AMC Beats Q3 With Record $1.71B Revenue and $109.3M Profit as Attendance Jumps 28%

AMC Entertainment (AMC) reported record third-quarter 2026 revenue of $1.711 billion, up 31.6% from a year earlier and above the $1.66 billion estimate, while adjusted EPS of $0.13 beat the $0.11 estimate. Adjusted EBITDA rose 183.7% to $347.5 million, and AMC returned to profitability with $109.3 million in net earnings, against a $298.2 million loss a year earlier.

Q3 scorecard

Adjusted EBITDA margin was 20.3%, against 9.4% a year earlier and 20.1% in the second quarter. Second-quarter 2026 revenue was $1,596.7 million, adjusted EBITDA was $321.4 million and adjusted EPS was $0.14. Both revenue and adjusted EBITDA set all-time quarterly records for the second straight quarter.

Attendance and revenue per patron

• Attendance. Attendance rose 28.3% to 74.9 million. International attendance rose 41.5% to 22.8 million, and U.S. attendance rose 23.3% to 52.1 million.
• Per-patron revenue. Average ticket price was $12.73, up from $12.25, and food and beverage revenue per patron was $7.87, up from $7.74. Total revenue per patron was about $22.84, against about $22.27 a year earlier.

Earnings and share count

• GAAP and adjusted. GAAP diluted EPS was $0.12, against a loss of $0.58 a year earlier. Adjusted diluted EPS was $0.13, against a loss of $0.21. Adjusted net earnings were $116.9 million, against an adjusted net loss of $110.0 million.
• Dilution. Diluted weighted-average shares rose 74.8% to 896.6 million from 513.0 million.

Cash flow and balance sheet

• Cash flow. Operating cash flow was $176.6 million, against negative $14.9 million a year earlier. Free cash flow was $109.3 million, against negative $81.1 million, and year-to-date free cash flow was $124.7 million, against negative $409.2 million.
• Cash. Cash and equivalents totaled $751.9 million at Sept. 30, excluding $39.6 million of restricted cash, up from $365.8 million a year earlier and down from $778.4 million at June 30.

Debt refinancing

• Refinancing. AMC completed a $3.97 billion refinancing on Oct. 5, covering about 97% of its debt, after the quarter ended. It includes $2.0 billion of 8.875% first-lien notes due 2031, an $850 million first-lien term loan and a $1.12 billion second-lien term loan, extending maturities to 2031 and 2033.

Nine-month results

• Revenue and EBITDA. Revenue rose 22.3% to $4.353 billion, and adjusted EBITDA rose 178.1% to $707.2 million, a 16.2% margin against 7.1%.
• Net loss. The nine-month net loss narrowed to $19.2 million from $505.0 million, and attendance rose 18.9% to 193.8 million.

Outlook

AMC expects positive free cash flow for full-year 2026. October domestic box office rose about 35% from October 2025, and the company expects the remaining film slate to lift domestic and global box office to their highest full-year levels in seven years. AMC did not give numeric guidance.

What to watch

• Free cash flow. Whether AMC delivers on its expectation of positive full-year free cash flow after $124.7 million through nine months.
• Interest costs. How the new notes and term loans affect interest expense, including the 8.875% coupon on the $2.0 billion of first-lien notes.
• Share count. Whether diluted shares keep rising after the 74.8% increase from a year earlier.
• Related coverage. See our reports on McDonald's and CAVA.

Sources: Results are from AMC's third-quarter 2026 report. Estimates are consensus figures. Comparison figures are from the company's earlier releases. This article is informational only and is not investment advice.

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