Key Takeaways
- AMC Entertainment Holdings, Inc. has reached an agreement with certain holders of its Muvico, LLC Senior Secured Notes due 2029 to refinance its existing term loan credit agreement and the 12.75% Odeon Senior Secured Notes due 2027.
- The company has released preliminary results for the three months and full year ended December 31, 2025, with total revenues of $1,288.3 million and $4,848.9 million, respectively.
- Net loss for the three months and full year ended December 31, 2025, was approximately $(127.4) million and $(632.4) million, respectively.
- Adjusted EBITDA for the three months and full year ended December 31, 2025, was approximately $134.1 million and $387.5 million, respectively.
- The company is optimistic about 2026, with a strong film slate and encouraging box office trends.
Introduction to AMC’s Agreement and Preliminary Results
AMC Entertainment Holdings, Inc. has announced that it has reached an agreement with certain holders of its Muvico, LLC Senior Secured Notes due 2029. This agreement will provide the company with the flexibility to refinance its existing term loan credit agreement and the 12.75% Odeon Senior Secured Notes due 2027 with new debt that may be secured and guaranteed by the company and its Odeon and Muvico subsidiaries. The refinancing is expected to extend the maturity of the refinanced debt and reduce the related interest expense. In addition to this agreement, AMC has also released preliminary results for the three months and full year ended December 31, 2025.
Preliminary Results for the Three Months and Full Year Ended December 31, 2025
The preliminary results for the three months ended December 31, 2025, show total revenues of $1,288.3 million, a decrease of 1.4% compared to the same period in 2024. Net loss for the three months ended December 31, 2025, was approximately $(127.4) million, an improvement of $8.2 million compared to the same period in 2024. Adjusted EBITDA for the three months ended December 31, 2025, was approximately $134.1 million, a decrease of $30.7 million compared to the same period in 2024. For the full year ended December 31, 2025, total revenues were $4,848.9 million, an increase of 4.6% compared to 2024. Net loss for the full year ended December 31, 2025, was approximately $(632.4) million, an increase of $279.8 million compared to 2024. Adjusted EBITDA for the full year ended December 31, 2025, was approximately $387.5 million, an increase of $43.6 million compared to 2024.
Commentary from AMC’s Chairman and CEO
Commenting on the lender agreement, AMC Chairman and CEO Adam Aron said, "Thanks to the ongoing support of our lenders, we have enhanced our flexibility to streamline and simplify our capital structure, reduce our cost of capital, improve our liquidity and efficiently address upcoming debt maturities." Aron also commented on the preliminary results, stating that 2025 marked another important step forward for both AMC and the theatrical exhibition industry. Despite not meeting expected industry growth, the box office improved modestly year-over-year, rising approximately 1.5%, while AMC outperformed, growing total revenue by 4.6% and Adjusted EBITDA by nearly 13% compared to 2024.
Outlook for 2026
Looking ahead, AMC is increasingly optimistic about 2026. The first quarter box office year-to-date is already approximately 9% ahead of the same period last year, and the company believes the highly anticipated film slate for the remainder of the year should drive significant industry growth. With titles such as SPIDER-MAN: BRAND NEW DAY, AVENGERS: DOOMSDAY, MOANA, DUNE: PART THREE, and THE ODYSSEY, among many others, AMC is well-positioned to capture that growth through its unrivaled theatre footprint, industry-leading premium formats, engaging loyalty programs, and concessions and merchandise offerings.
Earnings Webcast and Conference Call
AMC will report its full results for the three months and full year ended December 31, 2025, after the market closes on Tuesday, February 24, 2026. The company will host an earnings webcast accessible through the Investor Relations section of AMC’s website at investor.amctheatres.com/. During the webcast, the company will take questions from both AMC Investor Connect members and equity research analysts.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United States, the largest in Europe, and the largest throughout the world, with approximately 860 theatres and 9,600 screens across the globe. AMC has propelled innovation in the exhibition industry by deploying its signature power-recliner seats, delivering enhanced food and beverage choices, generating greater guest engagement through its loyalty and subscription programs, and offering premium large format experiences.
Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, these forward-looking statements may be identified by the use of words such as "will," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "indicates," "projects," "goals," "objectives," "targets," "predicts," "plans," "seeks," and variations of these words and similar expressions. Examples of forward-looking statements include statements the company makes regarding impacts of the industry box office in North America and European industry attendance, the company’s expected revenue, net loss, capital expenditures, diluted loss per share, Adjusted EBITDA, and estimated cash and cash equivalents.
