Lions Gate Entertainment Corp reported QQ3 2025 revenue of $970.5 million, up 2.3% QoQ but down 0.5% YoY, reflecting a modest sequential improvement against a muted year-over-year base. Gross profit was $403.2 million with a gross margin of 41.5%, while EBITDA stood at $491.7 million (EBITDA margin ≈ 50.7%), underscoring the company’s ability to generate robust operating cash generation from its content and licensing activities. However, the company posted a net loss of $21.9 million and a negative for the period, driven by high depreciation and amortization (D&A of $443.4 million) and interest expense of $72.5 million; these/these elements contributed to a negative net income despite positive EBITDA. Operating income was $35.8 million, yielding an operating margin of roughly 3.69%. Free cash flow remained negative at $124.2 million, and operating cash flow was also negative at $118.8 million for the quarter, signaling ongoing working capital needs and a heavy capital structure. Cash and equivalents stood at $254.1 million at period end, while total debt totaled $4.501 billion with net debt of $4.300 billion, producing a leveraged balance sheet and negative shareholders’ equity of $168.3 million. Management commentary on QQ3 2025 was not captured in the provided transcript dataset, limiting the ability to quote specific remarks. The quarter demonstrates a classic EBITDA-driven profitability signal amid a high-D&A, high-debt framework, with Starz and content licensing serving as key growth anchors. The near-term investment thesis hinges on deleveraging progress, free cash flow improvement, and sustained Starz-related monetization while monitoring content costs and working capital efficiency.