Research Reports

Prepared Highlights

Q4 2025 total revenue ~$1.29 billion, adjusted EBITDA $134 million, cash from operating activities $127 million (CEO)
North American box office declined ~4.4% in Q4; AMC’s U.S. theaters outperformed by 140 bps in market share (CEO)
Full-year 2025 consolidated revenue >$4.8 billion (+4.6% vs 2024), adjusted EBITDA ~$388 million (+12.7% YoY), attendance 219M+ guests (CFO)
Record per-patron metrics (full year): admissions revenue per patron $12.09 (+5.9%), F&B per patron $7.62 (+5.1%), total revenue per patron $22.10 (+6.8%), contribution margin per patron $14.80 (+7.2%) (CFO)
U.S. segment: admissions revenue +3.9% (240 bps above industry), total revenue +4.6%, adjusted EBITDA +15% YoY; record per-patron contribution margin $15.69 (+5.7% YoY) (CFO)
International segment: revenue +4.6% (flat constant currency), adjusted EBITDA -2.1% (-10% constant currency); record per-patron contribution margin $12.61 (+11.3% reported, +6.4% constant currency) (CFO)
Balance sheet: Cash $428M (excl. restricted cash); total debt reduced ~$1.8B since end of 2020 (including $1.4B principal reduction + $420M lease deferral repayments) (CEO)
Free cash flow: FY2025 use of cash $366M; but for 9 months ending Dec 31, 2025, positive FCF $51M (CFO)
CapEx (2025): $200M net of lease incentives (midpoint of $175M–$225M guidance) (CFO)
Theater portfolio: closed 21 locations in 2025, opened 3; since 2020 net reduction of 148 theaters (~15% of portfolio) (CFO)
Recent debt actions: July 2025 transactions addressed all 2026 maturities; launched refinancing of ~$2.4B debt (2027/2029 maturities) targeting 2031; ATM equity offering raised $26.2M gross as of last Friday (CEO, CFO)
Strategic initiatives: 50% of U.S. circuit now has laser projection; ~170 XL screens globally, expected to double by end of 2026; AMC Stubs loyalty ~39M households (51% of U.S. attendance); Popcorn Pass sold 120,000+ in first 2 months (CEO)
Netflix collaboration: Stranger Things finale hosted in 231 U.S. theaters; 753,000+ attendees, ~$15M cash from Netflix fans in 2 days (CEO)
Hycroft investment: monetized $24M+ in Nov 2025; remaining shares/warrants worth ~$39M; total ~$63M vs $29M invested (CEO)

Official Guidance

2026 CapEx (net of lease incentives): $175M–$225M (CFO)
2026 North America box office outlook: Could increase ~$500M to >$1B vs 2025 (CEO)
2026 EBITDA expectation: “material and positive impact” from operating leverage; “not out of the woods yet” but expect significant improvement (CEO)

Mgmt Quotes

“Approximately 2/3 of the incremental revenue dollar drops down to the adjusted EBITDA line.” (CEO)
“The operating leverage in our company is meaningful… if and when our revenues are growing, our adjusted EBITDA can grow and do so meaningfully.” (CEO)
“An increase in our revenues in 2026 has the prospect of leading to many a smile as we watch our adjusted EBITDA levels as the year unfolds.” (CEO)
“Our contribution margin per patron is now 51% higher than in pre-pandemic 2019, underscoring the meaningful improvements that we have made.” (CFO)
“We are not out of the woods yet… but the signposts for 2026 are indicating a significantly strengthened year ahead.” (CEO)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 2025 Total Revenue	~$1.29B	CEO
Q4 2025 Adjusted EBITDA	$134M	CEO
Q4 2025 Cash from Operating Activities	$127M	CEO
FY2025 Consolidated Revenue	>$4.8B (+4.6% YoY)	CFO
FY2025 Adjusted EBITDA	~$388M (+12.7% YoY)	CFO
FY2025 Global Attendance	219M+ guests	CFO
FY2025 U.S. Admissions Revenue Growth	+3.9% (+240 bps vs industry)	CFO
FY2025 U.S. Adjusted EBITDA Growth	+15% YoY	CFO
FY2025 Record Per-Patron Contribution Margin (U.S.)	$15.69 (+5.7% YoY)	CFO
FY2025 Record Per-Patron Contribution Margin (Intl.)	$12.61 (+11.3% reported)	CFO
Cash at Year-End 2025 (excl. restricted)	$428M	CFO
FY2025 Free Cash Flow	-$366M (but +$51M for last 9 months)	CFO
2025 CapEx (net of lease incentives)	$200M	CFO
2026 CapEx Guidance (net of lease incentives)	$175M–$225M	CFO
Net Theater Closures Since 2020	-148 theaters (~15%)	CFO
AMC Stubs Loyalty Households (U.S.)	~39M (51% of attendance)	CEO
XL Screens Globally	~170 (target to double by end 2026)	CEO
Hycroft Investment Total Value vs Cost	~$63M vs $29M	CEO

Q&A Batch (1-2 of 1)

Q1 — Chad Beynon

Topic: 影院组合优化