AMC Entertainment (AMC) Q3 2026 earnings review

Record revenue of $1.71B rose 32% and beat consensus.

AMC Entertainment · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

AMC Entertainment (AMC) Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · AMC Entertainment (AMC) Q3 2026 earnings review

Record revenue of $1.71B rose 32% and beat consensus

  1. 1.Revenue was 12.6% above the $1.52B Investing.com consensus
  2. 2.Adjusted EPS of $0.13 beat the $0.02 consensus
  3. 3.Adjusted EBITDA nearly tripled to $348M, a 20.3% margin
  4. 4.Attendance rose 28%; net earnings swung to $109M
  5. 5.Free cash flow was $109M; AMC expects a positive FY 2026
  6. 6.Shares fell 0.4% in pre-market on Nov 5 from the $3.525 Nov 4 close

Note: Pre-market price is not a close. Consensus is from Investing.com and Benzinga; no LSEG figure was found.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; Investing.com consensus, Nov 4, 2026; Benzinga consensus, Nov 4, 2026; Nasdaq.com prices, Nov 3–4, 2026

2

2 · Executive summary

Revenue beat consensus by 12.6% and adjusted EPS by $0.11

Q3 2026 results vs. consensus (Investing.com; Benzinga, Nov 4, 2026)

MetricActualConsensusVarianceResult
Total revenues (Investing.com)$1,711M$1,520M+$191M / +12.6%Beat
Adjusted EPS (Investing.com)$0.13$0.02+$0.11Beat
Total revenues (Benzinga)$1,711M$1,544M+$167M / +10.8%Beat
Adjusted EPS (Benzinga)$0.13$0.04+$0.09Beat

Share price, Nov 3–5, 2026 (Nasdaq.com)

AMC (NYSE)Nov 3 closeNov 4 closeNov 5 pre-marketPre-market move
AMC$3.28$3.525$3.51-0.4%

Pre-market price at 8:28 AM ET / 8:28 PM ICT, Nov 5 (Yahoo Finance): pre-market, not a close. Move is versus the Nov 4 close.

Note: GAAP diluted EPS was $0.12. EPS beats are shown in dollars because the consensus base is near zero.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; Investing.com, Nov 4, 2026; Benzinga, Nov 4, 2026; Nasdaq.com prices

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3 · Q3 results vs. consensus

Free cash flow of $125M so far this year backs AMC's positive FY 2026 call

Company outlook (earnings release, Nov 4, 2026)

ItemLatestCompany comment
Free cash flow, 9M 2026$124.7MExpects positive FY 2026
October domestic box officeUp about 35%Year over year
October 5 refinancing$3.97BAbout 97% of debt; to 2031–33

Q4 2026 consensus (Benzinga, Nov 4, 2026)

MetricQ3 2026 actualQ4 2026 consensus
Total revenues$1,711M$1.46B
Adjusted EPS$0.13$0.03

Note: AMC gave no numeric revenue or EBITDA guidance. Q4 consensus is third-party data from Benzinga.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; Benzinga consensus, Nov 4, 2026; analysis of company data

4

4 · Outlook

Adjusted EBITDA rose 184% to $348M, an all-time record

  1. Attendance drove growthAttendance rose 28% to 75M patrons.
  2. Spend per patron roseAverage ticket price rose to $12.73; F&B per patron was $7.87.
  3. Net earnings turned positiveNet earnings were $109.3M, against ($298.2M) a year ago.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Total revenues$1,300M$1,711M31.6%
Adjusted EBITDA$123M$348M183.7%
Net earnings($298M)$109Mn.m.
Adjusted EPS($0.21)$0.13n.m.
Free cash flow($81M)$109Mn.m.

Note: F&B is food and beverage. n.m. is not meaningful: the prior-year figure is a loss.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

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5 · Q3 key financials

International Adjusted EBITDA rose to $72.5M from $11.3M

Revenues and Adjusted EBITDA by segment

$M unless noted, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
US revenues$1,006M$1,299M+29.1%
International revenues$294M$412M+40.0%
US Adjusted EBITDA$111M$275M+147.3%
International Adjusted EBITDA$11M$73M+541.6%
US Adjusted EBITDA margin11.1%21.2%
International margin3.8%17.6%
Total Adjusted EBITDA$123M$348M+183.7%
The US was 76% of revenuesInternational attendance rose 41%.

Note: Segment figures are as reported by AMC. Margins are Adjusted EBITDA divided by segment revenues.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

6

6 · Results by segment

7 · Revenue bridge

Attendance rose 28% while ticket prices rose 4%

Operating metrics

Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Attendance (thousands)58,37774,917+28.3%
US attendance (thousands)42,27652,133+23.3%
International (thousands)16,10122,784+41.5%
Average ticket price$12.25$12.73+3.9%
F&B revenue per patron$7.74$7.87+1.7%
Contribution margin per patron$14.72$15.05+2.2%
Screens, end of period9,6369,472
Contribution margin per patron reached $15.05

Note: F&B is food and beverage. Contribution margin is revenue less film exhibition and F&B costs, as AMC defines it.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

8

8 · Operating metrics

Interest expense of $130M was the largest add-back to Adjusted EBITDA

Net earnings to Adjusted EBITDA

$M, Q3 2026

$M · Net earnings: $109M$M · Tax: $10M$M · Interest: $130M$M · D&⁠A: $76M$M · Other: $23M$M · Adj. EBITDA: $348MNetearningsTaxInterestD&⁠AOtherAdj. EBITDA$0.0M$100.0M$200.0M$300.0M$400.0M$109M$10M$130M$76M$23M$348M
Stock-based pay of $20.7M sits in Other

Note: Other covers stock-based pay, other expense, investment income and equity-method items.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

9

9 · Net earnings to Adjusted EBITDA

Adjusted EBITDA margin rose 1,089 bps to 20.3%, a record

Adjusted EBITDA margin by segment

%, Q3 2025 vs. Q3 2026

Total · Q3 2025: 9.4%Total · Q3 2026: 20.3%US · Q3 2025: 11.1%US · Q3 2026: 21.2%International · Q3 2025: 3.8%International · Q3 2026: 17.6%Q3 2025Q3 20260%5%10%15%20%25%9.4%20.3%11.1%21.2%3.8%17.6%
International margin rose to 17.6%

Note: Margins are Adjusted EBITDA divided by revenues. Net margin was 6.4%, against a 22.9% loss margin a year ago.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

10

10 · Margins

11 · Free cash flow

Rent fell to 12.9% of revenue as fixed costs spread over more patrons

Costs as a share of revenue

%, Q3 2025 vs. Q3 2026

Film to admissions · Q3 2025: 49.3%Film to admissions · Q3 2026: 50.0%Operating expense · Q3 2025: 35.7%Operating expense · Q3 2026: 29.3%Rent · Q3 2025: 17.2%Rent · Q3 2026: 12.9%Q3 2025Q3 20260%20%40%60%49.3%50.0%35.7%29.3%17.2%12.9%
Film costs were 50.0% of admissions

Note: Film costs are shown against admissions revenue; other ratios use total revenues.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

12

12 · Cost ratios

Cash rose to $752M while borrowings fell to $3.75B

Balance sheet

$M unless noted

$M unless notedDec 31, 2025Sep 30, 2026
Cash and cash equivalents$429M$752M
Corporate borrowings$4,039M$3,747M
Borrowings, principal$4,024M$3,783M
Net corporate borrowings$3,610M$2,996M
Finance lease liabilities$52.5M$50.7M
Stockholders deficit($1,895M)($1,343M)
On Oct 5 AMC refinanced $3.97B of debt

Note: The refinancing came after Sep 30 and is not in these balances. Cash excludes $39.6M of restricted cash.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

13

13 · Balance sheet

Net borrowings of $3.00B remain high against a $707M 9M EBITDA

Indicator
What to watch
Implication
Latest reading
Film slate
Attendance
Q4 release dates
October box office up about 35%
Debt and interest
Free cash flow
Post-refinancing rates
$130M interest in Q3
Share count
Per-share results
Dilution from equity sales
Diluted shares up 75%
Cost inflation
Margins
Operating expense growth
Operating expense +7.9% YoY

Note: These are analytical watch points, not company targets.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

14

14 · Key risks to outlook

15 · Appendix: Revenue detail

16 · Appendix: Cost detail

17 · Appendix: Profit detail

18 · Appendix: Cash and capital

Appendix: income statement and Adjusted EBITDA detail

Statement of operations, $M

$M unless notedQ3 2025Q3 2026
Total revenues$1,300.2M$1,711.1M
Operating costs and expenses$1,264.4M$1,462.4M
Operating income$35.8M$248.7M
Total other expense$332.8M$129.9M
Income tax provision$1.2M$9.5M
Net earnings($298.2M)$109.3M

Net earnings to Adjusted EBITDA, $M

$M unless notedQ3 2025Q3 2026
Net earnings($298.2M)$109.3M
Income tax provision$1.2M$9.5M
Interest expense$139.3M$130.0M
Depreciation and amortization$79.4M$75.8M
Other items, net$200.8M$22.9M
Adjusted EBITDA$122.5M$347.5M

Note: Other items include other expense ($196.5M in Q3 2025, mainly debt extinguishment losses) and stock-based pay.Source: AMC Form 8-K Ex. 99.1, Nov 4, 2026; analysis of company data

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19 · Appendix: Income and EBITDA

Appendix: sources

  • Filing: AMC Entertainment Form 8-K, Nov 4, 2026 — https://www.sec.gov/Archives/edgar/data/1411579/000141157926000073/0001411579-26-000073-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1411579/000141157926000073/amc-ex99d1.htm
  • Q3 consensus: Investing.com, Nov 4, 2026 — https://ph.investing.com/news/earnings/amc-entertainment-holdings-earnings-beat-by-011-revenue-topped-estimates-2676369
  • Q3 and Q4 consensus: Benzinga, Nov 4, 2026 — https://www.benzinga.com/quote/AMC/earnings-forecasts
  • Share price: Nasdaq.com AMC, Nov 3 and Nov 4 closes; Nov 5 pre-market at 8:28 AM ET / 8:28 PM ICT, Nov 5 — https://www.nasdaq.com/market-activity/stocks/amc/after-hours
  • Q3 consensus preview: Investing.com, Nov 4, 2026, 10:41 AM ET (EPS $0.0248, revenue $1.52B) — https://www.investing.com/news/earnings/amc-entertainment-earnings-ahead-as-box-office-recovery-tests-93CH-5000353
  • No LSEG consensus was found. AMC gave no numeric guidance; the FY 2026 FCF view is from the release.
  • Times are US Eastern. The pre-market price is not a close.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from AMC Entertainment's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (Investing.com, Benzinga) and share prices (Nasdaq.com) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars.

Forward-looking statements. Company expectations, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, adjusted net earnings, adjusted EPS, free cash flow and contribution margin follow AMC's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by AMC Entertainment Holdings, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, including Nov 5 pre-market trading.

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21 · Disclosures

Sources

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