AMC Entertainment Holdings, Inc. reported fourth‑quarter 2025 revenue of $1.288 billion, a 1.4% decline from $1.304 billion in the same period a year earlier. Net loss per share eased to 25 cents, while the adjusted loss per share was 18 cents, beating the consensus estimate of 20 cents. Attendance fell 10% to 56.3 million, down from 62.4 million in 2024, reflecting a softer film slate and weaker demand in the core U.S. market.
Full‑year 2025 revenue totaled $4.85 billion, a 4.6% increase from $4.63 billion in 2024. Net loss per share widened to $1.34, compared with $0.55 a year earlier, and full‑year attendance dropped 10% to 219.4 million from 244.5 million in 2024. The company’s per‑patron revenue reached record highs, driven by premium‑experience formats and a growing loyalty program, but the volume decline offset some of the pricing gains.
Adjusted EBITDA for the quarter was $134.1 million, down from $164.8 million in Q4 2024, while full‑year adjusted EBITDA rose to $387.5 million from $343.9 million. Net cash used in operating activities was $(119.8) million versus $(50.8) million, and free cash flow was $(365.9) million compared with $(296.3) million, underscoring the company’s ongoing liquidity pressure.
CEO Adam Aron highlighted that AMC set all‑time per‑patron records in admissions, food and beverage, and total revenue for both the quarter and the year. He noted that the record contribution margin per patron supports the company’s confidence in a box‑office recovery as studios release more strong titles. The premium‑experience strategy and loyalty program continue to drive higher per‑patron revenue, offsetting some volume weakness.
Management expressed optimism about the 2026 film slate and expects continued growth in premium formats. The company’s guidance signals confidence in the upcoming releases, but investors remain wary of the widening net loss and the substantial debt burden that could constrain future capital allocation.
Investors focused on the widening net loss and debt burden, tempering enthusiasm for the optimistic outlook. The company’s ability to sustain premium‑experience pricing while managing cash flow will be closely watched in the coming quarters.
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