- Admissions revenue grew to $953 million thanks to the record-setting business provided by “Spider-Man: Brand New Day” and “The Odyssey”
- Concessions revenue also increased to $589 million with per patron spending of $8.85
- Adjusted EBITDA also set a company record of $347.5 million
After years of operating at a loss, AMC Theatres has posted a second straight profitable quarter thanks to the box office success of “Spider-Man: Brand New Day” and “The Odyssey,” which drove quarterly revenue to a company record $1.71 billion.
Off of that revenue, AMC reported a quarterly net income of $109.3 million, which equated to earnings of 13 cents per share. Adjusted EBITDA also reached a company record $347.5 million, marking the second straight quarter that record was broken.
“In recent years, where other key players in our industry collapsed, at AMC we repeatedly instead have talked about recovery. Today, we can finally say that AMC has recovered,” AMC CEO Adam Aron said in a statement. “To our studio partners, lenders, business partners, employees and our millions of passionate shareholders, thank you for standing with us as we traveled through a long, and at times brutal, road. Mere survival was never the goal. Our goal ultimately was to thrive, and that is exactly and precisely where our focus now lies. We are highly energized by the tremendous opportunities ahead.”
More to come…
In addition to the revenue surge, Aron highlighted AMC’s ongoing efforts to manage its substantial debt load, which led to an upgrade in its S&P Global credit rating from CCC+ to B- this past July.
“On October 5, we completed a $3.97 billion refinancing covering approximately 97% of our debt, extending maturities to late 2031 and 2033, simplifying our capital structure, and reducing our cost of capital. This transaction builds on years of bold and creative capital markets actions taken,” he wrote. “AMC now moves forward from a position of significantly increased balance sheet strength.”
This past quarter also saw AMC launch its own distribution label, Leawood Pictures, which will release independently financed low and mid-budget films at AMC and other theater chains in the latest development of the company’s efforts to reduce dependence on the major studio system. Led by former Bleecker Street distribution chief Kyle Davies, the label is expected to begin releasing films sometime in 2027.