AMC Entertainment (AMC) Q1 2025 earnings summary

Executive summary

• Q1 2025 was the weakest industry-wide domestic box office since 1996 (excluding COVID-impacted years), with AMC's revenue down 9.3% to $862.5M and net loss widening to $202.1M, but a dramatic rebound began in April and May as box office doubled year-over-year.

• AMC outperformed the North American box office, with a domestic admissions revenue decline of 10.9% versus the industry’s 12.4% drop, and set a Q1 record for U.S. admissions revenue per-patron.

• Adjusted EBITDA was negative $58.0M, down from negative $21.2M in Q1 2024, reflecting reduced attendance and film popularity.

• The company is executing its AMC GO Plan and expanding premium formats, immersive auditoriums, and loyalty programs to drive future growth.

Financial highlights

• Consolidated revenue per-patron on a constant currency basis rose 1.6% year-over-year and 40% over 2019 pre-pandemic levels, with food and beverage revenue per-patron up 49% and admissions revenue per-patron up 26% compared to 2019.

• Contribution margin per-patron is up 3.7% year-over-year and 51% above 2019 levels.

• Cash and cash equivalents at quarter-end were $378.7M (excluding $49M restricted cash), down from $632.3M at year-end 2024.

• CapEx net of landlord contributions was $42.8M–$47.0M in Q1; 2025 net CapEx expected to be $175–$225M.

• Net cash used in operating activities was $370.0M, up from $188.3M in Q1 2024.

Outlook and guidance

• Full-year 2025 industry-wide domestic box office expected at the high end of the previously forecasted range, $500M–$1B above 2024, with 2026 projected to be considerably larger.

• Management expects strong moviegoing demand for the remainder of 2025 and into 2026, citing a robust slate of upcoming blockbusters.

• AMC anticipates being free cash flow positive for the nine months ending December 31, 2025, if box office meets expectations, but current cash burn rates are unsustainable long-term.

• Achieving sustainable positive cash flow will require revenue levels at least in line with pre-COVID-19 periods; North American box office grosses remain about 40% below Q1 2019.

• Uncertainty remains around film release schedules, box office recovery, and the ability to generate additional liquidity beyond twelve months.