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The Marcus (MCS) investor relations material
The Marcus Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter fiscal 2025 saw 17% revenue growth to $206M, with operating income up to $13M, driven by blockbuster films and resilient hotel performance despite renovation disruptions.
Net earnings were $7.3M ($0.23/share), reversing a net loss last year; both divisions entered the third quarter with positive momentum.
Theatres saw a 29.8% revenue increase, while hotels maintained stable performance amid renovations.
Financial highlights
Q2 2025 revenues reached $206M, up 17% year-over-year; operating income was $13M, up from $2.2M; net earnings were $7.3M versus a net loss of $20.2M last year.
Adjusted EBITDA rose 46.9% to $32.3M.
Cash and cash equivalents at June 30, 2025, were $14.9M; debt-to-capitalization ratio was 0.29, net leverage 1.61x.
Cash flow from operations was $31.6M, down from $36M last year due to timing of payables and annual payments.
Outlook and guidance
Expectation of improved admission per cap growth in theaters in the second half due to pricing changes and surcharges.
Group room revenue bookings for hotels in 2026 are nearly 20% ahead of prior year pace; banquet and catering revenue pace for 2025 and 2026 is running 15–20% ahead.
Capital expenditures for fiscal 2025 are projected at $70M–$85M, with a step down expected in 2026 as major projects conclude.
Effective tax rate for fiscal 2025 is expected in the 28–32% range, excluding one-time items.
Management expects continued performance improvements in both segments, with a strong film slate and all renovated hotel rooms available.
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