Cineplex (CGX) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw record per-patron spend in both box office and concessions, with standout titles like Avatar: Fire and Ash, Zootopia 2, and Wicked Part Two driving premium format attendance and a strong December rebound.

• Entertained 10.1 million guests in Q4 2025, up 8.9% year-over-year, and achieved a diversified business model with strong contributions from Film Entertainment & Content, Media, and Location-Based Entertainment segments.

• Full-year 2025 revenue reached $1.285 billion, with adjusted EBITDAaL of $92 million and a net loss of $36.9 million, a $67.3 million improvement from the prior year.

• Premium experiences accounted for 43.2% of box office revenues, and international films contributed a record 11.2% share.

• Completed the sale of Cineplex Digital Media for $70 million, using proceeds for share repurchases, debt repayment, and general purposes.

Financial highlights

• Q4 2025 revenue was $334.8 million, down 1.8% year-over-year, with adjusted EBITDAaL of $35.1 million (10.5% margin).

• Annual revenue increased 0.8% to $1.285 billion; adjusted EBITDAaL rose to $92 million, and net loss from continuing operations improved to $(36.9) million.

• Box office per patron reached a record $13.87 in Q4 and $13.29 for the year; concession per patron hit $9.92 in Q4 and $9.72 for the year.

• Cinema media revenues grew 12.5%–13.1% year-over-year in Q4, with per-patron media revenue up to $3.33.

• Location-Based Entertainment revenue grew 6.8%–10.3% to $141.9 million, with adjusted EBITDAaL margin rising to 15.9%.

Outlook and guidance

• 2026 is expected to be significantly stronger, with anticipated box office growth of 8%–15% and a robust film slate including major franchises and original titles.

• January 2026 box office revenues were 14% higher than January 2025, indicating a strong start to the new year.

• Focus on deleveraging to achieve a target leverage ratio of 2.5x–3.0x, with capital allocation priorities including debt reduction, strategic investments, and shareholder returns.

• CapEx guidance for 2026 is $50 million, with a focus on maintenance, balance sheet strength, and selective growth.