Starz Entertainment Corp reported Q3 2025 revenue of $948.6 million, delivering an EBITDA of $434.8 million and a gross profit of $264.8 million (gross margin ~27.9%). Despite a robust EBITDA pre-cash burden, the company posted a net loss of $163.3 million and an EPS of -$0.68, driven by substantial depreciation and amortization of $532.0 million and interest expense of $78.7 million. YoY revenue declined by 6.6% while QoQ revenue rose approximately 13.6%, signaling a partial rebound from the prior quarter but still pressured by high non-cash charges and debt service costs. The operating result remained negative at $77.1 million, with an operating margin of -8.1%, indicating that underlying cash-generating capability exists (EBITDA positive) but is not yet translating into bottom-line profitability due to non-cash and financing costs.