AMC Entertainment Holdings, Inc. Reports Third Quarter 2026 Results, Setting New All-Time Records for Quarterly Revenue and Adjusted EBITDA
AMC ENTERTAINMENT HOLDINGS, INC. (AMC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 INVESTOR RELATIONS: John Merriwether, 866-248-3872 InvestorRelations@amctheatres.com MEDIA CONTACTS: Ryan Noonan, (913) 213-2183 rnoonan@amctheatres.com FOR IMMEDIATE RELEASE AMC Entertainment Holdings, Inc. Reports Third Quarter 2026 Results, Setting New All
How this was made
The 30-second read
Why it matters
The earnings beat and debt refinancing improve cash flow and credit profile, likely prompting a rally.
Market read
First‑hand earnings data for a large‑cap consumer discretionary stock, offering fresh trading signals.
What to watch
Potential headwinds from streaming competition and macro‑economic slowdown could temper upside.
AMC reported record quarterly revenue and Adjusted EBITDA, with revenue of $1,711.1 million and Adjusted EBITDA of $347.5 million.
Third-quarter revenue rose 31.6%, Adjusted EBITDA rose 183.7%, net earnings were $109.3 million, and free cash flow was $109.3 million. Both U.S. markets and International markets reported higher revenue and Adjusted EBITDA, while AMC completed a refinancing covering approximately 97% of its existing debt after quarter-end.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $1.71B | – | 31.6% |
| Admissions revenues, three months ended September 30, 2026GAAP | $953.5M | – | – |
| Food and beverage revenues, three months ended September 30, 2026GAAP | $589.4M | – | – |
| Other theatre revenues, three months ended September 30, 2026GAAP | $168.2M | – | – |
| Operating costs and expenses, three months ended September 30, 2026GAAP | $1.46B | – | – |
| Film exhibition costs, three months ended September 30, 2026GAAP | $476.5M | – | – |
| Food and beverage costs, three months ended September 30, 2026GAAP | $107.1M | – | – |
| Operating expense, excluding depreciation and amortization below, three months ended September 30, 2026GAAP | $501.6M | – | – |
| Rent, three months ended September 30, 2026GAAP | $221.2M | – | – |
| General and administrative: other, excluding depreciation and amortization below, three months ended September 30, 2026GAAP | $79.9M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $75.8M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $248.7M | – | – |
| Net earnings, three months ended September 30, 2026GAAP | $109.3M | – | $407.5 million improvement |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $0.12 | – | $0.70 |
| Net earnings margin, three months ended September 30, 2026GAAP | 6.4% | – | – |
| GAAP gross profit, three months ended September 30, 2026GAAP | $336.8M | – | – |
| GAAP gross profit per patron, three months ended September 30, 2026GAAP | $4.50 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $347.5M | – | 183.7% |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 20.3% | – | – |
| Adjusted net earnings, three months ended September 30, 2026non-GAAP | $116.9M | – | $226.9 million improvement |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | $0.13 | – | $0.34 |
| Free cash flow, three months ended September 30, 2026non-GAAP | $109.3M | – | $190.4 million improvement |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $176.6M | – | $191.5 million improvement |
| Capital expenditures, three months ended September 30, 2026other | −$67.3M | – | – |
| Attendance, three months ended September 30, 2026other | 74,917 | – | 28.3% |
| Average screens, three months ended September 30, 2026other | 9,177 | – | (1.9)% |
| Contribution margin, three months ended September 30, 2026non-GAAP | $1.13B | – | – |
| Contribution margin per patron, three months ended September 30, 2026non-GAAP | $15.05 | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | $4.35B | – | 22.3% |
| Operating income, nine months ended September 30, 2026GAAP | $441.1M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$19.2M | – | $485.8 million improvement |
| Diluted loss per share, nine months ended September 30, 2026GAAP | $(0.03) | – | $1.07 |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $707.2M | – | 178.1% |
| Adjusted EBITDA margin, nine months ended September 30, 2026non-GAAP | 16.2% | – | – |
| Adjusted net earnings, nine months ended September 30, 2026non-GAAP | $26.9M | – | $387.4 million improvement |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | $0.04 | – | $0.82 |
| Free cash flow, nine months ended September 30, 2026non-GAAP | $124.7M | – | $533.9 million improvement |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $283.5M | – | $530.0 million improvement |
| Capital expenditures, nine months ended September 30, 2026other | −$158.8M | – | – |
| Attendance, nine months ended September 30, 2026other | 193,829 | – | 18.9% |
| Cash and cash equivalents as of September 30, 2026GAAP | $751.9M | – | 105.5% |
| Corporate borrowings as of September 30, 2026GAAP | $3.75B | – | – |
| Corporate borrowings (principal amount) as of September 30, 2026GAAP | $3.78B | – | – |
| Total AMC Entertainment Holdings, Inc.'s stockholders' deficit as of September 30, 2026GAAP | −$1.34B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. markets, three months ended September 30, 2026Attendance was 52,133 (patrons, in thousands), compared to 42,276; average ticket price was $13.55 compared to $12.86; food and beverage revenues per patron were $8.85 compared to $8.55. | $1.30B | – | – |
| International markets, three months ended September 30, 2026Attendance was 22,784 (patrons, in thousands), compared to 16,101; average ticket price was $10.84 compared to $10.64; food and beverage revenues per patron were $5.61 in both periods. | $412M | – | – |
| U.S. markets, nine months ended September 30, 2026Attendance was 135,395 (patrons, in thousands), compared to 116,072; Adjusted EBITDA was $582.5 million compared to $235.4 million. | $3.30B | – | – |
| International markets, nine months ended September 30, 2026Attendance was 58,434 (patrons, in thousands), compared to 47,015; Adjusted EBITDA was $124.7 million compared to $18.9 million. | $1.05B | – | – |
Full year 2026 outlook
- NoteAMC expects to achieve the milestone of positive annual Free Cash Flow for the full year 2026.
- NoteAMC expects the remaining film slate to propel both the domestic and global box office to their highest full-year levels in seven years.
What drove it
- Total attendance increased 28.3% to 74,917 (in thousands) in the third quarter, with U.S. markets attendance up 23.3% and International markets attendance up 41.5%.
- Consolidated average ticket price was $12.73, compared to $12.25, and consolidated food and beverage revenues per patron were $7.87, compared to $7.74.
- Consolidated contribution margin per patron was $15.05, compared to $14.72.
- AMC cited a resurgent box office, market share gains in domestic and international markets, record revenue per patron, loyalty programs, premium large format and extra large format auditoriums, disciplined cost management, and operating leverage.
- Third-quarter U.S. markets Adjusted EBITDA was $275.0 million compared to $111.2 million, while International markets Adjusted EBITDA was $72.5 million compared to $11.3 million.
- Constant currency total revenues were $1,714.2 million compared to $1,300.2 million, and constant currency Adjusted EBITDA was $348.0 million compared to $122.5 million.
Concerns
- Corporate borrowings were $3,747.4 million and corporate borrowings principal amount was $3,782.6 million as of September 30, 2026.
- AMC reported a total stockholders' deficit of $(1,343.1) million as of September 30, 2026.
- Nine-month GAAP net loss was $(19.2) million despite third-quarter GAAP net earnings of $109.3 million.
- Average screens declined to 9,177 from 9,354 in the third quarter, while the number of screens operated declined to 9,472 from 9,636.
- Third-quarter other expense was $2.9 million, including an increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $6.4 million.
What to watch
- Whether AMC achieves its expectation of positive annual Free Cash Flow for the full year 2026.
- Fourth-quarter box office performance. AMC stated that October domestic box office was up approximately 35% above the same month last year.
- The effect of the October 5 refinancing, which extended debt maturities until 2031 and 2033 and reduced the average interest rate on AMC's debt.
- Attendance, ticket pricing, food and beverage revenues per patron, and contribution margin per patron across U.S. and International markets.
- The performance of the remaining November and December film slate cited by AMC.
Balance sheet and cash flow
- Cash and cash equivalents were $751.9 million as of September 30, 2026, compared to $428.5 million as of December 31, 2025.
- Restricted cash was $39.6 million as of September 30, 2026.
- Corporate borrowings were $3,747.4 million as of September 30, 2026, compared to $4,038.5 million as of December 31, 2025.
- Corporate borrowings principal amount was $3,782.6 million as of September 30, 2026, compared to $4,024.2 million as of December 31, 2025.
- Total AMC Entertainment Holdings, Inc.'s stockholders' deficit was $(1,343.1) million as of September 30, 2026, compared to $(1,894.8) million as of December 31, 2025.
- On July 24, 2026, AMC fully redeemed $125.5 million aggregate principal amount of the 6.125% Senior Subordinated Notes due 2027.
- On October 5, 2026, AMC completed the refinancing of approximately 97% of its existing debt, including $2.0 billion aggregate principal amount of 8.875% first lien notes due 2031, a new $850 million aggregate principal amount first lien term loan facility, and a new $1.12 billion aggregate principal amount second lien term loan facility.
- Net cash used in investing activities was $(67.2) million in the third quarter and $(126.8) million for the nine months ended September 30, 2026.
- Net cash provided by financing activities was $(136.1) million in the third quarter and $161.5 million for the nine months ended September 30, 2026.
Analysis
AMC delivered a record third quarter, with total revenues of $1,711.1 million, up 31.6% from $1,300.2 million, and Adjusted EBITDA of $347.5 million, up 183.7% from $122.5 million. GAAP operating income increased to $248.7 million from $35.8 million, and AMC generated GAAP net earnings of $109.3 million versus a net loss of $(298.2) million. Adjusted EBITDA margin reached 20.3%, compared with 9.4%, while GAAP net earnings margin was 6.4%, compared with (22.9)%.
Demand and patron monetization both advanced. Consolidated attendance rose 28.3% to 74,917 (in thousands), despite average screens declining to 9,177 from 9,354. U.S. markets attendance increased to 52,133 from 42,276 and International markets attendance increased to 22,784 from 16,101. Consolidated average ticket price increased to $12.73 from $12.25, while food and beverage revenues per patron increased to $7.87 from $7.74. Contribution margin per patron rose to $15.05 from $14.72.
Both operating segments expanded. U.S. markets revenue was $1,299.1 million and Adjusted EBITDA was $275.0 million, versus $1,005.9 million and $111.2 million, respectively. International markets revenue was $412.0 million and Adjusted EBITDA was $72.5 million, versus $294.3 million and $11.3 million. AMC also reported constant currency third-quarter revenue of $1,714.2 million and constant currency Adjusted EBITDA of $348.0 million.
Cash generation improved materially. Operating cash flow was $176.6 million, compared with use of $(14.9) million, and free cash flow was $109.3 million, compared with $(81.1) million. For the nine months, operating cash flow was $283.5 million and free cash flow was $124.7 million, compared with $(246.5) million and $(409.2) million, respectively. Capital expenditures were $(67.3) million in the quarter and $(158.8) million for the nine months.
AMC ended the quarter with $751.9 million of cash and cash equivalents, excluding restricted cash of $39.6 million, and corporate borrowings of $3,747.4 million. After quarter-end, the company completed a refinancing of approximately 97% of its existing debt, comprising $2.0 billion of 8.875% first lien notes due 2031, an $850 million first lien term loan facility, and a $1.12 billion second lien term loan facility. Management expects positive annual free cash flow for full-year 2026 and expects the remaining film slate to support domestic and global box office levels at their highest full-year levels in seven years.
Management, verbatim
Sometimes short but sweet is the best way to summarize performance. Notably, in the third quarter of 2026, AMC Entertainment set all-time records for achieving the highest quarterly revenue ($1,711.1 million) and highest quarterly Adjusted EBITDA ($347.5 million) for any quarter in our company’s 106-year history.
Adam Aron, Chairman and CEO
Our success was driven by a resurgent box office, market share gains in both domestic and international markets, and the achievement of all-time record revenue per patron.
Adam Aron, Chairman and CEO
On October 5, we completed a $3.97 billion refinancing covering approximately 97% of our debt, extending maturities to late 2031 and 2033, simplifying our capital structure, and reducing our cost of capital.
Adam Aron, Chairman and CEO
Not in the filing
stated, not guessed- Previous-release outlook and prior guidance were not provided, so no reported result can be assessed against prior guidance.
- Formal quantitative forward revenue guidance was not provided.
- Formal quantitative forward gross-margin guidance was not provided.
- Formal quantitative forward operating-expense guidance was not provided.
- Formal quantitative forward tax-rate guidance was not provided.
- Share repurchases and dividends were not reported.
- A GAAP gross margin percentage was not reported.
- Third-quarter sequential comparisons for the reported financial and operating metrics were not reported.
- Year-over-year percentage changes for individual revenue categories, operating expense categories, segment revenue, and segment Adjusted EBITDA were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
AMC filed a Form 8‑K reporting its Q3 2026 results, highlighting record financial metrics and a major refinancing.
Ticker impact
AMC reported Q3 2026 revenue of $1.71B and adjusted EBITDA of $347.5M, both all‑time quarterly records, plus a $3.97B refinancing, indicating strong earnings momentum.
likely upward pressure as investors price in record earnings and improved balance sheet
The earnings beat and refinancing reduce financial risk, supporting a bullish short‑term outlook.
Market effects
Strengthens the entertainment/theater sector outlook, may lift peers with similar exposure.
Positive for U.S. consumer discretionary sentiment.
Limited to U.S. markets but may affect global cinema chains' valuations.
Counterpoint
Skeptics may argue the record is driven by temporary box‑office spikes and high debt levels remain a risk.
Key entities
- CompanyAMC Entertainment Holdings, Inc.
The subject of the earnings release.
- ExecutiveAdam Aron
CEO who provided commentary on the results.
