jun 2026 6.1
- AMC: Sep 2021 -27.0 | Dec 2021 — | Mar 2022 -13.3 | Jun 2022 -6.8 | Sep 2022 -1.6 | Dec 2022 -2.2 | Mar 2023 -3.3 | Jun 2023 -2.9 | Sep 2023 -0.7 | Dec 2023 -0.9 | Mar 2024 -0.5 | Jun 2024 -1.1 | Sep 2024 -1.0 | Dec 2024 -0.9 | Mar 2025 -0.7 | Jun 2025 -0.8 | Sep 2025 -0.8 | Dec 2025 -0.4 | Mar 2026 -0.3 | Jun 2026 -1.2
- MCS: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 1.2 | Jun 2026 —
- ANGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -12.6 | Jun 2026 —
- RSVR: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.7 | Jun 2026 —
- AMCX: Sep 2021 2.4 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —

## Market action

Sphere Entertainment Co. has the strongest one-year price move in Entertainment at +247.1%. Starz Entertainment Corp. leads on Mansfield relative strength against the S&P 500 at +53.8%. 17 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Sphere Entertainment Co. (SPHR): 247%
2. Lionsgate Studios Corp. (LION): 119%
3. Madison Square Garden Entertainment Corp. (MSGE): 109%
4. Madison Square Garden Sports Corp. (MSGS): 100%
5. Warner Bros. Discovery, Inc. (WBD): 99%

### Strongest relative strength versus NIFTY 500
1. Starz Entertainment Corp. (STRZ): 54%
2. The Marcus Corporation (MCS): 35%
3. Sphere Entertainment Co. (SPHR): 31%
4. Madison Square Garden Sports Corp. (MSGS): 29%
5. Lionsgate Studios Corp. (LION): 29%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Netflix, Inc. (NFLX) — market value ₹3.0 L Cr; latest fundamentals Jun 2026
- The Walt Disney Company (DIS) — market value ₹1.7 L Cr; latest fundamentals Mar 2026
- Warner Bros. Discovery, Inc. (WBD) — market value ₹64.2K Cr; latest fundamentals Mar 2026
- Live Nation Entertainment, Inc. (LYV) — market value ₹42.1K Cr; latest fundamentals Mar 2026
- TKO Group Holdings, Inc. (TKO) — market value ₹35.4K Cr; latest fundamentals Mar 2026
- Formula One Group (FWONK) — market value ₹25.3K Cr; latest fundamentals Mar 2026
- Fox Corporation (FOXA) — market value ₹24.2K Cr; latest fundamentals Mar 2026
- Roku, Inc. (ROKU) — market value ₹21.3K Cr; latest fundamentals Mar 2026
- News Corporation (NWS) — market value ₹15.9K Cr; latest fundamentals Mar 2026
- Warner Music Group Corp. (WMG) — market value ₹15.0K Cr; latest fundamentals Mar 2026
- Sirius XM Holdings Inc. (SIRI) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- Madison Square Garden Sports Corp. (MSGS) — market value ₹9.6K Cr; latest fundamentals Mar 2026
- Paramount Skydance Corporation (PSKY) — market value ₹9.0K Cr; latest fundamentals Mar 2026
- Versant Media Group, Inc. (VSNT) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Sphere Entertainment Co. (SPHR) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Cinemark Holdings, Inc. (CNK) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Manchester United plc (MANU) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Lionsgate Studios Corp. (LION) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Madison Square Garden Entertainment Corp. (MSGE) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Atlanta Braves Holdings, Inc. (BATRK) — market value ₹3.2K Cr; latest fundamentals Sep 2025
- IMAX Corporation (IMAX) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- AMC Entertainment Holdings, Inc. (AMC) — market value ₹2.4K Cr; latest fundamentals Jun 2026
- The Marcus Corporation (MCS) — market value ₹766 Cr; latest fundamentals Mar 2026
- Angel Studios, Inc. (ANGX) — market value ₹762 Cr; latest fundamentals Mar 2026
- Reservoir Media, Inc. (RSVR) — market value ₹731 Cr; latest fundamentals Mar 2026
- AMC Global Media Inc. (AMCX) — market value ₹451 Cr; latest fundamentals Mar 2026
- Starz Entertainment Corp. (STRZ) — market value ₹431 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Entertainment company is the biggest?

The Walt Disney Company is the largest, with trailing-twelve-month revenue of $97,263 million, ahead of Netflix, Inc. at $48,371 million. That covers 23 of 27 companies with comparable reporting through Mar 2026.

### Which Entertainment company is growing fastest?

Sphere Entertainment Co. has the fastest revenue growth at 21.6% year on year, across 22 of 27 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Entertainment company has the best profit margins?

Netflix, Inc. has the highest operating margin at 33.4%, from 27 of 27 comparable companies. Angel Studios, Inc. shows the biggest recent improvement, at +68.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Entertainment company makes the most profit?

Netflix, Inc. earns the most, at $13,650 million of trailing-twelve-month net profit, from 23 of 27 comparable companies. TKO Group Holdings, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Entertainment company earns the highest return on capital?

Netflix, Inc. leads on return on capital employed at 9.3%, across 27 of 27 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Entertainment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — The Walt Disney Company screens cheapest at 0.53×. Only 11 of 27 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Entertainment company has the strongest balance sheet?

Starz Entertainment Corp. carries the lowest comparable gross debt at $0 million, from 26 of 27 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Entertainment company is investing most in new capacity?

The Walt Disney Company reports the largest capital spending at $1,973 million, across 27 of 27 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Entertainment sector beating the market?

Entertainment has outperformed S&P 500 by 19.5% over the last 52 weeks and 7.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Entertainment stock has the strongest price momentum?

Starz Entertainment Corp. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Entertainment company scores highest for research priority?

Roku, Inc. scores 61 out of 100 with 64.6% evidence confidence, from 24.2 points on growth and earnings, 12.3 on capital efficiency, 9.3 on valuation and 15.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Entertainment companies does this comparison cover, and over what period?

It compares 27 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Entertainment sector?

The 27 Entertainment companies on this page carry $783,034 million of combined market value. Netflix, Inc. is the largest at $301,428 million, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Entertainment sector's P/E ratio?

The median price-to-earnings ratio across the 27 Entertainment companies on this page is 44.4×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Entertainment sector performing?

17 of the 26 covered Entertainment companies are beating S&P 500 on Mansfield relative strength. The sector itself is 19.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Entertainment stocks are listed in the US?

This comparison covers 27 listed Entertainment companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/entertainment