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National CineMedia
National CineMedia (NCMI) investor relations material
National CineMedia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Fourth quarter revenue grew 8% year-over-year to $93.2 million, driven by increased advertiser demand and platform investments, outpacing attendance growth.
Q4 attendance reached 107.4 million, up 7% year-over-year, aided by an extra week despite a 7% box office decline.
Adjusted OIBDA for Q4 was $37.2 million, exceeding guidance and up 6% from the prior year.
Operating income rose to $23.8 million from $20.0 million year-over-year; net income increased to $29.3 million ($0.31 per diluted share).
Share repurchases totaled 4.1 million shares in 2025 at an average price of $5.41, with additional buybacks in early 2026.
Financial highlights
Q4 total revenue: $93.2 million, up 8% year-over-year; national advertising revenue: $76 million, up nearly 10%.
Q4 Adjusted OIBDA: $37.2 million, up 6% from prior year; unlevered free cash flow: $6.1 million.
Full year 2025 revenue: $243.2 million, up 1%; national advertising revenue: $194.5 million, up 3.5%.
Full year Adjusted OIBDA: $39.1 million, down from $45.7 million, reflecting first-half headwinds.
Operating expenses increased to $69.4 million in Q4, mainly due to higher attendance-related costs.
Outlook and guidance
Q1 2026 revenue expected between $32.5 million and $36.5 million; Adjusted OIBDA projected between negative $13 million and negative $10 million.
Guidance reflects absence of holiday week, reduced beverage revenue, and Olympic-related advertising shifts.
Management anticipates a strong 2026 film slate and continued growth in cinema advertising.
4Q'25 revenue and adjusted OIBDA were within management's guidance range.
How does AI aid local ad campaign customization?
Impact of 18% national CPM decrease on strategy?
Beyond Q1, what are 2026 forward booking trends?
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Next National CineMedia earnings date
Q1 20265 May, 2026
National CineMedia
Next National CineMedia earnings date
Q1 20265 May, 2026
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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.
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