The Marcus (MCS) Q4 2025 earnings summary

Executive summary

• Both divisions outperformed their industries in Q4, with Theatres leading box office growth and Hotels achieving record revenue and Adjusted EBITDA for the year.

• Theatres benefited from a favorable film slate, strategic pricing, and strong family and blockbuster films, while Hotels capitalized on renovated properties, increased leisure demand, and strong group bookings.

• Strategic reinvestments and renovations, especially at Hilton Milwaukee, contributed to outperformance.

Financial highlights

• Q4 2025 total revenues were $193.5 million, up 2.8% year-over-year; full year revenues reached $758.5 million, up 3.1%.

• Q4 operating income was $1.7 million, impacted by $5.2 million in non-cash impairment charges; excluding these, operating income was $6.9 million, up 5.2%.

• Q4 net earnings were $6.0 million (vs. $1.0 million prior year); full year net earnings were $12.7 million (vs. $-7.8 million prior year).

• Q4 Adjusted EBITDA reached $26.8 million, a 3.6% increase year-over-year; full year Adjusted EBITDA was $99.3 million, down 3.1%.

• Q4 net EPS was $0.19 (vs. $0.03 prior year); full year net EPS was $0.41 (vs. $-0.25 prior year).

Segment performance

• Theatres Q4 revenue rose 2.2% to $123.8 million, aided by a favorable fiscal calendar shift; operating income was $7.7 million; Adjusted EBITDA was $24.1 million, up nearly 2%.

• Theatres full year revenues were $462.7 million, up 3.4%; operating income was $29.4 million, up 32.9%; Adjusted EBITDA was $76.5 million, down 2%.

• Comparable theater admission revenue increased 6.1% year-over-year; average admission price rose 12.7%.

• Hotels Q4 revenue before cost reimbursements was $60.4 million, up 5%; RevPAR for owned hotels grew 3.5%; Adjusted EBITDA was $7.3 million, up 3.4%.

• Hotels & Resorts full year revenues were $257.6 million, up 3.7%; Adjusted EBITDA was $42.7 million, up 2.7%.