AMC Entertainment Holdings(NYSE:AMC), the world's largest theatrical exhibition company, reported fourth-quarter and full-year 2025 results on February 23, 2026, reflecting a challenging yet stabilizing environment for the movie theater industry following years of pandemic disruption and uneven film slates.
For the fourth quarter ended December 31, 2025, total revenues came in at $1,288.3 million, down modestly from $1,306.4 million in the year-ago period.
The slight decline was driven by lower average ticket prices and concession spending per patron, partially offset by higher attendance in certain key markets and contributions from premium formats such as IMAX, Dolby Cinema, and PLF (Premium Large Format) screens.
Net loss narrowed to $127.4 million from $135.6 million in Q4 2024, reflecting ongoing cost management efforts, reduced interest expense from prior debt restructuring, and a more favorable film mix in the holiday season despite the absence of certain major blockbusters.
Adjusted EBITDA, a key non-GAAP measure of operating performance, totaled $134.1 million, down from $164.8 million in the prior-year quarter.
The decrease was primarily attributable to lower revenue and continued investments in theater enhancements, marketing initiatives, and the rollout of new revenue streams including premium seating, loyalty program expansions, and in-theater dining and entertainment offerings.
Net cash provided by operating activities was $126.7 million compared to $203.6 million in Q4 2024, while free cash flow came in at $43.3 million versus $113.9 million in the prior period.
AMC ended the quarter with cash and cash equivalents of $428.5 million, excluding restricted cash of $48.8 million, providing liquidity to support ongoing operations.