AMC ENTERTAINMENT HOLDINGS (AMC)·Q4 2025 Earnings Summary

AMC Beats on Revenue and EBITDA, Secures Debt Refinancing Flexibility Ahead of Blockbuster 2026

January 29, 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), marking the seventh consecutive quarter of revenue beats . More importantly, the company announced a critical lender agreement that provides enhanced flexibility to refinance upcoming debt maturities—a key overhang for the stock .

Did AMC Beat Earnings?

Yes—revenue and EBITDA both handily beat expectations.

For full year 2025, AMC achieved:

• Revenue of $4.85 billion (+4.6% YoY) in a North American box office of ~$8.9 billion
• Adjusted EBITDA of $388 million (+12.7% YoY), outperforming the industry's modest ~1.5% box office growth
• Net loss of $(632)M vs $(353)M in FY 2024, reflecting debt restructuring charges

What Did Management Announce About Debt?

A lender agreement that provides critical refinancing flexibility.

AMC reached an agreement with holders of its Muvico 2029 Notes that will allow the company to refinance its term loan and 12.75% Odeon Senior Secured Notes due 2027 with new debt secured across the AMC, Muvico, and Odeon entity groups .

Key terms:

• Consent fee: Up to 17.8 million AMC shares to noteholders, with the exact amount tied to AMC's stock price over the next 30 trading days (floor of $1.25, cap of $1.95 per share)
• Timeline: Amendments to be finalized by February 23, 2026
• Benefit: Expected to extend debt maturities and reduce interest expense

CEO Adam Aron commented: "Thanks to the ongoing support of our lenders, we have enhanced our flexibility to streamline and simplify our capital structure, reduce our cost of capital, improve our liquidity and efficiently address upcoming debt maturities."

*Preliminary; Values retrieved from S&P Global

What Did Management Guide?

No explicit guidance provided, but bullish commentary on 2026.

AMC does not provide formal financial guidance. However, the company disclosed modeling assumptions from its 2024 incentive plan that remain applicable for 2025 :

• Every ~$100M increase in North American box office → ~$18M increase in domestic Adjusted EBITDA
• Every ~5M increase in European attendance → ~$8M increase in international Adjusted EBITDA

What Changed From Last Quarter?

The sequential improvement was driven by a stronger Q4 film slate and continued operating improvements, despite the YoY revenue decline reflecting a weaker theatrical calendar compared to Q4 2024's stronger releases .

How Is the Stock Reacting?

AMC shares closed at $1.43 on January 28, 2026—near the 52-week low of $1.41. The stock has declined significantly from its 52-week high of $4.08, reflecting ongoing concerns about:

• High debt levels (~$8.2 billion)
• Dilution from debt-for-equity exchanges
• Industry headwinds and streaming competition

The stock is trading at a significant discount to book value, reflecting investor skepticism about the path to profitability amid the heavy debt burden.

What Is the 2026 Outlook?

Management is "increasingly optimistic" about 2026.

CEO Aron highlighted several encouraging data points :

1. Q1 2026 box office running +9% ahead of Q1 2025 through late January
2. Strong 2026 film slate including:
   • Spider-Man: Brand New Day
   • Avengers: Doomsday
   • Moana (live action)
   • Dune: Part Three
   • The Odyssey (Christopher Nolan)

"Looking ahead, we are increasingly optimistic about 2026... we believe AMC is well positioned to capture that growth through our unrivaled theatre footprint, industry leading premium formats, engaging loyalty programs, and 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 and preferred stock
• 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

What's Next?

• Full Q4/FY 2025 results: February 24, 2026 (after market close)
• Indenture amendments finalized: By February 23, 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. Investors can submit questions via AMC Investor Connect from February 16-23, 2026.