Reading International (RDI) Q4 2025 earnings summary

Executive summary

• Q4 2025 and full year revenue declined due to a weaker film slate, cinema closures, and asset sales, but operational improvements and asset monetization led to significant debt reduction and improved annual profitability.

• Q4 2025 revenues declined 14% year-over-year to $50.3 million, with a net loss of $2.6 million, compared to a net loss of $2.2 million in Q4 2024.

• Full year 2025 revenues fell 4% to $203.0 million, but net loss improved to $14.1 million from $35.3 million in 2024.

• Cinema operating income for 2025 rose to $3.6 million from a loss of $2.8 million in 2024, driven by cost reductions and operational improvements.

• Real estate division operating income increased 26% year-over-year to $5.9 million, despite an 8% drop in segment revenue.

Financial highlights

• Q4 2025 consolidated revenue fell by $8.3 million to $50.3 million quarter-over-quarter; full year revenue declined 4% to $203 million year-over-year.

• Q4 2025 net loss increased by $0.3 million to $2.6 million; basic loss per share was $0.11, up from $0.10 in Q4 2024.

• Full year 2025 net loss improved by $21.2 million to $14.1 million; basic loss per share improved by $0.96 to $0.62.

• Adjusted EBITDA for Q4 2025 was $5.1 million, down 25% year-over-year; full year adjusted EBITDA rose 744% to $17.8 million, including an $8.4 million gain on asset sales.

• Operating loss for the year improved by $8.7 million to $5.3 million.

Outlook and guidance

• Early 2026 box office up over 11% year-to-date; management expects 2026 to be the strongest post-pandemic year.

• Q1 2026 cinema business expected to improve year-over-year, supported by a stronger film slate and successful new releases.

• Anticipated major film releases and continued operational improvements are expected to drive growth.

• Anticipates continued momentum in cinema operations through 2026 with several high-profile movie releases.