AMC
AMC’s sequel: the comeback keeps rolling
AMC came into Q2 looking like the underdog in a summer blockbuster — and walked out with a better-than-expected quarter. The cinema giant posted adjusted EPS of 14 cents, blowing past Wall Street’s call for a 6-cent loss, while revenue climbed 14.2% to $1.60 billion.
The real money shot: margins
This wasn’t just a “people came back to the movies” story. AMC said adjusted EBITDA hit a record $321.4 million, up 69.6% year over year and, for the first time, above the $300 million mark. Free cash flow also came in strong at $190.1 million, which is investor-speak for: the popcorn machine is now helping pay the bills.
Why the stock is moving
A few things are doing the heavy lifting here:
- Higher attendance across the U.S. and Europe
- Bigger per-guest spending, thanks to premium formats and better engagement
- Tighter cost controls, which pushed adjusted EBITDA margin to 20.1%
- A healthier balance sheet, with AMC saying it has cut debt by $1.7 billion since 2020
AMC also said it’s still leaning into premium screens and loyalty programs, and it wants to add 100 to 250 more premium large-format and extra-large-format auditoriums over the next few years. In other words, it’s trying to make the movie-theater experience feel less like a wait-and-see and more like an event.
Big picture
The box office is having a real moment, and AMC is finally getting to cash in on it. If Hollywood keeps shipping hits and theaters keep filling seats, this is the kind of quarter that can make a busted old movie chain feel a lot more like a turnaround story.