National CineMedia (NCMI) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue grew 8% year-over-year to $93.2 million, outpacing attendance growth due to increased advertiser demand and improved inventory monetization.

• Attendance in Q4 reached 107.4 million, up 7% year-over-year, aided by an extra week despite a 7% box office decline.

• Operating income rose to $23.8 million from $20.0 million year-over-year; net income increased to $29.3 million ($0.31 per diluted share).

• Adjusted OIBDA for Q4 was $37.2 million, up 6% year-over-year and above guidance.

• Share repurchases totaled 4.1 million shares in 2025 at an average price of $5.41, with a quarterly dividend of $0.03 per share announced, totaling $2.8 million.

Financial highlights

• Q4 2025 revenue was $93.2 million, up from $86.3 million in the prior year.

• National advertising revenue for Q4 was $76.0 million, local/regional $13.8 million, and beverage concessionaire $3.4 million.

• Adjusted operating expenses for Q4 were $56.1 million, up from $51.3 million in the prior year.

• Q4 unlevered free cash flow was $6.1 million, down from $28.3 million in the prior year due to timing of receivables and prepayments.

• Full-year 2025 revenue reached $243.2 million, up 1% from 2024; full-year Adjusted OIBDA was $39.1 million.

Outlook and guidance

• Q1 2026 revenue expected between $32.5 million and $36.5 million; Adjusted OIBDA projected between -$13 million and -$10 million.

• Guidance reflects absence of the holiday week, reduced beverage revenue, and Olympic-related ad shifts.

• Management anticipates a strong 2026 film slate and continued growth in cinema advertising.

• Forward-looking statements caution about risks including theater attendance, film availability, and advertising demand.