Cineplex (CGX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues were $348.9 million, down 8.7% year-over-year, mainly due to a weaker film slate and 9.1% lower attendance, but per-patron spend reached a record $13.23 and net income turned positive at $1.4 million, reversing a prior year loss.

• Premium experiences accounted for 44.7% of box office, and international films reached a record 13.6% share, with alternative content and new LBE venues driving engagement.

• Adjusted EBITDAaL was $33.3 million (margin 9.6%), down from $47.9 million (margin 12.5%) in Q3 2024.

• The sale of Cineplex Digital Media (CDM) for $70 million will strengthen the balance sheet, support share buybacks, debt reduction, and other corporate purposes.

• Kevin Johnson was appointed to the Board of Directors, bringing significant media and advertising expertise.

Financial highlights

• Q3 2025 total revenue was $348.9 million, down from $382.3 million in Q3 2024.

• Box office revenue was $159.5 million, down 8.8% year-over-year; attendance was 12.1 million, down 9.1% year-over-year but up 5% sequentially from Q2.

• Concession per patron (CPP) was $9.65, down 2% year-over-year; theatre food service revenue was $130.3 million.

• Cinema media revenue grew 6.1% to $19.2 million; location-based entertainment (LBE) revenue rose 11.3% to $34.6 million, driven by new venues.

• Adjusted free cash flow per share was $0.244, compared to $(0.120) in Q3 2024.

Outlook and guidance

• Management expects a stronger film slate for Q4 2025 and into 2026, with more wide releases, premium content, and increased group/event activity.

• Proceeds from the CDM sale will be used to strengthen the balance sheet, support share repurchases, debt reduction, and strategic investments.

• Full-year net capital expenditures are expected to be $40–50 million.