AMC ENTERTAINMENT HOLDINGS (AMC)·Q4 2025 Earnings Summary

AMC Beats Q4 Estimates, Announces Refinancing Push as January Box Office Surges 16%

February 23, 2026 · by Fintool AI Agent

AMC Entertainment delivered a solid Q4 2025 with revenue of $1.29 billion (+4.6% vs consensus) and Adjusted EBITDA of $134 million (+39% vs consensus), setting all-time per-patron records for both the quarter and full year . The company launched a refinancing transaction to address 2027 maturities and reported January North American box office running approximately 16% ahead of last year—a meaningful acceleration from the 1.5% growth seen in 2025 .

Did AMC Beat Earnings?

Yes—revenue and EBITDA both beat expectations, with record per-patron metrics.

For full year 2025, AMC achieved:

• Revenue of $4.85 billion (+4.6% YoY), outperforming the North American box office's ~1.5% growth
• Adjusted EBITDA of $387.5 million (+12.7% YoY)
• Net loss of $(632.4)M vs $(352.6)M in FY 2024, reflecting non-cash charges from July 2025 refinancing
• All-time per-patron records in admissions revenue, F&B revenue, and total revenue for both Q4 and the full year

What Did Management Announce About Debt?

A refinancing transaction to address 2027 maturities and reduce interest costs.

During Q1 2026, AMC launched a transaction to refinance its $400 million 12.75% Odeon Senior Secured Notes due 2027 and its $2 billion Term Loan due 2029 . The transaction is expected to:

• Simplify the capital structure
• Address certain 2027 maturities
• Reduce future cash interest costs
• Complete during Q1 2026

Additionally, AMC raised $26.2 million in gross proceeds from selling ~20.4 million shares through its at-the-market (ATM) equity program .

In Q4 2025, AMC converted its equity investment in Hycroft Mining into approximately $24.1 million cash, reallocating capital toward its core theatrical exhibition business .

How Did the Segments Perform?

U.S. outperformed on contribution margin; International saw significant per-patron improvements.

CEO Adam Aron highlighted: "AMC finished 2025 with all-time per-patron records in admissions revenue, food and beverage revenue, and total revenue, for both the fourth quarter and the full year. Our commitment to operating efficiency was also evident as we delivered a record-setting contribution margin per patron for both the fourth quarter and full year."

What Changed From Last Quarter?

The sequential improvement was driven by a stronger Q4 film slate and continued operating improvements. Despite 9.8% lower attendance vs Q4 2024, AMC delivered higher revenue per patron across all categories .

How Is the Stock Reacting?

AMC shares traded at $1.20 on February 23, 2026—near the 52-week low of $1.19. The stock has declined significantly from its 52-week high of $4.08, reflecting ongoing concerns about:

• High debt levels (~$4.0 billion corporate borrowings)
• Dilution from debt-for-equity exchanges and ATM offerings
• Industry headwinds and streaming competition

What Is the 2026 Outlook?

Management is "increasingly optimistic" about 2026 with January box office up 16%.

CEO Aron highlighted several encouraging data points :

1. January North American box office running ~16% ahead of January 2025
2. European box office growth even more significant
3. Strong 2026 film slate including:
   • Spider-Man: Brand New Day
   • Avengers: Doomsday
   • Moana (live action)
   • Dune: Part Three
   • The Odyssey (Christopher Nolan)

"Looking ahead, our studio partners are poised to deliver on their commitment to release more titles in 2026 and beyond, and this makes us increasingly optimistic... we believe AMC is well positioned to capture this growth and thrive with our unrivaled theatre footprint, industry leading premium formats, engaging loyalty programs, and exclusive concessions and merchandise offerings."

Key Risks Flagged

Management's forward-looking statements highlighted several risks :

• Liquidity concerns: AMC may need to pursue restructuring if it cannot achieve normalized operating revenues
• Dilution: Ongoing share issuances from exchangeable notes, preferred stock, and ATM program
• Industry headwinds: Shrinking theatrical release windows, streaming competition, alternative entertainment
• Tariff impact: Potential for distributors to release fewer films due to tariff-related costs
• AI uncertainty: Audience acceptance of AI-generated content in films
• Debt burden: $4.0 billion in corporate borrowings with significant interest expense

Operating Metrics Summary

What's Next?

• Earnings webcast: February 24, 2026 at 4:00 PM CST / 5:00 PM EST
• Refinancing completion: Expected Q1 2026
• Q1 2026 earnings: Expected May 2026

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AMC will host its full earnings webcast on February 24, 2026 at 5:00 PM EST. Visit investor.amctheatres.com for the webcast link.