AMC Entertainment Holdings (NYSE:AMC) reported fourth quarter results that slightly exceeded revenue expectations and showed a narrower loss than analysts had projected.
For the three months ended December 31, AMC’s total revenue fell 1.4% year-over-year to $1.29 billion, above the average analyst estimate of $1.27 billion.
The company posted a net loss of $127.4 million, or $0.18 per share, smaller than the anticipated $0.21 per share loss.
Adjusted EBITDA declined to $134.1 million from $164.8 million in the fourth quarter of 2024.
Net cash provided by operating activities totaled $126.7 million for the quarter, with free cash flow of $43.3 million. Cash and cash equivalents at year-end were $428.5 million, excluding $48.8 million in restricted cash.
For the full year, AMC reported revenue of $4.85 billion, up from $4.64 billion in 2024, while net loss widened to $632.4 million from $352.6 million, primarily due to non-cash charges from a July 2025 refinancing that allowed AMC to redeem all 2026 debt maturities.
Adjusted EBITDA for 2025 rose to $387.5 million, compared with $343.9 million in 2024, while free cash flow was negative $365.9 million.
AMC Chairman and CEO Adam Aron highlighted record per-patron revenue in admissions, food and beverage, and total revenue for both the fourth quarter and full year. He cited operating improvements, portfolio optimization, and loyalty and premium offerings as drivers of the results.
“These achievements underscore what we’ve long believed: AMC is exceptionally well positioned to capitalize on a recovering box office,” Aron said. “And as I have said many times before, the not-so-secret formula to a full box‑office recovery is straight forward, we need more great movies from our studio partners.”
Looking ahead, Aron said the company is optimistic for 2026, pointing to upcoming releases including Spider-Man: Brand New Day, Avengers: Doomsday, Moana, Dune: Part Three, and The Odyssey.
He added that January North American box office revenue was approximately 16% higher than the same period last year, with European markets posting even stronger growth.
Shares of AMC trade down 1.3% at about $1.20 following its earnings report.