NEW YORK, July 21, 2026, 06:10 EDT
- Quarterly patrons per average screen rose 15.4%, even as the screen base fell 1.6%.
- Adjusted EBITDA margin was 20.1%, and free cash flow more than doubled to $190.1 million.
- AMC ended Monday at $2.46, up 26.8%. U.S. cash trading had not opened Tuesday.
AMC Entertainment Holdings, Inc. NYSE:AMC lifted quarterly attendance per average screen by 15.4%, while its weighted-average adjusted diluted share count increased 79.2%. The divergence helped drive the stock after Monday’s 26.8% surge.
Operating results rebounded sharply. Adjusted profit totaled $104.3 million, or 14 cents a share. Using last year’s denominator, it would have been about 24 cents, by calculation.
Rising traffic drove the increase. Attendance climbed 13.5%, while average screens slipped 1.6%. Consolidated ticket prices fell to $12.11 from $12.14.
The product mix boosted fixed-cost absorption. Adjusted EBITDA rose 69.6% to $321.4 million, and free cash flow more than doubled to $190.1 million.
| AMC second-quarter measure | 2026 | 2025 | Change |
|---|---|---|---|
| Attendance | 71.3 million | 62.8 million | +13.5% |
| Average screens | 9,249 | 9,402 | -1.6% |
| Patrons per average screen | 7,708 | 6,680 | +15.4% |
| Revenue | $1.597 billion | $1.398 billion | +14.2% |
| Adjusted EBITDA | $321.4 million | $189.5 million | +69.6% |
| Adjusted EBITDA margin | 20.1% | 13.6% | +6.6 points |
| Free cash flow | $190.1 million | $88.9 million | +113.8% |
| Adjusted diluted shares, weighted average | 776.0 million | 433.1 million | +79.2% |
Patrons per screen and margins are based on data reported by AMC.
At 06:10 EDT Tuesday, U.S. cash markets had not yet opened. AMC was little changed at about $2.46 premarket. It closed on Monday at $2.46 on volume of 183.4 million shares.
The stock gained 2.6% in the prior week. Volume on Monday was 5.5 times the week’s average daily volume, by calculation.
Revenue rose to a record $1.597 billion, above the $1.47 billion analyst estimate. Adjusted earnings were 14 cents, versus an estimated six-cent loss.
Chief Executive Adam Aron pointed to operating leverage. The quarter showed “the inherent operating leverage in our business model at a time of rising revenues,” he said. AMC Entertainment Holdings, Inc.
Moves among peers were more muted.
| Company | Price on Monday | Monday change |
|---|---|---|
| AMC Entertainment NYSE:AMC | $2.46 | +26.8% |
| Cinemark Holdings NYSE:CNK | $31.94 | +5.1% |
| IMAX Corporation NYSE:IMAX | $38.60 | -1.6% |
| Marcus Corporation NYSE:MCS | $23.78 | +3.1% |
The closing comparison uses S&P Global and U.S. market-data feeds.
The gap points to an AMC-specific repricing rather than a broad exhibitor rally. It also raises the bar for follow-through.
AMC, citing preliminary media reports, put the domestic opening for The Odyssey at about $124 million. More than 4.3 million customers visited AMC and ODEON from Thursday through Sunday.
The key test in the week ahead will be the film’s second-weekend hold. Spider-Man: Brand New Day is due in cinemas on July 31, according to AMC’s release slate.
Ross Benes, a senior analyst at eMarketer, urged caution. “Strong quarters, like this one, will happen now and again,” he said. Industry activity is still below pre-pandemic levels. Reuters
Risks remain. AMC finished June with $778.4 million in cash and $3.85 billion of corporate borrowings. Its stockholders’ deficit stood at $1.45 billion, and the larger share base shrinks each holder’s claim on future profit.
The investment case now depends on repeat visits. Sustained screen productivity could underpin high margins, but a weaker film slate would quickly unwind that leverage.
