8 unchanged sentences
● the risks and uncertainties relating to the sufficiency of our existing cash and cash equivalents and available borrowing capacity to fund operations and satisfy obligations including cash outflows for planned capital expenditures currently and through the next twelve months.
−Removed: In order to achieve net
−Removed: positive cash flows from operating activities, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.
−Removed: However, there remain significant risks that may negatively impact revenues and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices.
+Added: Based on our current cost structure, in order to achieve net positive cash flows from operating activities, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.
+Added: However, there remain
+Added: significant risks that may negatively impact revenues, costs, and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices.
If we are unable to achieve increased levels of attendance and revenues, we will be required to obtain additional liquidity.
−Removed: If such additional liquidity is not obtained or is insufficient, we likely would seek an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Class A common stock (“Common Stock”) and other securities would likely suffer a total loss of their investment;
−Removed: ● the risks and uncertainties relating to the 2025 Refinancing Transactions and 2024 Refinancing Transactions, including, but not limited to, (i) the potential for additional future dilution of our Common Stock as a result of issuance of shares underlying our Existing Exchangeable Notes or our New Exchangeable Notes, (ii) the possibility that the extension of certain debt maturities will not provide enough time for attendance and revenues to increase to sufficient levels and generate net positive cash flows from operating activities to overcome liquidity concerns or may be insufficient to do so if the Company does not achieve revenue levels at least in line with pre-COVID-19 revenues and (iii) the impact on the market price of our Common Stock and our capital structure of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;
−Removed: ● changing practices of distributors, which accelerated during the COVID-19 pandemic, including increased use of alternative film delivery methods including premium video on demand, streaming platforms, shrinking exclusive theatrical release windows or release of movies to theatrical exhibition and streaming platforms on the same date, the theatrical release of fewer movies, or transitioning to other forms of entertainment;
+Added: If such additional liquidity is not obtained or is insufficient, we likely would seek an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Common Stock and other securities would likely suffer a total loss of their investment;
+Added: ● the risks and uncertainties relating to the 2025 Refinancing Transactions and 2024 Refinancing Transactions (each defined herein), including, but not limited to, (i) the potential for additional future dilution of our Common Stock as a result of issuance of shares underlying our Existing Exchangeable Notes or our New Exchangeable Notes, (ii) the possibility that the extension of certain debt maturities will not provide enough time for attendance and revenues to increase to sufficient levels and generate net positive cash flows to overcome liquidity concerns, and (iii) the impact on the market price of our Common Stock and our capital structure of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;
+Added: ● changing practices of distributors, which accelerated during the COVID-19 pandemic, including increased use of alternative film delivery methods including premium video on demand, streaming platforms, shrinking exclusive theatrical release windows or release of movies to theatrical exhibition and streaming platforms on the same date, the theatrical release of fewer movies due to industry consolidation or other reasons, or transitioning to other forms of entertainment;
● the impact of changing movie-going behavior of consumers;
7 unchanged sentences
● risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges;
−Removed: ● general and international economic, political, regulatory, social and financial market conditions, including potential economic recession, inflation, rising interest rates, the financial stability of the banking industry, and other risks that may negatively impact discretionary income and our revenues and attendance levels;
+Added: ● general and international economic, political, regulatory, social and financial market conditions, including
+Added: potential economic recession, inflation, rising interest rates, the financial stability of the banking industry, and other risks that may negatively impact discretionary income and our revenues and attendance levels;
● our lack of control over distributors of films;
1 unchanged sentence
● an issuance of preferred stock could dilute the voting power of the common stockholders and adversely affect the market value of our outstanding Common Stock;
−Removed: ● limitations on the authorized number of Common Stock shares could in the future prevent us from raising additional capital through Common Stock and could result in increased interest costs from our debt instruments;
+Added: ● limitations on the authorized number of Common Stock shares could in the future prevent us from raising additional capital through sales of Common Stock;
● our ability to achieve expected synergies, benefits and performance from our strategic initiatives;
2 unchanged sentences
● failures, unavailability or security breaches of our information systems, including due to cybersecurity incidents;
−Removed: ● our ability to utilize interest expense deductions will be limited annually due to Section 163(j) of the Internal Revenue Code of 1986, as amended (the “Code”), as amended by the One Big Beautiful Bill Act of 2025;
+Added: ● our ability to utilize interest expense deductions will be limited annually due to Section 163(j) of the Internal Revenue Code of 1986, as amended, as amended by the One Big Beautiful Bill Act of 2025;
● our ability to recognize interest deduction carryforwards, net operating loss carryforwards and other tax attributes to reduce our future tax liability;
3 unchanged sentences
● dependence on key personnel for current and future performance and our ability to attract and retain senior executives and other key personnel, including in connection with any future acquisitions;
−Removed: ● increased costs in order to comply or resulting from a failure to comply with governmental regulation, including the General Data Protection Regulation (“GDPR”) and all other current and pending privacy and data regulations in the jurisdictions where we have operations;
+Added: ● increased costs in order to comply or resulting from a failure to comply with governmental regulation, including the General Data Protection Regulation and all other current and pending privacy and data regulations in the jurisdictions where we have operations;
● supply chain disruptions may negatively impact our operating results;
−Removed: ● the availability and/or cost of energy, particularly in Europe;
+Added: ● the availability and/or cost of energy;
● the market price and trading volume of our shares of Common Stock has been and may continue to be volatile, and purchasers of our securities could incur substantial losses;
● future offerings of debt, which would be senior to our Common Stock for purposes of distributions or upon liquidation, could adversely affect the market price of our Common Stock;
−Removed: ● the potential for political, social, or economic unrest, terrorism, hostilities, cyber-attacks or war, including the conflict between Russia and Ukraine and other international conflicts;
+Added: ● the potential for political, social, or economic unrest, terrorism, hostilities, cyber-attacks or war, including the conflict between Russia and Ukraine, military actions in and around Iran, and other international conflicts;
● the potential impact of financial and economic sanctions on the regional and global economy, or widespread health emergencies, such as pandemics or epidemics, causing people to avoid our theatres or other public places where large crowds are in attendance;
−Removed: ● anti-takeover protections in our Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our amended and restated bylaws (the “Bylaws”) may discourage or prevent a takeover of our Company, even if an acquisition would be beneficial to our stockholders;
−Removed: ● other risks and uncertainties referenced from time to time in filings with the SEC.
+Added: ● anti-takeover protections in our Fourth Amended and Restated Certificate of Incorporation and our amended and restated bylaws may discourage or prevent a takeover of our Company, even if an acquisition would be beneficial to our stockholders;
+Added: ● other risks and uncertainties referenced from time to time in filings with the Securities and Exchange Commission (“SEC”).
This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative but not exhaustive.
10 unchanged sentences
AMC is the world’s largest theatrical exhibition company and an industry leader in innovation and operational excellence.
−Removed: As of September 30, 2025, we operated theatres in 11 countries throughout the U.S.
+Added: As of March 31, 2026, we operated theatres in 11 countries, including the United States, and various countries throughout Europe.
Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales.
The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution.
−Removed: As of September 30, 2025, we owned, operated or had interests in 856 theatres and 9,636 screens.
+Added: As of March 31, 2026, we owned, operated or had interests in 852 theatres and 9,607 screens.
Box Office Admissions and Film Content
7 unchanged sentences
Movie Screens
−Removed: The following table provides detail with respect to Premium Large Format (“PLF”) screens (IMAX®, Dolby Cinema TM , in-house), XL screens, SCREENX, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit as of September 30, 2025 and September 30, 2024:
+Added: The following table provides detail with respect to Premium Large Format (“PLF”) screens (IMAX®, Dolby Cinema TM , SCREENX, 4DX, in-house), XL screens, 3D enabled screens, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit as of March 31, 2026 and March 31, 2025:
International Markets
−Removed: As of September 30,
−Removed: As of September 30,
−Removed: As of September 30,
+Added: As of March 31,
+Added: As of March 31,
+Added: As of March 31,
Number of theatres:
4 unchanged sentences
Premium seating
−Removed: We have signed a letter of intent with CJ 4DPLEX to open new 4DX and SCREENX locations in our U.S.
−Removed: The first deployment is expected to open by early 2026.
−Removed: We also announced expanded partnerships with Dolby Laboratories, Inc and IMAX Corporation to expand and upgrade our offerings in those premium formats.
−Removed: We expect to open an additional 40 Dolby Cinema at AMC locations over the next several years and fourteen new IMAX locations by the end of 2033.
−Removed: Additionally, we plan to upgrade an additional 68 IMAX locations to IMAX with Laser .
Loyalty Programs and Other Marketing
−Removed: On January 1, 2025, we introduced a new AMC Stubs tier—AMC Stubs® Premiere GO!
−Removed: (“Premiere GO!
−Removed: membership is earned by existing Insider (as defined below) members by visiting a certain number of times or earning a certain number of points within a calendar year.
−Removed: allows members to earn additional points and other exclusive benefits.
−Removed: As of September 30, 2025, we had a combined total of approximately 37.7 million member households enrolled in AMC Stubs® A-List (“A-List”), AMC Stubs Premiere™ (“Premiere”), Premiere GO!
−Removed: , and AMC Stubs Insider™ (“Insider”) programs, combined.
−Removed: During the nine months ended September 30, 2025, our AMC Stubs® members represented approximately 51% of AMC U.S.
+Added: As of March 31, 2026, we had a combined total of approximately 39.4 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs Premiere GO!
+Added: , and AMC Stubs Insider™ programs (collectively, “AMC Stubs”).
+Added: During the three months ended March 31, 2026, our AMC Stubs members represented approximately 51.5% of AMC U.S.
markets attendance.
2 unchanged sentences
Holders of Shares
−Removed: As of September 30, 2025, there were 512,943,561 shares of our Common Stock outstanding.
+Added: As of March 31, 2026, there were 605,223,095 shares of our Common Stock outstanding.
Of those outstanding shares, approximately 2.7 million shares (or 0.4%) were held by 13,934 registered holders with our transfer agent and approximately 602.5 million (or 99.6%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.
2 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.
−Removed: Material changes to our critical accounting estimates from what is described in our Form 10-K are described below:
−Removed: Derivative Fair Values.
−Removed: We remeasure the bifurcated embedded derivatives related to our Existing Exchangeable Notes and New Exchangeable Notes at fair value each reporting period with changes in fair value recorded in the condensed consolidated statements of operations.
−Removed: We have obtained independent third-party valuation studies to assist us in determining fair value.
−Removed: Critical estimates .
−Removed: The critical estimates used in determining the fair value of the bifurcated embedded derivatives are discussed by host instrument below:
−Removed: Existing Exchangeable Notes .
−Removed: Our valuation studies use binomial lattice models and are based on significant inputs not observable in the market and thus represent level 3 measurements within the fair value measurement hierarchy.
−Removed: The binomial lattice models consist of simulated Common Stock prices from the valuation date to the maturity of the Existing Exchangeable Notes.
−Removed: The significant inputs used to value the derivative include the initial share price of our Common Stock, the volatility of the share price, time to maturity, risk-free interest rate, credit spread, and the discount yield.
−Removed: The volatility of our Common Stock, the Common Stock price at the end of each reporting period, and the remaining amount of time until maturity of the Existing Exchangeable Notes are key inputs for the estimation of fair value that are expected to change each reporting period.
−Removed: New Exchangeable Notes .
−Removed: Our valuation studies use a combination of Monte Carlo simulations, binomial lattice models, and discounted cash flow models.
−Removed: The models are based on significant inputs not observable in the market and thus represent level 3 measurements within the fair value measurement hierarchy.
−Removed: The Monte Carlo simulations use repeated random sampling to simulate a wide range of possible outcomes.
−Removed: The binomial lattice approach consists of simulated Common Stock prices from the valuation date to the maturity of the New Exchangeable Notes.
−Removed: The significant inputs used to value the derivative include the initial share price of our Common Stock, the volatility of the share price, time to maturity, risk-free interest rate, discount yield, and the probability of the required shareholder approval.
−Removed: The volatility of our Common Stock, the Common Stock price at the end of each reporting period, and the remaining amount of time until maturity of the New Exchangeable Notes are key inputs for the estimation of fair value that are expected to change each reporting period.
−Removed: Assumptions and judgment.
−Removed: Selecting the appropriate method and model to use in the valuation of the bifurcated embedded derivatives associated with the Existing Exchangeable Notes and New Exchangeable Notes requires judgment and careful consideration of common valuation practice for similar instruments.
−Removed: Selection of significant assumptions such as volatility and the discount yield also requires judgment and both inputs exhibit a greater degree of subjectivity than less observable inputs such as the risk-free rate.
−Removed: Impact if actual results differ from assumptions.
−Removed: If actual results differ from assumptions, the value of the bifurcated embedded derivatives could be overstated or understated which could increase or decrease net earnings by a material amount.
−Removed: Our Current Estimates and Changes in those Estimates .
−Removed: During the three and nine months ended September 30, 2025, we recorded other income related to decreases in our bifurcated embedded derivatives’ estimated fair value of $10.9 million and $52.1 million, respectively.
−Removed: A hypothetical 10% increase in the fair value of the derivatives would have resulted in an increase of other expense of approximately $9.2 million.
−Removed: Similarly, a hypothetical 10% decrease in
−Removed: the fair value of the derivatives would have resulted in a decrease to other expense of approximately $9.2 million.
−Removed: We expect there will be future changes in the fair value for our derivatives and that the related amounts recorded as income or expense may be material.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 9—Fair Value Measurements in the Notes to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Significant Events—For the Nine Months Ended September 30, 2025
−Removed: 2025 Debt Refinancing.
−Removed: During the three and nine months ended September 30, 2025, we completed a series of refinancing transactions with certain holders of our Existing 7.5% Notes, certain holders of the Existing Exchangeable Notes, and certain lenders of our term loans outstanding under our credit agreement.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information regarding these transactions.
−Removed: NCM ESA Amendment.
−Removed: On April 17, 2025, NCM entered into the Amended ESA with the Company.
−Removed: The term of the Amended ESA has been extended by five years through February 13, 2042.
−Removed: The Company treated the Amended ESA as a contract modification pursuant to ASC 606 – Revenue from Contracts with Customers.
−Removed: Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%.
−Removed: Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%.
−Removed: The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied.
−Removed: Concurrently with entering into the Amended ESA, NCM and the Company reached an agreement to, among other things, dismiss with prejudice the ongoing litigation between the parties.
+Added: Significant Events—For the Three Months Ended March 31, 2026
Share Issuances.
−Removed: During the nine months ended September 30, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.
−Removed: Additionally, during the nine months ended September 30, 2025, we issued shares through an “at-the-market offering”.
−Removed: The below table summarizes the activity of the “at-the-market” offering:
+Added: During the three months ended March 31, 2026, we issued shares through an “at-the-market offering.” The below table summarizes the activity of the “at-the-market” offering.
(In millions)
−Removed: September 30, 2025
+Added: March 31, 2026
Shares issued through at-the-market offering
4 unchanged sentences
See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information on the share issuances.
−Removed: Significant Events—For the Nine Months Ended September 30, 2024
−Removed: Debt Repurchases and Exchanges.
−Removed: The table below summarizes the various cash debt repurchase transactions, debt for equity exchange transactions, and cash and debt for equity exchange transactions that occurred during the nine months ended September 30, 2024.
−Removed: The debt for equity transactions were treated as early extinguishments of debt.
−Removed: In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged.
−Removed: Aggregate Principal
−Removed: Reacquisition
−Removed: Accrued Interest
−Removed: (In millions, except for share data)
−Removed: Extinguishment
−Removed: Cash debt repurchase transactions:
−Removed: 5.75% Senior Subordinated Notes due 2025
−Removed: Second Lien Notes due 2026
−Removed: Total cash debt repurchase transactions
−Removed: Debt for equity exchange transactions:
−Removed: Second Lien Notes due 2026
−Removed: Total debt for equity exchange transactions
−Removed: Cash and debt for equity exchange transactions:
−Removed: 5.75% Senior Subordinated Notes due 2025
−Removed: 5.875% Senior Subordinated Notes due 2026
−Removed: Second Lien Notes due 2026
−Removed: Total cash and debt for equity exchange transactions
−Removed: Total debt repurchases and exchanges
−Removed: Vendor Dispute.
−Removed: On January 26, 2024, we executed an agreement to collect $37.5 million as resolution of a dispute with a vendor.
−Removed: The proceeds, net of legal costs, were recorded to other income during the nine months ended September 30, 2024.
−Removed: The relationship with the vendor has been restored and remains in good standing.
+Added: On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft.
+Added: During the three months ended March 31, 2026, we sold 700,000 common shares of Hycroft for $29.7 million.
+Added: As of March 31, 2026, we held 129,478 remaining common shares of Hycroft.
+Added: We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(18.0) million during the three months ended March 31, 2026.
+Added: Significant Events—For the Three Months Ended March 31, 2025
Share Issuances.
−Removed: During the nine months ending September 30, 2024, we raised gross proceeds of $250.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3 million and $0.6 million, respectively, through our at-the-market offering of approximately 72.5 million shares of Common Stock.
−Removed: We paid $0.7 million of other third-party issuance costs during the nine months ended September 30, 2024.
−Removed: 2024 Debt Refinancing.
−Removed: During the three and nine months ended September 30, 2024, we completed a series of refinancing transactions with two creditor groups.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information regarding these transactions.
+Added: During the three months ended March 31, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.
+Added: The valuation period related to the forward positions ended on March 17, 2025 with no additional payment owed to the Company.
+Added: Additionally, during the three months ended March 31, 2025, we issued shares through an “at-the-market offering.” The below table summarizes the activity of the “at-the-market” offering during the three months ended March 31, 2025:
+Added: (In millions)
+Added: March 31, 2025
+Added: Shares issued through at-the-market offering
+Added: At-the-market offering gross proceeds
+Added: Sales agent fees paid
+Added: Other third-party issuance costs incurred
+Added: Other third-party issuance costs paid
Operating Results
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
(In millions)
+Added: March 31, 2026
+Added: March 31, 2025
Food and beverage
10 unchanged sentences
Operating costs and expenses
−Removed: Operating income (loss)
+Added: Operating loss
Other expense, net:
−Removed: Other expense (income)
Interest expense:
5 unchanged sentences
Loss before income taxes
−Removed: Income tax provision (benefit)
+Added: Income tax provision
* Percentage change in excess of 100%
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
Operating Data:
−Removed: Screen additions
+Added: March 31, 2026
+Added: March 31, 2025
Screen acquisitions
13 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
(In millions)
11 unchanged sentences
Operating costs and expenses
−Removed: Operating income (loss)
−Removed: Other expense (income), net:
+Added: Operating loss
+Added: Other expense, net:
Other expense (income)
4 unchanged sentences
Investment income
−Removed: Total other expense (income), net
−Removed: Earnings (loss) before income taxes
−Removed: Income tax provision (benefit)
−Removed: Net earnings (loss)
+Added: Total other expense, net
+Added: Loss before income taxes
+Added: Income tax provision
International Markets
2 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
Segment Operating Data:
−Removed: Screen additions
Screen acquisitions
7 unchanged sentences
(1) Includes consolidated theatres only and excludes screens offline due to construction.
−Removed: International Markets
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
−Removed: (In millions)
−Removed: Food and beverage
−Removed: Other theatre
−Removed: Total revenues
−Removed: Operating Costs and Expenses
−Removed: Film exhibition costs
−Removed: Food and beverage costs
−Removed: Operating expense, excluding depreciation and amortization below
−Removed: General and administrative expense:
−Removed: Merger, acquisition and other costs
−Removed: Other, excluding depreciation and amortization below
−Removed: Depreciation and amortization
−Removed: Operating costs and expenses
−Removed: Operating income (loss)
−Removed: Other expense (income), net:
−Removed: Other expense (income)
−Removed: Interest expense:
−Removed: Corporate borrowings
−Removed: Finance lease obligations
−Removed: Non-cash NCM exhibitor service agreement
−Removed: Investment income
−Removed: Total other expense (income), net
−Removed: Loss before income taxes
−Removed: Income tax provision (benefit)
−Removed: International Markets
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
−Removed: Segment Operating Data:
−Removed: Screen additions
−Removed: Screen acquisitions
−Removed: Screen dispositions
−Removed: Screen construction openings (closures), net
−Removed: Average screens (1)
−Removed: Number of screens operated
−Removed: Number of theatres operated
−Removed: Screens per theatre
−Removed: Attendance (in thousands) (1)
−Removed: (1) Includes consolidated theatres only and excludes screens offline due to construction.
Segment Information
−Removed: Our historical results of operations for the three and nine months ended September 30, 2025 and September 30, 2024, reflect the results of operations for our two theatrical exhibition reportable segments, U.S.
+Added: Our historical results of operations for the three months ended March 31, 2026 and March 31, 2025, reflect the results of operations for our two theatrical exhibition reportable segments, U.S.
markets and International markets.
−Removed: Results of Operations—For the Three Months ended September 30, 2025, Compared to the Three Months ended September 30, 2024
−Removed: Condensed Consolidated Results of Operations
−Removed: Total revenues decreased $48.6 million, or 3.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Admissions revenues decreased $29.1 million, or 3.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 10.3% from 65.1 million patrons to 58.4 million patrons, partially offset by a 7.2% increase in average ticket price and increase in our market share in our U.S.
−Removed: Attendance decreased due to the popularity of film product compared to the prior year.
−Removed: The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for IMAX and other PLF screen volumes, increases in foreign currency translation rates and partially offset by decreases in 3D attendance.
−Removed: markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix.
−Removed: Food and beverage revenues decreased $38.6 million, or 7.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron.
−Removed: Food and beverage per patron increased 2.8% from $7.53 to $7.74 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
−Removed: Total other theatre revenues increased $19.1 million, or 16.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in advertising income, co-brand credit card revenue, retail food and beverage income, retail merchandise income and increases in foreign currency translation rates.
−Removed: As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.
−Removed: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
−Removed: Operating costs and expenses.
−Removed: Operating costs and expenses decreased $12.6 million, or 1.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Film exhibition costs decreased $29.0 million, or 7.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in admissions revenues and lower film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 49.3% for the three months ended September 30, 2025, compared to 51.2% for the three months ended September 30, 2024.
−Removed: The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
−Removed: Food and beverage costs decreased $1.1 million, or 1.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues, partially offset by the increase in food and beverage cost percentage.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 19.6% for the three months ended September 30, 2025, compared to 18.3% for the three months ended September 30, 2024.
−Removed: Operating expense increased by $10.1 million, or 2.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to increases in retail merchandise costs, premium format expense, salaries expense, insurance expense and the increase in foreign currency translation rates.
−Removed: As a percentage of revenues, operating expense was 35.7% for the three months ended September 30, 2025, compared to 33.7% for the three months ended September 30, 2024.
−Removed: The deterioration in operating expense as a percentage of revenues is primarily due to the operating leverage lost as attendance decreases.
−Removed: Rent expense increased $7.7 million, or 3.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in foreign currency translation rates.
−Removed: Merger, acquisition, and other costs.
−Removed: Merger, acquisition, and other costs were $0.1 million during the three months ended September 30, 2025, compared to $0.1 million during the three months ended September 30, 2024.
−Removed: Other general and administrative expense increased $1.1 million, or 2.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, higher legal costs and increases in foreign currency translation rates, partially offset by lower insurance costs and professional and consulting expense.
−Removed: Depreciation and amortization.
−Removed: Depreciation and amortization decreased $1.4 million, or 1.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by the increase in foreign currency translation rates.
−Removed: Other expense (income).
−Removed: Other expense of $194.8 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes, $9.0 million in foreign currency transaction losses and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(1.4) million of income related to the decrease in the fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes.
−Removed: Other income of $(22.8) million during the three months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(21.5) million in foreign currency transaction gains, $(14.9) million of recoveries related to the Shareholder Litigation, $(5.2) million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $(1.3) million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $(0.5) million related to the redemption of $(15.6) million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans.
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
−Removed: Interest expense.
−Removed: Interest expense increased $19.7 million to $139.3 million for the three months ended September 30, 2025, compared to $119.6 million during the three months ended September 30, 2024, primarily due to increased interest expense of $21.8 million on the New First Lien Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and $2.2 million on the New Term Loans compared to the Existing Term Loans partially offset by declines in interest expense of $8.5 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $5.0 million on the Existing Exchangeable Notes issued on July 22, 2024 due to $337.4 million aggregate principal amount redemptions on July 1, 2025, $3.8 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.4 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.5 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances.
−Removed: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
−Removed: Investment income.
−Removed: Investment income was $(1.3) million for the three months ended September 30, 2025, compared to income of $(3.2) million for the three months ended September 30, 2024.
−Removed: Investment income in the current year includes $(7.3) million of increase in estimated fair value of our investment in common shares of Hycroft and $(2.0) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft and interest income of $(2.3) million, partially offset by an impairment charge of $10.3 million related to our
−Removed: investment in an equity security without a readily determinable fair value measured at cost less any impairments.
−Removed: Investment income in the prior year includes interest income of $(4.6) million, $(0.3) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft.
−Removed: Income tax provision (benefit).
−Removed: The income tax provision was $1.2 million, compared to a benefit of $(1.1) million, for the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net loss was $298.2 million and $20.7 million during the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Net loss during the three months ended September 30, 2025 compared to net loss for the three months ended September 30, 2024 was negatively impacted by decreases in other income due primarily to losses on extinguishment of corporate borrowings during the current period, increases in interest expense, the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense, increases in general and administrative expenses, decreases in investment income and increases in income tax provision, partially offset by decreases in depreciation and amortization expense.
−Removed: Theatrical Exhibition — U.S.
−Removed: Total revenues decreased $49.4 million, or 4.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Admissions revenues decreased $28.4 million, or 5.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 9.9% from 46.9 million patrons to 42.3 million patrons, partially offset by a 5.5% increase in average ticket price and increase in our market share.
−Removed: Attendance decreased due to the popularity of film product compared to the prior year.
−Removed: The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for IMAX and other PLF screen volumes, partially offset by decreases in 3D attendance.
−Removed: markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix
−Removed: Food and beverage revenues decreased $36.9 million, or 9.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron.
−Removed: Food and beverage per patron increased 0.7% from $8.49 to $8.55 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
−Removed: Total other theatre revenues increased $15.9 million, or 18.8%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in advertising income, co-brand credit card revenue, retail food and beverage income and retail merchandise income.
−Removed: As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.
−Removed: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
−Removed: Operating costs and expenses.
−Removed: Operating costs and expenses decreased $20.6 million, or 2.1%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Film exhibition costs decreased $26.5 million, or 8.5%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in admissions revenues and lower film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 52.3% for the three months ended September 30, 2025, compared to 54.4% for the three months ended September 30, 2024.
−Removed: The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
−Removed: Food and beverage costs decreased $1.6 million, or 2.4%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues, partially offset by the increase in food and beverage cost percentage.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 18.1% for the three months ended September 30, 2025, compared to 16.8% for the three months ended September 30, 2024.
−Removed: Operating expense increased by $7.8 million, or 2.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to increases in retail merchandise costs, premium format expense, salaries expense and insurance expense.
−Removed: As a percentage of revenues, operating expense was 35.1% for the three months ended September 30, 2025, compared to 32.8% for the three months ended September 30, 2024.
−Removed: The deterioration in operating expense as a percentage of revenues is primarily due to the operating leverage lost as attendance decreases.
−Removed: Rent expense increased $2.7 million, or 1.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Merger, acquisition, and other costs.
−Removed: Merger, acquisition, and other costs were $0.1 million during the three months ended September 30, 2025, compared to $0.1 million during the three months ended September 30, 2024.
−Removed: Other general and administrative expense decreased $1.0 million, or 2.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to lower insurance costs and professional and consulting expense and, partially offset by increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and higher legal costs.
−Removed: Depreciation and amortization.
−Removed: Depreciation and amortization decreased $2.0 million, or 3.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
−Removed: Other expense (income).
−Removed: Other expense of $186.2 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes, and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(1.4) million of income related to the decrease in the fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes.
−Removed: Other income of $(0.2) million during the three months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(14.9) million of recoveries related to the Shareholder Litigation, $(4.5) million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $(1.3) million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $(0.5) million related to the redemption of $15.6 million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans .
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
−Removed: Interest expense.
−Removed: Interest expense increased $19.0 million to $122.5 million for the three months ended September 30, 2025, compared to $103.5 million during the three months ended September 30, 2024, primarily due to increased interest expense of $21.8 million on the New First Lien Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and $2.2 million on the New Term Loans compared to the Existing Term Loans, partially offset by declines in interest expense of $8.5 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $5.0 million on the Existing Exchangeable Notes issued on July 22, 2024 due to $337.4 million aggregate principal amount redemptions on July 1, 2025, $3.8 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.4 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.5 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
−Removed: Investment income.
−Removed: Investment income was $(1.0) million for the three months ended September 30, 2025, compared to income of $(3.0) million for the three months ended September 30, 2024.
−Removed: Investment income in the current year includes $(7.3) million of increase in estimated fair value of our investment in common shares of Hycroft and $(2.0) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft
−Removed: and interest income of $(2.0) million, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less impairments.
−Removed: Investment income in the prior year includes $(4.4) million of interest income, $(0.3) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft.
−Removed: Income tax provision (benefit).
−Removed: The income tax provision was $0.9 million, compared to a benefit of $(1.9) million, for the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net loss was $262.9 million and $23.9 million during the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Net loss during the three months ended September 30, 2025 compared to net loss for the three months ended September 30, 2024 was negatively impacted by decreases in other income due primarily to losses on extinguishment of corporate borrowings during the current period, increases in interest expense, the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense, decreases in investment income and increases in income tax provision, partially offset by decreases in general and administrative expense and depreciation and amortization expense.
−Removed: Theatrical Exhibition—International Markets
−Removed: Total revenues increased $0.8 million, or 0.3%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Admissions revenues decreased $0.7 million, or 0.4%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to a decrease in attendance of 11.4% from 18.2 million patrons to 16.1 million patrons, partially offset by a 12.4% increase in average ticket price.
−Removed: Attendance decreased due to the popularity of film product compared to the prior year.
−Removed: The increase in average ticket price was primarily due to increases in ticket prices and increases in foreign currency translation rates.
−Removed: Food and beverage revenues decreased $1.7 million, or 1.8%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in attendance, partially offset by the increase in food and beverage per patron.
−Removed: Food and beverage per patron increased 10.7% from $5.07 to $5.61 primarily due to increases in foreign currency translation rates, increases in average prices, and the percentage of guests making transactions.
−Removed: Total other theatre revenues increased $3.2 million, or 10.9%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in advertising income and increases in foreign currency translation rates.
−Removed: Operating costs and expenses.
−Removed: Operating costs and expenses increased $8.0 million, or 2.7%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: Film exhibition costs decreased $2.5 million, or 3.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to the decrease in admissions revenues due to the factors discussed above and lower film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 39.6% for the three months ended September 30, 2025, compared to 40.9% for the three months ended September 30, 2024.
−Removed: The decrease in the percentage of film exhibition cost is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
−Removed: Food and beverage costs increased $0.5 million, or 2.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The increase in food and beverage costs was primarily due to the increase in food and beverage cost percentage, partially offset by the decrease in food and beverage revenues due to the factors discussed above.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 25.7% for the three months ended September 30, 2025, compared to 24.6% for the three months ended September 30, 2024.
−Removed: Operating expense increased by $2.3 million, or 2.1%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to increases in foreign currency translation rates, partially offset by declines in property tax expense.
−Removed: As a percentage of revenues, operating expense was 37.8% for the three months ended September 30, 2025, compared to 37.1% for the three months ended September 30, 2024.
−Removed: The deterioration in operating expense as a percentage of revenues is
−Removed: primarily due to the operating leverage lost as attendance decreases.
−Removed: Rent expense increased $5.0 million, or 9.0%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in foreign currency translation rates.
−Removed: Other general and administrative expense increased $2.1 million, or 10.6%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.
−Removed: Depreciation and amortization.
−Removed: Depreciation and amortization increased $0.6 million, or 3.2%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
−Removed: Other expense (income).
−Removed: Other expense of $8.6 million during the three months ended September 30, 2025 was primarily due to $9.0 million in foreign currency transaction losses.
−Removed: Other income of $(22.6) million during the three months ended September 30, 2024 was primarily due to foreign currency transaction gains of $(21.9) million and equity in earnings of non-consolidated entities of $(0.7) million.
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
−Removed: Interest expense.
−Removed: Interest expense increased $0.7 million to $16.8 million for the three months ended September 30, 2025, compared to $16.1 million during the three months ended September 30, 2024, primarily due to increased interest expense on finance lease obligations.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
−Removed: Investment income.
−Removed: Investment income was $(0.3) million for the three months ended September 30, 2025, compared to investment income of $(0.2) million for the three months ended September 30, 2024.
−Removed: Investment income in the current and prior year is comprised of interest income.
−Removed: Income tax provision.
−Removed: The income tax provision was $0.3 million and $0.8 million for the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net earnings (loss).
−Removed: Net earnings (loss) was $(35.3) million and $3.2 million during the three months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Net loss during the three months ended September 30, 2025 compared to net earnings for the three months ended September 30, 2024 was negatively impacted by decreases in other income due primarily to foreign currency transaction losses, increases in finance lease interest expense, the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense, increases in general and administrative expenses, and increases in depreciation and amortization expense, partially offset by increases in investment income and decreases in income tax provision.
−Removed: Results of Operations—For the Nine Months ended September 30, 2025 Compared to the Nine Months ended September 30, 2024
+Added: Results of Operations—For the Three Months ended March 31, 2026, Compared to the Three Months ended March 31, 2025
Condensed Consolidated Results of Operations
−Removed: Total revenues increased $229.8 million, or 6.9%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Admissions revenues increased $112.1 million, or 6.1%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to an increase in average ticket price of 5.2%, an increase in attendance of 0.8% from 161.7 million patrons to 163.1 million patrons, and increase in our market share in our U.S.
+Added: Total revenues increased $182.9 million, or 21.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Admissions revenues increased $104.9 million, or 22.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 13.6% from 41.9 million patrons to 47.6 million patrons and a 7.5% increase in average ticket price.
The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D, IMAX and other PLF screens and increases in foreign currency translation rates.
Attendance increased in U.S.
−Removed: markets due to the popularity of film product compared to the prior year.
−Removed: markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix.
−Removed: The availability and popularity of film product released during the nine months ended September 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes
−Removed: Food and beverage revenues increased $56.1 million, or 4.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to the increase in food and beverage per patron and increase in attendance.
−Removed: Food and beverage per patron increased 3.8% from $7.29 to $7.57 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
−Removed: Total other theatre revenues increased $61.6 million, or 19.7%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, increases in income from expirations of package tickets in our International markets, co-brand credit card revenue, retail food and beverage income, retail merchandise income and increases in foreign currency translation rates.
+Added: and International markets due to the popularity of film product compared to the prior year.
+Added: Food and beverage revenues increased $63.9 million, or 22.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.
+Added: Food and beverage per patron increased 7.8% from $6.76 to $7.29 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.
+Added: Total other theatre revenues increased $14.1 million, or 13.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets.
As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.
1 unchanged sentence
Operating costs and expenses.
−Removed: Operating costs and expenses increased $163.3 million, or 4.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Film exhibition costs increased $56.3 million, or 6.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the increase in admissions revenues due to the factors discussed above and higher film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 48.7% for the nine months ended September 30, 2025, compared to 48.6% for the nine months ended September 30, 2024.
−Removed: The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in U.S.
−Removed: markets in higher grossing films in the current year, which typically results in higher film exhibition costs.
−Removed: Food and beverage costs increased $19.3 million, or 8.7%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 19.6% for the nine months ended September 30, 2025, compared to 18.9% for the nine months ended September 30, 2024.
−Removed: Operating expense increased by $78.4 million, or 6.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates.
−Removed: As a percentage of revenues, operating expense was 37.0% for the nine months ended September 30, 2025, compared to 37.2% for the nine months ended September 30, 2024.
−Removed: The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.
−Removed: Rent expense increased $5.5 million, or 0.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 2.3%.
+Added: Operating costs and expenses increased $82.7 million, or 8.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Film exhibition costs increased $50.8 million, or 24.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and film rental terms.
+Added: As a percentage of admissions revenues, film exhibition costs were 44.2% for the three months ended March 31, 2026, compared to 43.3% for the three months ended March 31, 2025.
+Added: The increase in film exhibition cost percentage is primarily due to increased box office revenues in U.S.
+Added: and International markets from higher grossing films in the current year, which typically results in higher film exhibition costs.
+Added: Food and beverage costs increased $9.2 million, or 16.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost percentage.
+Added: As a percentage of food and beverage revenues, food and beverage costs were 19.1% for the three months ended March 31, 2026, compared to 20.2% for the three months ended March 31, 2025.
+Added: Operating expense increased by $14.1 million, or 3.6%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in operating expense was primarily due to the increase in attendance and foreign currency translation rates.
+Added: As a percentage of revenues, operating expense was 39.0% for the three months ended March 31, 2026, compared to 45.6% for the three months ended March 31, 2025.
+Added: The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.
+Added: Rent expense increased $6.0 million, or 2.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.3%.
Merger, acquisition, and other costs.
−Removed: Merger, acquisition, and other costs $3.2 million during the nine months ended September 30, 2025, compared to $0.1 million during the nine months ended September 30, 2024.
−Removed: The current year expense relates to severance costs in U.S.
−Removed: Other general and administrative expense increased $8.6 million, or 5.4%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs.
+Added: Merger, acquisition, and other costs were $1.1 million during the three
+Added: months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025.
+Added: The prior year expense relates to severance costs in U.S.
+Added: Other general and administrative expense increased $4.9 million, or 8.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily due to increases in foreign currency translation rates and increases in stock-based compensation expense.
Depreciation and amortization.
−Removed: Depreciation and amortization decreased $7.9 million, or 3.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by increases in foreign currency translation rates.
−Removed: Other expense (income).
−Removed: Other expense of $103.9 million during the nine months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes and $2.1 million in term loan modification third party fees, partially offset by $(42.6) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(27.9) million in foreign currency transaction gains, $(10.5) million of governmental assistance, $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(4.5) million of equity in earnings of non-consolidated entities.
−Removed: Other income of $(173.8) million during the nine months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the embedded conversion feature in the Existing Exchangeable Notes, a gain on extinguishment of debt of $(38.5) million related to the redemption of $805.0 million aggregate principal amount of the Second Lien Notes, the favorable settlement of a vendor dispute of $(36.2) million, $(34.0) million of recoveries related to the Shareholder Litigation, $(18.9) million of foreign currency transaction gains, $(9.9) million of equity in earnings of non-consolidated entities and $(3.6) million of other settlement proceeds, partially offset by $41.0 million of third party costs related to the modification of the Existing Term Loans.
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
+Added: Depreciation and amortization decreased $0.4 million, or 0.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.
+Added: Other income.
+Added: Other income of $(52.4) million during the three months ended March 31, 2026 was primarily due to $(52.4) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(7.1) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes and $(2.7) million in equity in earnings related to non-consolidated entities, partially offset by $9.0 million in foreign currency transaction losses.
+Added: Other income of $(58.8) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(13.0) million in foreign currency transaction gains and $(0.8) million in equity in earnings related to non-consolidated entities.
+Added: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Interest expense.
−Removed: Interest expense increased $68.2 million to $388.0 million for the nine months ended September 30, 2025, compared to $319.8 million during the nine months ended September 30, 2024, primarily due to increased interest expense of $39.4 million on the New Term Loans compared to the Existing Term Loans, $21.8 million on the New First Lien Notes issued on July 24, 2025, $18.6 million related to higher discount rates on the significant financing component of the Amended ESA, $16.6 million on the Existing Exchangeable Notes issued on July 22, 2024, $4.3 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $21.7 million on the Second Lien Notes due to redemptions of the remaining principal balances, $8.4 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $3.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.8 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances.
−Removed: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
+Added: Interest expense increased $20.8 million to $139.9 million for the three months ended March 31, 2026 compared to $119.1 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.
+Added: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Investment income.
−Removed: Investment income was $(8.4) million for the nine months ended September 30, 2025, compared to $(14.4) million for the nine months ended September 30, 2024.
−Removed: Investment income in the current year includes interest income of $(6.9) million, $(9.6) million of increase in estimated fair value of our investment in common shares of Hycroft, and $(2.2) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less any impairments.
−Removed: Investment income in the prior year includes interest income of $(16.1) million and $(0.2) million of increase in the estimated fair value of our investment in common shares of Hycroft, partially offset by $1.9 million of decline in the estimated fair value of our investment in warrants to purchase common shares of Hycroft.
+Added: Investment income was $(18.3) million for the three months ended March 31, 2026, compared to investment income of $(5.7) million for the three months ended March 31, 2025.
+Added: Investment income in the current year includes $(18.0) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.3) million.
+Added: Investment income in the prior year includes interest income of $(2.9) million and $(2.8) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft.
+Added: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.
Income tax provision.
−Removed: The income tax provision was $4.0 million and $1.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
+Added: The income tax provision was $2.2 million and $1.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net loss was $505.0 million and $217.0 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: Net loss during the nine months ended September 30, 2025 compared to net loss for the nine months ended September 30, 2024 was negatively impacted by decreases in other income due to losses on extinguishment of corporate borrowings during the current period and gains on extinguishment of corporate borrowings and legal settlements and recoveries during the prior period, increases in rent, increases in general and administrative expenses, increases in interest expense, decreases in investment income and increases in income tax provision, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year and decreases in depreciation and amortization.
+Added: Net loss was $117.1 million and $202.1 million during the three months ended March 31, 2026, and March 31, 2025, respectively.
+Added: Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and increases in investment income, partially offset by increases in rent, general and administrative expenses, decreases in other income, increases in interest expense, increases in income tax provision and increases in foreign currency translation rates.
Theatrical Exhibition–U.S.
−Removed: Total revenues increased $176.8 million, or 6.9%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Admissions revenues increased $91.4 million, or 6.6%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to a 4.7% increase in average ticket price, an increase in attendance of 1.9% from 113.9 million patrons to 116.1 million patrons, and an increase in our market share in our U.S.
−Removed: The increase in average ticket price was primarily due to increased ticket prices for all formats and increases in attendance for 3D, IMAX and other PLF screens.
−Removed: Attendance increased due to the popularity of film product compared to the prior year.
−Removed: markets the market share increase was driven by our loyalty program initiatives, discount days, and the interplay between the film slate and our geographic theatre mix.
−Removed: The availability and popularity of film product released during the nine months ended September 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023.
−Removed: Food and beverage revenues increased $41.2 million, or 4.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to the increase in food and beverage per patron and the increase in attendance.
−Removed: Food and beverage per patron increased 2.4% from $8.33 to $8.53 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
−Removed: Total other theatre revenues increased $44.2 million, or 19.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, co-brand credit card revenue, retail food and beverage income and retail merchandise income.
+Added: Total revenues increased $123.8 million, or 20.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Admissions revenues increased $65.5 million, or 19.8%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 14.2% from 26.9 million patrons to 30.7 million patrons and a 4.8% increase in average ticket price.
+Added: The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D, IMAX and other PLF screens.
+Added: Attendance increased in U.S.
+Added: markets due to the popularity of film product compared to the prior year.
+Added: Food and beverage revenues increased $41.8 million, or 19.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in food and beverage per patron.
+Added: Food and beverage per patron increased 4.5% from $8.07 to $8.43 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests.
+Added: Total other theatre revenues increased $16.5 million, or 24.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in income from ticket fees due to the increase in the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising income.
As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.
1 unchanged sentence
Operating costs and expenses.
−Removed: Operating costs and expenses increased $115.4 million, or 4.5%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Film exhibition costs increased $48.6 million, or 6.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 51.7% for the nine months ended September 30, 2025, compared to 51.6% for the nine months ended September 30, 2024.
−Removed: The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.
−Removed: Food and beverage costs increased $13.4 million, or 8.1%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 18.1% for the nine months ended September 30, 2025, compared to 17.5% for the nine months ended September 30, 2024.
−Removed: Operating expense increased by $59.0 million, or 6.4%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to increases in attendance.
−Removed: As a percentage of revenues, operating expense was 36.0% for the nine months ended September 30, 2025, compared to 36.2% for the nine months ended September 30, 2024.
−Removed: The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.
−Removed: Rent expense decreased $0.3 million, or 0.1%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to a decrease in average screens of 2.2 %.
+Added: Operating costs and expenses increased $39.6 million, or 5.3%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Film exhibition costs increased $35.4 million, or 23.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and film rental terms.
+Added: As a percentage of admissions revenues, film exhibition costs were 47.0% for the three months ended March 31, 2026, compared to 45.7% for the three months ended March 31, 2025.
+Added: The increase in film exhibition cost percentage is primarily due to increased box office revenues in U.S.
+Added: markets from higher grossing films in the current year, which typically results in higher film exhibition costs.
+Added: Food and beverage costs increased $3.3 million, or 8.0%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by a decrease in food and beverage cost as a percentage of food and beverage revenues.
+Added: As a percentage of food and beverage revenues, food and beverage costs were 17.1% for the three months ended March 31, 2026, compared to 18.9% for the three months ended March 31, 2025.
+Added: Operating expense increased by $3.7 million, or 1.3%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in operating expense was primarily due to the increase in attendance.
+Added: As a percentage of revenues, operating expense was 39.4% for the three months ended March 31, 2026, compared to 46.7% for the three months ended March 31, 2025.
+Added: The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.
+Added: Rent expense decreased $0.2 million, or 0.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease in average screens of 1.6%.
Merger, acquisition, and other costs.
−Removed: Merger, acquisition, and other costs were $3.2 million during the nine months ended September 30, 2025, compared to $0.1 million during the nine months ended September 30, 2024.
−Removed: The current year expense relates to severance costs in U.S.
−Removed: Other general and administrative expense increased $0.6 million, or 0.6%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in
−Removed: bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, partially offset by lower insurance costs.
+Added: Merger, acquisition, and other costs were $0.9 million during the three months ended March 31, 2026, compared to $3.0 million during the three months ended March 31, 2025.
+Added: The prior year expense relates to severance costs in U.S.
+Added: Other general and administrative expense increased $1.2 million, or 3.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in stock-based compensation expense.
Depreciation and amortization.
−Removed: Depreciation and amortization decreased $9.0 million, or 4.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
−Removed: Other expense (income).
−Removed: Other expense of $143.1 million during the nine months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of our Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of our Existing 7.5% Notes and $2.1 million in term loan modification third party fees, partially offset by $(42.6) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(9.5) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of our Second Lien Notes due 2026 and $(4.0) million of equity in earnings of non-consolidated entities.
−Removed: Other income of $(117.9) million during the nine months ended September 30, 2024 was primarily due to $(73.5) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, a gain on extinguishment of debt of $(38.5) million related to the redemption of $805.0 million aggregate principal amount of the Second Lien Notes, $(34.0) million of recoveries related to the Shareholder Litigation, $(10.1) million of equity in earnings of non-consolidated entities and $(3.6) million of other settlement proceeds, partially offset by $41.0 million of third party costs related to the modification of the Existing Term Loans.
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
+Added: Depreciation and amortization decreased $1.7 million, or 2.9%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to theatre
+Added: closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.
+Added: Other income.
+Added: Other income of $(61.5) million during the three months ended March 31, 2026 was primarily due to $(52.4) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(7.1) million of income related to the decrease in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes and $(2.6) million in equity in earnings related to non-consolidated entities.
+Added: Other income of $(45.4) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes and $(0.7) million in equity in earnings related to non-consolidated entities.
+Added: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Interest expense.
−Removed: Interest expense increased $ 65.7 million to $338.2 million for the nine months ended September 30, 2025, compared to $272.5 million during the nine months ended September 30, 2024, primarily due to increased interest expense of $39.4 million on the New Term Loans compared to the Existing Term Loans, $21.8 million on the New First Lien Notes issued on July 24, 2025, $18.6 million related to higher discount rates on the significant financing component of the Amended ESA, $16.6 million on the Existing Exchangeable Notes issued on July 22, 2024, $4.3 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $21.7 million on the Second Lien Notes due to redemptions of the remaining principal balances, $8.4 million on the Existing First Lien Notes due 2029 due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $3.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances and $0.8 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances.
−Removed: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
+Added: Interest expense increased $20.2 million to $122.9 million for the three months ended March 31, 2026 compared to $102.7 million during the three months ended March 31, 2025 primarily due to increased interest expense of $30.9 million on the New 2029 Notes issued on July 24, 2025, $9.6 million related to higher discount rates on the significant financing component of the Amended ESA and $3.6 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.7 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.2 million on the New Term Loans due to lower interest rates, $1.5 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.6 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances.
+Added: See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA and Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Investment income.
−Removed: Investment income was $(7.9) million for the nine months ended September 30, 2025, compared to income of $(13.0) million for the nine months ended September 30, 2024.
−Removed: Investment income in the current year includes interest income of $(6.4) million, $(9.6) million of increase in estimated fair value of our investment in common shares of Hycroft and $(2.2) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less any impairments.
−Removed: Investment income in the prior year includes interest income of $(14.7) million and $(0.2) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.9 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft .
−Removed: Income tax provision (benefit).
−Removed: The income tax provision was $2.3 million and benefit $(0.7) million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
+Added: Investment income was $(18.2) million for the three months ended March 31, 2026, compared to investment income of $(5.5) million for the three months ended March 31, 2025.
+Added: Investment income in the current year includes $(18.0) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.2) million.
+Added: Investment income in the prior year includes interest income of $(2.7) million and $(2.8) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft.
+Added: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our investments in Hycroft.
+Added: Income tax provision.
+Added: The income tax provision was $0.5 million and $0.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net loss was $439.8 million and $166.4 million during the nine months ended September 30, 2025, and September 30, 2024, respectively.
−Removed: Net loss during the nine months ended September 30, 2025 compared to net loss for the nine months ended September 30, 2024 was negatively impacted by decreases in other income due to losses on extinguishment of corporate borrowings during the current period and gains on extinguishment of corporate borrowings and legal recoveries during the prior period, increases in general and administrative expenses, increases in interest
−Removed: expense, decreases in investment income and increases in income tax provision, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year and decreases in rent expense and depreciation and amortization.
+Added: Net loss was $85.2 million and $178.4 million during the three months ended March 31, 2026, and March 31, 2025, respectively.
+Added: Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent, decreases in depreciation and amortization, increases in other income, increases in investment income and decreases in income tax provision, partially offset by increases in interest expense.
Theatrical Exhibition–International Markets
−Removed: Total revenues increased $53.0 million, or 6.9%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Admissions revenues increased $20.7 million, or 4.5%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to a 6.4% increase in average ticket price, partially offset by a decrease in attendance of 1.7% from 47.8 million patrons to 47.0 million patrons.
+Added: Total revenues increased $59.1 million, or 24.1%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Admissions revenues increased $39.4 million, or 27.7%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase in attendance of 12.6% from 15.0 million patrons to 16.9 million patrons and a 13.3% increase in average ticket price.
The increase in average ticket price was primarily due to increased ticket prices and increases in foreign currency translation rates.
−Removed: Attendance decreased due to the popularity of film product compared to the prior year.
−Removed: Food and beverage revenues increased $14.9 million, or 6.5%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to the increase in food and beverage per patron, partially offset by the decline in attendance.
−Removed: Food and beverage per patron increased 8.3% from $4.81 to $5.21 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.
−Removed: Total other theatre revenues increased $17.4 million, or 20.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in income from ticket fees, advertising income, increases in income from expirations of package tickets, and increases in foreign currency translation rates.
+Added: Attendance increased in International markets due to the popularity of film product compared to the prior year.
+Added: Food and beverage revenues increased $22.1 million, or 33.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in attendance and increase in
+Added: food and beverage per patron.
+Added: Food and beverage per patron increased 18.6% from $4.41 to $5.23 primarily due to an increase in average prices, the percentage of guests making transactions, and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.
+Added: Total other theatre revenues decreased $2.4 million, or 6.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to decreases in income from expirations of package tickets and gift cards in our International markets, partially offset by increases in income from ticket fees due to the increase in the number of guests paying ticket fees, increases in advertising income and increases in foreign currency translation rates.
Operating costs and expenses.
−Removed: Operating costs and expenses increased $47.9 million, or 5.8%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: Film exhibition costs increased $7.7 million, or 4.3%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the increase in admissions revenues, partially offset by lower film rental terms.
−Removed: As a percentage of admissions revenues, film exhibition costs were 39.3% for the nine months ended September 30, 2025, compared to 39.4% for the nine months ended September 30, 2024.
−Removed: The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
−Removed: Food and beverage costs increased $5.9 million, or 10.4%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues.
−Removed: As a percentage of food and beverage revenues, food and beverage costs were 25.6% for the nine months ended September 30, 2025, compared to 24.7% for the nine months ended September 30, 2024.
−Removed: Operating expense increased by $19.4 million, or 6.2%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
−Removed: The increase in operating expense was primarily due to the increase in foreign currency translation rates.
−Removed: As a percentage of revenues, operating expense was 40.2% for the nine months ended September 30, 2025, compared to 40.5% for the nine months ended September 30, 2024.
−Removed: Rent expense increased $5.8 million, or 3.4%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 2.7%.
−Removed: Other general and administrative expense increased $8.0 million, or 14.4%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.
+Added: Operating costs and expenses increased $43.1 million, or 16.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: Film exhibition costs increased $15.4 million, or 28.7%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the increase in admissions revenues due to the factors discussed above and film rental terms.
+Added: As a percentage of admissions revenues, film exhibition costs were 38.0% for the three months ended March 31, 2026, compared to 37.6% for the three months ended March 31, 2025.
+Added: The increase in film exhibition cost percentage is primarily due to increased box office revenues in International markets from higher grossing films in the current year, which typically results in higher film exhibition costs.
+Added: Food and beverage costs increased $5.9 million, or 36.4%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above.
+Added: As a percentage of food and beverage revenues, food and beverage costs were 25.0% for the three months ended March 31, 2026, compared to 24.5% for the three months ended March 31, 2025.
+Added: Operating expense increased by $10.4 million, or 9.9%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
+Added: The increase in operating expense was primarily due to the increase in foreign currency translation rates and the increase in attendance.
+Added: As a percentage of revenues, operating expense was 37.8% for the three months ended March 31, 2026, compared to 42.7% for the three months ended March 31, 2025.
+Added: The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases.
+Added: Rent expense increased $6.2 million, or 11.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.
+Added: Merger, acquisition, and other costs.
+Added: Merger, acquisition, and other costs were $0.2 million during the three months ended March 31, 2026, compared to $0 million during the three months ended March 31, 2025.
+Added: Other general and administrative expense increased $3.7 million, or 20.2%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily due to increases in foreign currency translation rates and increases in incentive bonus expense.
Depreciation and amortization.
−Removed: Depreciation and amortization increased $1.1 million, or 2.0%, during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
−Removed: Other income.
−Removed: Other income of $(39.2) million during the nine months ended September 30, 2025, was primarily due to $(27.9) million in foreign currency transaction gains and $(10.5) million of governmental assistance.
−Removed: Other income of $(55.9) million during the nine months ended September 30, 2024 was primarily due to the favorable settlement of a vendor dispute of $(36.2) million and foreign currency transaction gains of $(19.0) million.
−Removed: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
+Added: Depreciation and amortization increased $1.3 million, or 7.5%, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.
+Added: Other expense (income).
+Added: Other expense of $9.1 million during the three months ended March 31, 2026 was primarily due to $9.0 million in foreign currency transaction losses.
+Added: Other income of $(13.4) million during the three months ended March 31, 2025 was primarily due to $(13.0) million in foreign currency transaction gains.
+Added: See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other expense (income).
Interest expense.
−Removed: Interest expense increased $2.5 million to $49.8 million for the nine months ended September 30, 2025, compared to $47.3 million during the nine months ended September 30, 2024, primarily due to increased interest expense of $1.9 million on finance lease obligations.
+Added: Interest expense increased $0.6 million to $17.0 million for the three months ended March 31, 2026 compared to $16.4 million during the three months ended March 31, 2025.
See Note 5—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Investment income.
−Removed: Investment income was $(0.5) million for the nine months ended September 30, 2025, compared to income of $(1.4) million for the nine months ended September 30, 2024.
−Removed: Investment income is interest income in the current and prior year.
+Added: Investment income was $(0.1) million for the three months ended March 31, 2026, compared to investment income of $(0.2) million for the three months ended March 31, 2025.
+Added: Investment income is
+Added: comprised of interest income in the current and prior periods.
Income tax provision.
−Removed: The income tax provision was $1.7 million and $2.1 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.
+Added: The income tax provision was $1.7 million and $0.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
See Note 7 — Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: Net loss was $65.2 million and $50.6 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: Net loss during the nine months ended September 30, 2025 compared to net loss for the nine months ended September 30, 2024 was negatively impacted by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, decreases in other income, increases in rent, increases in general and administrative expenses, increases in depreciation and amortization, increases in interest expense, decreases in investment income, partially offset by decreases in income tax provision.
+Added: Net loss was $31.9 million and $23.7 million during the three months ended March 31, 2026, and March 31, 2025, respectively.
+Added: Net loss during the three months ended March 31, 2026 compared to net loss for the three months ended March 31, 2025 was negatively impacted by the decrease in other income, increase in rent, increase in general and administrative expense, increase in depreciation and amortization, increase in interest expense, decrease in investment income, increase in income tax provision and increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year.
Adjusted EBITDA
5 unchanged sentences
Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
−Removed: The preceding definition of and adjustments made to GAAP measures to determine Adjusted EBITDA are broadly consistent with Adjusted EBITDA as defined in our debt indentures.
+Added: Our definition of Adjusted EBITDA and adjustments made to net earnings (loss) to calculate it are broadly consistent with how Adjusted EBITDA is defined and calculated in our debt agreements.
+Added: During the first quarter of 2026, we changed our definition of Adjusted EBITDA to adjust for net periodic pension cost.
+Added: Net periodic pension cost is a recurring expense that includes several components such as service cost, interest cost, expected return on plan assets, amortization of prior service cost, and amortization of actuarial gains/losses.
+Added: Additionally, we also include infrequent gains and losses from benefit curtailments and settlements of pension obligations in net periodic pension cost.
+Added: We no longer believe that net periodic pension cost should be included in Adjusted EBITDA as the pension plans are frozen, service cost is zero, and the remaining components are not indicative of ongoing operating performance as they are not driven by current operating decisions and largely depend on actuarial assumptions.
+Added: While not the basis for this change, the revised definition further aligns our definition of Adjusted EBITDA with the definition used in our debt agreements.
+Added: The adjustment for net periodic pension cost is included in the caption titled “other income” in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below.
+Added: See the components of other income table in Note 1—Basis of Presentation for net periodic pension cost recorded in each period presented.
+Added: All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition.
+Added: The impact of this change on previously reported negative Adjusted EBITDA for the three months ended March 31, 2025 was an improvement of $0.3 million.
The following tables set forth our Adjusted EBITDA by reportable operating segment and our reconciliation of Adjusted EBITDA:
Three Months Ended
−Removed: Nine Months Ended
Adjusted EBITDA (In millions)
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
International markets
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
(In millions)
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Income tax provision (benefit) (1)
+Added: March 31, 2026
+Added: March 31, 2025
+Added: Income tax provision (1)
Interest expense
Depreciation and amortization
−Removed: Certain operating expense (2)
+Added: Certain operating expense (income) (2)
Equity in earnings of non-consolidated entities (3)
1 unchanged sentence
Investment income (5)
−Removed: Other expense (income) (6)
+Added: Other income (6)
Merger, acquisition and other costs (7)
2 unchanged sentences
(1) For information regarding the income tax provision, see Note 7—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
−Removed: (2) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, disposition of assets and other non-operating gains or losses included in operating expenses.
+Added: (2) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, disposition of assets, and other non-operating gains or losses included in operating expenses.
We have excluded these items as they are non-cash in nature or related to theatres that are not open.
−Removed: (3) Equity in earnings of non-consolidated entities during the three months ended September 30, 2025 primarily consisted of equity in earnings from AC JV of $(0.8) million.
−Removed: Equity in earnings of non-consolidated entities during the three months ended September 30, 2024 primarily consisted of equity in earnings from AC JV of $(4.3) million.
−Removed: Equity in earnings non-consolidated entities during the nine months ended September 30, 2025 primarily consisted of equity in earnings from AC JV of $(3.4) million.
−Removed: Equity in earnings of non-consolidated entities during the nine months ended September 30, 2024 primarily consisted of equity in earnings from AC JV of $(9.5) million.
+Added: (3) Equity in earnings of non-consolidated entities during the three months ended March 31, 2026 primarily consisted of equity in earnings from AC JV of $(2.4) million.
+Added: Equity in earnings of non-consolidated entities during the three months ended March 31, 2025 primarily consisted of equity in earnings from AC JV of $(0.8) million.
(4) Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets.
2 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
(In millions)
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Equity in (earnings) of non-consolidated entities
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures
−Removed: Equity in earnings (loss) of International theatre joint ventures
−Removed: Income tax benefit
−Removed: Investment income
−Removed: Interest expense
+Added: Equity in earnings of International theatre joint ventures
Depreciation and amortization
−Removed: Other expense
Attributable EBITDA
−Removed: (5) Investment income during the three months ended September 30, 2025 includes interest income of $(2.3)
−Removed: million, increases in the estimated fair value of our investment in common shares of Hycroft of $(7.3) million, and increases in the estimated fair value of our investment in warrants to purchase common shares of Hycroft of $(2.0) million, partially offset by an impairment of an equity security without a readily determinable fair value of $10.3 million.
−Removed: Investment income during the three months ended September 30, 2024 included interest income of $(4.6) million, an increase in the estimated fair value of our investment in common shares of Hycroft of $(0.3) million, partially offset by a decrease in the estimated fair value of our investment in warrants to purchase common shares of Hycroft of $1.7 million.
−Removed: Investment income during the nine months ended September 30, 2025 includes interest income of $(6.9) million, increases in the estimated fair value of our investment in common shares of Hycroft of $(9.6) million, and increases in the estimated fair value of our investment in warrants to purchase common shares of Hycroft of $(2.2) million, partially offset by an impairment of an equity security without a readily determinable fair value of $10.3 million.
−Removed: Investment income during the nine months ended September 30, 2024 included interest income of $(16.1) million, increases in the estimated fair value of our investment in common shares of Hycroft of $(0.2) million, partially offset by decreases in the estimated fair value of our investment in warrants to purchase common shares of Hycroft of $1.9 million.
−Removed: (6) Other expense during the three months ended September 30, 2025 includes net losses on debt extinguishment of $196.0 million, foreign currency transaction losses of $9.0 million, and term loan modification third party fees of $2.1 million, partially offset by a decrease in fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(1.4) million and a decrease in fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(9.5) million.
−Removed: Other income during the three months ended September 30, 2024 included shareholder litigation recoveries of $(14.9) million, foreign currency transaction gains of $(21.5) million and a decrease in fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(73.5) million, partially offset by losses on debt extinguishment of $50.8 million and term loan modification third party fees of $41.0 million.
−Removed: Other expense during the nine months ended September 30, 2025 includes net losses on debt extinguishment of $196.0 million and term loan modification third party fees of $2.1 million, partially offset by a decrease in fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(42.6) million, a decrease in fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(9.5) million and foreign currency transaction gains of $(27.9) million.
−Removed: Other income during the nine months ended September 30, 2024 included shareholder litigation recoveries of $(34.0) million, gains on debt extinguishment of $(40.3) million, a vendor dispute settlement of $(36.2) million, foreign currency transaction gains of $(18.9) million and a decrease in fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(73.5) million, partially offset by term loan modification third party fees of $41.0 million.
+Added: (5) Investment income during the three months ended March 31, 2026 includes realized and unrealized gains on our investments in Hycroft of $(18.0) million and interest income of $(0.3) million.
+Added: Investment income during the three months ended March 31, 2025 included interest income of $(2.9) million and unrealized gains on our investments in Hycroft of $(2.8) million.
+Added: (6) Other income during the three months ended March 31, 2026 includes a decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(52.4) million and a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(7.1) million, partially offset by foreign currency transaction losses of $9.0 million, net periodic pension cost of $0.5 million, and debt modification third party fees of $0.3 million.
+Added: Other income during the three months ended March 31, 2025, included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(45.1) million and foreign currency transaction gains of $(13.0) million, partially offset by $0.3 million of net periodic pension cost.
(7) Merger, acquisition and other costs are excluded as they are non-operating in nature.
10 unchanged sentences
● does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future.
−Removed: During the three months ended September 30, 2025, Adjusted EBITDA in the U.S.
−Removed: markets was $110.9 million compared to $143.3 million during the three months ended September 30, 2024.
−Removed: The year-over-year decrease was primarily driven by a decrease in attendance due to the popularity of new film releases compared to the prior year, increases in operating expenses due to higher retail merchandise costs, premium format expense, salaries expense, and insurance expense, partially offset by higher amounts of advertising income in other revenues due to the Amended ESA, co-brand credit card revenue, retail food and beverage income, and retail merchandise income.
−Removed: During the three months ended September 30, 2025, Adjusted EBITDA in the International markets was $11.3 million compared to $18.5 million during the three months ended September 30, 2024.
−Removed: The year-over-year decrease was primarily driven by increases in rent expense, a decrease in attendance due to the popularity of new film releases compared to the prior year, and increases in general and administrative:
−Removed: other expenses, partially offset by increases in other revenue related to advertising and increases in foreign currency translation rates.
−Removed: During the three months ended September 30, 2025, Adjusted EBITDA in the U.S.
−Removed: markets and International markets was $122.2 million compared to $161.8 million during the three months ended September 30, 2024, driven by the aforementioned factors impacting Adjusted EBITDA.
−Removed: During the nine months ended September 30, 2025, Adjusted EBITDA in the U.S.
−Removed: markets was $234.5 million compared to $178.5 million during the nine months ended September 30, 2024.
−Removed: The year-over-year increase was primarily driven by an increase in attendance due to the popularity of new film releases compared to the prior year, higher amounts of advertising income in other revenues due to the Amended ESA, co-brand credit card revenue, retail food and beverage income, and retail merchandise income.
−Removed: These increases were partially offset by decreases in settlement proceeds.
−Removed: During the nine months ended September 30, 2025, Adjusted EBITDA in the International markets was $18.9 million compared to $0.6 million during the nine months ended September 30, 2024.
−Removed: The year-over-year increase was primarily driven by an increase in attendance due to the popularity of new film releases compared to the prior year, governmental assistance, increases in other revenues related to package ticket expirations, and increases in foreign currency translation rates.
−Removed: These increases were partially offset by increases in general and administrative:
−Removed: other expenses.
−Removed: During the nine months ended September 30, 2025, Adjusted EBITDA in the U.S.
−Removed: markets and International markets was $253.4 million compared to $179.1 million during the nine months ended September 30, 2024, driven by the aforementioned factors impacting Adjusted EBITDA.
+Added: During the three months ended March 31, 2026, Adjusted EBITDA in the U.S.
+Added: markets was $21.9 million compared to $(57.1) million during the three months ended March 31, 2025.
+Added: The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron, and an increase in advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA.
+Added: During the three months ended March 31, 2026, Adjusted EBITDA in the International markets was $16.4 million compared to $(0.6) million during the three months ended March 31, 2025.
+Added: The year-over-year increase was primarily driven by an increase in attendance due to the popularity of film releases compared to the prior year, an increase in average ticket price, an increase in food and beverage per patron and the increase in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards.
+Added: During the three months ended March 31, 2026, Adjusted EBITDA in the U.S.
+Added: markets and International markets was $38.3 million compared to $(57.7) million during the three months ended March 31, 2025, driven by the aforementioned factors impacting Adjusted EBITDA.
LIQUIDITY AND CAPITAL RESOURCES
1 unchanged sentence
We have an operating “float” which partially finances our operations and which generally permits us to maintain a smaller amount of working capital capacity.
−Removed: This float exists because admissions revenues are received in cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors 20 to 45 days following receipt of admissions revenues.
+Added: This float exists because admissions revenues are received in cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors from 20 to 45 days following receipt of admissions revenues.
Film distributors generally release the films which they anticipate will be the most successful during the summer and year-end holiday seasons.
Consequently, we typically generate higher revenues during such periods and experience higher working capital requirements following such periods.
−Removed: We had working capital deficit (excluding restricted cash) as of September 30, 2025, and December 31, 2024 of $(1,035.5) million and $(846.1) million, respectively.
−Removed: As of September 30, 2025 and December 31, 2024, working capital included operating lease liabilities of $552.5 million and $524.9 million, respectively, and deferred revenues of $411.5 million and $432.4 million, respectively.
−Removed: As of September 30, 2025, we had cash and cash equivalents of $365.8 million.
−Removed: During the nine months ended September 30, 2025, we took action to lower our future interest expense of our fixed-rate debt through debt buybacks and enhanced liquidity through equity issuances.
−Removed: See Note 6 — Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
−Removed: 2025 Refinancing Transactions
−Removed: On July 24 2025, Muvico issued $857.0 million aggregate principal amount of New 2029 Notes in exchange for $590.0 million aggregate principal amount of Existing 7.5% Notes and $244.4 million of incremental, new money financing.
−Removed: On the same day, Muvico also issued $194.4 million aggregate principal amount of New Exchangeable Notes in exchange for $194.4 million aggregate principal amount of Existing Exchangeable Notes.
−Removed: Exchangeable Notes are not initially exchangeable into Common Stock but may become exchangeable subject to the conditions and on the terms described in the New Exchangeable Notes Indenture.
−Removed: The principal amount of New Exchangeable Notes was subject to the Principal Adjustment Feature.
−Removed: On September 30, 2025, $39.9 million aggregate principal of New Exchangeable Notes was cancelled pursuant to the Principal Adjustment Feature, representing the maximum possible downward adjustment.
−Removed: We used the new money financing from the issuance of the New 2029 Notes to fully redeem our Senior Subordinated Notes due 2026 and our Second Lien Notes, and also to pay consent fees to the Consenting Term Loan Lenders.
−Removed: See Note 6 — Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information regarding these transactions.
−Removed: 2024 Refinancing Transactions
−Removed: In the third quarter of 2024, we completed the 2024 Refinancing Transactions with two creditor groups to refinance and extend to 2029 and 2030 the maturities of our debt previously maturing in 2026.
−Removed: In connection with the refinancing:
−Removed: ● We entered into the New Term Loans.
−Removed: ● The New Term Loans were (i) used as consideration for open market purchases of $1,895.0 million our existing senior secured term loans maturing in 2026 (the “Existing Term Loans”) and (ii) exchanged for $104.2 million of our Second Lien Notes.
−Removed: ● Muvico also completed a private offering for cash of $414.4 million aggregate principal of Existing Exchangeable Notes and used the proceeds from the offering to repurchase $414.4 million aggregate principal amount of Second Lien Notes.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.
+Added: We had working capital deficit (excluding restricted cash) as of March 31, 2026, and December 31, 2025 of $(1,124.4) million and $(1,090.6) million, respectively.
+Added: As of March 31, 2026 and December 31, 2025, working capital included operating lease liabilities of $560.6 million and $560.0 million, respectively, and deferred revenues of $446.9 million and $465.5 million, respectively.
+Added: As of March 31, 2026, we had cash and cash equivalents of $339.2 million.
+Added: During the three months ended March 31, 2026, we enhanced liquidity through equity issuances.
+Added: See Note 6—Stockholders’ Deficit and Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
We expect, from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.
−Removed: Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors.
+Added: We continuously monitor the capital markets and our capital structure, and may, from time to time, seek to refinance, amend or otherwise restructure our outstanding debt on an opportunistic basis.
+Added: Such repurchases, refinancings, amendments, restructurings or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors.
The amounts involved may be material and, to the extent equity is used, dilutive.
+Added: See Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information about debt exchanges occurring after March 31, 2026.
+Added: Odeon Credit Agreement
+Added: On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into the Odeon Credit Agreement, by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S.
+Added: Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425,000,000 of Odeon Term Loans due 2031.
+Added: The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco’s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027.
+Added: In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange.
+Added: See Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Liquidity Requirements
1 unchanged sentence
Our current cash burn rates are not sustainable long-term.
−Removed: In order to achieve net positive cash flows from operating activities we believe that revenues will need to increase to levels at least in line with pre-COVID-19 revenues.
−Removed: North American box office grosses were down approximately 22% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2019.
−Removed: Until such time as we are able to achieve net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements.
−Removed: Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of amounts of required liquidity vary significantly.
−Removed: There can be no assurance that the revenues, attendance levels and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels and success of individual titles.
+Added: Based on our current cost structure, in order to achieve sustainable net positive cash flows from operating activities, we believe that revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.
+Added: Until such time as we are able to achieve sustainable net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements.
+Added: Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of the required liquidity vary significantly.
+Added: There can be no assurance that the revenues, costs, attendance levels and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to our limited ability to predict studio film release dates, the overall production and theatrical release levels and success of individual titles.
Further, there can be no assurances that we will be successful in generating the additional liquidity necessary to meet our obligations beyond twelve months from the issuance of this Quarterly Report on terms acceptable to us or at all.
+Added: The following is a summary of our net cash flows for the three months ended March 31, 2026 and March 31, 2025:
+Added: (in millions)
+Added: March 31, 2026
+Added: March 31, 2025
+Added: Operating activities
+Added: Investing activities
+Added: Financing activities
Cash Flows from Operating Activities
−Removed: Net cash used in operating activities, as reflected in the condensed consolidated statements of cash flows, were $246.5 million and $254.4 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: The decrease in net cash used in operating activities was primarily due to an increase in attendance, a decrease in cash paid for interest, a decrease in third-party fees paid in connection with the modifications of the term loans, increases in government assistance received, and decreases in cash paid for operating leases, partially offset by an increase in cash used for working capital items and a decrease in cash received from vendor disputes.
+Added: Net cash used in operating activities decreased by $241.5 million primarily due to a decrease in cash used for working capital, increases in attendance, increases in average ticket price, increases in food and beverage per patron, and a decrease in cash paid for interest.
+Added: The decrease in cash used for working capital was primarily driven by the timing of incentive bonus payments and lower film rental payments.
+Added: Incentive bonus payments were made during the three months ended March 31, 2025 in the prior year, compared to the three months ended June 30, 2026 in the current year.
+Added: Film rental payments declined in the current year due to weaker fourth-quarter 2025 box office performance compared to the fourth quarter of 2024.
Cash Flows from Investing Activities
−Removed: Net cash used in investing activities, as reflected in the condensed consolidated statements of cash flows, were $163.9 million and $154.0 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: Cash outflows from investing activities include capital expenditures of $162.7 million and $155.8 million during the nine months ended September 30, 2025, and September 30, 2024, respectively.
+Added: Net cash used in investing activities decreased by $31.4 million primarily due to proceeds from the sale of part of our investment in Hycroft and increases in proceeds from sales of long-term assets.
We fund the costs of constructing, maintaining and remodeling our theatres through existing cash balances, cash generated from operations, lease incentives, or capital raised, as necessary.
−Removed: We generally lease our theatres pursuant to long-term non-cancelable operating leases, which may require the developer who owns the property, to reimburse us for the construction costs.
−Removed: We estimate that our capital expenditures, net of lease incentives, will be approximately $175 million to $225 million for year ended December 31, 2025, to maintain and enhance operations.
+Added: We generally lease our theatres pursuant to long-term, non-cancelable operating leases, which may require the developer who owns the property, to help fund our construction costs by offering lease incentives.
+Added: We estimate that our capital expenditures, net of lease incentives, will be approximately $175.0 million to $225.0 million for the year ending December 31, 2026 to maintain and enhance operations.
Cash Flows from Financing Activities
−Removed: Net cash provided by financing activities, as reflected in the condensed consolidated statements of cash flows, were $134.3 million and $72.1 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: Cash flows provided by financing activities during the nine months ended September 30, 2025, were primarily due to proceeds from the issuance of our New 2029 Notes of $244.4 million and net proceeds from equity issuances of $169.6 million, partially offset by principal payments under our Second Lien Notes of $131.2 million, principal payments at maturity for our Senior Subordinated Notes due 2025 of $42.8 million, principal payments under our Senior Subordinated Notes due 2026 of $41.9 million, cash paid for deferred financing costs of $37.6 million, principal payments under term loan borrowings of $15.1 million, taxes paid for restricted unit withholdings of $4.4 million, finance lease principal payments of $3.0 million, cash paid for debt extinguishment costs of $2.4 million for our 7.5% First Lien Notes due 2029, and the repurchase of Senior Subordinated Notes due 2025 of $1.3 million.
−Removed: See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information, including a summary of principal payments required and maturities of corporate borrowings as of September 30, 2025.
−Removed: Cash flows provided by financing activities during the nine months ended September 30, 2024, were primarily due to net proceeds from equity issuances of $243.0 million and proceeds from the issuance of New Term Loans of $27.0 million, partially offset by the repurchase of Second Lien Notes of $83.2 million, deferred debt issuance costs of $45.7 million, principal payments under Existing Term Loans of $27.0 million, the repurchase of Senior Subordinated Notes due 2025 of $12.9 million, the repurchase of Senior Subordinated Notes due 2026 of $6.0 million, principal payments under term loan borrowings of $15.1 million, and taxes paid for restricted unit withholdings of $2.2 million.
+Added: Net cash provided by financing activities decreased $108.7 million primarily due to decreased proceeds from equity issuances and an increase in cash used to pay deferred financing costs, partially offset by less cash used to repurchase debt.
Covenant Compliance
−Removed: As of September 30, 2025, we believe that we were in full compliance with all agreements, including related covenants, governing our outstanding debt.
+Added: As of March 31, 2026, we believe that we were in full compliance with all agreements, including related covenants, governing our outstanding debt.
Formation of Unrestricted Subsidiaries
−Removed: On July 22, 2024, American-Multi Cinema Inc.
−Removed: (“Multi-Cinema”), a direct subsidiary of AMC Entertainment Holdings, Inc.
−Removed: (“Holdings”), assigned or transferred the net assets (“Theatre Net Assets”) of 175 theatres and transferred a 100% interest in certain intellectual property assets to its direct subsidiary Centertainment Development, LLC (“Centertainment”), and the Theatre Net Assets were in turn transferred to Centertainment’s direct wholly-owned subsidiary Muvico, LLC (“Muvico”).
+Added: On July 22, 2024, Multi-Cinema, a Missouri corporation and a direct subsidiary of Holdings, assigned or transferred the net assets (“Theatre Net Assets”) of 175 theatres and transferred a 100% interest in certain intellectual property assets to its direct subsidiary Centertainment Development, LLC (“Centertainment”), and the Theatre Net Assets were in turn transferred to Centertainment’s direct wholly-owned subsidiary Muvico.
Theatre Net Assets include lease contracts and theatre property, including furniture, fixtures, plant and equipment, and other working capital items associated directly with the theatre locations.
−Removed: At the same time, Muvico licensed the intellectual property back to Multi-Cinema for its continued use in the operation
−Removed: of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico.
−Removed: Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ Existing 7.5% Notes.
+Added: At the same time, Muvico licensed the intellectual property back to Multi-Cinema for its continued use in the operation of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico.
+Added: Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ 7.5% First Lien Senior Secured Notes (the “Existing 7.5% Notes”).
Unrestricted Subsidiaries’ Financial Information and Operating Metrics
−Removed: Pursuant to the indenture governing Holdings’ Existing 7.5% Notes, the indenture governing Muvico’s New Exchangeable Notes, and the credit agreement governing Holdings’ and Muvico’s term loans due 2029 (“Credit Agreement”), we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”).
+Added: Pursuant to the indenture governing Holdings’ Existing 7.5% Notes, the indenture governing Muvico’s New Exchangeable Notes, and the Muvico Credit Agreement governing Holdings’ and Muvico’s new term loans maturing in 2029 (the “New Term Loans”), we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”).
AMC Theatres of UK Limited, which is an unrestricted subsidiary under the indenture governing Holdings’ Existing 7.5% Notes, has been included with the Restricted Subsidiaries for the purposes of the following presentation of financial information and operating metrics (this subsidiary is individually immaterial).
4 unchanged sentences
The financial information is also prepared using the historical cost carrying values of Holdings, the top parent entity.
−Removed: Holdings and Muvico are co-borrowers and joint and severally liable for the New Term Loan borrowings.
+Added: Holdings and Muvico are co-borrowers and joint and severally liable for the New Term Loans.
Pursuant to ASC 405-40, we have allocated fifty percent (50%) of the liabilities, interest expense and cash flows each to Muvico and Holdings, respectively.
The basis of this allocation is the amount we expect each party to pay.
−Removed: Three Months Ended September 30, 2025
−Removed: Subsidiaries/AMC
−Removed: (In millions)
−Removed: Food and beverage
−Removed: Other theatre (3)
−Removed: Total revenues
−Removed: Operating costs and expenses
−Removed: Film exhibition costs
−Removed: Food and beverage costs
−Removed: Operating expense, excluding depreciation and amortization below
−Removed: General and administrative:
−Removed: Merger, acquisition and other costs
−Removed: Other, excluding depreciation and amortization below (3)
−Removed: Depreciation and amortization
−Removed: Operating costs and expenses
−Removed: Operating income
−Removed: Other expense, net:
−Removed: Other expense
−Removed: Interest expense:
−Removed: Corporate borrowings
−Removed: Finance lease obligations
−Removed: Intercompany interest expense
−Removed: Non-cash NCM exhibitor services agreement
−Removed: Intercompany interest income
−Removed: Investment expense (income)
−Removed: Total other expense, net
−Removed: Loss before income taxes
−Removed: Income tax provision (2)
−Removed: Three Months Ended September 30, 2025
−Removed: Subsidiaries/AMC
−Removed: (In millions)
−Removed: Other comprehensive income:
−Removed: Unrealized foreign currency translation adjustments
−Removed: Total comprehensive loss
−Removed: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
−Removed: Transactions between Holdings and its restricted subsidiaries have been eliminated.
−Removed: (2) Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the AMC Group level.
−Removed: (3) Includes intercompany management fee revenues of $4.9 million recorded by AMCEH & Restricted Subsidiaries/AMC Group and intercompany license fee revenues of $3.2 million recorded by Muvico Group
−Removed: Unrestricted Subsidiaries.
−Removed: Corresponding amounts of expense are included in general and administrative:
−Removed: other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group.
−Removed: Three Months Ended September 30, 2025
−Removed: Subsidiaries/AMC
−Removed: Key operating metrics:
−Removed: Average ticket price
−Removed: Attendance (in thousands) (1)
−Removed: Number of screens operated (2)
−Removed: Number of theatres operated (2)
−Removed: Adjusted EBITDA (4)
−Removed: (1) Includes consolidated theatres only and excludes screens offline due to construction.
−Removed: (2) The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.
−Removed: (3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
−Removed: (4) Below is a reconciliation of net earnings (loss) to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group.
−Removed: The reconciling items below have the same definitions and are of the same nature as of the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.
−Removed: Three Months Ended September 30, 2025
−Removed: Subsidiaries/AMC
−Removed: (In millions)
−Removed: Income tax provision
−Removed: Interest expense
−Removed: Depreciation and amortization
−Removed: Certain operating expense
−Removed: Equity in earnings of non-consolidated entities
−Removed: Attributable EBITDA
−Removed: Investment income
−Removed: Other expense
−Removed: Merger, acquisition and other costs
−Removed: Stock-based compensation expense
−Removed: Adjusted EBITDA
−Removed: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Subsidiaries/AMC
12 unchanged sentences
Operating costs and expenses
−Removed: Operating income (loss)
+Added: Operating loss
Other expense, net:
−Removed: Other expense
+Added: Other expense (income)
Interest expense:
8 unchanged sentences
Income tax provision (2)
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Subsidiaries/AMC
(In millions)
−Removed: Other comprehensive income:
+Added: Other comprehensive loss:
Unrealized foreign currency translation adjustments
−Removed: Pension adjustments:
−Removed: Net gain arising during the period
−Removed: Other comprehensive income
+Added: Other comprehensive loss
Total comprehensive loss
−Removed: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
+Added: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.
Transactions between Holdings and its restricted subsidiaries have been eliminated.
3 unchanged sentences
other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group.
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Subsidiaries/AMC
7 unchanged sentences
(2) The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.
−Removed: (3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
+Added: (3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.
(4) Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group.
−Removed: The reconciling items below have the same definitions and are of the same nature as of the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.
−Removed: Nine Months Ended September 30, 2025
+Added: The reconciling items below have the same definitions and are of the same nature as the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.
+Added: Three Months Ended March 31, 2026
Subsidiaries/AMC
3 unchanged sentences
Depreciation and amortization
−Removed: Certain operating expense
+Added: Certain operating expense (income)
Equity in earnings of non-consolidated entities
1 unchanged sentence
Investment income
−Removed: Other expense
+Added: Other expense (income)
Merger, acquisition and other costs
1 unchanged sentence
Adjusted EBITDA
−Removed: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
−Removed: As of September 30, 2025
+Added: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.
+Added: As of March 31, 2026
Subsidiaries/AMC
37 unchanged sentences
Total stockholders' or member's equity (deficit)
−Removed: Total liabilities and stockholders’ or members equity (deficit)
+Added: Total liabilities and stockholders’ or member's equity (deficit)
(1) The cash held in bank accounts differs from the book balance due to deposits in transit, payments in transit, and certain cash equivalents.
−Removed: (2) Intercompany receivables (payables) includes intercompany loans, fees receivable/payable pursuant to the management agreement and intellectual property license agreement, the intercompany receivable/payable created by allocating the New Term Loans borrowings between Holdings and Muvico, and other intercompany balances created as a result of the 2025 and 2024 Refinancing Transactions.
−Removed: (3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
+Added: (2) Intercompany receivables (payables) includes intercompany loans, fees receivable/payable pursuant to the management agreement and intellectual property license agreement, the intercompany receivable/payable created by allocating the New Term Loans borrowings between Holdings and Muvico, and other intercompany balances created as a result of the 2025 Refinancing Transactions and 2024 Refinancing Transactions.
+Added: (3) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.
(4) Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the AMC Group level.
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Subsidiaries/AMC
2 unchanged sentences
Depreciation and amortization
−Removed: Loss on extinguishment of debt
Gain on derivatives
Deferred income taxes
−Removed: Unrealized gains on investments in Hycroft
−Removed: Impairment of equity security
+Added: Gain on investments in Hycroft
Amortization of net discount on corporate borrowings to interest expense
2 unchanged sentences
Non-cash portion of stock-based compensation
−Removed: Equity in earnings of non-consolidated entities, net of distributions
+Added: Equity in earnings from non-consolidated entities, net of distributions
Lease incentives
−Removed: Deferred rent
−Removed: Net periodic benefit cost
+Added: Non-cash rent benefit
+Added: Net periodic pension cost
Change in assets and liabilities:
6 unchanged sentences
Proceeds from disposition of long-term assets
−Removed: Investments in non-consolidated entities
+Added: Proceeds from sale of Hycroft
Net cash used in investing activities
1 unchanged sentence
Net proceeds from equity issuances
−Removed: Proceeds from issuance of Senior Secured Notes due 2029
−Removed: Principal payments under Second Lien Notes due 2026
−Removed: Principal payments under Senior Subordinated Notes due 2025
−Removed: Principal payments under Senior Subordinated Notes due 2026
Scheduled principal payments under term loan borrowings
Principal payments under finance lease obligations
−Removed: Repurchase of Senior Subordinated Notes due 2025
Cash used to pay deferred financing costs
−Removed: Debt extinguishment costs
Taxes paid for restricted unit withholdings
Proceeds (payments) of intercompany loans
−Removed: Net cash provided by (used in) financing activities
+Added: Net cash provided by financing activities
Effect of exchange rate changes on cash and cash equivalents and restricted cash
−Removed: Net decrease in cash and cash equivalents and restricted cash
+Added: Net increase (decrease) in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents and restricted cash at end of period
−Removed: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Credit Agreement.
+Added: (1) This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the New Exchangeable Notes and Existing 7.5% Notes and (ii) AMC Group under the Muvico Credit Agreement.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.