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AMC Entertainment (AMC) investor relations material

AMC Entertainment Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Aug, 2025

Executive summary

  • Q2 2025 revenue grew 35.6% year-over-year to $1.4B, driven by a 25.6% increase in global attendance and higher ticket and food and beverage sales.

  • Adjusted EBITDA surged 391.4% to $189.2M, with net loss narrowing to $4.7M from $32.8M year-over-year.

  • Free cash flow improved to $88.9M, and net cash from operations swung $173M to positive $138.4M.

  • Record per patron metrics: admissions revenue per patron at $12.14, food & beverage per guest at $7.95, and total revenue per patron at $22.26.

  • Strategic pricing, marketing, and premium experience initiatives, along with transformative financing, drove performance and guest engagement.

Financial highlights

  • Total revenue reached $1.4B, up 35.6% year-over-year; admissions revenue was $762.6M and food & beverage revenue $499.6M.

  • Adjusted EBITDA was $189.2M, with free cash flow at $88.9M and cash and cash equivalents at $423.7M as of June 30, 2025.

  • Contribution margin per patron rose to $14.48, and gross margin improved as operating expenses fell as a percentage of revenue.

  • Net loss for Q2 2025 was $4.7M, a significant improvement from $32.8M in Q2 2024.

  • Corporate borrowings at June 30, 2025, were $4.01B.

Outlook and guidance

  • Q3 is expected to show seasonal softness, but Q4 may deliver the strongest box office in six years, with 2025 box office projected $500M–$900M higher than 2024.

  • Management expects continued industry growth momentum into 2026, with optimism for long-term shareholder value.

  • Free cash flow positive expected for the nine months ending December 2025, assuming box office meets expectations.

  • Achieving sustainable net positive cash flows will require revenues to return to at least pre-COVID-19 levels; North American box office remains 26% below 2019 for H1 2025.

  • The company may seek additional financing or equity issuances if required.

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Frequently asked questions

One of the Largest Cinema Chains in the World

AMC Entertainment Holdings, Inc., simply referred to as AMC is a prominent American movie theater chain. With a long-standing history, AMC operates numerous theaters across the United States and internationally. The company runs movie theaters and is experienced in exhibiting and distributing films, offering a variety of movie experiences to audiences. AMC's theaters present a range of films, including blockbusters, independent movies, and special screenings.

Over 100 years of big-screen entertainment

AMC has a long history in the entertainment business, tracing back to its founding in 1920. Over the years, the company expanded through acquisitions and strategic partnerships, solidifying its position as a leading theater chain in the United States. Despite facing challenges and changing market dynamics, AMC persevered and adapted to the evolving entertainment landscape. Through a focus on customer experience and continuous improvement, AMC has grown its network of theaters nationwide, offering a wide selection of movies and amenities. Today, AMC is a prominent player in the industry, known for its extensive theater network and commitment to providing quality entertainment experiences.

A strong US presence

AMC has established a strong presence in the United States, with an extensive network of theaters spanning various cities and states. From major metropolitan areas to smaller communities, AMC theaters are widely accessible all over the US. This widespread presence allows AMC to reach customers across the country, offering a convenient and enjoyable movie-going experience. With its widespread reach and diverse theater locations, AMC has become a familiar and trusted name in the American film industry, while also becoming the obvious choice for many consumers when it comes to choosing a place to watch the latest movie releases. Whether it’s a small indie film or a blockbuster movie produced by a production company like Paramount or Disney, AMC is the obvious choice for many consumers. They also work together with other companies, such as IMAX, to provide the best possible movie experience for their customers.

AMC might be an American company and have the bulk of its operations (and market share) in the US, but it’s not the only place where consumers can catch the latest releases at their local AMC branch. Today, AMC operates outside the US and is active in around 15 countries.

Focusing on the customer experience

Part of AMC’s success can be attributed to the fact that they provide a comfortable and immersive movie-watching experience with state-of-the-art technology, comfortable seating, and high-quality audiovisual systems. AMC also offers various forms of customer loyalty programs to further enhance incentives for consumers to visit their theaters.

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