Revenue tops forecasts and losses narrow
AMC Entertainment shares rose about 3% Monday after the company reported second quarter results that exceeded Wall Street expectations. The stock was up as much as 11 percent in intraday trading following the pre market release. Revenue reached nearly 1.4 billion dollars, an increase of about 35 percent from a year earlier and ahead of the 1.35 billion dollar consensus, according to LSEG. The company reported a net loss of 4.7 million dollars, or 0.01 dollars per share, compared with a loss of 32.8 million dollars, or 0.10 dollars per share, in the second quarter of 2024.
On an adjusted basis, AMC reported breakeven earnings per share. Analysts had expected an adjusted loss of 0.08 dollars per share, per LSEG. Management attributed the outperformance to stronger admissions and higher per patron spending across concessions and other revenue lines.
Traffic improves and per patron spend hits records
Total attendance rose 26 percent year over year, indicating a recovery in moviegoing after industry wide disruptions in recent years. The company said consolidated admissions revenue per patron surpassed 12 dollars for the first time. Total consolidated revenue per patron reached 22.26 dollars, which AMC described as unprecedented in its reporting history. These figures suggest that both ticket pricing and in theater spending remain supportive as content availability improves.
Premium formats continued to be a key driver. AMC noted significant growth in offerings such as its AMC Go Plan and reported that premium auditoriums operated at nearly three times the occupancy of standard auditoriums during the quarter. The mix shift toward premium seating, larger screens, and enhanced sound systems continued to lift average revenue per visitor, while also helping to balance operating costs per showtime.
Balance sheet actions and debt schedule
The company said it has addressed all 2026 debt maturities and extended them to 2029. Management characterized the extension as an important step in reducing near term refinancing risk and creating runway for operating initiatives. AMC continues to carry a significant debt load, which remains a central consideration for equity and credit investors. The revised maturity ladder may ease liquidity pressures in the next several years, though interest expense and leverage metrics will remain areas to watch as the firm targets sustained profitability.
Cost control also featured in the quarter. While detailed expense line items were not disclosed in the headline figures, the narrowing net loss alongside higher revenue implies operating leverage as attendance and per patron metrics improve. Investors will look for confirmation of this trend in upcoming filings, including detail on film exhibition costs, labor, rent, and other fixed and variable expenses.
Industry context and outlook
AMC positioned the results as evidence of a recovering box office. The prior year had been affected by dual writers and actors strikes and a slower release calendar, which weighed on attendance industry wide. With a larger slate arriving in the second half of 2025, the company expects momentum to persist. Management pointed to the fourth quarter of 2025 and into 2026 as periods where growth could be more visible as content pipelines normalize and premium experiences continue to draw audiences.
The operating backdrop still carries uncertainties. Consumer discretionary spending, competitive streaming options, and variability in the film slate can influence admissions and in theater spending. At the same time, AMC’s footprint gives it scale to program premium formats and to market loyalty and subscription products. If attendance continues to recover and per patron monetization holds, the combination could support improved margins even as the company services its debt.
In the near term, investors will focus on whether the breakeven adjusted earnings result can translate into consistent positive adjusted profitability, how quickly free cash flow can improve after working capital and maintenance capex, and whether the company can continue to negotiate favorable film rental terms as the release calendar resets. The second quarter figures indicate progress on several of these fronts, but execution over the next several quarters will be the key test.
