AMC Entertainment (AMC) Q4 2025 earnings summary

Executive summary

• Achieved meaningful operational and financial progress in 2025, outperforming a sluggish industry box office and increasing U.S. market share by 140 basis points.

• Generated $1.29 billion in Q4 revenue, with full-year consolidated revenue up 4.6% to $4.85 billion and over 219 million guests globally.

• Adjusted EBITDA for 2025 reached $388 million, up nearly 13% year-over-year; Q4 Adjusted EBITDA was $134 million.

• Record-setting per-patron revenue and profit metrics, with significant improvements versus pre-pandemic 2019.

• Net loss for Q4 2025 was $127.4 million, an improvement from Q4 2024; full year net loss increased to $632.4 million, mainly due to non-cash refinancing charges.

Financial highlights

• Admissions revenue per patron grew 5.9% to $12.09; food and beverage revenue per patron up 5.1% to $7.62.

• Contribution margin per patron rose 7.2% to $14.80, now 51% higher than in 2019; Q4 2025 contribution margin per patron was $16.30.

• Ended 2025 with $428 million in cash; positive free cash flow of $51 million for the last nine months, but full year free cash flow was negative $365.9 million due to higher capex and operating outflows.

• Diluted loss per share for Q4 2025 was $0.25; full year diluted loss per share was $1.34.

• Capital expenditures for 2025 totaled $246.1 million.

Outlook and guidance

• 2026 expected to see a markedly stronger box office, with North American box office projected to rise by $500 million to over $1 billion year-over-year.

• Management expects significant industry growth in 2026, citing a strong movie slate and a 16% year-over-year increase in January North American box office.

• Operating leverage expected to drive substantial adjusted EBITDA growth as revenues rise.

• 2026 CapEx guidance remains $175 million–$225 million, focused on maintenance and selective upgrades.

• Europe anticipated to outperform the U.S. in box office recovery for 2026.