AMC Entertainment (AMC) Q1 2026 earnings summary

Executive summary

• Total revenues for Q1 2026 increased 21.2% year-over-year to $1,045.4 million, driven by higher attendance, increased ticket and food/beverage prices, and strong domestic and international performance.

• Net loss narrowed to $117.1 million from $202.1 million in Q1 2025, reflecting improved operating leverage and higher investment income.

• Adjusted EBITDA reached $38.3 million, a $96 million improvement year-over-year and the best Q1 result since 2019.

• North American box office surged 22% year-over-year, with robust momentum expected to continue through 2026.

• Attendance grew 13.6% to 47.6 million guests, with record per-patron revenue and profit.

Financial highlights

• Admissions revenue was $578.4 million, food and beverage $347.3 million, and other theatre revenue $119.7 million.

• Operating loss improved to $45.7 million from $145.9 million year-over-year.

• Free cash flow was negative $174.7 million, a significant improvement from negative $417.0 million in Q1 2025.

• Consolidated Q1 revenue exceeded $1 billion for the first time since 2019.

• Diluted loss per share improved to $0.22 from $0.47 year-over-year.

Outlook and guidance

• Management expects continued revenue growth for full year 2026, with optimism for a record post-pandemic box office and robust growth in the second half of 2026.

• Expectation for significantly rising revenues for full year 2026, with box office projected to be $500 million to $1.2 billion higher than 2025.

• 2026 CapEx guidance remains $175 million to $225 million net of lease incentives.

• Achieving sustainable positive cash flow will require revenues to return to at least pre-pandemic levels.

• Studio partners are increasing theatrical releases and extending exclusive windows, supporting industry recovery.