AMC Entertainment returns to profit as Q3 revenue rises 31.6% to $1.71 billion

The big screen is generating profits for AMC Entertainment once again. The US group, one of the world's leading cinema exhibition operators, closed the third quarter of 2026 with revenue of $1.71 billion, up 31.6% from the $1.30 billion recorded in the same period of 2025. This marks the company's second consecutive quarter of record-breaking results, surpassing the previous highs established in the second quarter of this year.

The improvement in operating performance is particularly evident in the return to profitability. AMC reported net earnings of $109.3 million, compared with a net loss of $298.2 million in the same period last year. Adjusted EBITDA delivered even stronger growth, reaching $347.5 million from $122.5 million a year earlier, an increase of 183.7%. The results confirm the strengthening of the group's profitability, supported by a particularly successful movie season.

Audiences Return, Boosting Ticket Sales and Consumer Spending

The main driver of growth was the increase in cinema attendance. During the third quarter, AMC welcomed a total of 74.9 million moviegoers, up 28.3% from 58.4 million in the same period of 2025. The US market recorded 52.1 million admissions, an increase of 23.3%, while international markets reached 22.8 million moviegoers, up 41.5%.

Higher attendance translated into a 33.3% increase in ticket admission revenue, which reached approximately $954 million. The food and beverage business also benefited from the recovery, with revenue rising 30.5%. Average food and beverage spending per guest increased to $7.87, compared with $7.74 a year earlier.

Demand was primarily supported by a stronger film release schedule compared with 2025, alongside the growing appeal of premium formats, including IMAX and premium large-format screens. The 3.9% increase in average ticket prices provided a further boost to revenue.

Debt Refinancing Extends Maturities

Alongside its operating performance, one of the most important factors in assessing AMC's outlook is its debt management strategy. Last October, the company completed a $3.97 billion refinancing transaction covering approximately 97% of its existing debt. The operation, carried out through the issuance of new bonds and the arrangement of new loan facilities, extended most debt maturities to 2031 and 2033.

The transaction represents a significant step towards strengthening the group's financial stability, following several years of high indebtedness and a challenging recovery for the cinema industry. As of September 30, 2026, AMC held approximately $751.9 million in cash and cash equivalents, while corporate borrowings stood at approximately $3.75 billion, excluding current maturities. The refinancing therefore provides additional time to strengthen cash generation, but it does not eliminate the company's debt burden or its associated financing costs.

Cinema Recovery Does Not Erase Financial Challenges

During the quarter, AMC generated $176.6 million in cash from operating activities and $109.3 million in free cash flow, a significant improvement compared with the negative cash flows recorded in the same period of 2025. However, strengthening its financial position and maintaining sustainable long-term cash generation remain key priorities for the company.

Overall, the quarterly results highlight a group benefiting from the box office recovery and improved operating efficiency. AMC's challenge will be to turn these results into sustainable growth, gradually reducing the pressure of its debt burden while maintaining strong cinema attendance.

The return to profitability represents an encouraging signal for the wider cinema exhibition industry. However, it remains to be seen whether the strength of the film release schedule and renewed audience confidence will be sufficient to support the company's ongoing financial recovery.