AMC posts a second straight record quarter as the box office rebound deepens

AMC Entertainment Holdings, the world's largest movie theater chain, reported record third-quarter revenue and profit on Wednesday, posting its second consecutive quarter of all-time highs as a recovering box office pulled audiences back into multiplexes.

Total revenue rose 31.6 percent to $1.71 billion, from $1.3 billion in the same period a year earlier, according to the company's earnings release. Adjusted EBITDA nearly tripled, climbing 183.7 percent to $347.5 million, and the company swung to a GAAP net profit of $109.3 million, compared with a $298.2 million loss a year earlier. Those figures are also detailed in a filing with the Securities and Exchange Commission.

Attendance climbs, margins widen

Worldwide attendance rose 28.3 percent, to 74.9 million moviegoers from 58.4 million, with admissions revenue of $953.5 million and food-and-beverage revenue of $589.4 million, up roughly 30 percent, according to AMC's quarterly report filed with the SEC. The Adjusted EBITDA margin widened to 20.3 percent from 9.4 percent, and free cash flow turned positive at $109.3 million, compared with an $81.1 million outflow in the same quarter last year.

• Revenue of $1.71 billion, up 31.6 percent from a year ago
• Worldwide attendance of 74.9 million moviegoers, up 28.3 percent
• A net profit of $109.3 million, reversing a $298.2 million loss

"Sometimes short but sweet is the best way to summarize performance," AMC chairman and chief executive Adam Aron said in the release, adding that "AMC has finally recovered" after several difficult years.

Debt and dilution remain in the background

The rebound follows years of heavy borrowing and stock issuance that AMC used to survive pandemic-era closures and the prolonged slowdown in theatrical releases that followed. Shares outstanding climbed to about 892.6 million entering the quarter from 512.9 million at the end of 2025, largely because of equity sales, according to the 10-Q, which also cautions that "historical cash burn rates are not sustainable long-term." The trade outlet Celluloid Junkie reported in July that AMC's leverage remained well above the roughly 3 times EBITDA that management has set as a target, even as the chain posted a then-record quarter. Heading into the Q3 report, Wall Street had penciled in about $1.62 billion in revenue, below what AMC ultimately delivered; the stock had already gained roughly 86 percent for the year, Stocktwits reported in late October.

What's next

AMC said domestic box office receipts in October ran about 35 percent ahead of the same month last year, and the company told investors it expects the rest of 2026 to produce the strongest domestic and global box office totals in seven years. That forecast rests on a crowded release calendar, including "The Hunger Games: Sunrise on the Reaping," "Dune: Part Three" and "Avengers: Doomsday" in the coming weeks. AMC's next scheduled results, covering the fourth quarter and full year 2026, are expected in early 2027.