Executive Summary

Q2 2025 delivered record-operational performance despite small misses versus Wall Street: revenue grew 28% YoY to $940.5M, diluted EPS was $0.63, Adjusted EBITDA reached $232.2M with a 24.7% margin; attendance rose 15.8% to 57.9M and per-cap metrics hit all-time highs .
Wall Street consensus for Q2 2025: revenue $944.0M*, EPS $0.75*, EBITDA $228.2M* vs actual $940.5M, $0.63, and $232.2M respectively; modest misses on revenue and EPS, while EBITDA (company-reported Adjusted EBITDA) exceeded the S&P EBITDA benchmark .
Capital allocation strengthened: term loan repricing cut interest by 50 bps (~$3.2M annual savings) and with upcoming convert repayment, annual cash interest is expected to fall by ~$24M; quarter-end cash totaled $932M .
Strategic catalysts: record per caps, premium formats momentum (D-BOX all-time high; second-highest XD revenue), continued loyalty growth (Movie Club +12% YoY to 1.45M) and ScreenX expansion (20 new locations) support medium-term margin upside .

What Went Well and What Went Wrong

What Went Well

Outperformance in operations and monetization: Adjusted EBITDA rose 63% YoY to $232.2M and margin expanded >500 bps to 24.7% on higher attendance, pricing, and productivity initiatives .
Premium formats and merchandising: D-BOX revenues reached an all-time high; XD screens generated their second-highest quarterly box office; domestic concession per cap hit $8.34 (all-time high) and merchandise sales growth approached 240% YoY .
Loyalty and market share durability: Movie Club subscriptions rose 12% YoY to 1.45M; loyalty members drove ~30% of domestic box office; structural market share gains sustained at >100 bps vs 2019 in U.S. and LatAm .

Management quotes:

“Our second quarter adjusted EBITDA marked our second highest quarterly achievement in the history of our company…” – Sean Gamble, CEO .
“We successfully repriced our term loan…50 basis points…more than $3,000,000 in annual savings.” – Melissa Thomas, CFO .

What Went Wrong

Modest miss vs consensus: Q2 revenue and EPS were slightly below S&P Global consensus ($940.5M vs $944.0M*, $0.63 vs $0.75*), reflecting film rental intensity and mix effects despite strong execution .
Cost headwinds: film rental and advertising rose to 58% of admissions (+220 bps YoY); COGS rate modestly higher on merchandise mix and inflation; elevated repairs/maintenance and insurance in “utilities & other” .
LatAm comps and content nuances: attendance was flat YoY in LatAm against Inside Out 2’s record prior-year comp; several U.S. hits under-indexed internationally (e.g., Sinners), partially offset by strong family/horror titles .

Financial Results

Core Financials vs Prior Year and Prior Quarter

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$734.2	$540.7	$940.5
Diluted EPS ($USD)	$0.32	$(0.32)	$0.63
Adjusted EBITDA ($USD Millions)	$142.1	$36.4	$232.2
Adjusted EBITDA Margin %	~19.4% (calc)	6.7%	24.7%

Notes: Q2 2024 margin computed from reported Adjusted EBITDA and revenue .

Estimates vs Actual (Q2 2025)

Metric	Consensus*	Actual
Revenue ($USD Millions)	$944.0*	$940.5
Diluted EPS ($USD)	$0.75*	$0.63
EBITDA ($USD Millions)	$228.2*	$232.2 Adjusted EBITDA (company)

Values retrieved from S&P Global.*
Note: S&P EBITDA “actual” for Q2 2025 was $225.5*, while company-reported Adjusted EBITDA was $232.2; differences reflect definition (Adjusted vs standard EBITDA).

Segment Breakdown (Revenue and Attendance)

Segment	Q2 2024 Revenue ($M)	Q2 2025 Revenue ($M)	Q2 2024 Attendance (M)	Q2 2025 Attendance (M)
U.S.	$572.0	$759.3	29.1	36.9
International	$162.2	$181.2	20.9	21.0
Consolidated	$734.2	$940.5	50.0	57.9

KPIs

KPI	Q2 2024	Q2 2025
Worldwide Average Ticket Price ($)	$7.32	$8.07
Worldwide Concession Revenue per Patron ($)	$5.86	$6.52
Attendance (Millions)	50.0	57.9

Additional highlights: Domestic concession per cap reached $8.34 (all-time high) in Q2 2025 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Capital Expenditures	FY 2025	~$225M (Q4 2024 outlook)	~$225M (reaffirmed)	Maintained
Cash Interest Expense	FY run-rate	N/A	Annual cash interest reduction ~$24M (50 bps term loan repricing + convert repayment)	New (lower)
Term Loan Rate	Ongoing	N/A	Repriced -50 bps (~$3.2M annual savings)	New (lower)
Convertible Notes (Principal $460M)	Aug 15, 2025	Intent to repay principal in cash	Confirmed cash settlement of principal; warrants settlement TBD (likely shares)	Clarified
Dividend	Quarterly	Reinstated $0.32 per annum (Q4 2024)	Declared $0.08 per share (payable Sept 10; record Aug 27)	Maintained vs reinstatement framework
Average Ticket Price (ATP)	FY 2025	Modest growth	Modest growth (quarterly mix variability)	Maintained
Concession Per Cap	FY 2025	Moderate growth	Moderate growth (merch mix tailwind)	Maintained
Film Rental Rate	FY 2025	Higher vs 2024 as blockbusters rebound	Higher concentration persists; marketing spend % roughly consistent	Maintained
Cash Taxes	FY 2025	Expected increase vs 2024	Meaningful benefit from 100% bonus depreciation + EBITDA-based interest limitation; quantification pending	Improved outlook

Earnings Call Themes & Trends

Topic	Q4 2024 (Q-2)	Q1 2025 (Q-1)	Q2 2025 (Current)	Trend
Premium formats & tech	Record PLF box office; laser conversion ~20% footprint; 99.98% uptime	Minecraft drove highest 3-day D-BOX sales; PLF mix tailwind in 2025-26	D-BOX all-time high; XD second-highest quarterly result; add 80 D-BOX, 20 ScreenX by 2026	Strengthening
Loyalty & monetization	Movie Club ~25% box; per cap record $7.89 FY	Movie Club driving frequency and F&B per cap; +10% YoY members	Movie Club 1.45M (+12% YoY); ~30% of domestic box office; 55%+ box from loyalty	Strengthening
Capital allocation	Dividend reinstated; leverage 2.2x; term loan -50 bps	$200M buyback executed; intent to repay convert principal in cash	$932M cash; term loan repriced; annual cash interest down ~$24M post convert	Strengthening
Costs & margins	19.3% Q4 margin; film rental up 440 bps YoY; utilities & other elevated	Soft Q1 margin; COGS rate up on merch mix; repairs/maintenance headwind flagged	24.7% margin; film rental 58%; COGS ~19.4%; repairs/maintenance still elevated	Improving margin, persistent cost mix
Industry supply & windows	2025 ~90% of pre-pandemic volume; window discussions active	CinemaCon pipeline strong; Amazon 14–16 films; windows flexibility focus	Robust Q2 slate; Q4 2025 loaded; 2026 shaping strong; window stance consistent	Improving supply
International/LatAm	Recovery pacing ahead of U.S.; strong Q4 attendance	LatAm over-indexing on select family; FX dynamics in per caps	Flat attendance on tough comp; >100 bps share vs 2019; strong margins	Mixed, solid margins

Management Commentary

“Our team grew revenue 28% year over year to $941,000,000…Adjusted EBITDA increased…to $232,000,000 with over 500 basis points of margin expansion to 24.7%.” – Sean Gamble, CEO .
“We ended the quarter with $932,000,000 of cash…We successfully repriced our term loan…50 basis points…more than $3,000,000 in annual savings…we expect a $24,000,000 reduction in our annual cash interest expense.” – Melissa Thomas, CFO .
“Movie Club now has 1,450,000 members…up 12% year over year…accounted for nearly 30% of domestic box office.” – Sean Gamble, CEO .

Q&A Highlights

Convert/warrants and capital returns: Management intends to settle convert principal in cash; warrants likely in shares but will be evaluated; board remains open to increasing returns (dividends/buybacks) contingent on leverage and liquidity .
PLF strategy: Cinemark emphasizes premium experience across all auditoriums; expanding D-BOX and ScreenX while balancing PLF share (~15% box office) within overall programming .
Costs outlook: G&A down on lower stock comp; COGS rate pressured by merchandise mix and inflation; repairs/maintenance (~$8–10M annual headwind) weighted toward Q3 .
Market share trajectory: Structural gains (~100 bps vs 2019) expected to sustain; share may temper in Q4 amid crowded blockbuster slate and capacity constraints .
Tax legislation: 100% bonus depreciation and EBITDA-based interest limitation expected to meaningfully lower cash taxes; quantification forthcoming .

Estimates Context

Q2 2025 comparison: Slight misses vs S&P Global consensus on revenue and EPS; company-reported Adjusted EBITDA exceeded S&P EBITDA benchmark (definition differences) .
Forward setup: S&P Global shows Q3 2025 consensus revenue ~$841.0M* and EPS ~$0.46* (actuals now available in S&P), and Q4 2025 consensus revenue ~$869.3M* and EPS ~$0.52*, implying deceleration post-summer before a robust Q4 slate; estimate paths likely refine on premium mix, merchandising, and lower interest expense run-rate.*

Values retrieved from S&P Global.*

Key Takeaways for Investors

Operational strength outweighed modest consensus misses: record per caps, premium formats, and loyalty monetization underpin sustainable margin expansion into a richer slate environment .
Capital structure de-risking is material: cash repayment of convert principal and term loan repricing support ~$24M annual cash interest reduction, expanding FCF conversion .
Watch mix-driven cost dynamics: film rental rates elevated with blockbuster concentration; merchandise boosts revenue but slightly raises COGS rate; repairs/maintenance remains a 2H headwind .
Market share resilient but may compress in crowded quarters due to capacity constraints; focus shifts to maximizing absolute EBITDA/FCF through pricing, scheduling, and loyalty .
Strategic growth continues: incremental D-BOX and ScreenX installations, laser conversion, and loyalty scale are durable drivers; CJ 4DPLEX expansion adds differentiated experiential supply .
Near-term trading: Expect sensitivity to Q3 seasonal taper and Q4 blockbuster cadence; medium-term thesis rests on slate normalization (2026 strong), monetization levers, and lower interest drag .

Appendices and Additional Items

Additional Q2-Relevant Press Releases

“Cinemark Sets the Scene: Investing in Innovation…” (Aug 1): reaffirmed investments in laser projectors (~25% of circuit by YE), XD leadership, D-BOX footprint (>450 auditoriums), and merchandising expansions .
ScreenX expansion with CJ 4DPLEX (Jul 30): 20 new locations (incl. first in LatAm) by 2026, enhancing premium format mix .
Dividend declaration (Aug 13): $0.08 quarterly cash dividend, payable Sept 10, record Aug 27 .

Additional Operating Detail (Q2 2025 8‑K Schedules)

Admissions revenue $467.1M; concession revenue $377.7M; other revenue $95.7M; film rental and advertising $270.8M; global salaries/wages $109.4M; total cost of operations $767.0M .
Balance sheet: cash/equivalents $931.6M; total assets $4,914.7M; long-term debt (net) $2,336.3M; total equity $457.0M .
Segment Adjusted EBITDA: U.S. $188.1M; International $44.1M (Q2) .

Webcast/IR Access

Live/replay via https://ir.cinemark.com .

Cinemark Holdings, Inc. (CNK)·Q2 2025 Earnings Summary