AMC Entertainment Holdings Inc.
Revenue
$2B
Net Income
$-11M
AMC Entertainment Holdings Inc.
Revenue
$2B
Net Income
$-11M
AMC Entertainment Holdings Inc.
CIK: 0001411579
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026neutral (48)not_provided
Reality-Based Sentiment Analysisneutral48/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, AMC Entertainment Holdings Inc. has been showing bearish trends with stable guidance. Revenue has grown 13.6% during this period. The latest quarter shows neutral sentiment with neutral tone from management.
Latest Quarter Highlights:
AMC reported Q2 2026 revenue of $1.6 billion, up 14.2% YoY, driven by stronger admissions and food & beverage performance, though the company posted a net loss of $11.4 million. Operating cash flow turned positive at $106.9 million for the six-month period, signaling improved liquidity management, but the company remains unprofitable on a quarterly basis with significant debt refinancing activities ongoing. Management completed several debt exchanges and refinancings, including redemption of $400 million in Odeon Senior Secured Notes due 2027 and exchange of convertible notes for equity, raising capital through multiple equity offerings totaling $334.6 million.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/23/2026
Summary
AMC reported Q2 2026 revenue of $1.6 billion, up 14.2% YoY, driven by stronger admissions and food & beverage performance, though the company posted a net loss of $11.4 million. Operating cash flow turned positive at $106.9 million for the six-month period, signaling improved liquidity management, but the company remains unprofitable on a quarterly basis with significant debt refinancing activities ongoing. Management completed several debt exchanges and refinancings, including redemption of $400 million in Odeon Senior Secured Notes due 2027 and exchange of convertible notes for equity, raising capital through multiple equity offerings totaling $334.6 million.
Revenue
$1.60B
Net Income
$-11.4M
Guidance
Tone
Capex
$45.3M
Partnerships
Key Quotes
"The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next twelve months."
"Based on the Company's current cost structure, in order to achieve sustainable annual net positive cash flows from operating activities, the Company believes that revenues will need to be at least in line with pre-COVID-19 revenues."
"The Company expects, from time to time, to continue to seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise."
Q1 2026
10-Q • Filed 5/5/2026
Summary
AMC reported Q1 2026 revenue of $1,045.4M, up 21.2% YoY driven by higher admissions (+22.1%) and food & beverage sales (+22.5%), but the company posted a net loss of $117.1M and negative operating cash flow of $128.5M. Adjusted EBITDA improved significantly to $38.3M from -$57.7M YoY, but management acknowledged cash burn rates are unsustainable long-term and the company faces significant liquidity challenges requiring ongoing equity dilution.
Revenue
$1.05B
Net Income
$-117.1M
Guidance
Tone
Capex
$46.2M(-1.7% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. Based on the Company's current cost structure, in order to achieve sustainable net positive cash flows from operating activities, the Company believes that revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues."
"There can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company's obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all."
"The Company expects, from time to time, to continue to seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise."
Q4 2025
10-K • Filed 2/23/2026
Summary
AMC reported full-year 2025 revenues of $4.8 billion (up 4.6% YoY) with a net loss of $632.4 million, significantly worse than prior year loss of $352.6 million, driven by substantial losses on debt extinguishments and higher interest expense. The company faces severe liquidity constraints with a $1.1 billion working capital deficit and explicitly warns that continued operations require significant increases in revenues to pre-COVID levels, which remain 22% below 2019 levels, creating material uncertainty about going concern.
Revenue
$1.29B
Net Income
$-127.4M
Guidance
Tone
Capex
$246.1M(+0.2% YoY)
Partnerships
Key Quotes
"To remain viable beyond the next twelve months, the Company is expected to require additional sources of liquidity and/or significant increases in revenues and attendance levels"
"In the absence of significant increases in revenues and attendance from current levels, or obtaining significant additional sources of liquidity, an investment in our Common Stock is highly speculative; holders of our Common Stock could suffer a total loss of their investment"
"North America box office grosses were down approximately 22% for the year ended December 31, 2025, compared to the year ended December 31, 2019"
Q3 2025
10-Q • Filed 11/5/2025
Summary
AMC reported Q3 2025 revenues of $1,300.2M, down 3.6% YoY, with admissions declining 3.9% to $715.1M and food/beverage down 7.8%. The company posted a net loss of $298.2M driven by $194.8M in other expenses, primarily from debt extinguishment losses on refinancing transactions. Operating cash flow was negative $246.5M for the nine-month period, with free cash flow of negative $409.2M, highlighting severe liquidity pressures. Management acknowledged that current cash burn rates are unsustainable and that North American box office remains ~22% below pre-COVID 2019 levels.
Revenue
$1.30B
Net Income
$-298.2M
Guidance
Tone
Capex
$162.7M(+4.4% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve net positive cash flows from operating activities the Company believes that revenues will need to increase to levels at least in line with pre-COVID-19 revenues."
"North American box office grosses were down approximately 22% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2019."
"Until such time as the Company is able to achieve net positive cash flows from operating activities, it is difficult to estimate the Company's future cash burn rates and liquidity requirements."
Q2 2025
10-Q • Filed 8/11/2025
Summary
AMC reported Q2 2025 revenue of $1.4B (up 36% YoY) driven by improved admissions and F&B, achieving modest quarterly operating income of $93M versus a loss in Q2 2024. However, six-month performance remains deeply negative with net losses of $207M, negative operating cash flow of $232M, and free cash flow of negative $328M, reflecting structural profitability challenges. Management acknowledges cash burn rates are unsustainable long-term and box office remains 26% below pre-COVID levels, with heavy reliance on equity dilution ($170M raised in H1 2025) to maintain liquidity.
Revenue
$1.40B
Net Income
$-4.7M
Guidance
Tone
Capex
$96.5M(+1.5% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows from operating activities and long-term profitability, the Company believes that revenues will need to increase to levels at least in line with pre-COVID-19 revenues."
"North American box office grosses were down approximately 26% for the six months ended June 30, 2025, compared to the six months ended June 30, 2019."
"There can be no assurance that the Company will be successful in generating the additional liquidity necessary to meet the Company's obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all."
Q1 2025
10-Q • Filed 5/7/2025
Summary
AMC reported Q1 2025 revenues of $862.5M, down 9.3% YoY, with net loss of $202.1M versus $163.5M loss in Q1 2024. The company continues burning cash ($370M operating outflow) and faces significant structural challenges, including declining North American box office (down ~40% vs. pre-COVID 2019), negative Adjusted EBITDA of $58.0M, and substantial debt obligations exceeding $4.1B. Management explicitly states cash burn rates are "not sustainable long-term" and requires revenues to return to pre-COVID levels for viability.
Revenue
$862.5M
Net Income
$-202.1M
Guidance
Tone
Capex
$47M(-7.1% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows from operating activities and long-term profitability, the Company believes that revenues will need to increase to levels at least in line with pre-COVID-19 revenues."
"North American box office grosses were down approximately 40% for the three months ended March 31, 2025, compared to the three months ended March 31, 2019."
"There can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company's obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all."
Q4 2024
10-K • Filed 2/26/2025
Summary
AMC faced a challenging 2024 with consolidated revenues declining 3.6% to $4.64 billion and net losses widening to $352.6 million, driven by a 6.4% attendance decline due to weak film releases post-2023 labor strikes. The company reported negative operating cash flow of $50.8 million and significantly depleted liquidity (down to $632.3 million from $884.3 million), raising material going-concern questions that management acknowledges require increased revenues and additional liquidity sources. Management explicitly states the company faces existential risk without revenue recovery to pre-COVID levels or successful debt restructuring, with multiple detailed risk factor warnings about potential bankruptcy.
Revenue
$1.31B
Net Income
$-135.6M
Guidance
Tone
Capex
$245.5M(+8.8% YoY)
Partnerships
Key Quotes
"To remain viable beyond the next twelve months, the Company is expected to require additional sources of liquidity and/or significant increases in revenues and attendance levels"
"Our current cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows provided by operating activities and long-term profitability, we believe that revenues will need to increase to levels in line with pre-COVID-19 revenues."
"absent more normalized levels of attendance and revenues, our ability to obtain additional liquidity, which if not realized or is insufficient, likely would result in us seeking an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Common Stock and other securities would likely suffer a total loss of their investment"
Q3 2024
10-Q • Filed 11/6/2024
Summary
AMC reported Q3 2024 revenue of $1,348.8M, down 4.1% YoY, with net loss of $20.7M compared to net income of $12.3M in Q3 2023. The company continues to burn cash with negative operating cash flow of $254.4M YTD, reflecting structural challenges as North American box office remains approximately 25% below pre-COVID levels. Management completed significant refinancing transactions extending debt maturities to 2029-2030, but liquidity concerns persist with cash burn rates described as unsustainable long-term.
Revenue
$1.35B
Net Income
$-20.7M
Guidance
Tone
Capex
$155.8M(+1.5% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows provided by operating activities and long-term profitability, the Company believes that revenues will need to increase to levels at least in line with pre-COVID-19 revenues."
"North American box office grosses were down approximately 25% for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2019."
"There can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company's obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all."
Q2 2024
10-Q • Filed 8/2/2024
Summary
AMC reported Q2 2024 revenue of $1,031M, down 24% YoY, with net loss of $33M versus net income of $9M in Q2 2023. Admissions declined 24% and food & beverage revenue fell 25%, reflecting a weak film slate and ongoing box office headwinds (down 36% vs pre-COVID). Management explicitly stated cash burn rates are 'not sustainable long-term' and North American box office remains significantly depressed.
Revenue
$1.03B
Net Income
$-32.8M
Guidance
Tone
Capex
$44.6M(-8.2% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive operating cash flows and long-term profitability, the Company believes that revenues will need to increase to levels at least in line with pre-COVID-19 revenues."
"North American box office grosses were down approximately 36% for the six months ended June 30, 2024, compared to the six months ended June 30, 2019."
"Until such time as the Company is able to achieve sustainable net positive operating cash flow, it is difficult to estimate the Company's future cash burn rates and liquidity requirements."
Q1 2024
10-Q • Filed 5/8/2024
Summary
AMC reported Q1 2024 revenues of $951.4M, slightly down from $954.4M in Q1 2023, with a net loss of $163.5M versus $235.5M in the prior year. The company faces severe cash flow challenges with negative operating cash flow of $188.3M and is in a structurally weak position, burning cash unsustainably as North American box office was down 32% versus pre-COVID 2019 levels. Management acknowledges it must return to pre-COVID revenue levels to achieve positive cash flows and warns that labor strikes and uncertain film slate timing create significant near-term headwinds.
Revenue
$951.4M
Net Income
$-163.5M
Guidance
Tone
Capex
$50.5M(+6.5% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase to levels in line with pre-COVID-19 operating revenues."
"North American box office grosses were down approximately 32% for the three months ended March 31, 2024, compared to the three months ended March 31, 2019."
"the effects of labor stoppages, including but not limited to the Writers Guild of America strike and the Screen Actors Guild – American Federation of Television and Radio Artists strike that occurred during 2023 cannot be reasonably estimated and have had, and are expected to continue to have, a negative impact in 2024 on the film slate for exhibition"
Q3 2023
10-Q • Filed 11/8/2023
Summary
AMC reported Q3 2023 revenue of $1,405.9M (up 45% YoY) and swung to a small net income of $12.3M versus a $226.9M loss in Q3 2022, driven primarily by higher admissions and food/beverage revenues. However, the company faces severe structural challenges: negative operating cash flow of $137.4M for nine months, unsustainable cash burn rates, and dependencies on studio film slate recovery. Management explicitly states that North American box office is down 16% versus pre-COVID 2019 levels and that operating revenues must return to pre-COVID levels for sustainability.
Revenue
$1.41B
Net Income
$12.3M
Guidance
Tone
Capex
$153.5M(+18.3% YoY)
Partnerships
Key Quotes
"The Company's cash burn rates are not sustainable long-term. In order to achieve sustainable net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase to levels in line with pre-COVID operating revenues."
"North American box office grosses were down approximately 16% for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2019."
"there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company's obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all."