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The Marcus (MCS) investor relations material
The Marcus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third quarter 2025 revenues declined 9.7% year-over-year to $210.2 million, mainly due to weaker theatre performance, while hotels outperformed expectations and competitive sets.
Net earnings for Q3 2025 were $16.2 million, down 30.4% from Q3 2024, aided by a $3 million insurance gain; year-to-date net earnings improved to $6.7 million from a prior loss.
Adjusted EBITDA for Q3 2025 was $40.4 million, a 22.6% decrease year-over-year; year-to-date Adjusted EBITDA was $72.5 million, down 5.3%.
Theatres faced a challenging film slate with lower attendance and revenue, while hotels delivered revenue growth despite tough comps.
Nine-month revenues rose 3.2% to $565.0 million, driven by both segments and additional operating days.
Financial highlights
Consolidated Q3 revenues were $210.2 million, down 9.7% year-over-year; operating income was $22.7 million, a decrease of $10.1 million.
Net earnings per diluted share were $0.52 for Q3 2025; year-to-date EPS was $0.21, compared to a loss of $0.28 per share last year.
Adjusted EBITDA margin for Q3 2025 was 19.2%.
Interest expense for Q3 2025 was $2.8 million.
Cash flow from operations for Q3 was $39.1 million; year-to-date was $35.4 million.
Segment performance
Theatre Q3 2025 revenues fell 16.6% to $119.9 million, with attendance down 18.7% and average ticket price up 3.6%.
Theatre adjusted EBITDA dropped 33% to $22.1 million, mainly from lower attendance.
Hotels Q3 2025 revenues grew 1.7% to $80.3 million, with RevPAR at $176.32 (down 1.5–1.8%) and occupancy up to 78.4%.
Hotels outperformed competitive sets by 5.2 points in RevPAR and saw food and beverage revenue up 8.3%.
Hotels adjusted EBITDA was flat year-over-year despite revenue mix changes.
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