Published: November 11, 2025
Key Points
- AMC reported a $298.2 million net loss on $1.30 billion in Q3 revenue; management says the loss was largely a non‑cash hit tied to July’s refinancing. 1
- CEO Adam Aron projects the strongest fourth quarter in six years and a materially stronger 2026 box office. 1
- After months of complaints about long pre‑shows, AMC is cutting 4–6 minutes by trimming in‑house ads and dropping a trailer per film. 2
- Summer draws like “Superman” and “Jurassic World: Rebirth” helped attendance but couldn’t offset the quarter’s softness. 3
- The holiday slate is headlined by “Avatar: Fire and Ash” (Dec. 19, 2025)—a potential traffic driver for theaters nationwide. 4
AMC’s Numbers: A Refinancing Hangover Overshadows Revenue
AMC Entertainment (NYSE: AMC) posted Q3 2025 revenue of $1,300.2 million, down 3.6% year over year, and a net loss of $298.2 million (vs. a $20.7 million loss a year ago). The company said the larger loss “stems primarily from non‑cash charges associated with a transformative July 2025 refinancing,” which also allowed AMC to fully redeem its 2026 debt maturities. Adjusted EBITDA came in at $122.2 million. 1
Aron stressed that the quarter reflected an industry lull between a hot Q2 and an expected rebound in Q4, adding that Q4 box office should be the biggest in six years and that 2026 should be “dramatically larger” than 2025 for the industry. He also highlighted record admissions revenue per patron of $12.25 and the second‑highest F&B revenue per patron at $7.74, underscoring pricing power and premium formats. 1
The “Customer Problem”: Pre‑Show Fatigue and Value Perception
In a piece published this week, TheStreet framed AMC’s challenge as a “major customer problem”—a shorthand for consumer frustration with the value of a night at the movies amid high prices and long pre‑show ad packages. 5
AMC has already begun to act on one of the most common complaints: overlong pre‑shows. Following a deal with National CineMedia that extended advertising, AMC said it would cut its own pre‑show marketing by two to three minutes and drop one trailer, reducing the pre‑show by about four to six minutes while keeping the ad contract intact. Aron described the move as a “tradeoff” to find a “happy medium” for guests. 2
Beyond ad loads, AMC says it is closing underperforming sites, investing in high‑performing locations, and upgrading auditoriums to bolster the experience—moves the company and outside reporting have cited throughout 2025 as part of the exhibitor’s playbook to maintain market share despite uneven release schedules. 1
Summer Hits Helped—But Not Enough to Flip Q3
This summer’s marquee titles, including “Superman” and “Jurassic World: Rebirth,” delivered meaningful traffic, but not enough to overcome the quarter’s box‑office softness and the accounting impact from refinancing. That’s why AMC’s revenue came in only slightly lower, even as the net loss widened sharply. 3
AMC’s own update also pointed to event programming as a differentiator: the company’s distribution arm partnered with Taylor Swift on a one‑weekend global theatrical release party in early October, an event AMC says generated roughly $50 million worldwide—evidence of how non‑traditional content can spike attendance and concession sales. 1
What to Watch Next: A Holiday Test Led by “Avatar 3”
Exhibitors are looking to the holiday corridor for a reset. James Cameron’s “Avatar: Fire and Ash” arrives December 19, 2025, with operators hoping it can ignite late‑year traffic and carry momentum into the new year. AMC management is explicitly guiding to a record Q4 industrywide, making the next six weeks a critical bellwether. 4
Why It Matters
- Earnings quality: The Q3 loss was driven mostly by non‑cash refinancing charges, not a collapse in operating metrics. That nuance matters for investors tracking cash generation and leverage. 1
- Experience vs. price: Shorter pre‑shows and premium auditorium upgrades are aimed at improving perceived value, a key lever as households remain price‑sensitive about out‑of‑home entertainment. 2
- Release slates still rule: Strong titles (and event programming) can move the needle. The holiday lineup, led by “Avatar: Fire and Ash,” will test whether pent‑up demand translates into sustained traffic gains. 4
The Bottom Line
AMC’s Q3 headline number—a $298 million loss—looks stark, but the driver was largely an accounting impact from July’s refinancing, not a deterioration in the core business. The chain is tweaking the customer experience (notably by shortening the pre‑show) while touting record per‑patron spend and a holiday corridor that management believes can be the strongest in years. The next few weeks will show whether those experience fixes and the late‑2025 slate are enough to turn consumer sentiment—and box office—meaningfully higher. 1
Sources: AMC Q3 2025 earnings release and investor materials; reporting and analysis from Variety and other outlets on Q3 box office and summer titles; and coverage of AMC’s pre‑show changes and holiday slate expectations. 1
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