third quarter 2026
Filed Oct 29, 2026Marcus Corporation reports highest quarterly revenue in company history thanks to record third quarter revenue from both Marcus Theatres and Marcus Hotels & Resorts
Record revenue in both operating divisions drove 13.1% total revenue growth, while operating income increased 33.2% and Adjusted EBITDA increased 21.5%. Theatre results were particularly strong, although hotel operating income and Adjusted EBITDA declined due to storm-related repair expenses and lost revenue.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter 2026 total revenuesGAAP | $237.8M | – | 13.1% increase |
| Third quarter 2026 theatre admissions revenueGAAP | $70.12M | – | – |
| Third quarter 2026 rooms revenueGAAP | $40.69M | – | – |
| Third quarter 2026 theatre concessions revenueGAAP | $61.92M | – | – |
| Third quarter 2026 food and beverage revenueGAAP | $23.81M | – | – |
| Third quarter 2026 other revenuesGAAP | $29.46M | – | – |
| Third quarter 2026 revenues before cost reimbursementsGAAP | $226.0M | – | – |
| Third quarter 2026 cost reimbursementsGAAP | $11.75M | – | – |
| Third quarter 2026 total costs and expensesGAAP | $207.5M | – | – |
| Third quarter 2026 operating incomeGAAP | $30.3M | – | 33.2% improvement |
| Third quarter 2026 earnings before income taxesGAAP | $27.87M | – | – |
| Third quarter 2026 income tax expenseGAAP | $9.11M | – | – |
| Third quarter 2026 net earningsGAAP | $18.8M | – | 15.6% increase |
| Third quarter 2026 net earnings per diluted common shareGAAP | $0.60 | – | 15.4% increase |
| Third quarter 2026 weighted average shares outstanding - dilutedGAAP | 31.50M | – | – |
| Third quarter 2026 Adjusted EBITDAnon-GAAP | $49.1M | – | 21.5% increase |
| First three quarters 2026 total revenuesGAAP | $623.9M | – | 10.4% increase |
| First three quarters 2026 theatre admissions revenueGAAP | $187.5M | – | – |
| First three quarters 2026 rooms revenueGAAP | $94.86M | – | – |
| First three quarters 2026 theatre concessions revenueGAAP | $166.8M | – | – |
| First three quarters 2026 food and beverage revenueGAAP | $63.78M | – | – |
| First three quarters 2026 other revenuesGAAP | $77.83M | – | – |
| First three quarters 2026 cost reimbursementsGAAP | $33.18M | – | – |
| First three quarters 2026 total costs and expensesGAAP | $585.8M | – | – |
| First three quarters 2026 operating incomeGAAP | $38.1M | – | 148.5% increase |
| First three quarters 2026 earnings before income taxesGAAP | $28.87M | – | – |
| First three quarters 2026 income tax expenseGAAP | $9.62M | – | – |
| First three quarters 2026 net earningsGAAP | $19.2M | – | 185.8% increase |
| First three quarters 2026 net earnings per diluted common shareGAAP | $0.62 | – | 195.2% increase |
| First three quarters 2026 weighted average shares outstanding - dilutedGAAP | 31.14M | – | – |
| First three quarters 2026 Adjusted EBITDAnon-GAAP | $97.9M | – | 35.1% increase |
| Third quarter 2026 Marcus Theatres operating incomeGAAP | $22.2M | – | $9.9 million improvement |
| Third quarter 2026 Marcus Theatres Adjusted EBITDAnon-GAAP | $32.3M | – | 46.3% increase |
| Third quarter 2026 Marcus Hotels & Resorts operating incomeGAAP | $15.3M | – | $1.0 million decrease |
| Third quarter 2026 Marcus Hotels & Resorts Adjusted EBITDAnon-GAAP | $22.6M | – | $0.6 million decrease |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Marcus TheatresRecord revenue was powered by Spider-Man: Brand New Day, The Odyssey and a strong slate of other films. Same store admission revenues increased 21.8%, same store attendance increased 16.8%, average ticket prices increased 4.3%, and average concession revenues per person increased 3.8%. | $145M | – | 20.9% increase |
| Marcus Hotels & ResortsHealthy leisure demand during the busy summer season supported record third quarter revenue. RevPAR at owned hotels increased 2.1%, driven by higher average daily rates, and comparable owned hotels outperformed competitive sets by approximately 1.2 percentage points. | $82.0 million before cost reimbursements | – | $1.6 million or 2.0% increase |
| Marcus Hotels & Resorts segment revenuesSegment revenue includes reported revenues in the business segment information table. | $92.67M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Blockbuster films, including Spider-Man: Brand New Day and The Odyssey, supported record third quarter theatre revenue.
- The theatre division cited attendance growth, pricing changes, movie-themed merchandise sales and price optimization.
- Healthy leisure demand and higher average daily rates supported hotel revenue and RevPAR.
- The first three quarters of 2026 had five fewer operating days than the first three quarters of fiscal 2025 due to the fiscal-year transition.
Concerns
- Marcus Hotels & Resorts operating income and Adjusted EBITDA were negatively impacted by increased repair expenses and lost revenue due to severe storm damage at one property.
- Third quarter 2025 net earnings were favorably impacted by a $3.0 million, or $0.10 per share, gain from a property insurance settlement, net of tax.
- The company reported $183 (in thousands) of impairment charges in the third quarter of 2026 related to one operating theatre.
- Film schedule changes may occur.
What to watch
- Performance of the fourth-quarter film slate, including The Hunger Games: Sunrise on the Reaping, Dune: Part Three and Avengers: Doomsday.
- The continuation of hotel demand related to holiday travel, events and the Milwaukee Brewers playoff run.
- Storm-related repair expenses and lost revenue at the affected hotel property.
- The impact of five fewer operating days on first-nine-month year-over-year comparisons.
Balance sheet and cash flow
- Cash and cash equivalents were $60,229 (in thousands) at September 30, 2026, compared with $23,448 (in thousands) at December 31, 2025.
- Restricted cash was $4,820 (in thousands) at September 30, 2026, compared with $3,134 (in thousands) at December 31, 2025.
- Long-term debt was $149,170 (in thousands) at September 30, 2026, compared with $159,007 (in thousands) at December 31, 2025.
- Net cash flow provided by operating activities was $38,448 (in thousands) for the third quarter of 2026 and $77,190 (in thousands) for the first three quarters of 2026, compared with $39,089 (in thousands) and $35,400 (in thousands), respectively.
- Net cash flow used in investing activities was $6,852 (in thousands) for the third quarter of 2026 and $23,327 (in thousands) for the first three quarters of 2026, compared with $15,061 (in thousands) and $46,606 (in thousands), respectively.
- Capital expenditures were $10,002 (in thousands) for the third quarter of 2026 and $26,651 (in thousands) for the first three quarters of 2026, compared with $20,894 (in thousands) and $60,809 (in thousands), respectively.
- Net cash flow provided by financing activities was $2,466 (in thousands) for the third quarter of 2026; net cash flow used in financing activities was $15,396 (in thousands) for the first three quarters of 2026.
Analysis
The Marcus Corporation delivered its highest quarterly revenue in company history, with third quarter total revenues of $237.8 million, a 13.1% increase from $210.2 million. Operating income increased 33.2% to $30.3 million, net earnings increased 15.6% to $18.8 million, and Adjusted EBITDA increased 21.5% to $49.1 million. The prior-year quarter included a $3.0 million, or $0.10 per share, property insurance settlement gain, net of tax.
Marcus Theatres was the principal source of growth. Total Theatre revenues were $145.0 million, up 20.9%, while division operating income was $22.2 million and Adjusted EBITDA was $32.3 million. Same store admission revenues increased 21.8%, supported by 16.8% same store attendance growth and a 4.3% increase in average ticket prices. Higher movie-themed merchandise sales and price optimization contributed to a 3.8% increase in average concession revenues per person.
Hotels & Resorts produced record third-quarter revenue before cost reimbursements of $82.0 million, a $1.6 million or 2.0% increase. Owned-hotel RevPAR increased 2.1%, driven by higher average daily rates, while comparable owned hotels outperformed competitive sets by approximately 1.2 percentage points. However, division operating income declined $1.0 million to $15.3 million and Adjusted EBITDA declined $0.6 million to $22.6 million because of increased repair expenses and lost revenue from severe storm damage at one property.
For the first three quarters, total revenues were $623.9 million, operating income was $38.1 million, net earnings were $19.2 million, and Adjusted EBITDA was $97.9 million. These comparisons include five fewer operating days than the first three quarters of fiscal 2025. Cash and cash equivalents were $60,229 (in thousands) at September 30, 2026, while long-term debt was $149,170 (in thousands). The release did not provide formal financial guidance, but management highlighted the fourth-quarter film slate, holiday travel and events, and Milwaukee Brewers-related hotel demand as favorable factors entering the remainder of the year.
Management, verbatim
Record third quarter revenue in both divisions drove the highest total revenue for any quarter in company history.
Gregory S. Marcus, chief executive officer of Marcus Corporation
The box office continued to soar in the third quarter, with the best summer movie season in company history driving our record-breaking quarterly results.
Jeffry F. Tomachek, president of Marcus Theatres
The peak summer travel season contributed to another record revenue quarter for Marcus Hotels & Resorts.
Michael R. Evans, president of Marcus Hotels & Resorts
Not in the filing
stated, not guessed- Formal forward financial guidance
- Prior-outlook comparison
- Gross profit and gross margin
- Free cash flow
- Dividend and share-repurchase activity
- Effective tax rate
- Quarter-over-quarter comparisons
- Current portion of long-term debt as a separately labeled balance-sheet line item
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.