Key Takeaways AMC's A-List membership topped 1.1M in Q2'26, more than doubling in five years.A-List members made up around 20% of AMC's U.S. theater patronage in Q2.Higher visit frequency could help AMC boost food, beverage and other spending per patron. AMC Entertainment Holdings, Inc. (AMC - Free Report) is seeing strong growth in its A-List subscription program, which is helping the company build a larger base of frequent moviegoers. At the end of the second quarter of 2026, more than 1.1 million moviegoers were enrolled in A-List, more than double the membership level five years ago.
A-List allows members to watch up to four movies a week for a monthly fee of $24-$30 plus tax. While members have the option to see up to 17 movies a month, the typical member attends two to three movies per month. This gives AMC an opportunity to drive attendance beyond major blockbuster releases.
The program also has a meaningful share of AMC Entertainment’s U.S. traffic. A-List members who also participate in AMC Stubs accounted for around 20% of the total U.S. theater patronage in the second quarter. The program is particularly popular among Gen Z moviegoers and provides a more consistent cadence of visits from a younger audience.
Higher visit frequency can also support spending beyond admissions. A-List gives AMC opportunities to attract customers to secondary movies and sell more food. This is important as the company continues to focus on increasing revenues per patron. In the second quarter, food and beverage revenues per patron and total revenues per patron reached all-time highs across both its domestic and international businesses.
However, A-List membership growth does not guarantee continued gains in spending or attendance. The program’s value will depend on how frequently members visit and how effectively AMC Entertainment converts those visits into food, beverage and other purchases.
With more than 1.1 million members and a growing presence among younger moviegoers, A-List gives AMC a recurring customer base that could support traffic and guest spending as the movie slate expands.
AMC Entertainment’s Price Performance, Valuation & EstimatesAMC shares have surged 130.6% in the past six months against the industry’s 0.6% fall. In the same time frame, AMC Entertainment has outperformed industry players like Cinemark Holdings, Inc. (CNK - Free Report) and The Marcus Corporation (MCS - Free Report) .
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC Entertainment’s stock trades at a forward price-to-sales (P/S) multiple of 0.41, below the industry’s average of 2.64. Cinemark and Marcus have P/S ratios of 1.15 and 1, respectively.
AMC Entertainment’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share indicates a 77.1% year-over-year improvement. Conversely, industry players like Cinemark and Marcus are likely to witness 2026 earnings growth of 126.9% and 652.9%, respectively.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC Entertainment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For the first time ever, fans can watch the world’s best Rocket League teams compete for a $1.2 million prize pool on the big screen at select AMC locations on September 20
Attendees will receive a commemorative Rocket League ticket with a code to redeem in-game cosmetics
Tickets are on sale now for the approximately eight-hour live event
LEAWOOD, Kan.--(BUSINESS WIRE)--AMC Theatres® (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced an AMC-exclusive live broadcast of the 2026 Rocket League World Championship Finals at 50 AMC theatres nationwide.
On Sunday, September 20, fans at 50 select AMC locations across the United States will be able to watch the championship Finals streamed live from Dickies Arena in Fort Worth, Texas, where the world's top Rocket League teams compete for a share of the tournament's $1.2 million prize pool and the opportunity to be crowned Rocket League World Champions. This final day of competition will determine the 2026 World Champions in one of esports’ most popular and fast-paced games.
Tickets are on sale now at participating AMC locations – 2026 Rocket League World Championship at AMC Theatres. The event is expected to screen for approximately eight hours and will conclude with the crowning of the 2026 Rocket League World Champions. In addition to experiencing the event on the big screen, all attendees will receive a commemorative Rocket League ticket that has codes to redeem drops you would earn by watching on Twitch.
“Such a big part of the magic of movie theatres is their ability to bring people together for unforgettable shared experiences, and a live event like the Rocket League World Championship is a great example of that," said Ellen Copaken, SVP, Business Development, AMC Theatres. "We're excited to give fans the opportunity to watch esports' biggest stage unfold live on massive screens, surrounded by fellow Rocket League fans.”
A list of participating AMC locations is below. For tickets, visit AMCTheatres.com or the AMC mobile app.
Atlanta
AMC Southlake 24
AMC Sugarloaf Mills 18
Baltimore
AMC Owings Mills 17
Boston
AMC Methuen 20
Charlotte
AMC Carolina Pavilion 22
AMC Concord Mills 24
Chicago
AMC Crestwood 18
AMC South Barrington 24
AMC Village Crossing 18
Columbus
AMC Dublin Village 18
Dallas
AMC Mesquite 30
AMC Stonebriar Mall 24
Denver
AMC Highlands Ranch 24
AMC Westminster Promenade 24
Houston
AMC Fountains 18
AMC Gulf Pointe 30
AMC Willowbrook 24
Indianapolis
AMC Castleton Square 14
AMC Indianapolis 17
Jacksonville
AMC Orange Park 24
AMC Regency 24
Kansas City
AMC Barrywoods 24
Las Vegas
AMC Rainbow Promenade 10
AMC Town Square 18
Los Angeles
AMC Burbank 16
AMC DINE-IN Ontario Mills 30
AMC Orange 30
AMC Rolling Hills 20
Miami
AMC Aventura Mall 24
Minneapolis
AMC Eden Prairie Mall 18
Nashville
AMC Thoroughbred 20
New York
AMC Garden State Plaza 16
AMC Jersey Gardens 20
AMC Kips Bay 15
Oklahoma City
AMC Quail Springs Mall 24
Orlando
AMC DINE-IN Disney Springs 24
Philadelphia
AMC Cherry Hill 24
AMC Neshaminy 24
Phoenix
AMC Ahwatukee 24
AMC Deer Valley 17
Pittsburgh
AMC Waterfront 22
Sacramento
AMC Manteca 16
San Diego
AMC Fashion Valley 18
San Francisco
AMC Bay Street 16
AMC Mercado 20
Seattle
AMC Southcenter 16
Tampa
AMC Highwoods 20
AMC Woodlands Square 20
Washington, DC
AMC DINE-IN Rio Cinemas 18
AMC Hoffman Center 22
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 850 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, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. For more information, visit amctheatres.com.
AMC Entertainment (AMC - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Shares of this movie theater operator have returned +2.3% over the past month versus the Zacks S&P 500 composite's -0.1% change. The Zacks Leisure and Recreation Services industry, to which AMC Entertainment belongs, has lost 6.4% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
AMC Entertainment is expected to post a loss of $0.05 per share for the current quarter, representing a year-over-year change of +76.2%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The consensus earnings estimate of -$0.22 for the current fiscal year indicates a year-over-year change of +77.1%. This estimate has remained unchanged over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $0.06 indicates a change of +73.9% from what AMC Entertainment is expected to report a year ago. Over the past month, the estimate has remained unchanged.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, AMC Entertainment is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of AMC Entertainment, the consensus sales estimate of $1.39 billion for the current quarter points to a year-over-year change of +6.9%. The $5.49 billion and $5.65 billion estimates for the current and next fiscal years indicate changes of +13.3% and +2.8%, respectively.
Last Reported Results and Surprise HistoryAMC Entertainment reported revenues of $1.6 billion in the last reported quarter, representing a year-over-year change of +14.2%. EPS of $0.14 for the same period compares with $0 a year ago.
Compared to the Zacks Consensus Estimate of $1.51 billion, the reported revenues represent a surprise of +5.78%. The EPS surprise was +1300%.
Over the last four quarters, AMC Entertainment surpassed consensus EPS estimates two times. The company topped consensus revenue estimates each time over this period.
ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
AMC Entertainment is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about AMC Entertainment. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
AMC Entertainment (AMC +4.33%) is an interesting stock. For a while, in 2021, it was a "meme stock," often in the news and surging more than 1,100% that year to more than $600 per share. The next years were different, with shares crashing 85%, 85%, 35%, and 61% in 2022, 2023, 2024, and 2025, respectively. Altogether, that's more than a 99% decline. Ouch!
Image source: Getty Images.
So far, 2026 has been quite different, with shares up about 63% (as of Sept. 4). Still, they were recently trading for $2.67 apiece. In other words, AMC Entertainment's shares are firmly in penny-stock territory. Should you buy shares now, while they're below $3? Maybe.
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Penny stocks are notoriously volatile and risky, often tied to young, unproven companies, and occasionally hyped online. They're generally to be avoided. But AMC Entertainment, while definitely not a no-brainer, blue chip stock, is not a typical penny stock. Its market value was recently $2.4 billion, for example. Its last earnings report, for its second quarter, featured revenue of $1.6 billion, up 14% year over year.
So -- should you buy into AMC Entertainment? Here are some reasons you might:
Movie theaters are having a great year, with summer ticket sales up 26% over last year and above most recent summers. AMC seems to have its mojo back, with Q2 also featuring adjusted earnings in the black, not the red. The stock's valuation arguably looks reasonable, with a low price-to-sales ratio of 0.28, below the five-year average of 0.31. However, keep in mind:
Other movie stocks may be better buys, with lower valuations. AMC doesn't have a solid track record of profits. It doesn't pay a dividend. The company has issued many more shares, diluting the value of existing shares. It's carrying a lot of debt. Overall, I'm taking a pass. But dig deeper, if you're intrigued, and see what you think.
Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
AMC Entertainment AMC shares rose about 7% in trading on Friday after CEO Adam Aron sharply criticized Robinhood Markets’ efforts to offer tokenized real-world assets, including tokens linked to AMC stock.
Aron warned Robinhood CEO Vlad Tenev that the cinema chain could pursue legal action if the fintech company does not stop trading what AMC considers to be a synthetic representation of its shares.
“Robinhood apparently is behind an effort related to ‘tokenized real-world assets including Stock Tokens’ for AMC Entertainment (and supposedly 190+ other companies),” Aron wrote.
He said AMC had no connection to the initiative and did not authorize or endorse the tokenized securities.
“We immediately are going to have our outside securities counsel look into this,” Aron added.
The confrontation comes as AMC shares have gained roughly 60% this year, significantly outperforming the broader S&P 500, as investors have increasingly focused on the company’s improving operating performance.
The company's stock received a big boost in May, after the theater chain reported its strongest May attendance in seven years, adding to signs that the movie exhibition industry is benefiting from a stronger film slate in 2026.
Robinhood says on its website that its Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited.
The products are designed to provide investors with economic exposure to underlying securities but do not provide legal or beneficial ownership rights in those securities.
Robinhood also states that its Stock Tokens are not registered under US securities laws and cannot be offered, sold, or delivered in the United States or to US persons.
The company says the tokens are also subject to restrictions in other jurisdictions, including Canada, the UK and Switzerland.
Those disclosures have done little to ease Aron’s concerns.
After Tenev publicly asked what specifically concerned the AMC chief, Aron responded that the implications were “almost existential.”
He argued that US securities laws exist to protect investors and questioned how a US company could establish an offshore operation in Jersey and offer an instrument that resembles AMC stock without complying with US securities regulations.
Aron also argued that the tokenized structure could undermine the relationship between genuine share ownership and a company’s ability to raise capital.
“Share ownership gives shareholders various rights, including the right to vote their shares,” he said, arguing that the tokens could create the impression of stock ownership without providing those rights.
Aron called on Robinhood to “CEASE AND DECIST” trading AMC stock tokens, adding that AMC’s securities counsel would examine whether the company could force Robinhood to stop if it did not voluntarily comply.
The dispute with Robinhood comes as AMC is also pursuing a new strategy aimed at expanding the supply of theatrical content.
The company recently helped create Leawood Films, a distribution venture intended to bring more small and medium-sized movies to theaters.
Rather than taking on the financial risks associated with producing films, the initiative is expected to leverage AMC’s global theater network, marketing capabilities, and industry relationships to support distribution.
The move follows a strong second quarter for AMC, with blockbuster releases such as The Odyssey and Spider-Man: Brand New Day helping drive historic attendance and strong demand for premium theater formats.
Zacks said the Leawood Films initiative represents a strategically sensible extension of AMC’s existing exhibition and marketing capabilities.
Its relatively limited production risk, combined with AMC’s global screen network, could help broaden the company's theatrical offering and create additional revenue streams over time.
However, Leawood Films is unlikely to become a significant earnings driver for AMC in the near term, according to Zacks.
The cinema operator remains exposed to fluctuations in the film release calendar, while its elevated leverage, potential shareholder dilution and uneven cash-flow generation continue to pose risks.
The sharp rise in AMC shares this year also means investors have already priced in at least some of the company’s operational recovery.
Against that backdrop, Zacks said existing shareholders may consider retaining their AMC positions, while prospective investors could wait for a more attractive entry point.
For now, AMC’s latest rally reflects a broader recovery story — but Aron’s clash with Robinhood shows that the company is also becoming increasingly vocal about how its shares are represented in emerging financial markets.
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Key Takeaways AMC's Leawood Films will distribute movies without financing their production costs.AMC's Q2 adjusted EBITDA surged 70% YoY to $321.4M as attendance and per-patron spending strengthened.AMC's 69% YTD rally likely faces a test from elevated leverage and uneven full-year cash generation. AMC Entertainment Holdings, Inc. (AMC - Free Report) is attracting attention following the creation of Leawood Films, a distribution venture designed to bring more small and medium-sized movies to theaters. The initiative is expected to leverage AMC’s global exhibition network, marketing capabilities and industry relationships without requiring the company to finance film production.
The announcement builds on AMC’s record-breaking second-quarter results and historic attendance generated by The Odyssey and Spider-Man: Brand New Day. AMC shares have surged approximately 69.2% year to date, outperforming the Zacks Leisure and Recreation Services industry and the S&P 500.
AMC’s YTD Price Performance
Image Source: Zacks Investment Research
With operating momentum strengthening and Leawood Films opening another potential revenue channel, should investors chase AMC’s rally? Let’s analyze.
Leawood Films Expands AMC’s Growth StoryLeawood Films will focus primarily on distributing small and medium-sized releases that might otherwise struggle to secure theatrical backing. The venture will work only with completed films or projects whose production costs have already been fully financed by filmmakers. This structure limits AMC’s exposure to the development and production risks traditionally associated with movie studios.
AMC plans to use its ability to secure screens, market films and collaborate with other domestic and international exhibitors. The model builds on the company’s distribution experience with Taylor Swift: The Eras Tour, Renaissance: A Film by Beyoncé and Taylor Swift: The Official Release Party of a Showgirl.
The venture is intended to supplement rather than compete with content supplied by AMC’s major studio partners. It will also preserve a theatrical window of at least 45 days before premium video-on-demand availability and 90 days or more before subscription streaming. Leawood Films could help AMC utilize excess theater capacity while broadening the supply of theatrical content. Leawood Films has not selected its initial releases, and its first projects are not expected to reach theaters until sometime in 2027 or 2028.
Record Theater Momentum Strengthens AMC’s Investment CaseLeawood Films arrives as AMC’s core exhibition business shows meaningful improvement. More than 71 million guests visited AMC and ODEON theaters during the second quarter of 2026, up 13.5% year over year. Revenues increased 14.2% to approximately $1.6 billion, while adjusted EBITDA surged 70% to a company-record $321.4 million.
The adjusted EBITDA margin expanded 650 basis points to 20.1%. Approximately $200 million of incremental revenues generated $131.9 million of additional adjusted EBITDA, representing roughly 66% flow-through. Free cash flow reached $190.1 million, highlighting the operating leverage and cash-generation potential available when attendance growth combines with higher per-patron spending and cost discipline.
The momentum extended into the third quarter. From July 16 through July 26, The Odyssey generated AMC’s highest IMAX revenues through the first two weekends of any film in the company’s history. AMC operates approximately half of all IMAX screens in the United States, positioning the company to benefit from growing demand for immersive theatrical experiences.
The subsequent opening of Spider-Man: Brand New Day, together with continued demand for The Odyssey and other releases, drove AMC’s highest-revenue Wednesday-through-Sunday period in its 106-year history. More than 10.2 million guests visited AMC and ODEON locations, producing company records for admissions and food-and-beverage revenues.
AMC’s Premium Formats and Loyalty Support SpendingPremium viewing formats are strengthening AMC’s ability to monetize attendance. Premium large-format and XL auditoriums represented about 8% of AMC’s screen base but generated more than half of its ticket revenues from The Odyssey during the film’s opening weekend. AMC intends to continue expanding its IMAX, Dolby Cinema, Prime, iSense and XL footprint, which should support its premium-ticket mix and revenue per patron.
Loyalty and ancillary offerings provide additional support. AMC Stubs members represented slightly more than half of the company’s U.S. guest count in the second quarter, while the A-List subscription program exceeded 1.1 million members and accounted for approximately 20% of domestic patronage. Meanwhile, AMC expects its movie-themed merchandise business to generate more than $100 million in revenues during 2026.
AMC’s Valuation and Competitive LandscapeFrom a valuation standpoint, AMC stock appears inexpensive, trading at a forward 12-month price-to-sales ratio of 0.42X, substantially below the industry average of 2.71X. The stock also trades at a discount to Cinemark Holdings, Inc. (CNK - Free Report) and The Marcus Corporation (MCS - Free Report) , which carry respective forward sales multiples of approximately 1.12X and 1.04X.
Image Source: Zacks Investment Research
AMC faces strong competition from Cinemark and Marcus, both of which entered the second half of 2026 with solid operating momentum and stronger financial flexibility. Cinemark surpassed $1 billion in quarterly revenues for the first time and generated a record adjusted EBITDA of $294 million, a 27.1% margin and nearly $300 million in free cash flow. The company continues to see growth opportunities across premium formats, strategic pricing, concessions and loyalty, although the sustainability of its market-share gains will depend on film mix and a consistent box-office recovery. Marcus reported 16.6% growth in comparable theater admissions revenues and a nearly 37% increase in theater-adjusted EBITDA to $36.3 million. Its $44 million in free cash flow, 1.1X net leverage and hotel business provide added financial strength and earnings diversification, while premium screens at 84% of its theater locations position it to capture demand for higher-priced formats.
AMC’s competitive position is supported by its global scale, broad premium-format footprint and established loyalty base, with Leawood Films adding a new distribution opportunity. However, Cinemark’s stronger margin and free-cash-flow performance and Marcus’ lower leverage highlight areas where AMC still has room to strengthen its financial profile.
AMC’s Risk Factors and MitigationAMC’s performance remains closely tied to the timing and audience reception of theatrical releases. Film delays or weaker-than-expected box-office results could pressure attendance, ticket revenues and concession sales. Although AMC generated $190.1 million in free cash flow during the second quarter, it has not yet achieved positive free cash flow over a full 12-month period. The company estimates that the annual domestic industry box office will need to reach approximately $10.4 billion to meet that goal. AMC’s working-capital cycle typically has a negative cash impact in the first and third quarters, adding to quarterly cash-flow volatility.
The balance sheet remains another concern. AMC’s leverage has fallen below 6.5 times but remains well above its long-term target of approximately three times, while recent equity offerings have diluted existing shareholders.
ConclusionAMC’s Leawood Films initiative represents a strategically sensible extension of the company’s exhibition and marketing capabilities. Its limited production-risk structure, combined with AMC’s global screen network, could broaden theatrical content and generate incremental revenues over time. Record second-quarter results, historic blockbuster weekends and strong premium-format demand further demonstrate that the company’s operating recovery is gaining traction.
However, Leawood Films is not expected to be a near-term earnings driver. AMC also remains exposed to an unpredictable film slate, elevated leverage, potential shareholder dilution and uneven cash-flow generation. Moreover, the stock’s substantial year-to-date rally suggests that part of the operating recovery may already be reflected in its price.
Against this backdrop, existing shareholders may consider retaining AMC stock while prospective investors may prefer to wait for a better entry point. AMC currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways AMC's Q2 2026 adjusted EBITDA rose 39.5% above 2019 levels despite attendance being 26.5% lower.AMC has closed 225 theatres since 2020 while expanding premium and enhanced auditoriums by over 50%.AMC's premium formats are driving stronger economics, while newer theatres outperform the closed venues. AMC Entertainment Holdings, Inc. (AMC - Free Report) is reshaping its theatre portfolio to improve asset productivity. The company is closing underperforming theatres while concentrating capital on stronger venues, premium formats and cost-efficient upgrades.
The scale of the portfolio shift is notable. Since 2020, AMC has closed 225 theatres and opened 66, resulting in a net reduction of 159 locations, or approximately 16% of its global circuit. At the same time, the company has added 77 premium large-format and 193 XL auditoriums, increasing its premium and enhanced auditorium options by more than 50%.
These actions are contributing to stronger results. In the second quarter of 2026, AMC’s revenues were 6% above and adjusted EBITDA was 39.5% above second-quarter 2019 levels, even though attendance was 26.5% lower and the North American industry box office was 7.5% lower. Separately, compared with the prior-year quarter, approximately $200 million of incremental revenues generated $131.9 million of additional adjusted EBITDA, representing roughly 66% flow-through.
AMC’s portfolio decisions give the earnings comparison added relevance. The theatres it has opened generate substantially higher combined revenues and profitability than those it has closed, while its willingness to exit weaker venues has helped secure more attractive lease terms. XL auditoriums cost less than $20,000 per screen to establish and currently command ticket prices roughly 10% above traditional screens. During The Odyssey’s opening weekend, premium and extra-large formats represented only about 8% of AMC’s screens but generated more than 50% of its ticket gross for the film.
AMC’s second-quarter performance indicates that its leaner theatre portfolio is supporting stronger asset productivity and likely EBITDA conversion. The superior economics of newly opened theatres, improved lease terms and outsized ticket-gross contribution from premium formats underscore portfolio optimization as a meaningful contributor to the company’s EBITDA momentum.
Peer ComparisonsCinemark Holdings, Inc. (CNK - Free Report) is establishing a strong EBITDA benchmark through scale, pricing and operating leverage. In the second quarter of 2026, worldwide revenues exceeded $1 billion for the first time, while adjusted EBITDA reached a quarterly record of $294 million. The adjusted EBITDA margin was 27.1%, only 10 basis points below its all-time quarterly high. Domestic market-share gains, premium-format penetration, strategic pricing, higher concession per caps and cost control supported the performance. With roughly 40% of its domestic cost structure fixed, higher attendance can generate meaningful EBITDA leverage. Further premium-format expansion and growth in concessions and merchandise support its prospects, although future margins remain sensitive to film quality, release cadence and box-office consistency.
The Marcus Corporation (MCS - Free Report) is also benefiting from stronger EBITDA conversion across its theatre and hotel operations. Consolidated adjusted EBITDA increased 43% year over year to $46.2 million in the second quarter of 2026. Theatre adjusted EBITDA rose nearly 37% to $36.3 million, while segment revenues increased 14.4%, indicating solid operating leverage. The quarterly results implied approximately 52% incremental theatre EBITDA flow-through, while MCS considers roughly 50% a reasonable average over time. Its prospects are supported by premium large-format screens at 84% of theatre locations, strategic pricing and a healthy film slate. The hotel division, where adjusted EBITDA increased more than 31%, provides earnings diversification, although theatre profitability remains sensitive to attendance and box-office volatility.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have declined 4.7% in the past year compared with the industry’s 8.7% fall.
AMC’s One-Year Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.42, below the industry’s average of 2.76.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share implies a year-over-year improvement of 77.1%. Estimates for 2026 loss per share have remained unchanged in the past 30 days.
EPS Trend of AMC Stock
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
LEAWOOD, Kan.--(BUSINESS WIRE)--AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and in the world, today announced the creation of Leawood Films, a new film distribution company headquartered both in Los Angeles and AMC Theatres home base of Leawood, Kansas. It will focus on bringing additional movies to theatrical audiences in the U.S. and across the globe, leveraging its acclaimed marketing ability and the prominence of its exhibition network.
AMC Entertainment is rated a speculative Buy with a $3.25 price target, 37% above current levels, based on catalyst-driven upside. Recent share dilution was largely driven by one-off debt conversions and maturity redemptions; the mechanisms behind major dilution are now removed. AMC's unit economics have improved, with breakeven free cash flow at ~$10.4B domestic box office and leverage-driven interest savings providing further upside.
Key Takeaways AMC estimates a $10.4B domestic box office is needed to generate positive free cash flow over 12 months.AMC generated $190.1M in Q2 free cash flow as adjusted EBITDA jumped 70% to a record $321.4M.Lower interest expense and stronger per-patron profitability could further reduce AMC's box-office threshold. AMC Entertainment Holdings, Inc. (AMC - Free Report) is moving closer to sustained positive free cash flow as stronger operating leverage, higher per-patron profitability and lower interest expense improve its cash-generation profile. The company estimates that an industrywide domestic box office of approximately $10.4 billion is currently required for AMC to generate positive free cash flow over a full 12-month period.
The $10.4 billion represents total domestic industry ticket sales rather than the company’s revenues. AMC’s share of those ticket sales, together with food-and-beverage and other revenues, is an important driver of its ability to cover operating costs, interest and capital expenditures. The current threshold reflects the company’s progress in increasing profit per patron and controlling costs despite several years of inflationary pressure.
Recent operating performance provides evidence of this improvement. AMC generated $190.1 million in free cash flow during the second quarter of 2026, while adjusted EBITDA increased 70% to a record $321.4 million. Approximately $200 million of incremental revenues generated $131.9 million of additional adjusted EBITDA, representing roughly 66% flow-through. The adjusted EBITDA margin expanded 650 basis points to 20.1%, while food-and-beverage revenue per patron and total revenue per patron reached records in both domestic and international markets.
Lower borrowing costs could reduce the required box-office level further. AMC’s recent refinancing and debt-repayment actions are expected to reduce annual cash interest expense by approximately $16 million. Management also expects improved leverage to trigger interest-rate reductions on approximately 75% of the company’s debt, resulting in roughly $51 million of lower annual interest expense. Lower interest costs could further reduce the industry box-office level AMC needs to achieve positive free cash flow.
However, AMC’s working-capital cycle is generally favorable in the second and fourth quarters and unfavorable in the first and third quarters. Expected net capital expenditures of $200-$235 million in 2026 also remain an important consideration for full-year cash generation.
Looking ahead, AMC’s stronger per-patron profitability, operating leverage and lower interest expense provide a more credible path to positive annual free cash flow. With the required industrywide domestic box-office level currently estimated at approximately $10.4 billion, record adjusted EBITDA and expected borrowing-cost savings strengthen AMC’s prospects for sustained cash generation across a full 12-month period.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have declined 7.3% in the past year compared with the industry’s 2.3% fall. In the same time frame, other industry players like Cinemark Holdings, Inc. (CNK - Free Report) have increased 44.5%, while The Marcus Corporation (MCS - Free Report) has gained 95.4%.
AMC’s One-Year Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.42X, below the industry’s average of 2.91. Cinemark and Marcus have P/S ratios of 1.19X and 1.12X, respectively.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share has widened from 21 cents to 22 cents over the past 60 days.
EPS Trend of AMC Stock
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share suggests a 77.1% year-over-year improvement. Conversely, industry players like Cinemark and Marcus are likely to witness growth of 126.9% and 652.9%, respectively, year over year in 2026 earnings.
AMC’s Zacks RankAMC stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of AMC Entertainment Holdings Inc. (NYSE:AMC) are trading higher Monday morning, building on a multi-week rebound.
AMC Entertainment shares are trending higher. Why is AMC stock trading higher? Shareholder Voting Proposals Put Governance Overhaul In Focus The momentum follows corporate proxy filings submitted on Aug. 10 for the company’s upcoming annual meeting on Sep. 24.
The voting proposals detail a structural overhaul of AMC’s corporate governance. In Proposal 1, AMC asked shareholders to approve an amendment to immediately declassify its board of directors, shortening all current director terms to expire at the September meeting and eliminating staggered three-year terms.
Declassification forces every director to stand for election annually, subjecting board members to direct accountability every 12 months. Proposal 1 also removes certificate-based restrictions on the maximum number of directors, providing room to adjust board composition.
Further expanding stockholder rights, Proposal 3 eliminates the long-standing prohibition against stockholder action by written consent, while Proposal 4 removes limitations preventing shareholders from calling special meetings.
Additionally, Proposal 5 requests an amendment to the 2024 Equity Incentive Plan to expand its share reserve from 25 million to 50 million Class A common shares.
By recommending a vote for these measures, management is dismantling traditional anti-takeover defenses, a shift favored by institutional proxy advisory firms and large funds seeking aligned corporate governance.
Strong Summer Box Office Performance Anchors Multi-Week Rebound In addition to internal governance reforms, trader sentiment continues to be supported by robust operational updates throughout August.
The company generated strong momentum earlier in the month following a historic weekend revenue performance driven by major summer blockbusters, including Spider-Man: Brand New Day and premium format IMAX screenings for The Odyssey.
The recent rally reflects a broader multi-week recovery, with AMC shares advancing nearly 20% over the trailing month as improved theater attendance and higher admissions revenue bolster investor confidence in the company’s operational turnaround.
AMC Price Action: AMC Entertainment shares were up 3.92% at $2.65 at the time of publication on Monday, according to Benzinga Pro data.
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AMC Entertainment Holdings (NYSE:AMC) stock is up significantly in 2026, driven by record second-quarter revenue and a strong box office. The domestic box office recently hit a major summer milestone and is eyeing a yearly record, which could create more upside for the stock.
2026 Box Office BoomsLed by "Spider-Man: Brand New Day" and "The Odyssey," the 2026 summer box office season is setting record numbers not seen since the COVID-19 pandemic.
The season, which runs from the first Friday in May through Labor Day, is not officially over but is already the highest on record since the pandemic, according to Variety.
With $4.26 billion in domestic box office, 2026 is the highest since the pandemic and only the second to reach the $4 billion milestone, with 2023 hitting $4.04 billion, according to data from BoxOfficeMojo.
For comparison, the 2025 domestic summer box office was $3.60 billion.
"It finally feels like we’re back to 2019," Maya Cinemas marketing director Greg Heckmann told Variety.
Heckmann highlighted the Spider-Man and Odyssey films along with "Toy Story 5," "Michael," "Project Hail Mary" and "The Super Mario Galaxy Movie."
And it’s not just summer. This year’s winter box office of $1.12 billion was the highest since 2020. Box office in the spring season of $1.41 billion was the second highest since 2019, trailing only the $1.55 billion in 2023.
According to the Variety report, a strong slate of upcoming movies set for release in the fall and holiday season could push the domestic box office over the $10 billion mark for the first time since the pandemic.
A total of $10 billion or more would be 15% higher than the $8.66 billion total from 2025 and around 12% higher than the $8.90 billion in 2023, the current highest yearly domestic total since 2019.
In 2019, the domestic box office was $11.36 billion, one of several years in a row hitting $11 billion or more.
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What’s Next for Movie TheatersWith more than half the year already over, many of the top blockbuster films have already hit theaters, but the rest of the slate looks surprisingly strong, according to experts interviewed by Variety.
The slate includes a new Hunger Games prequel film, a highly anticipated new Johnny Depp film with his take on Ebenezer Scrooge in "Ebenezer," "Jumanji 3," "Dune: Part Three," and "Avengers: Doomsday."
"Avengers: Doomsday" is likely to be on par with the success of the recent Spider-Man film and could be the highest-grossing film in years.
The 2026 domestic box office total currently sits at $6.83 billion and is likely to pass last year’s total.
Three of the highest-grossing films for 2025 happened in the months of November and December, and that’s likely to happen again this year.
Stock Price ActionAMC stock is up 55.6% year-to-date with shares trading at $2.51 at the time of writing. That comes in lower than the 52-week high of $3.18 and the stock is still down 11.8% over the last 52 weeks.
Compare that to Cinemark Holdings (NYSE:NCK), where the stock price of $37.71 is closer to a 52-week high of $38.98. Cinemark stock is up 60.3% year-to-date in 2026, and shares are up 41.9% over the last 52 weeks.
Imax Corp (NYSE:IMAX) stock hit a new 52-week high of $54.50 today, with shares trading around $53.48 at the time of writing. The stock is up 48.5% year-to-date in 2026, and shares are up 107.7% over the last 52 weeks.
After posting a record second quarter, pressure will be on for AMC to follow up with strong results in the third and fourth quarters. Based on the upcoming slate of films and the already strong summer season, AMC may be able to do just that.
Shares of AMC Entertainment Holdings Inc. (NYSE:AMC) are climbing Wednesday afternoon, lifted by broader market strength following a major macroeconomic policy move.
AMC Entertainment Hldgs stock is showing exceptional strength. Why is AMC stock up today? Treasury Bond Buyback Program Relieves Market PressureThe U.S. Treasury Department announced a surprise expansion of its debt buyback program, committing to absorb up to $4 billion in long-term government bonds per operation starting September 9.
By stepping in to stabilize bond markets and pull down long-term yields, the Treasury’s action has eased interest rate pressures across the market, driving a risk-on rally that is lifting consumer-discretionary stocks like AMC.
Q2 Earnings Beat On July 20AMC last month reported second-quarter financial results, delivering a top-line revenue beat of $1.03 billion compared to Wall Street estimates of $1.01 billion.
Highlighting the fundamental recovery across theater foot traffic and concession spending, CEO Adam Aron stated on the call, “We are thrilled by the box office momentum that built through the second quarter, driven by blockbuster titles that brought moviegoers back in droves.”
Aron added that the surge in admissions and high-margin food and beverage sales demonstrates that “when the Hollywood film slate is rich with appealing content, moviegoers enthusiastically return to our theaters, strengthening our operational cash flows as the release calendar recovers toward historical norms.”
AMC Shares Climb WednesdayAMC Price Action: AMC Entertainment shares were up 6.72% at $2.53 at the time of publication on Wednesday, according to Benzinga Pro data.
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ToplineOutage reports for AMC’s mobile app spiked Tuesday following the release of “Dune: Part Three” tickets, which created “crushing volume” on the company’s ticketing system, AMC chief Adam Aron said.
MANHATTAN, NEW YORK, UNITED STATES - 2025/09/08: Marquee at the entrance to AMC movie theater in Midtown Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)
LightRocket via Getty Images
Key FactsAron said in a statement the ticket demand “briefly slowed or glitched our online ticketing systems,” noting “extraordinarily high demand” for premium screenings like IMAX and for popular AMC locations.
Ticketing traffic on AMC’s website and mobile app was roughly triple that of what they experienced in the launch of “Spider-Man: Brand New Day,” the highest-grossing movie of 2026 so far.
AMC has previously received backlash for ticketing system disruptions experienced during the ticket releases for blockbusters such as “The Odyssey” and “Avengers: Doomsday.”
Outage reports for AMC briefly spiked following the ticket drop, with more than 1,000 reports being made on Downdetector, with most users reporting issues with the mobile app.
Some AMC app issues included not being able to launch the app alongside a “Failed to fetch” message and rate limit error messages, the latter of which means users have sent too many requests in a set amount of time.
Users on the AMC subreddit complained of receiving rate limit errors despite just entering the app and noted the app would crash immediately when trying to open it.
App conditions appeared to improve about an hour after the tickets were released.
Digital queue lines for the ticket release exceeded over an hour on Fandango’s website.
TangentTickets for IMAX 70mm screenings of “Dune: Part Three” are being sold on eBay for $200 each on some listings. Similar listings were made following the ticket release of “The Odyssey,” with some sellers seeking up to $1,000.
Surprising Fact“Dune: Part Three” is debuting in theaters the same weekend as “Avengers: Doomsday,” squaring both franchises up for a box office battle. Though there will be no shortage of screens showing “Doomsday,” it will miss out on domestic IMAX screens, which will be reserved for “Dune: Part Three” during its opening weeks. The third installment of the franchise is partially shot for IMAX formats.
Key BackgroundThe “Dune” movie franchise has produced increasing box office returns with each installment, with “Dune” generating $410 million worldwide in 2021 and “Dune: Part Two” raking in $714 million worldwide in 2024. The third installment may very well exceed the box office performance of its predecessors, though it remains to be seen if its release alongside “Avengers: Doomsday” will help or hinder it. Fans have unofficially dubbed the movies’ release date as “Dunesday,” suggesting moviegoers will be getting tickets for a double feature. The simultaneous release of “Oppenheimer” and “Barbie” worked in favor of both movies in 2023, with the “Barbenheimer” phenomenon helping the biographical drama reach $975 million globally and the glitzy comedy bring in $1.4 billion.
Further ReadingTickets For ‘The Odyssey’ Reach $1,000 On eBay After Ticket Sale Disruptions Hit AMC, Fandango (Forbes)
ToplineOutage reports for AMC’s mobile app spiked Tuesday following the release of “Dune: Part Three” tickets, which are anticipated to quickly sell out in premium screenings such as IMAX and IMAX 70mm.
MANHATTAN, NEW YORK, UNITED STATES - 2025/09/08: Marquee at the entrance to AMC movie theater in Midtown Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)
LightRocket via Getty Images
Key FactsOutage reports for AMC briefly spiked following the ticket drop, with more than 1,000 reports being made on Downdetector, with most users reporting issues with the mobile app.
Some AMC app issues included not being able to launch the app alongside a “Failed to fetch” message and rate limit error messages, the latter of which means users have sent too many requests in a set amount of time.
Users on the AMC subreddit complained of receiving rate limit errors despite just entering the app and noted the app would crash immediately when trying to open it.
App conditions appeared to improve about an hour after the tickets were released.
Digital queue lines for the ticket release exceeded over an hour on Fandango’s website.
TangentTickets for IMAX 70mm screenings of “Dune: Part Three” are being sold on eBay for $200 each on some listings. Similar listings were made following the ticket release of “The Odyssey,” with some sellers seeking up to $1,000.
Surprising Fact“Dune: Part Three” is debuting in theaters the same weekend as “Avengers: Doomsday,” squaring both franchises up for a box office battle. Though there will be no shortage of screens showing “Doomsday,” it will miss out on domestic IMAX screens, which will be reserved for “Dune: Part Three” during its opening weeks. The third installment of the franchise is partially shot for IMAX formats.
Key BackgroundThe “Dune” movie franchise has produced increasing box office returns with each installment, with “Dune” generating $410 million worldwide in 2021 and “Dune: Part Two” raking in $714 million worldwide in 2024. The third installment may very well exceed the box office performance of its predecessors, though it remains to be seen if its release alongside “Avengers: Doomsday” will help or hinder it. Fans have unofficially dubbed the movies’ release date as “Dunesday,” suggesting moviegoers will be getting tickets for a double feature. The simultaneous release of “Oppenheimer” and “Barbie” worked in favor of both movies in 2023, with the “Barbenheimer” phenomenon helping the biographical drama reach $975 million globally and the glitzy comedy bring in $1.4 billion.
Further ReadingTickets For ‘The Odyssey’ Reach $1,000 On eBay After Ticket Sale Disruptions Hit AMC, Fandango (Forbes)
Key Takeaways AMC refinanced $400 million of 2027 debt and extended its maturity by four years.AMC's actions are expected to cut annual cash interest expense by approximately $16 million.AMC has $778 million in cash and has reduced debt by $1.7 billion since the end of 2020. AMC Entertainment Holdings, Inc. (AMC - Free Report) has made progress in reducing financial leverage through debt refinancing, repayments and equity-related actions. The company aims to bring leverage down to around 3x over time. Lower debt and borrowing costs could help improve financial flexibility as AMC works toward this goal.
During the second quarter, AMC refinanced $400 million of debt due in 2027, extending the maturity by four years. The company also converted approximately $155.8 million of exchangeable debt due in 2030 into equity. In addition, AMC completed a $150 million at-the-market equity offering, raising more than $85 million, followed by a $200 million registered direct equity offering. The company then moved to redeem $125.5 million of senior subordinated notes due in 2027.
These actions are expected to reduce AMC’s annual cash interest expense by approximately $16 million. The company also does not anticipate any material debt principal payments before 2029. Further savings could come from lower interest rates on approximately 75% of the debt as leverage improves, potentially reducing annual interest expense by another $51 million.
AMC ended the second quarter with $778 million of cash, excluding restricted cash, while debt has declined $1.7 billion since the end of 2020. The stronger balance sheet and lower borrowing costs should help reduce financial pressure. However, AMC still needs to make further progress from leverage below 6.5x to reach its 3x target.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have surged 100% in the past six months compared with the industry’s 5% growth. In the same time frame, AMC has outperformed industry players like Cinemark Holdings, Inc. (CNK - Free Report) and The Marcus Corporation (MCS - Free Report) .
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.39, below the industry’s average of 2.9. Cinemark and Marcus have P/S ratios of 1.2 and 1.11, respectively.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share indicates a 77.1% year-over-year improvement. Conversely, industry players like Cinemark and Marcus are likely to witness growth of 126.9% and 652.9%, respectively, year over year in 2026 earnings.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways AMC's Q2 revenues rose 14.2% to $1.6 billion, while adjusted EBITDA surged 70% to $321.4 million.Premium screens, higher guest spending and cost discipline are strengthening AMC's profitability.High leverage, equity dilution and an uneven earnings outlook make chasing the recent rally risky.
AMC Entertainment Holdings, Inc. (AMC - Free Report) stock has gained 27% over the past month as investors have reacted positively to its strong second-quarter 2026 performance and improving financial position. The stock has also outperformed the industry’s 9.8% increase.
AMC reported record quarterly revenues of $1.6 billion, up 14.2% year over year, while adjusted EBITDA surged 70% to $321.4 million. The company also generated $190.1 million in free cash flow, providing further evidence that its recovery is gaining momentum. Strong box-office trends, higher attendance, increased spending per customer and strict cost control were key drivers of the quarter.
However, over the same period, AMC stock has also underperformed other industry players, such as IMAX Corporation (IMAX - Free Report) and The Marcus Corporation (MCS - Free Report) .
Price Performance
Image Source: Zacks Investment Research
Strong Box Office and Movie Slate Support GrowthThe recovery in the theatrical market remains the biggest catalyst for AMC. More than 71 million guests visited its theaters worldwide during the second quarter, representing a 13.5% year-over-year increase. Domestic box-office revenues rose 10.7%, while AMC’s domestic ticket revenues increased 11.4%, allowing it to gain market share. European attendance was even stronger, rising nearly 18%.
Management expects 2026 to become the strongest post-pandemic year for the global and domestic box office. The upcoming movie lineup could provide another boost.
Higher Spending and Premium Formats Lift ProfitabilityAMC is benefiting not only from higher attendance but also from greater spending per guest. Food, beverage and merchandise revenues increased 15.3% in the second quarter, while other revenues grew 16.1%. Revenue per patron reached record levels across both U.S. and international operations.
Premium offerings are another important growth driver. AMC has expanded its IMAX, Dolby Cinema, XL and other premium screens. These formats command higher ticket prices and attract strong demand. During The Odyssey opening weekend, premium and extra-large screens accounted for only about 8% of AMC’s screens but generated more than 50% of its ticket gross for the movie.
AMC is also benefiting from loyalty programs. More than 40 million U.S. households have participated in AMC Stubs, while A-List membership exceeded 1.1 million at the end of the second quarter. A-List members accounted for about 20% of U.S. theater patronage, providing AMC with a more consistent customer base.
Cost Control and Debt Reduction Strengthen the RecoveryCost discipline has significantly improved AMC’s profitability. Adjusted EBITDA margin expanded to 20.1% from 13.6% a year earlier. Management noted that approximately two-thirds of incremental revenues flow through to EBITDA, highlighting the company’s operating leverage as sales recover.
AMC has also made progress on its balance sheet. During the quarter, it refinanced $400 million of debt due in 2027, converted $155.8 million of exchangeable debt into equity and raised additional capital. The company ended the quarter with $778 million of cash and does not expect significant debt principal payments before 2029.
What Could Halt AMC’s Rally?Despite the encouraging recovery, risks remain. AMC’s leverage is still high. Management said leverage has fallen below 6.5x but wants to eventually reach around 3x. Continued EBITDA growth and debt reduction will therefore be critical.
The company also remains dependent on box-office performance. AMC estimates that it needs roughly $10.4 billion in annual domestic box-office revenues to remain free-cash-flow positive over a 12-month period. Although the second quarter generated strong free cash flow, AMC has yet to achieve positive free cash flow for a full year.
Equity dilution is another concern. AMC conducted multiple equity raises during the quarter to strengthen liquidity and address debt obligations. While these measures improve financial flexibility, further stock issuance could pressure existing shareholders.
AMC’s Earnings and Sales EstimatesAMC’s earnings outlook remains mixed. The consensus loss estimate for 2026 has widened over the past 30 days, while the 2027 loss estimate has narrowed during the same period. On the revenue front, AMC’s sales are projected to increase 13.3% in 2026 and 2.8% in 2027 from the respective prior-year levels.
Image Source: Zacks Investment Research
In comparison, earnings for IMAX and Marcus are expected to grow 24.1% and 652.9%, respectively, in the current year. This indicates that AMC’s earnings recovery is expected to lag some of its industry peers.
AMC Trades at a DiscountDespite its recent stock rally, AMC continues to trade at a relatively attractive valuation based on the forward 12-month price-to-sales (P/S) ratio. The stock currently has a forward 12-month P/S multiple of 0.42X, which is below the industry average.
P/S (F12M)
Image Source: Zacks Investment Research
Wrapping UpAMC’s recent performance shows a meaningful operational recovery, supported by stronger box-office trends, higher customer spending, premium formats, cost discipline and balance-sheet improvements. However, the investment case remains mixed, as the company continues to face earnings pressure, high leverage and potential shareholder dilution. While AMC trades at a discount on a sales-based valuation, its earnings outlook still trails some industry peers, limiting the case for aggressively chasing the recent stock rally.
Investors who already own the stock may consider holding and waiting for further evidence of sustained cash-flow generation, continued debt reduction and stronger earnings momentum. Given the stock’s recent run-up and the remaining financial risks, new investors may be better off avoiding a fresh purchase for now and waiting for a more attractive entry point or clearer signs that the recovery can be sustained.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both the stock market and summertime temperatures are shooting higher, but you can still find some big stocks with small stock prices. I have a few stocks priced in the single digits that I think can come through for investors in August and beyond.
A few names I like here are Archer Aviation (ACHR -6.70%), AMC Entertainment (AMC +3.75%), and Grab Holdings (GRAB -3.08%). They all have market caps of at least $2 billion. These are the three stocks under $10 that I think are worth buying in August.
Image source: Getty Images.
1. Archer Aviation Kicking things off with a company that has generated a loss of $800 million on a mere $6.9 million in revenue over the past year is admittedly a shaky place to start this month's list of promising stocks trading in the single digits. It also doesn't help that Archer Aviation stock has declined 10% in 2026 and plummeted almost 30% over the past year.
The market for electric vertical takeoff and landing (eVTOL) aircraft is still in the birthing process, but Archer and rival Joby Aviation (JOBY -3.50%) have a combined $13 billion in market cap today. Both stocks have cooled off over the past year -- with Joby losing half its value -- but that makes this an opportune time to get in before things heat up again in the not-so-distant future. In Archer terms, if you thought the ride took off without you when the shares soared fivefold through 2023 and 2024, it has come back to pick you up.
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Archer's Midnight aircraft has already attracted a couple of airlines worldwide as a way to upsell premium short-haul flights into the heart of dense metropolitan city centers after landing at major airports. It's already the official air taxi provider for the 2028 Olympic Games in Los Angeles. There are also military implications that the U.S. Air Force is considering.
Passenger capacities, range, and payloads are limited, but this market will evolve and improve quickly once it gets figuratively and literally airborne. In the meantime, analyst revenue projections for the next few years are impressive for Archer:
2026: $15 million 2027: $143 million 2028: $511 million 2029: $1.392 billion Losses will continue, but Archer has the liquidity armor to get through its growth burst. Its cash-rich balance sheet drops its $5.1 billion market cap to an enterprise value of $3.8 billion.
This remains a high-risk, high-return opportunity, but Archer came back for you.
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2. AMC Entertainment There's a good chance I'll lose my Fool card for saying this, but AMC stock may no longer be a haven for gluttons of punishment. Movie theaters are back, and as the country's leading player, AMC is an obvious beneficiary. The shares are trouncing the market with a 54% gain this year, yet they are still down a brutal 99.3% over the last five years.
The same management team that capitalized on the exhibitor's meme stock rise to dilute those poor shareholders is somehow still in place. I'm not happy about the split-adjusted share count's more-than-40-fold jump since the pandemic. However, we're at the point where even they can't botch the moviegoers' rebound.
AMC will report record annual revenue this year. You can't believe it, and neither can most people. The number of tickets sold in the U.S. peaked 24 years ago, but inflation, higher ticket prices, and movie theaters boosting their concession sales mean AMC is closing in on $5.5 billion in revenue this year. It would be a new record.
Profitability on an annual basis is still another year or two away, but after bashing management, let me sing its praises. AMC has made a lot of smart moves. It has beefed up its in-theater offerings with timely collectibles, reserved seating, and even bar drinks in some locations. If it can avoid its dilutive ways this time, AMC's gains this year could be sustainable.
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3. Grab Holdings Let's travel all the way to Singapore for the final entry in August's list. Grab Holdings is a regional superapp developer in Southeast Asian markets. It's dominant in many of those countries with its flagship ride-hailing service, but it has cracked open that car door to establish a competitive market share in deliveries, digital payments, travel bookings, and other financial services.
Revenue rose a better-than-expected 22% in its latest quarter, announced last week. Grab blew past Wall Street's profit target for the third consecutive quarter. It was a "beat-and-raise" performance, with Grab boosting its full-year guidance. With the shares still down over the past year, Grab also announced a $750 million share repurchase program last week.
It sees the opportunity in its depressed shares. I see it too.
Key Takeaways AMC's European attendance jumped 17.9%, while adjusted EBITDA surged 337% to $35.8 million.Recliner seating, ODEON Luxe conversions and premium screens offer further European growth opportunities.A strong 2026 movie slate and disciplined investment could help sustain AMC's international momentum. AMC Entertainment Holdings (AMC - Free Report) delivered a standout second-quarter 2026 performance, with its European operations emerging as a key growth driver.
Attendance across Europe jumped 17.9% year over year, outpacing the relevant industry’s 16.2% growth. More strikingly, European adjusted EBITDA surged 337% to $35.8 million, helping demonstrate the strong operating leverage in AMC’s international business.
The company appears well positioned to sustain this momentum. Management highlighted significant opportunities to upgrade European theaters, particularly through recliner seating and ODEON Luxe conversions. These initiatives have generated high returns, while AMC can also secure co-funding from landlords and technology partners, reducing the capital burden. Management noted that recliner penetration in Europe remains higher than in the United States, indicating further room for premiumization.
Premium large-format screens offer another avenue for growth. AMC plans to expand its premium and extra-large-format footprint across the United States and Europe, benefiting from higher ticket prices and strong demand for enhanced moviegoing experiences.
A strong movie slate should also support attendance. Management expects 2026 to be the strongest post-pandemic year for the global box office, providing a favorable backdrop for AMC’s European theaters.
However, currency movements can affect reported international results, with European currency appreciation contributing about 2% to second-quarter international revenue and EBITDA growth. Overall, continued attendance gains, premium upgrades and disciplined investment suggest Europe could remain an important growth engine for AMC.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have surged 104% in the past six months compared with the industry’s 5.1% growth. In the same time frame, AMC has outperformed industry players like Cinemark Holdings, Inc. (CNK - Free Report) and The Marcus Corporation (MCS - Free Report) .
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.41, below the industry’s average of 2.97. Cinemark and Marcus have P/S ratios of 0.97 and 0.82, respectively.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AMC’s 2026 loss per share indicates a 77.1% year-over-year improvement. Conversely, industry players like Cinemark and Marcus are likely to witness growth of 125% and 652.9%, respectively, year over year in 2026 earnings.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
AMC Entertainment (AMC - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 35.3% over the past four weeks positions the stock of this movie theater operator well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. AMC meets this criterion too, as the stock gained 91.8% over the past 12 weeks.
Moreover, the momentum for AMC is fast paced, as the stock currently has a beta of 2.06. This indicates that the stock moves 106% higher than the market in either direction.
Given this price performance, it is no surprise that AMC has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped AMC earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, AMC is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. AMC is currently trading at 0.44 times its sales. In other words, investors need to pay only 44 cents for each dollar of sales.
So, AMC appears to have plenty of room to run, and that too at a fast pace.
In addition to AMC, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
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Key Takeaways AMC generated free cash flow while improving profitability through cost discipline and guest spending.AMC reduced debt, lowered interest costs and boosted liquidity to fund premium theater investments.AMC aims to build on stronger cash generation as the box office recovery supports long-term growth. AMC Entertainment Holdings, Inc.’s (AMC - Free Report) record second-quarter 2026 free cash flow marks a turning point in its recovery story. As stronger operating performance translates into healthier cash generation, investors are increasingly asking whether the company now has the financial flexibility to support its next phase of growth.
The company generated $190.1 million in free cash flow alongside record revenues and adjusted EBITDA, driven by a stronger movie slate, market share gains, higher spending per guest and disciplined cost management. AMC demonstrated meaningful operating leverage, converting incremental revenues into substantially higher profitability while continuing to keep expenses under control.
The stronger cash position is also improving AMC's financial foundation. During the quarter, the company refinanced debt, reduced borrowings through equity conversion and extended major debt maturities to 2029, while lowering future interest expenses. With $778 million in cash, AMC is positioned to invest in high-return opportunities, including premium large-format screens, theater upgrades and initiatives that enhance customer engagement through its loyalty and subscription programs.
Although AMC has not yet achieved sustainable full-year free cash flow positivity, management believes that milestone is within reach as leverage declines and financing costs ease. If the box office recovery remains strong and blockbuster releases continue to attract audiences, improving cash flow could provide the financial foundation for AMC's next stage of profitable growth.
How Does AMC Compare With Its Peers?AMC's improving cash flow stands out against other major theater operators such as Cinemark Holdings (CNK - Free Report) and Marcus Corporation (MCS - Free Report) , both of which are also benefiting from the recovery in theatrical attendance. Cinemark has maintained a relatively stronger balance sheet and consistently generated positive cash flow by focusing on premium experiences, disciplined capital allocation and cost efficiency. CNK’s healthier financial position provides greater flexibility to invest in theater upgrades while returning capital to its shareholders.
Marcus Corporation, meanwhile, has emphasized operational efficiency and selective investments across its theater portfolio while benefiting from a diversified business model that includes hotels and resorts. Although its scale is smaller than AMC's, Marcus Corporation has maintained a conservative financial profile that supports steady cash generation. AMC, however, is narrowing the gap by reducing debt, lowering interest costs and generating record free cash flow. If it sustains this momentum, the company could gain greater financial flexibility to accelerate growth initiatives and compete more effectively with peers.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have surged 99.3% in the past six months compared with the industry’s 0.5% growth.
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.43X, below the industry’s average of 2.88X.
MC’s P/S Ratio (Forward 12-Month) vs. Industry
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The consensus estimate for AMC’s 2026 loss per share indicates a 77.1% year-over-year improvement.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC currently holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMC Entertainment stock is showing positive momentum. Where is AMC stock headed? What Is Driving AMC Stock Higher?"Spider-Man: Brand New Day" delivered a $360 million domestic opening weekend, topping the prior $357 million record set by "Avengers: Endgame," a setup that can translate into stronger near-term admissions and concessions for AMC.
The film also set early-weekend records with $72 million on Thursday and $169.8 million on Friday, and it’s already the fifth highest-grossing domestic film of 2026 after one weekend.
AMC also pointed to company-specific demand strength, saying more than 10.2 million moviegoers attended AMC Theatres in the U.S. and ODEON Cinemas internationally from Wednesday through Sunday as it generated its highest single-weekend total revenue ever.
That company also logged record domestic Thursday-through-Sunday admission revenues and an all-time weekend food-and-beverage revenue record, while premium formats posted AMC’s highest-grossing Dolby Cinema weekend ever.
AMC Stock: Key Levels To WatchFrom a trend perspective, AMC is extended above its key moving averages, trading 26.2% above the 20-day SMA ($2.26) and 58.7% above the 200-day SMA ($1.80), which often shifts the near-term risk/reward toward consolidation rather than a straight-line continuation.
The moving-average structure is still constructive, with the 20-day SMA above the 50-day SMA and a golden cross (50-day SMA above 200-day SMA) that occurred in July, suggesting the longer-term trend has been trying to repair after earlier weakness.
For momentum, MACD is above its signal line and the histogram is positive, which points to improving upside pressure versus the prior downswing; in plain terms, that "above the signal line" setup typically means bearish momentum is fading and buyers are gaining control.
Key Resistance: $3.00 — a round-number area just above current levels where rebounds can stall, especially with price already stretched above major moving averages Key Support: $3.00 — a nearby round-number zone that can act as a decision level if price chops around it, with the next downside reference points sitting closer to the $2.39 (20-day EMA) and $2.26 (20-day SMA) area AMC Stock Price Movement TodayAMC Stock Price Activity: AMC Entertainment shares were at $2.85 during premarket trading on Tuesday, according to Benzinga Pro data.
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Americké akciové trhy vstoupují do srpna výrazným růstem, když investory povzbudilo zmírnění napětí na Blízkém východě, pokles cen ropy a pokračující solidní výsledková sezóna. Prezident Donald Trump uvedl, že jednání s Íránem mají začít ještě dnes a dohoda týkající se Hormuzského průlivu je podle něj blízko a zároveň odvolal plánovaný rozsáhlý útok na Írán. To podpořilo naděje na deeskalaci konfliktu a zmírnění energetických inflačních tlaků. Náladu dále podpořila data z amerického průmyslu, kde aktivita v červenci expandovala nejrychlejším tempem za více než čtyři roky. Investoři zároveň sledují pokračující výsledkovou sezónu a páteční data z trhu práce, která mohou ovlivnit očekávání ohledně dalšího postupu Fedu.
Růst je tažen jak megacapy, tak menšími společnostmi, přičemž technologie pokračují v zotavení což bylo patrné již koncem předchozího měsíce. Nasdaq Composite přidává zhruba 2 % po předchozím měsíčním poklesu o více než 3 %, který souvisel zejména s výprodejem čipových akcií a obavami z udržitelnosti vysokých investic do AI infrastruktury. Trhům pomáhá také výrazný pokles ropy: WTI ztrácí 5,9 % na 79,70 USD za barel, když naděje na obnovení jednání s Íránem snížily rizikovou prémii v cenách energií. Desetiletý americký výnos odepsal 5 bazických bodů na 4,69 %. Bitcoin přidal 0,6 % na 63 791 USD a zlato mírně oslabilo o 0,2 % na 4 036 USD za unci.
Z jednotlivých titulů nejvíce vyniká Amazon (AMZN +4,49 %), jehož tržní kapitalizace překonala hranici 3 bilionů USD. Akcii pomáhají silné výsledky a úleva investorů, že vysoké výdaje velkých technologických firem na umělou inteligenci začínají být podpořeny reálným růstem tržeb, zejména v cloudu. V centru pozornosti zůstávají také další technologické výsledky: dnes po trhu reportuje Palantir (PLTR +2,05 %), v úterý AMD (AMD +2,01 %) a SpaceX (SPCX +1,84 %). Z firemních zpráv dále zaujala AstraZeneca, která podle zdrojů zvažovala akvizici Bristol-Myers Squibb, což by mohlo znamenat historicky největší transakci ve farmaceutickém sektoru. Northrop Grumman (NOC +0,57 %) získal dohody až za 3 mld. USD na dodávky komponent pro raketové interceptory Lockheedu Martin (LMT -0,25 %). AMC Entertainment (AMC +0,71 %) oznámila rekordní víkendové tržby díky premiéře filmu Spider-Man: Brand New Day a Tyson Foods (TSn +2,5 %) snížil celoroční výhled zisku kvůli přetrvávajícím problémům v americkém hovězím průmyslu přičemž prvotní prudký propad ceny trh již umazal.
Index Dow Jones +0,9 % na 52955,58 b.
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Index S&P 500 +1,29 % na 7586,32 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Komunikační služby +4,7 % Energie -1 % Zbytná spotřeba +2,6 % Zdravotní péče -0,4 % Informační technologie +1,5 % Nezbytná spotřeba -0,3 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna First Solar (FSLR) +12 % Marriott International (MAR) -7,2 % Coherent Corp (COHR) +8,7 % Fair Isaac Corp (FICO) -6,6 % GoDaddy (GDDY) +7,6 % Monolithic Power Systems (MPWR) -5,9 % Builders FirstSource (BLDR) +7,5 % Cboe Global Markets (CBOE) -5,6 % Oracle Corp (ORCL) +7,3 % eBay (EBAY) -4,6 %
Martin Varecha
Fio banka, a.s.
Prohlášení
AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced that the Company generated th
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The meme-stock cohort is no longer moving in tandem. On Monday morning, GameStop (NYSE:GME | GME Price Prediction) shares are down 6% to $20.42 after a dilutive debt-for-equity exchange, while AMC Entertainment (NYSE:AMC) shares are up 6% to $2.97 on a record box-office weekend.
BlackBerry (NYSE:BB) shares, meanwhile, are only down slightly as they’ve slipped 1% to $8.41. Each name is trading on its own catalyst today, and that’s the story.
For years, the meme basket rallied and cratered together on sentiment. The Monday tape shows a cleaner split, with GameStop stock reacting to balance-sheet math, AMC stock reacting to ticket sales, and BlackBerry stock trading on nothing in particular.
GameStop’s Dilution Reaction GameStop agreed to a privately negotiated exchange of approximately $1.4 billion of its 0% convertible senior notes, made up of about $400 million of notes due 2030 and $1 billion of notes due 2032, for shares of its Class A common stock. The company gets no cash proceeds, but the share count goes up.
That’s why GameStop stock is lower. The deal cuts long-term debt by roughly $1.4 billion without touching cash, yet the equity side absorbs the trade. After it settles, about $1.1 billion of 2030 notes and $1.7 billion of 2032 notes remain outstanding, with the exchange expected to close on or about September 23 and new shares set by a 35-trading-day volume-weighted average price reference period.
The dilution reaction lands against an otherwise interesting backdrop. GameStop stock trades at a TTM P/E ratio of 16.21x and is up 8% year to date. The company also owns a a 9.8% stake (about 43.4 million shares) in eBay (NASDAQ:EBAY) and made a takeover bid that eBay rejected, with CEO Ryan Cohen forgoing his pay package to focus on the bid.
AMC’s Historic Weekend AMC just posted the highest total weekend revenue in its 106-year history, including new records for admissions and for food and beverage revenue. The driver was the opening of Spider-Man: Brand New Day, which grossed about $355 million domestic and $927 million global, the second-highest opening weekend gross ever.
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Attendance backed up the numbers. More than 10.2 million moviegoers attended Wednesday through Sunday, with strong premium-format demand across Dolby Cinema and IMAX aided by continued strength for The Odyssey. CEO Adam Aron called it “a truly historic weekend.”
AMC stock doesn’t carry a trailing P/E ratio since the company is unprofitable on a trailing 12-month basis, but the tape has been kind. AMC shares were up 81% year to date heading into Monday, and today’s move extends that run.
BlackBerry and the Meme Theme BlackBerry is the contrast point. BlackBerry stock has no company-specific catalyst today, and the 1% move is the tell. The old meme cohort used to move in lockstep on sentiment; on this session, BlackBerry stock is simply drifting while GameStop and AMC price in very different news.
For traders who want basket exposure to the theme rather than any single name, the Roundhill MEME ETF (CBOE:MEME) is the on-theme fund covering high-social-sentiment stocks. It’s a niche, thinly traded, highly volatile thematic vehicle, and position sizing matters. Investors should consider keeping their exposure modest given the ETF’s small asset base and wide swings.
What to Watch The near-term signals are clear. For GameStop, the September 23 close of the exchange and the 35-day reference period will shape how much dilution actually prints. Bitcoin’s price action matters too, since Bitcoin (CRYPTO:BTC) is down 27.8% year to date and GameStop carries a treasury position in it.
For AMC, the question is whether the weekend momentum carries through the next tentpole cycle and whether deleveraging progress keeps supporting the shares. Investors can watch for whether today’s gains hold through Monday afternoon, and whether the meme cohort keeps trading on fundamentals rather than sentiment. On balance, the divergence itself is a signal worth tracking.
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LEAWOOD, Kan.--(BUSINESS WIRE)--AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced that the Company generated the highest total revenue in the U.S. and globally in AMC history during a single weekend – Wednesday through Sunday – including the highest ever admissions revenue, and the highest ever food & beverage revenue. SPIDER-MAN: BRAND NEW DAY debuted Wednesday at ODEON Cinemas internationally and Thursday at.
AMC Entertainment stock extended its impressive rally, approaching a key resistance level as investors cheered the continued recovery of the blockbuster movie industry. The shares climbed to a high of $3.02, their highest level since October 2025, and have surged more than 200% from their lowest point this year. The key question now is whether the rally still has room to run.
AMC, the biggest theatre group in the United States, is doing relatively well, helped by the recent movie releases. Top movies like Toy Story 5, Michael, Super Mario Galaxy, Spider-Man, and The Odyssey have made substantial sums of money.
Just this weekend, Spider-Man: Brand New Day, had the best opening, making over $927 million worldwide, with US sales hitting $355 million. This makes it one of the best-performing movies this year, helped by its brand, intellectual property, and the fear of missing out.
Millions of people are going to movie theatres this year, which shattered weekend records as over 10.2 million Americans visited. In a statement, Adam Aron, the CEO said:
“For AMC, this was a truly historic weekend. In welcoming more than 10.2 million moviegoers around the world, AMC established this weekend a new all-time Company weekend record for admissions revenue and a new all-time Company weekend record for food & beverage revenue.”
There are signs that this growth will continue this year as some big titles are coming up. Some of the top titles to watch will be Resident Evil, Mutiny, The End of Oak Street, Dune: Part Three, and The Hunger Games.
READ MORE: AMC shares pop 9% after Wedbush upgrades to outperform
The most recent results showed that the company’s business continued growing in the last quarter. Its results revealed that revenue jumped by 14.2% to $1.59 billion, higher than what analysts were expecting.
The company’s adjusted EBITDA jumped by 69.6% to $321 million. Most notably, analysts believe that the company has more growth to go, helped by the recent successes of key releases like The Odyssey and Spider-Man.
Wall Street expects the company to deliver solid growth this year. The consensus estimate from seven analysts is that third-quarter revenue will rise 8% year over year to $1.4 billion, while full-year revenue is projected to increase 13% to $5.5 billion.
AMC Entertainment has also continued to improve its balance sheet. It recently refinanced $400 million of its 12.75% Senior Secured Notes due 2027, extending the maturities by four years. As such, the hope is that it will not dilute investors again this year.
AMC share price chart | Source: TradingView
The daily chart shows that the AMC share price has jumped from the year-to-date low of $0.9291 to past $3 today. It has now crossed the important resistance level of $2.95, its highest level on June 22, invalidating the double-top pattern.
Most importantly, it has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. These two averages made the crossover on June 28.
The Relative Strength Index (RSI) and the MACD have pointed upwards. Therefore, the stock will likely continue rising as bulls target the important resistance level of $3.61, its highest point in June last year.
The theatrical exhibition rebound found its exclamation point overnight. Deadline reported over $50 million in preview night showings for Spider-Man: Brand New Day, setting records for Spider-Man, for Sony Pictures, and for post-COVID-era preview night box office. The performance drew a direct response on CNBC Friday morning from Fandango and Rotten Tomatoes correspondent Erik Davis, who was asked whether the moviegoing rebound is real.
“Without a doubt. The movies are back and they’re here to stay, and people just love going to see them on the big screen,” Davis said. His framing matters for investors weighing two publicly listed names tied to the outcome: Sony Group (NYSE:SONY | SONY Price Prediction), the studio behind the Spider-Man franchise, and AMC Entertainment (NYSE:AMC), the largest US exhibitor.
The Preview Night Number That Reset Expectations Davis broke down the scale of the opening. “Over $50 million domestically in preview night showings, which would be a record for Spider-Man, a record for Sony Pictures, and a record for preview night box office in the post covid era,” he said. Sony Pictures is projecting an opening of $195 million domestically and $270 million internationally.
Sony Pictures sits inside a broader Sony conglomerate that reported Q1 FY2027 results earlier Friday. Revenue reached $17.75 billion, up 8.3% year over year, with Pictures segment revenue of $1.95 billion and Motion Pictures contributing $643 million. Sony raised its full-year FY2027 outlook to JPY 12,500B in sales and JPY 1,720B in operating income, and lifted the annual dividend forecast to JPY 35.00 per share from JPY 25.00, according to its 6-K filing. Shares are up 10.05% over the past week and 13.51% over the past month, though still down 11.05% year to date.
Davis: 2026 Is the Strongest Post-COVID Year “It’s been an extraordinary year for the theatrical box office. I personally feel it’s the strongest year for movies that we’ve seen in the post covid era, not just because the box office is thriving, but also so many diverse kinds of films,” Davis said. He pointed to a Michael Jackson music biopic that earned over $1 billion as evidence demand extends past superhero tentpoles.
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Davis attributes much of the pull to premium formats. “Audiences are really drawn to sort of these event formats, these formats that take the moviegoing experience to the next level,” he said, calling out ScreenX (270-degree panoramic viewing, with Spider-Man the first film ever shot in the format), Dolby Cinema, and 4DX, including the world’s largest 4DX theater at a Regal cinema in Times Square. Regal’s parent company is not US-listed.
The Read-Through for AMC AMC’s Q2 2026 print already flagged the setup. CEO Adam Aron said “The second quarter of 2026 was nothing short of extraordinary for AMC. In our 106-year history, never before has AMC had such superb results” in the company’s July 20 release. Revenue rose 14.2% to roughly $1.6 billion, adjusted EBITDA jumped 70% to $321.4 million, and domestic industry box office of about $2.99 billion was the biggest quarter in seven years. Aron cited Spider-Man: Brand New Day, Dune: Part Three, and Avengers: Doomsday as pillars of the back half.
The market has started to reprice the recovery. AMC shares are up 77.56% year to date and 45.79% over the past month, though still down 99.25% over five years. Balance-sheet risk lingers, with $3.85 billion in corporate borrowings and negative stockholders’ equity of $1.45 billion. Analyst coverage tilts cautious, with two buys, four holds, and one sell.
What Investors Should Watch Davis argues the theatrical window is regaining pricing power when the content lineup and premium formats give audiences a reason to leave home. For Sony, the Pictures segment becomes an increasingly visible earnings lever alongside PlayStation and Music. For AMC, sustained attendance across a diverse slate is the variable that determines whether the operating leverage shown in Q2 carries through the second half. Preview night gave both companies a data point worth taking seriously.
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Key Takeaways AMC is adding more premium auditoriums to capitalize on demand for enhanced moviegoing experiences.AMC is growing loyalty, subscriptions and higher-margin food and beverage sales to boost guest spending.Premium formats helped drive record quarterly revenues and adjusted EBITDA as AMC gained market share. AMC Entertainment Holdings, Inc. (AMC - Free Report) delivered a record second quarter in 2026, indicating that its next growth phase could be fueled by expanding the premium screen portfolio rather than a strong movie slate alone.
The company outpaced the broader box office recovery by gaining market share and reporting record revenues of $1.6 billion and adjusted EBITDA of $321.4 million. Management credited premium offerings, disciplined cost controls and continued investments in the guest experience for the strong performance.
A major contributor to this momentum is the rapid expansion of premium large format and extra-large format auditoriums. Although these premium screens account for only about 8% of AMC's global screen base, they generated more than half of ticket sales during the opening weekend of The Odyssey. AMC now operates nearly 750 premium auditoriums across IMAX, Dolby Cinema, Prime, ScreenX, 4DX, XL and other formats. Management also plans to add another 100 to 250 premium auditoriums over the next two to four years while keeping capital spending disciplined through partner funding.
The strategy extends beyond premium screens. AMC is upgrading high-traffic theaters with Club Rocker seating while expanding its A List subscription program and loyalty platform. The company is also growing higher-margin food, beverage and merchandise sales, helping increase spending per guest and strengthen customer engagement.
With a healthier balance sheet, disciplined capital allocation and growing demand for premium experiences, AMC appears well positioned to convert stronger box office trends into sustainable earnings and cash flow growth. If movie attendance remains healthy, the company's premium screen strategy could become a key driver of its next growth phase.
Cinemark and Marcus Challenge AMC in Premium MoviegoingAmong AMC's closest rivals, Cinemark Holdings (CNK - Free Report) has expanded its premium moviegoing strategy through XD premium large format auditoriums, luxury recliner seating and upgraded food and beverage offerings. Cinemark is also maintaining disciplined capital spending while leveraging a stronger balance sheet. These investments have helped Cinemark increase per-patron spending and compete more effectively for moviegoers seeking a premium theater experience.
The Marcus Corporation (MCS - Free Report) is pursuing a similar strategy with its UltraScreen DLX and SuperScreen DLX formats, recliner upgrades and enhanced dining options. The company is also strengthening customer engagement through loyalty initiatives designed to encourage repeat visits. While Marcus operates a smaller theater network than AMC, its emphasis on premium experiences mirrors the industry's shift toward higher value offerings.
As exhibitors increasingly focus on premium formats and enhanced amenities rather than expanding theater counts, AMC, Cinemark and Marcus are likely to compete for customers willing to pay more for superior technology, comfort and an elevated moviegoing experience.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have surged 92.1% in the past six months against the industry’s 3.5% decline.
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.43X, below the industry’s average of 2.74X.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The consensus estimate for AMC’s 2026 loss per share indicates a 77.1% year-over-year improvement.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LEAWOOD, Kan.--(BUSINESS WIRE)--AMC Theatres® (NYSE: AMC), the largest theatrical exhibitor in the United States and the world, today announced that THE ODYSSEY delivered a remarkable second weekend at the box office, helping AMC achieve its most successful IMAX run in AMC's history through the first two weekends of a film's initial release. After opening to a domestic debut of approximately $124.5 million, THE ODYSSEY continued its impressive run at the box office in its second weekend, genera.
Interview with the Vampire (IWTV) has been renewed for a fourth season, and fans are in for another name change and a new showrunner. Season 4 will be called Queen of the Damned in a nod to Anne Rice’s third book in the Vampire Chronicles series. The tale is Akasha’s (Sheila Atim) story. As such, showrunner Rolin Jones is stepping down and executive producer Hannah Moscovitch is rising to the role. Jones will remain an EP on the AMC series as will Mark Johnson.
Moscovitch’s promotion comes as the franchise turns its focus to a female protagonist. This is a change for the series, which has been dominated by the perspective of men since its start with exception to Claudia’s (Delainey Hayles) diary entries. Now it’s a woman’s turn to both live through and inflict the horrors.
In the teaser shared below, Akasha calls to the women of the world to rise up. Her brand of empowerment isn’t civil or collaborative. She has no interest in equal partnership between genders. Akasha wants the slaughter of all men, as she believes it is what women have longed to do.
Who is Akasha in ‘IWTV’?The TV adaptation introduced Akasha in The Vampire Lestat, giving viewers a glimpse into the slumbering queen’s time in Lestat’s (Sam Reid) care as a keeper. She liked him immediately, having sent Marius (Christopher Heyerdahl) to fetch Lestat from his self-made grave in the aftermath of Nikki’s (Joseph Potter) death and Gabriella’s (Jennifer Ehle) abandonment.
However, their whimsy over the pronunciation of the word ‘scoop’ gave way to Akasha’s hunger on New Year’s Eve the night Lestat painted her lips with his blood. She woke and forcibly fed from him before making him drink from her. The nightmare-ish experience gave Lestat a power he could not control.
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For Akasha, the incident opened the floodgates of her memory as she sped through her time alive and as the mother of vampires until she landed on one certain truth, she is the answer to everything. Atim’s chilling and powerful performance in episode 5, “New York,” set the tone for what fans can expect from Akasha in the coming season.
Sam Reid as Lestat de Lioncourt and Sheila Atim as Akasha in The Vampire Lestat
Sophie Giraud/AMC
How ‘The Vampire Lestat’ Sets Up ‘IWTV’s ‘Queen Of The Damned’After harrowing individual experiences post-beheading, Lestat and Louis (Jacob Anderson) reunite on The Vampire Lestat’s tour bus. 45,000 vampires and 10,000 beautifully unwell humans have descended on the venue where the band are supposed to perform a concert in the forest.
However, Lestat refuses to go onstage. He’d previously agreed to the event to satisfy Gabriella’s preoccupation with the Great Conversion, the movement to make more vampires and overrun humanity. It was never an agenda Lestat personally ascribed to and his near death experience, and realization of Louis’ love, finally gave him the ability to push back on Gabriella’s control over his life.
Lestat called his mother a monster because of her abuse of him throughout his existence from their days as humans to their present as vampires. The finale includes a jump to the near future where Lestat is recording The Failures, his account of how Akasha’s rise came to be and how he’s responsible for the destruction he gives the audience a look at when he opens the door to his Montreal home.
The Vampire Lestat ends before the concert that awakens Akasha, but it’s on the horizon and her reign will be explored in Interview with the Vampire season 4.
Watch the teaser for Queen of the Damned:
All seven episodes of The Vampire Lestat are available to stream on AMC+. Follow Sabrina Reed on Forbes for more coverage of IWTV and news about the business of TV.
Investors interested in Consumer Discretionary stocks should always be looking to find the best-performing companies in the group. Is AMC Entertainment (AMC - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Consumer Discretionary peers, we might be able to answer that question.
AMC Entertainment is one of 259 companies in the Consumer Discretionary group. The Consumer Discretionary group currently sits at #9 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. AMC Entertainment is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for AMC's full-year earnings has moved 4.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, AMC has returned 44.2% so far this year. Meanwhile, stocks in the Consumer Discretionary group have lost about 11.5% on average. As we can see, AMC Entertainment is performing better than its sector in the calendar year.
One other Consumer Discretionary stock that has outperformed the sector so far this year is Bassett Furniture (BSET - Free Report) . The stock is up 22.9% year-to-date.
The consensus estimate for Bassett Furniture's current year EPS has increased 7.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, AMC Entertainment belongs to the Leisure and Recreation Services industry, which includes 28 individual stocks and currently sits at #83 in the Zacks Industry Rank. Stocks in this group have lost about 8% so far this year, so AMC is performing better this group in terms of year-to-date returns.
In contrast, Bassett Furniture falls under the Furniture industry. Currently, this industry has 7 stocks and is ranked #30. Since the beginning of the year, the industry has moved +2.3%.
Going forward, investors interested in Consumer Discretionary stocks should continue to pay close attention to AMC Entertainment and Bassett Furniture as they could maintain their solid performance.
Key Takeaways AMC delivered record quarterly revenues and adjusted EBITDA due to stronger attendance and operating leverage.AMC improved financial flexibility by refinancing debt and extending major maturities to 2029 or later.Premium formats, loyalty programs and higher per-patron spending continue to support AMC's profitability. AMC Entertainment Holdings (AMC - Free Report) delivered a historic second quarter, reporting the highest revenues and adjusted EBITDA in its 106-year history. While a stronger movie slate fueled industrywide recovery, the bigger question for investors is whether the company can sustain this profitability as the box office continues to rebound.
The answer depends on more than ticket sales. Management emphasized that record adjusted EBITDA of $321.4 million was driven by a combination of higher attendance, disciplined cost control and improved operating leverage. Revenues rose 14.2% year over year to nearly $1.6 billion, while adjusted EBITDA surged 70%, reflecting AMC's ability to convert incremental revenues into stronger earnings. The company also generated $190.1 million in free cash flow during the quarter.
AMC believes its operational improvements have made the business structurally stronger than before the pandemic. The company has optimized its theater portfolio, expanded premium large-format screens, increased food and beverage spending per patron and strengthened customer engagement through its AMC Stubs loyalty and A-List subscription programs. These initiatives have enabled AMC to post higher EBITDA than in 2019 despite operating fewer theaters and serving fewer guests.
The balance sheet is also improving. During the quarter, AMC refinanced debt, reduced leverage, extended major debt maturities to 2029 or later and expects lower annual interest expense going forward. Combined with a cash balance of $778 million, these steps provide greater financial flexibility.
Looking ahead, management remains optimistic as a strong film pipeline is expected to support continued box-office recovery. However, maintaining record EBITDA will require AMC to keep executing on cost discipline, premium offerings and higher per-patron spending even if box-office growth moderates. Those operational gains, rather than blockbuster releases alone, will determine whether the company can continue setting new profitability records.
How Do AMC's Rivals Compare in the Box Office Recovery?AMC is not the only exhibitor benefiting from the improving theatrical landscape. Cinemark Holdings (CNK - Free Report) has also capitalized on stronger movie attendance by maintaining disciplined cost controls and expanding premium experiences such as XD auditoriums. Its consistent focus on operational efficiency allows Cinemark Holdings to generate healthy margins while investing selectively in theater upgrades and customer experience.
Another key competitor, Marcus Corporation (MCS - Free Report) , continues to strengthen its theater business through premium screens, enhanced food and beverage offerings, and loyalty initiatives. Although its theater footprint is smaller than AMC's, Marcus has emphasized prudent capital allocation and expense management to improve profitability as moviegoers return.
AMC, however, stands out with its unmatched scale, extensive premium-format network and large AMC Stubs and A-List membership base. These advantages, combined with its ongoing debt reduction and focus on boosting per-patron spending, could help AMC maintain stronger EBITDA growth if the global box office recovery continues and the upcoming film slate remains robust.
AMC’s Price Performance, Valuation & EstimatesShares of AMC have surged 41% in the past six months against the industry’s 4.5% decline.
AMC’s Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, AMC trades at a forward price-to-sales (P/S) multiple of 0.36, below the industry’s average of 2.65.
AMC’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The consensus estimate for AMC’s 2026 loss per share indicates a 76.04% year-over-year improvement.
Image Source: Zacks Investment Research
AMC’s Zacks RankAMC currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMC Entertainment (NYSE:AMC) reported what executives described as the strongest quarterly results in the company’s 106-year history, with record revenue, record adjusted EBITDA and sharply improved free cash flow in the second quarter of 2026.
Chairman and Chief Executive Officer Adam Aron said more than 71 million guests visited AMC and Odeon theaters worldwide during the April-to-June period, up 13.5% from a year earlier. Total revenue increased 14.2% year over year to approximately $1.6 billion, while adjusted EBITDA rose 70% to $321.4 million, surpassing $300 million in a quarter for the first time, according to the company.
“In AMC’s entire 106-year history, there has never been a quarter like this one,” Aron said on the company’s earnings call. He added that both revenue and adjusted EBITDA exceeded Wall Street expectations.
Free cash flow for the quarter was $190.1 million, and AMC ended June with $778 million of cash on hand, excluding restricted cash.
Box Office Strength Boosts Results AMC executives pointed to a stronger theatrical slate as a key driver of the quarter. Aron said the domestic industry box office reached $2.99 billion in the second quarter, the highest second quarter in seven years and, based on his review of the data, the fifth-best quarter in the past 50 years.
Six films from Universal, Lionsgate, A24 and Disney each opened domestically to more than $75 million during the period, Aron said. AMC’s domestic ticket revenue rose 11.4%, ahead of the 10.7% increase in the overall domestic box office, while European attendance increased 18% year over year.
Chief Financial Officer Sean Goodman said AMC’s performance was broad-based across its global circuit. In the United States, adjusted EBITDA increased 57.5% to $285.6 million. In Europe, adjusted EBITDA increased 337% to $35.8 million. Goodman noted that international revenue and EBITDA benefited by about 2% from European currency appreciation against the U.S. dollar.
Food and beverage and merchandise sales increased 15.3% globally, while “other revenues” increased 16.1%, Aron said. Goodman added that food and beverage revenue per patron and total revenue per patron reached all-time highs in both the domestic and international businesses.
Margins Improve as Costs Remain Contained AMC’s adjusted EBITDA margin rose to 20.1% in the second quarter from 13.6% a year earlier. Goodman said roughly $200 million of incremental revenue generated $131.9 million of additional adjusted EBITDA, representing about 66% flow-through.
Aron attributed the margin expansion to rising revenue and cost controls across AMC’s theaters and corporate operations. In response to an analyst question, Aron said the company may not repeat the same level of expense containment every quarter, but management intends to remain focused on keeping costs down.
“We’re going to be maniacal in continuing to try to keep our costs down,” Aron said.
Goodman said second-quarter 2026 general and administrative expenses benefited from an approximately $5.5 million credit related to insurance recoveries.
Balance Sheet Actions Reduce Debt and Interest Expense Executives also highlighted progress on AMC’s balance sheet. Aron said the company has $1.7 billion less debt than it had at the end of 2020 and does not expect significant debt maturities before 2029.
Goodman said AMC refinanced $400 million of debt due in 2027, extending the maturity by four years. The company also eliminated approximately $155.8 million of exchangeable debt due in 2030 through conversion into equity.
AMC completed a $150 million at-the-market equity offering, raising more than $85 million of gross proceeds during the second quarter, Goodman said. The company also recently completed a $200 million registered direct equity offering with several institutional investors. Following that transaction, AMC exercised its right to redeem the remaining $125.5 million of 6.8% senior subordinated notes due in 2027, with redemption scheduled for July 24, 2026.
Goodman said the refinancing and repayment actions reduced go-forward annual cash interest expense by approximately $16 million. He added that lower leverage ratios are expected to trigger interest-rate reductions on about 75% of AMC’s debt, lowering annual interest expense by approximately $51 million.
In response to a question about leverage, Goodman said AMC ultimately would like to reach around a three-times leverage level, though he acknowledged the company is not there yet. He said leverage has improved from a double-digit level to less than 6.5 times.
Premium Formats, Loyalty Programs Remain Strategic Focus AMC executives said loyalty programs and premium formats remain central to the company’s strategy. Aron said more than 40 million U.S. households have participated in AMC Stubs, and Stubs members accounted for just over 50% of AMC’s U.S. guest count in the second quarter.
AMC’s A-List subscription program ended the quarter with more than 1.1 million members, more than double its membership five years earlier, Aron said. A-List members accounted for about 20% of AMC’s U.S. patronage in the quarter.
Goodman said AMC closed seven theaters during the quarter and added six new premium large format auditoriums and 25 new XL auditoriums. Since 2020, AMC has closed 225 locations and opened 66, reducing its global theater count by 159 locations, or about 16% of its circuit. Over the same period, the company has added 77 premium large format auditoriums and 193 XL auditoriums.
Aron said AMC and Odeon now operate about 750 premium or enhanced auditoriums globally, including IMAX, Dolby, iSENSE, PRIME, ScreenX, 4DX and XL screens. He said those auditoriums represent about 8% of AMC’s screen count but generated more than 50% of AMC’s ticket gross for “The Odyssey” over the weekend discussed on the call.
AMC expects 2026 net capital expenditures of $200 million to $235 million. Goodman said the company will remain disciplined and that future capital spending will depend on box office expectations and project-level returns.
Management Expresses Optimism for 2026 Slate Looking ahead, Aron cited the opening of Universal Pictures and Christopher Nolan’s “The Odyssey,” which he said had a media-reported $124 million domestic opening weekend. AMC also said 4.3 million guests attended AMC and Odeon theaters from Thursday to Sunday during that weekend.
Aron said upcoming releases including Sony’s “Spider-Man: Brand New Day,” Warner Bros.’ “Dune: Part Three” and Disney’s “Avengers: Doomsday” support management’s view that 2026 could be the strongest post-pandemic year yet for the domestic and global box office.
Executives said AMC’s annual free cash flow breakeven box office level is currently around $10.4 billion. Aron said the company is “within sight” of being free cash flow positive on a 12-month basis, but is not there yet.
About AMC Entertainment (NYSE:AMC) AMC Entertainment Holdings, Inc operates as a leading movie exhibition company, specializing in the presentation of theatrical motion pictures across a network of multiplex cinemas. The company’s core business activities encompass ticket sales, concession and refreshment services, and the licensing of premium viewing formats. AMC offers a variety of auditorium experiences, including IMAX®, Dolby Cinema™, and Cinemark’s RealD 3D systems, designed to enhance audience engagement through superior sound, visual clarity, and seating comfort.
Originally founded in 1920 with its first theatre in Kansas City, AMC has evolved into one of the largest theater chains in the world.
Key Takeaways AMC's Q2 adjusted EPS reached 14 cents, while revenues rose 14.2% YoY to $1.60B.Worldwide attendance climbed 13.5% to 71.3 million, boosting admissions and food and beverage revenues.AMC's adjusted EBITDA jumped 69.6% to a record $321.4 million as margin expanded to 20.1%. AMC Entertainment Holdings, Inc. (AMC - Free Report) reported second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines improved from the prior-year quarter’s levels.
AMC’s performance benefited from a strong and diverse film slate, which drove higher attendance across its global theater circuit. The company also gained from stronger food, beverage and merchandise sales, increased premium-format usage, solid loyalty and subscription engagement, improved per-patron profitability, portfolio optimization and disciplined cost control.
However, AMC reported a wider GAAP net loss, reflecting substantial interest expense and other non-operating charges related to debt and derivative accounting. The company also remains highly leveraged, and management acknowledged that further debt reduction is necessary
Following the release, AMC stock gained 26.8% during trading hours yesterday.
AMC's Q2 Earnings & Revenue DiscussionFor the second quarter, the company reported adjusted earnings of 14 cents per share compared with breakeven earnings a year ago. The figure surpassed the Zacks Consensus Estimate of 1 cent by 1,300%.
Revenues rose 14.2% year over year to $1.60 billion and beat the consensus mark of $1.51 billion by 5.83%. Higher attendance, increased food and beverage sales, and disciplined cost management drove the performance.
Attendance Gains Support Revenue GrowthWorldwide attendance increased 13.5% year over year to 71.3 million patrons. U.S. attendance rose 12% to 52.5 million, while international attendance advanced 17.9% to 18.8 million.
Admissions revenues climbed 13.2% to $863.1 million. Food and beverage revenues increased 15.3% to $576.1 million, while other theater revenues rose 16.1% to $157.5 million. The gains reflected a stronger film slate and increased spending across AMC’s global theater circuit.
AMC Posts Broad Segment GainsU.S. market revenues increased 13% year over year to $1.26 billion. Adjusted EBITDA for the segment climbed 57.5% to $285.6 million from $181.3 million.
International market revenues advanced 19.2% to $338.1 million. Adjusted EBITDA jumped 336.6% to $35.8 million from $8.2 million. European currency appreciation provided an approximately 2% benefit to international revenues and EBITDA during the quarter.
AMC Improves Per-Patron MetricsConsolidated food and beverage revenues per patron increased to $8.08 from $7.95 in the prior-year quarter. The metric reached $8.95 in the United States and $5.66 in international markets.
Consolidated contribution margin per patron improved to $14.71 from $14.48. U.S. contribution margin per patron rose to $15.55 from $15.27, while the international figure increased to $12.36 from $12.18.
Profitability of AMCConsolidated adjusted EBITDA increased 69.6% year over year to a record $321.4 million from $189.5 million. Adjusted EBITDA margin expanded to 20.1% from 13.6%.
Operating income increased to $238.1 million from $92.6 million. Total operating costs and expenses rose 4.1% to $1.36 billion, well below the pace of revenue growth.
AMC’s Cash Flow & Liquidity StrengthenNet cash provided by operating activities increased 70.1% to $235.4 million. Free cash flow rose to $190.1 million from $88.9 million, while capital expenditures declined to $45.3 million from $49.5 million.
AMC ended the quarter with cash and cash equivalents of $778.4 million, excluding $41.1 million of restricted cash, up 81.7% from $428.5 million as of Dec. 31, 2025. Corporate borrowings declined to $3.85 billion from $4.04 billion at the end of 2025.
AMC’s Zacks Rank & Other Key PicksCurrently, AMC flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the Consumer Discretionary sector:
Flexsteel Industries, Inc. (FLXS - Free Report) currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks Rank #1 stocks here.
The company delivered a trailing four-quarter earnings surprise of 59%, on average. FLXS stock has surged 85.1% in the year-to-date period. The Zacks Consensus Estimate for Flexsteel’s fiscal 2026 sales and EPS implies growth of 3.8% and 14.6%, respectively, from the year-ago levels.
The Marcus Corporation (MCS - Free Report) currently sports a Zacks Rank #1. The company delivered a trailing four-quarter negative earnings surprise of 40.4%, on average. MCS stock has jumped 53.3% in the year-to-date period.
The Zacks Consensus Estimate for Marcus’ 2026 sales and EPS indicates an increase of 6.2% and 211.8%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently has a Zacks Rank of 2 (Buy). The company delivered a trailing four-quarter earnings surprise of 635.7%, on average. VNCE stock has rallied 58.4% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 7.2% and 34.1%, respectively, from the year-ago levels.
The stock’s positive momentum follows a report that highlighted AMC’s record revenue and EBITDA, showcasing its resilience in the post-COVID landscape as moviegoers return to theaters in droves.
Results Drive Record Revenue And EBITDAAMC announced its highest quarterly revenue in company history, driven by a strong lineup of films and robust food and beverage sales.
The largest cinema chain operator’s revenue rose 14.2% year over year (Y/Y) to $1.60 billion, exceeding estimates of $1.47 billion. This is supported by higher attendance, box office growth, and increased per-guest spending.
Adjusted EPS of 14 cents surpassed the analyst expectations for a loss of six cents per share.
Adjusted EBITDA rose 70% to a record $321.4 million, surpassing $300 million for the first time and improving $131.9 million from the prior-year quarter.
CEO Adam Aron emphasized the company’s success in attracting audiences back to theaters, declaring victory over the competition from at-home viewing options.
"We’re within sight of being cash flow positive, not for a quarter, but for a year," Aron said during the earnings call. He later acknowledged the company is "not quite at the promised land yet… but we’re ever so close."
OutlookManagement expects 2026 to be the strongest post-pandemic year for both domestic and global box office performance.
AMC Technical Outlook: Momentum Improves Above Key AveragesThe stock is currently trading at $2.46, which is approximately 36% above its 200-day simple moving average (SMA) of $1.82. The moving average convergence divergence (MACD) is above its signal line, indicating that downside pressure is easing and momentum is improving compared to the prior downswing.
AMC’s 12-month performance shows a decline of about 28.49%, but recent price action has been more favorable, with the stock trading significantly above its 20-day SMA of $2.01 and 50-day SMA of $1.88. The recent golden cross in July, where the 50-day SMA crossed above the 200-day SMA, further supports the bullish sentiment.
Key Resistance: $3.60 — This level marks the 52-week high, indicating strong selling interest may emerge here. Key Support: $1.88 — This level aligns with the 50-day SMA, providing a potential floor for price action.
AMC Analyst RatingsAnalyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $1.80. Recent analyst moves include:
Wedbush: Outperform (Raises Forecast to $4) (July 21) Macquarie: Neutral (Raises Target to $2.00) (July 8) Citigroup: Sell (Raises Target to $1.20) (May 7) Benchmark: Upgraded to Buy (Target $2.50) (May 6) AMC Price Action: AMC Entertainment Hldgs shares were down 2.97% at $2.38 at the time of publication on Tuesday, according to Benzinga Pro data.
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AMC Entertainment Holdings, Inc. (NYSE:AMC) on Monday reported better-than-expected second-quarter results.
Adjusted EPS of 14 cents surpassed the analyst expectations for a loss of six cents per share. The largest cinema chain operator’s revenue rose 14.2% year over year (Y/Y) to $1.60 billion, exceeding estimates of $1.47 billion.
AMC plans to expand its premium large format (PLF) and extra-large format (XLF) footprint by adding 100–250 auditoriums over the next 2–4 years, primarily funded through third-party capital.
AMC shares fell 6.9% to trade at $2.28 on Tuesday.
These analysts made changes to their price targets on AMC following earnings announcement.
Wedbush analyst Alicia Reese maintained AMC with an Outperform rating and raised the price target from $3 to $4. Benchmark analyst Mike Hickey maintained the stock with a Buy and raised the price target from $2.5 to $3. Considering buying AMC stock? Here’s what analysts think:
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The AMC stock apes are back, and this time they brought a blockbuster with them.
Shares of AMC Entertainment (NYSE:AMC) jumped about 27% on Monday, July 20, 2026, closing at $2.46, after the theater chain posted the biggest quarterly revenue and profit in its 106-year history. The surge extended a hot streak: AMC is up roughly 32% over the past week and about 58% year to date, reviving the frenzied retail trading that made it a meme stock legend in 2021.
The Options Frenzy Screams “Meme Stock” The clearest sign the retail crowd is back is in the options market. More than 300,000 AMC contracts traded on Monday, nearly five times the 30-day average, vaulting AMC into the top 20 most-active options names in the market. Positioning was aggressively bullish: roughly 100,000 calls bought versus 62,000 calls sold, and fewer than 10,000 puts bought. The full-chain put/call ratio of 0.27 shows a textbook AMC apes footprint: speculative, call-heavy, and loud.
But This Time, the Earnings Are Real What separates this rally from the pure short-squeeze mania of 2021 is that it rides real fundamentals. AMC’s second-quarter revenue rose 14.2% year over year to roughly $1.6 billion, and Adjusted EBITDA climbed 70% to a record $321.4 million, the best quarter in the company’s history. Adjusted diluted EPS came in at $0.14 versus a consensus estimate of -$0.02.
The engine was Christopher Nolan’s The Odyssey. The film opened to $124 million domestically and $264 million globally in its first three days, Nolan’s biggest global debut ever, recouping its full $250 million production budget almost immediately. That $264 million represents the movie’s three-day worldwide opening gross.
AMC felt the impact directly. The chain drew 4.3 million patrons globally for the film’s opening weekend, and more than half of ticket receipts came from premium giant-screen formats like IMAX and Dolby, which carry higher prices and fatter margins.
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Adam Aron Says the Theaters Have Won CEO Adam Aron is not shy about the moment. He has pointed to “The Odyssey,” alongside “Spider-Man: Brand New Day,” “Dune: Part Three,” and “Avengers: Doomsday,” as reasons 2026 could be the strongest year for movie theaters since before the pandemic.
He also declared victory in the long war against at-home streaming. “I think we’ve won that fight,” Aron said on the earnings call.
A Familiar Pattern, With a Familiar Risk The risks remain. AMC still carries $3,851.6 million in corporate borrowings and negative stockholders’ equity of $1,452.7 million. At $2.46, the stock remains down roughly 99% over the past five years, a legacy of heavy dilution and a reverse split used to survive.
The movies are back, a strong summer slate could sustain momentum, and for once the apes have earnings on their side. Whether The Odyssey marks a lasting turn for AMC or just another spike will depend on what happens after the popcorn is swept up.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMC Entertainment didn't make the cut. Grab the names FREE today.
For investors who have spent years focusing on dilution, debt and meme-stock volatility, that may represent the company’s most meaningful shift yet.
Record EBITDA, Stronger Cash FlowAMC reported record second-quarter adjusted EBITDA of $321.4 million, up 70% year-over-year, on record revenue of nearly $1.6 billion. More importantly, the company converted that operating momentum into $190.1 million of free cash flow during the quarter, giving management confidence that consistent annual cash generation is now within reach.
“We’re within sight of being cash flow positive, not for a quarter, but for a year,” Aron said during the earnings call. He later acknowledged the company is “not quite at the promised land yet… but we’re ever so close.”
The comments suggest AMC’s investment narrative is beginning to evolve. While the company still depends on a healthy theatrical release slate, management increasingly believes years of cost controls, premium-format expansion and higher spending per guest have structurally improved its earnings power.
CFO Sean Goodman noted AMC generated more revenue and nearly 40% more adjusted EBITDA than it did in the second quarter of 2019 despite attendance remaining well below pre-pandemic levels.
Debt Reduction Creates A Financial FlywheelThe turnaround isn’t limited to operating performance. Aron said AMC has reduced debt by approximately $1.7 billion since the end of 2020, while Goodman said the company now expects no significant debt maturities before 2029 following recent refinancing efforts. Those actions are also lowering borrowing costs, with management expecting meaningful reductions in annual interest expense as leverage ratios continue to improve.
That creates what could become a virtuous financial cycle. Higher EBITDA improves leverage ratios, lower leverage reduces interest costs, and lower interest expense further reduces the box office threshold needed for AMC to generate positive free cash flow over a full year.
“If interest rates go down, interest expense goes down, and that means that the breakeven box office level goes down as well,” Aron said.
Why Investors Should Watch The Next Few QuartersAMC isn’t declaring victory just yet, but the conversation has clearly changed.
For years, investors judged the company by how much cash it could raise and how long it could survive. Following its strongest operating quarter on record, management wants investors to judge it by how much cash it can consistently generate instead.
If upcoming blockbuster releases help sustain box office momentum, the next milestone may not be another record EBITDA quarter—it could be AMC proving that its long-promised transition from a liquidity story to a sustainable cash-flow story is finally complete.
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Shares of AMC Entertainment (AMC +27.32%) soared on Monday after the movie theater leader posted a surprise profit.
Image source: Getty Images.
Better-than-expected Q2 results AMC's total revenue rose 14% year over year to $1.6 billion in the second quarter.
Attendance trends were strong, with six films generating domestic opening weekend grosses of more than $75 million.
"The momentum in the total industrywide domestic box office was undeniable, reaching approximately $2.99 billion, up 10.7% from last year's second quarter, making this the biggest box office quarter in seven years and the fifth biggest quarter ever," AMC CEO Adam Aron said.
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Moreover, the operating leverage inherent in the theater chain's business model was on full display. AMC's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 70% to $321 million.
The cinema company's operating cash flow also jumped 70% to $235 million. AMC, in turn, produced $190 million in free cash flow, which helped to bring its cash reserves to $778 million as of June 30.
All told, AMC's adjusted net earnings improved to $104 million, or $0.14 per share, from a loss of $0.5 million in the year-ago quarter. That was well above Wall Street's estimates, which had called for a loss of $0.06 per share.
2026 is set to be a good year at the box office AMC's increased profitability, combined with recent share offerings, is enabling it to strengthen its balance sheet by paying down debt. That's reducing the company's interest expenses, which is further bolstering its cash flow generation. In all, AMC has paid off a whopping $1.7 billion in debt since the end of 2020.
Better still, the recent blockbuster-like performance of Christopher Nolan's The Odyssey bodes well for an exciting slate of upcoming films, including Spider-Man: Brand New Day, Dune: Part Three, and Avengers: Doomsday.
"We believe that movie theatres will enjoy, in the full twelve months of 2026, their strongest yet post-pandemic year, at both the domestic and the global box office," Aron said.
AMC Entertainment Holdings (AMC +26.80%), the movie theater operator with U.S. and European cinema locations closed at $2.46, up 26.8%. The stock soared after Q2 results topped estimates, with investors now watching attendance, cash flow, and debt.
Trading volume reached 181.9 million shares, coming in about 342% above its three-month average of 41.1 million shares. AMC Entertainment Holdings IPO'd in 2013 and has fallen 99% since going public.
How the markets moved todayThe S&P 500 (^GSPC 0.19%) fell 0.19% to 7,443, and the Nasdaq Composite (^IXIC 0.05%) slipped 0.05% to 25,508. Among movie theater peers, Cinemark Holdings (CNK +5.00%) rose 5.10% to $31.97, while IMAX (IMAX 1.66%) fell 1.66% to $38.60, highlighting mixed sentiment across the group.
What this means for investorsIt was a double dose of good news for AMC Entertainment today. Second-quarter results beat expectations with reported adjusted earnings of $0.14 per share. It also generated $1.6 billion in revenue, marking the highest quarterly revenue and adjusted EBITDA in its 106-year history.
Additionally, the weekend’s box office, led by The Odyssey, brought more than 4.3 million moviegoers to AMC theaters globally.
CEO Adam Aron stated, “It is clear that our operating results so far this year are vastly improved. AMC has often been underestimated, and yet we continue to outperform.”
Investors clearly agreed with the stock soaring today. Investors still need to monitor the company’s debt level, as it raised billions to survive the extended slump triggered by the pandemic. AMC does look to have its business back on track, though, as long as movies continue to attract viewers.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
AMC weekly chart signs of reversal from long-term downtrend. Source: TradingView During Monday’s session, AMC gained approximately 26.8% to end at $2.46. That put the stock back above the 20-day moving average after confirming support near both the 50-day and 200-day moving averages over the past couple of weeks. This is bullish behavior that shows the continued reversal from a downtrend to an uptrend. The reclaim of the 200-day moving average is particularly notable since it follows an initial reclaim of that average during the advance in June. Maintaining this position above key moving averages would further strengthen the improving technical picture.
Resistance Levels Define the Next Test The progression of the rising trend channel structure suggests a potential target near the top boundary of the channel. However, the first upside target is the recent trend high of $2.96. If that level is exceeded, there is a small confluence zone defining an upside target near $3.25 to $3.32, consisting of the 50% retracement of a prior decline and the 100% projection of a rising ABCD pattern, respectively, that begins from the higher swing low in May.
During the June rally, resistance emerged at the confluence of a 61.8% Fibonacci retracement of a prior decline and the 161.8% Fibonacci projection of a prior rising ABCD pattern that forms the rising channel. A similar reaction near upcoming resistance levels will determine whether the current advance develops into a broader continuation of the emerging uptrend.
AMC Entertainment Holdings, Inc. delivered a strong Q2 FY2026, with revenue up 14.2% to $1.60 billion and adjusted EPS beating expectations. AMC saw 13.5% year-over-year attendance growth despite operating fewer theaters, benefiting from robust box office trends and higher food and beverage sales. Adjusted net profit surged to $105.7 million, adjusted EPS hit $0.14, and EBITDA rose to $321.4 million, with net debt reduced to $3.19 billion.
AMC has been around for more than 100 years. On Monday, the company reported its highest quarterly revenue in company history.
This could prove to be a testament to the company’s resilience in the post-COVID world and also a result of a strong slate of movies in the second quarter and strong food and beverage revenue.
In an interview on CNBC, Aron said the company reported "record everything just about," with the keys being record revenue and EBITDA.
Taking a victory lap for the results, Aron said that there has been a lot of experimentation since the COVID-19 pandemic, but Hollywood has learned one thing.
"People love to go to movie theaters," Aron said.
Aron said movie studios continue to turn out movies designed for the big screen, which included six different films that opened to $75 million or more domestically in the second quarter.
Discussing the battle of at-home viewing, streaming and movie theaters, Aron declared victory.
"I think we’ve won that fight."
"The Odyssey" Kickstarts Q3 ResultsAfter a record second quarter, expectations could be high for AMC for the third and fourth quarters.
Aron is confident in the company’s lineup of films, which includes the recent opening of "The Odyssey" and the upcoming Spider-Man, Avengers and Dune films.
"The Odyssey" opened with $124 million domestically this past weekend. AMC announced Monday that it had 4.3 million guests in movie theaters globally during the weekend.
Aron said a third of the guests were seeing movies other than "The Odyssey."
AMC has been a popular stock in the past, but often times hurt by its own dilution. A strong second quarter could set the company up for a strong 2026 with the pipeline of blockbuster films looking strong.
AMC Stock Price ActionAMC stock was up 26.8% to $2.46 on Monday versus a 52-week trading range of $0.93 to $3.60. AMC stock is up 50.3% year-to-date in 2026.
Photo Courtesy: rblfmr on Shutterstock.com
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For the quarter ended June 2026, AMC Entertainment (AMC - Free Report) reported revenue of $1.6 billion, up 14.2% over the same period last year. EPS came in at $0.14, compared to $0 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.51 billion, representing a surprise of +5.79%. The company delivered an EPS surprise of +1300%, with the consensus EPS estimate being $0.01.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how AMC Entertainment performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Attendance - U.S.: 52.53 million compared to the 49.38 million average estimate based on two analysts.Total Attendance - International: 18.76 million versus the two-analyst average estimate of 17.1 million.Total Attendance: 71.29 million compared to the 66.53 million average estimate based on two analysts.Average ticket price - International: $10.45 compared to the $10.61 average estimate based on two analysts.Food & beverage revenue per patron - International: $5.66 versus the two-analyst average estimate of $5.63.Average ticket price - U.S: $12.70 compared to the $13.09 average estimate based on two analysts.Food & beverage revenue per patron - U.S: $8.95 compared to the $8.99 average estimate based on two analysts.Revenues- Food and beverage: $576.1 million versus $537.83 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +15.3% change.Revenues- Other theatre: $157.5 million versus $146.3 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +16.1% change.Revenues- Admissions: $863.1 million versus the four-analyst average estimate of $819.5 million. The reported number represents a year-over-year change of +13.2%.View all Key Company Metrics for AMC Entertainment here>>>
Shares of AMC Entertainment have returned -31.5% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Asymmetric warfare. A long absence. Fierce loyalty. Of course, while many associate these themes with Christopher Nolan's "The Odyssey," it could also aptly apply to the never-ending saga that is AMC and the army of "ape" traders.
AMC options surged out of the gate this morning with over 300,000 contracts traded as of writing, almost five times the 30-day average and a top 20 stock in the entire market by options volume. Flows were very bullish, with almost 100,000 calls bought, compared to 62,000 calls sold and under 10,000 puts bought, following the film record box office.
In addition to "The Odyssey" breaking records, AMC reported earnings today that beat analysts' expectations and showed double-digit revenue growth.
"America's fascinated with The Odyssey this weekend," AMC CEO Adam Aron said on CNBC's "Squawk Box" this morning. AMC theatres received 4.3 million guests globally across the weekend, Aron added.
AMC 5-day chart
Monday's rally adds to an almost four-month-long climb in AMC shares to just under 150%. That said, for bulls who've been in the stock since its heyday as a retail "meme" favorite after Covid, it's far from a coming-home party. Shares are still down 99% from its all-time high above $700 in 2021. Of course, the options market played a key role in the meme stock mania, often leading underlying shares of AMC.
More than $6 million in options premium exchanged hands Monday, with $5.5 million tied to call contracts.
The most popular options contracts by dollar amount were the 2 and 2.5-strike calls expiring Aug. 21, which were on offer for 39- and 20 cents, respectively. The most popular trade by volume was the 3-strike call with the same expiry, which needs a 34% rally to break even.
Traders willing to spend more on premium may want to watch Imax, up 37% the past year with call options showing some life today, but not nearly as busy as AMC trading.
"As a result of Covid there was a lot of experimentation but what Hollywood has learned over the last several years is people love to go to movie theaters," Aron said in the interview. "Studio after studio is turning out movie after movie designed for the big screen."
MarketBeat Week in Review – 05/04 - 05/08AMC Entertainment NYSE: AMC reported what executives described as the strongest quarterly results in the company’s 106-year history, with record revenue, record adjusted EBITDA and sharply improved free cash flow in the second quarter of 2026.
Chairman and Chief Executive Officer Adam Aron said more than 71 million guests visited AMC and Odeon theaters worldwide during the April-to-June period, up 13.5% from a year earlier. Total revenue increased 14.2% year over year to approximately $1.6 billion, while adjusted EBITDA rose 70% to $321.4 million, surpassing $300 million in a quarter for the first time, according to the company.
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A Prada Payday: Is AMC Back in Style?“In AMC’s entire 106-year history, there has never been a quarter like this one,” Aron said on the company’s earnings call. He added that both revenue and adjusted EBITDA exceeded Wall Street expectations.
Free cash flow for the quarter was $190.1 million, and AMC ended June with $778 million of cash on hand, excluding restricted cash.
Box Office Strength Boosts Results 3 Dividend Aristocrats Whose Yields Can Help Combat InflationAMC executives pointed to a stronger theatrical slate as a key driver of the quarter. Aron said the domestic industry box office reached $2.99 billion in the second quarter, the highest second quarter in seven years and, based on his review of the data, the fifth-best quarter in the past 50 years.
Six films from Universal, Lionsgate, A24 and Disney each opened domestically to more than $75 million during the period, Aron said. AMC’s domestic ticket revenue rose 11.4%, ahead of the 10.7% increase in the overall domestic box office, while European attendance increased 18% year over year.
Chief Financial Officer Sean Goodman said AMC’s performance was broad-based across its global circuit. In the United States, adjusted EBITDA increased 57.5% to $285.6 million. In Europe, adjusted EBITDA increased 337% to $35.8 million. Goodman noted that international revenue and EBITDA benefited by about 2% from European currency appreciation against the U.S. dollar.
Food and beverage and merchandise sales increased 15.3% globally, while “other revenues” increased 16.1%, Aron said. Goodman added that food and beverage revenue per patron and total revenue per patron reached all-time highs in both the domestic and international businesses.
Margins Improve as Costs Remain Contained AMC’s adjusted EBITDA margin rose to 20.1% in the second quarter from 13.6% a year earlier. Goodman said roughly $200 million of incremental revenue generated $131.9 million of additional adjusted EBITDA, representing about 66% flow-through.
Aron attributed the margin expansion to rising revenue and cost controls across AMC’s theaters and corporate operations. In response to an analyst question, Aron said the company may not repeat the same level of expense containment every quarter, but management intends to remain focused on keeping costs down.
“We’re going to be maniacal in continuing to try to keep our costs down,” Aron said.
Goodman said second-quarter 2026 general and administrative expenses benefited from an approximately $5.5 million credit related to insurance recoveries.
Balance Sheet Actions Reduce Debt and Interest Expense Executives also highlighted progress on AMC’s balance sheet. Aron said the company has $1.7 billion less debt than it had at the end of 2020 and does not expect significant debt maturities before 2029.
Goodman said AMC refinanced $400 million of debt due in 2027, extending the maturity by four years. The company also eliminated approximately $155.8 million of exchangeable debt due in 2030 through conversion into equity.
AMC completed a $150 million at-the-market equity offering, raising more than $85 million of gross proceeds during the second quarter, Goodman said. The company also recently completed a $200 million registered direct equity offering with several institutional investors. Following that transaction, AMC exercised its right to redeem the remaining $125.5 million of 6.8% senior subordinated notes due in 2027, with redemption scheduled for July 24, 2026.
Goodman said the refinancing and repayment actions reduced go-forward annual cash interest expense by approximately $16 million. He added that lower leverage ratios are expected to trigger interest-rate reductions on about 75% of AMC’s debt, lowering annual interest expense by approximately $51 million.
In response to a question about leverage, Goodman said AMC ultimately would like to reach around a three-times leverage level, though he acknowledged the company is not there yet. He said leverage has improved from a double-digit level to less than 6.5 times.
Premium Formats, Loyalty Programs Remain Strategic Focus AMC executives said loyalty programs and premium formats remain central to the company’s strategy. Aron said more than 40 million U.S. households have participated in AMC Stubs, and Stubs members accounted for just over 50% of AMC’s U.S. guest count in the second quarter.
AMC’s A-List subscription program ended the quarter with more than 1.1 million members, more than double its membership five years earlier, Aron said. A-List members accounted for about 20% of AMC’s U.S. patronage in the quarter.
Goodman said AMC closed seven theaters during the quarter and added six new premium large format auditoriums and 25 new XL auditoriums. Since 2020, AMC has closed 225 locations and opened 66, reducing its global theater count by 159 locations, or about 16% of its circuit. Over the same period, the company has added 77 premium large format auditoriums and 193 XL auditoriums.
Aron said AMC and Odeon now operate about 750 premium or enhanced auditoriums globally, including IMAX, Dolby, iSENSE, PRIME, ScreenX, 4DX and XL screens. He said those auditoriums represent about 8% of AMC’s screen count but generated more than 50% of AMC’s ticket gross for “The Odyssey” over the weekend discussed on the call.
AMC expects 2026 net capital expenditures of $200 million to $235 million. Goodman said the company will remain disciplined and that future capital spending will depend on box office expectations and project-level returns.
Management Expresses Optimism for 2026 Slate Looking ahead, Aron cited the opening of Universal Pictures and Christopher Nolan’s “The Odyssey,” which he said had a media-reported $124 million domestic opening weekend. AMC also said 4.3 million guests attended AMC and Odeon theaters from Thursday to Sunday during that weekend.
Aron said upcoming releases including Sony’s “Spider-Man: Brand New Day,” Warner Bros.’ “Dune: Part Three” and Disney’s “Avengers: Doomsday” support management’s view that 2026 could be the strongest post-pandemic year yet for the domestic and global box office.
Executives said AMC’s annual free cash flow breakeven box office level is currently around $10.4 billion. Aron said the company is “within sight” of being free cash flow positive on a 12-month basis, but is not there yet.
About AMC Entertainment (NYSE:AMC)AMC Entertainment Holdings, Inc operates as a leading movie exhibition company, specializing in the presentation of theatrical motion pictures across a network of multiplex cinemas. The company's core business activities encompass ticket sales, concession and refreshment services, and the licensing of premium viewing formats. AMC offers a variety of auditorium experiences, including IMAX®, Dolby Cinema™, and Cinemark's RealD 3D systems, designed to enhance audience engagement through superior sound, visual clarity, and seating comfort.
Originally founded in 1920 with its first theatre in Kansas City, AMC has evolved into one of the largest theater chains in the world.
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