AMC reported third‑quarter 2025 revenue of $1.30 billion, a 3.6% decline from the $1.3488 billion recorded in the same quarter last year. The drop reflects a broader 11.1% decline in the domestic industry box office, but the company offset the revenue contraction with a record‑high per‑patron spend, driving admissions revenue per patron to $12.25 and food‑and‑beverage revenue per patron to $7.74.
The adjusted loss for the quarter was $0.21 per share, missing the consensus estimate of $0.20 by $0.01. The miss was largely attributable to one‑time non‑cash refinancing charges that followed the July 2025 capital‑market transaction. Net loss widened to $298.2 million, compared with a $20.7 million loss in Q3 2024, again driven by the refinancing and higher operating expenses.
Adjusted EBITDA fell 24% year‑over‑year to $122.2 million, down from $161.8 million in Q3 2024. The decline is consistent with the softer industry environment and the impact of the refinancing, which reduced cash‑generating capacity for the quarter. Domestic adjusted EBITDA accounted for $111 million of the total, underscoring the company’s continued focus on its U.S. market.
The July 2025 refinancing reduced AMC’s debt burden and extended maturities, but it generated significant non‑cash charges that weighed on the quarter’s profitability. The transaction is expected to strengthen the balance sheet over the long term by lowering interest expense and improving liquidity.
Management reiterated confidence in the fourth‑quarter outlook, stating that the upcoming quarter would be the highest‑grossing in six years and that the 2026 box office is expected to be significantly larger. The guidance signals optimism about the film slate and the company’s ability to capture market share as the industry recovers.
Investors reacted with mixed sentiment. The revenue beat and upbeat guidance were offset by the EPS miss and widened net loss, leading to a cautious market response. Analysts noted the company’s strong per‑patron metrics but expressed concern about the impact of the refinancing on short‑term profitability.
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