National CineMedia (NCMI) Q3 2026 earnings summary

Executive summary

• Captivate acquisition closed September 18 for $272.4M, adding office and residential advertising and expanding the network to ~48,000 screens.

• CEO Tom Lesinski plans to retire with an anticipated departure date of December 31, 2026; Korn Ferry is assisting with the CEO search.

• 2026 operational transformation savings target increased to >$7.5M; annualized run-rate savings are expected to reach ~$11M.

Financial highlights

• Q3 revenue was $61.4M, down 3.2% YoY; excluding Captivate, revenue was $58.8M, down ~7%.

• Adjusted OIBDA was $3.3M versus $10.2M; operating loss was $21.6M versus $1.8M, and net loss was $17.2M versus net income of $1.6M.

• Q3 diluted EPS was $(0.18) versus $0.02; a $42.3M tax benefit partly offset the pre-tax loss, while a $36.4M TRA remeasurement loss materially affected results.

• 9M revenue was $153.8M, up 2.5%; operating loss was $61.3M versus $37.7M, and net loss was $55.8M versus $39.9M.

• 9M Adjusted OIBDA was negative $5.2M versus positive $1.9M; 9M operating cash flow was $13.7M.

Outlook and guidance

• Q4 guidance is $117M–$124M consolidated revenue and $42M–$48M Adjusted OIBDA, including a full quarter of Captivate and transformation savings.

• Q4 ad pacing is ahead of the prior year overall; Captivate bookings are >30% ahead and cinema is tracking in line. Guidance includes no Captivate revenue synergies.

• Acquisition synergies remain on track to exceed $3.5M annualized in the first year after close, with >60% of the target realized.

• The 2026 Transformation Initiative was completed in Q3; workforce reductions and vendor changes are intended to improve efficiency and enable automation.

• Early Q4 trends were described as encouraging across both networks, supported by the holiday theatrical slate and demand for Captivate inventory.