NEW YORK, July 20, 2026, 08:11 EDT
- AMC stock was set to open nearly 16% higher ahead of the 09:30 EDT cash session.
- The company reports 66% incremental adjusted EBITDA conversion for the quarter.
- Free cash flow increased by over two times, while adjusted diluted shares were up 79%.
Shares of AMC Entertainment Holdings NYSE:AMC surged approximately 16% in premarket trade on Monday after the company reported record second-quarter revenue and an unexpected adjusted profit. New York’s regular session was yet to begin.
Operating leverage underpinned the investment argument. According to reported data, AMC turned approximately 66 cents from every incremental dollar of revenue into adjusted EBITDA.
Attendance climbed by 13.5%, but total revenue per attendee was up only 0.6%. Operating expenses, not including depreciation, remained unchanged. Rent edged higher, rising 0.5%.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Attendance | 71.3 million | 62.8 million | +13.5% |
| Revenue | $1.597 billion | $1.398 billion | +14.2% |
| Total revenue per attendee | $22.40 | $22.26 | +0.6% |
| Adjusted EBITDA | $321.4 million | $189.5 million | +69.6% |
| Adjusted EBITDA margin | 20.1% | 13.6% | +6.5 points |
| Free cash flow | $190.1 million | $88.9 million | +113.8% |
| Adjusted diluted shares | 776.0 million | 433.1 million | +79.2% |
Reporter calculated total revenue per attendee. AMC uses adjusted diluted shares as its non-GAAP earnings denominator. Company data is unaudited and rounded.
The company posted revenue of $1.597 billion, topping the $1.47 billion analysts polled by Reuters had forecast. Adjusted earnings stood at 14 cents per share, while analysts had anticipated a loss of six cents per share.
Revenue from admissions climbed by 13.2%. Sales of food and beverages advanced 15.3%, outpacing growth in attendance. Other revenue streams from theatres were up 16.1%.
Chief Executive Adam Aron described the quarter as “nothing short of extraordinary.” He stated it highlighted AMC’s “inherent operating leverage” with revenue increasing and expenses remaining in check. AMC Entertainment Holdings, Inc.
Cash flow growth was focused. Free cash flow in the second quarter totaled $190.1 million, almost equaling the $200 million in gross proceeds from a June stock sale. Free cash flow for the first half stood at just $15.4 million.
Dilution is still significant for shareholders. AMC’s adjusted diluted share count increased 79% to 776 million after issuing equity and the impact of exchangeable-note dilution.
Corporate debt dropped to $3.85 billion compared to $4.04 billion at the end of December. AMC allocated proceeds from the June offering to retire $125.5 million of its 2027 notes. The company stated it does not anticipate any significant principal repayments before 2029.
Peers saw more modest increases. IMAX Corp NYSE:IMAX climbed 4% before the bell, and Cinemark Holdings NYSE:CNK edged up 0.3%, according to Barron’s. The disparity indicates that investors were primarily responding to AMC’s individual performance.
“The Odyssey” was not included in the quarterly results, as the film was released on July 17, following AMC’s June 30 reporting cutoff.
AMC reported that over 4.3 million patrons attended its theaters between Thursday and Sunday. The company referenced an initial, media-sourced estimate for the domestic opening at around $124 million, indicating an early sign of third-quarter demand.
AMC ended Friday trading at $1.94, marking a 2.6% gain since July 10. The premarket level near $2.23 on Monday would surpass Friday’s 6.3% drop.
Risks are still concentrated. A softer film lineup may swiftly impact cost absorption. Debt levels stay elevated, and additional equity issues could reduce per-share improvements.
The next assessment will occur at the open. Investors are set to monitor if July attendance continues to support margin improvements heading into the third quarter. Focus will also stay on cash consumption and the share count.
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