The nation’s largest exhibitor AMC Entertainment saw revenue dip to $1.3 billion for the third quarter from $1.35 billion the year before on an 11% decline in the domestic box office.
Net losses ballooned to $298 million from $21 million due mainly to non-cash charges associated with a key refinancing in July. That move, however, allowed the giant exhibitor to fully redeem all of its 2026 debt maturities.
Adjusted earnings, or ebitda, was $122 million, down from $162 million. Negative free cash flow of $81 million compared with negative $92 million a year ago. Cash and cash equivalents at September 30 stood at $365.8 million.
Revenue and adjusted ebitda beat Wall Street forecasts.
“Calendar year 2025 is turning out exactly as we have long predicted. Due primarily to the timing of major studio film release dates, a weak first quarter was followed by a blazing hot second quarter, which then was followed by a softening third quarter. We continue to expect that the year will culminate in what we hope will be quite a strong year-end in quarter four,” said CEO Adam Aron, echoing comments earlier in the day by Cinemark CEO Sean Gamble.
“We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025,” Arom said.
He said AMC outperformed the industry in Q3 with admissions revenue per patron of $12.25 and the second-highest food and beverage revenue per patron in the company’s 105-year history of $7.74.
He’ll host a call with analysts at 5 pm.
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