AMC Entertainment (AMC) Q4 2025 earnings summary

Executive summary

• Achieved operational and financial progress in 2025, with full year revenues rising 4.6% to $4,848.9 million and adjusted EBITDA up nearly 13% to $388 million, despite a slower-than-expected industry recovery and a 2.1% global attendance decline.

• AMC outperformed peers, increasing market share to over 25% of U.S. box office dollars, with a network 50% larger than its next largest competitors.

• Net loss for 2025 increased to $632.4 million, mainly due to non-cash charges from July 2025 refinancing, though Q4 net loss improved year-over-year.

• Record per-patron revenues and contribution margins achieved for both Q4 and full year.

Financial highlights

• Q4 2025 revenue was $1.29 billion, adjusted EBITDA $134 million, and cash from operations $127 million.

• Full year 2025 consolidated revenue grew 4.6% to over $4.8 billion, with adjusted EBITDA up nearly 13% to $388 million.

• Record per-patron metrics: admissions revenue per patron up 5.9% to $12.09, food and beverage per patron up 5.1% to $7.62, and total revenue per patron up 6.8% to $22.10.

• Contribution margin per patron rose 7.2% to $14.80, now 51% higher than 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.

Outlook and guidance

• 2026 box office expected to rise by $500 million to over $1 billion in North America, with Europe projected to outperform the U.S.

• 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.

• Anticipates substantial adjusted EBITDA growth in 2026 due to operating leverage and a robust film slate.

• CapEx for 2026 guided at $175 million–$225 million, consistent with 2025.