National CineMedia, Inc. (NASDAQ: NCMI) reported fiscal fourth‑quarter 2025 results that surpassed expectations, with revenue of $93.2 million, up 8.0% year‑over‑year, and operating income of $23.8 million. Adjusted OIBDA reached $37.2 million, a 6% increase from $35.0 million in the same period last year, and the company declared a $0.03 per share dividend payable on March 23, 2026, with a record date of March 9.
The results beat consensus estimates on every key metric. Revenue exceeded the $91.3 million forecast by $1.9 million, and adjusted OIBDA outperformed the $35.0 million consensus by $2.2 million. Adjusted earnings per share of $0.28 surpassed the $0.25 estimate, a $0.03 beat. These gains were driven by disciplined expense management and a higher mix of high‑margin programmatic and self‑serve advertising, which offset a 9% decline in attendance during the 53rd week of the fiscal year.
"NCM expanded fourth quarter revenue by 8% year‑over‑year, demonstrating the returns from our continued investment in our platform over the course of the year," said CEO Tom Lesinski. "Normalizing for the 53rd week, we estimate that total attendance for the fourth quarter would have been approximately 92 million, down 9% versus the prior year. Against that backdrop, National CineMedia, Inc. reported total fourth quarter revenue of $93.2 million within our guidance range and up 8% year‑over‑year," added CFO Ronnie Ng. The company’s asset‑light model and disciplined expense control allowed it to maintain profitability even as holiday‑period attendance fell below expectations.
On a full‑year basis, operating loss narrowed to $13.9 million from $19.5 million in 2024, and net loss improved to $10.6 million from $22.3 million. These improvements reflect the company’s post‑bankruptcy turnaround, which eliminated approximately $1.2 billion in debt in August 2023 and strengthened its capital structure. The results also underscore the resilience of the cinema advertising business amid a broader industry recovery.
Looking ahead, NCMI guided for first‑quarter 2026 revenue of $32.5 million to $36.5 million and adjusted OIBDA of $(13.0) million to $(10.0) million, reflecting a seasonal dip and continued investment in digital transformation. CEO Lesinski highlighted the 2026 film slate as the strongest since 2019 and noted a new exhibitor partnership with AMC announced in Q2, as well as the acquisition of Spotlight Cinema Networks, positioning the company to capture additional upside in the evolving advertising landscape.
Analysts noted that the earnings beat and strong guidance signal confidence in the company’s execution and the growing demand for programmatic cinema advertising. The positive market reaction was driven by the company’s ability to grow revenue despite declining attendance, its disciplined cost management, and its strategic investments in digital platforms and exhibitor relationships.
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