National CineMedia (NCMI) Q4 2025 earnings summary

Executive summary

• Fourth quarter revenue grew 8% year-over-year to $93.2 million, driven by increased advertiser demand and platform investments, outpacing attendance growth.

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

• Adjusted OIBDA for Q4 was $37.2 million, exceeding guidance and up 6% from the prior year.

• 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).

• Share repurchases totaled 4.1 million shares in 2025 at an average price of $5.41, with additional buybacks in early 2026.

Financial highlights

• Q4 total revenue: $93.2 million, up 8% year-over-year; national advertising revenue: $76 million, up nearly 10%.

• Q4 Adjusted OIBDA: $37.2 million, up 6% from prior year; unlevered free cash flow: $6.1 million.

• Full year 2025 revenue: $243.2 million, up 1%; national advertising revenue: $194.5 million, up 3.5%.

• Full year Adjusted OIBDA: $39.1 million, down from $45.7 million, reflecting first-half headwinds.

• Operating expenses increased to $69.4 million in Q4, mainly due to higher attendance-related costs.

Outlook and guidance

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

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

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

• 4Q'25 revenue and adjusted OIBDA were within management's guidance range.