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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
National CineMedia
National CineMedia (NCMI) investor relations material
National CineMedia Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Captivate acquisition closed September 18 for $272.4M, adding office and residential advertising and expanding the network to ~48,000 screens.
CEO Tom Lesinski plans to retire with an anticipated departure date of December 31, 2026; Korn Ferry is assisting with the CEO search.
2026 operational transformation savings target increased to >$7.5M; annualized run-rate savings are expected to reach ~$11M.
Financial highlights
Q3 revenue was $61.4M, down 3.2% YoY; excluding Captivate, revenue was $58.8M, down ~7%.
Adjusted OIBDA was $3.3M versus $10.2M; operating loss was $21.6M versus $1.8M, and net loss was $17.2M versus net income of $1.6M.
Q3 diluted EPS was $(0.18) versus $0.02; a $42.3M tax benefit partly offset the pre-tax loss, while a $36.4M TRA remeasurement loss materially affected results.
9M revenue was $153.8M, up 2.5%; operating loss was $61.3M versus $37.7M, and net loss was $55.8M versus $39.9M.
9M Adjusted OIBDA was negative $5.2M versus positive $1.9M; 9M operating cash flow was $13.7M.
Outlook and guidance
Q4 guidance is $117M–$124M consolidated revenue and $42M–$48M Adjusted OIBDA, including a full quarter of Captivate and transformation savings.
Q4 ad pacing is ahead of the prior year overall; Captivate bookings are >30% ahead and cinema is tracking in line. Guidance includes no Captivate revenue synergies.
Acquisition synergies remain on track to exceed $3.5M annualized in the first year after close, with >60% of the target realized.
The 2026 Transformation Initiative was completed in Q3; workforce reductions and vendor changes are intended to improve efficiency and enable automation.
Early Q4 trends were described as encouraging across both networks, supported by the holiday theatrical slate and demand for Captivate inventory.
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Latest events from National CineMedia
- Q2 2026 revenue up 12.7%, major digital ad acquisition announced, and dividend paused.NCMI
Q2 2026 - Q1 2026 revenue was $34.0M, net loss improved, and cost-saving initiatives advanced.NCMIQ1 2026
- Director elections, executive pay, and auditor ratification headline the 2026 annual meeting.NCMIProxy filing
- Board recommends approval of all proposals; compensation and governance align with shareholder interests.NCMIProxy filing
- Q4 revenue up 8% year-over-year, with higher attendance and strong advertising demand.NCMIQ4 2025
- Q3 revenue up 152.6% year-over-year, beating guidance, with strong scatter ad growth and $3.6M net loss.NCMIQ3 2024
- Q2 2024 saw record ad revenue per attendee, strong liquidity, and continued net losses.NCMIQ2 2024
- Q1 2025 revenue fell 6.7%–7% as AMC deal extended, losses narrowed, and outlook improved.NCMIQ1 2025
- Q4 revenue and OIBDA beat guidance, but full-year revenue fell 7.3% on lower attendance.NCMIQ4 2024
Next National CineMedia earnings date
Q4 202626 Feb, 2027
National CineMedia
Next National CineMedia earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
National CineMedia Inc offers digital in-theater advertising and entertainment content, concessions promotions, and other programming to its theater partners; and advertising representation services to advertisers, advertising agencies, and advertising networks. It operates through three segments: Network, Cinema Media, and Film Advertising. The Network segment provides exhibitors with network software platform used to schedule and playback advertisements and entertainment on the cinema screens into a network of theaters; conducts meetings or events in theaters for third party clients; licenses the CinemaSync platform to exhibitors that enables exhibitors to synchronize advertisements and related information on tablets; sells advertising inventory; offers Software as a Service-based suite of applications to enable its theater partners to manage their businesses. The Cinema Media segment sells theatre circuits for placement of their pre-show content on individual theater screens. The Film Advertising segment offers integrated marketing services in connection with the distribution of feature films from studios to theaters.