NEW YORK, July 22, 2026, 10:14 EDT
Shares in AMC Entertainment Holdings NYSE:AMC climbed 7.5% early Wednesday. However, the company’s adjusted diluted share count expanded at a pace exceeding its all-time high adjusted EBITDA.
Adjusted EBITDA increased by 69.6% to $321.4 million. The company’s adjusted diluted share count was up 79.2% to 776.0 million. As a result, the EBITDA-per-share metric declined 5.3%.
AMC’s measure for adjusted diluted earnings incorporates stock-based compensation and shares connected to exchangeable notes. The EBITDA figure is derived from internal company metrics, rather than being disclosed by AMC.
Headline figures exceeded expectations. Adjusted earnings reached 14 cents a share, compared with analysts’ estimate for a 6-cent loss. Revenue surpassed the $1.47 billion consensus view.
The stock continued to see big moves, rallying 26.8% on Monday before dropping 10.6% on Tuesday. AMC was last quoted at $2.37 during early Wednesday trade, with U.S. markets trading.
The difference per share is visible in the quarterly comparison:
| Q2 measure | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $1,596.7m | $1,397.9m | +14.2% |
| Adjusted EBITDA | $321.4m | $189.5m | +69.6% |
| Adjusted diluted share denominator | 776.0m | 433.1m | +79.2% |
| Adjusted EBITDA per adjusted diluted share | $0.414 | $0.437 | -5.3% |
| Free cash flow | $190.1m | $88.9m | +113.8% |
| Free cash flow per adjusted diluted share | $0.245 | $0.205 | +19.4% |
Rows marked with an asterisk are figures derived from AMC information. These are not per-share metrics reported by the company.
The quarterly denominator is also less than AMC’s share count following its latest offering. According to its June prospectus, outstanding shares stood at 892.6 million, 15.0% higher than the quarter’s adjusted average.
Operating leverage strengthened. Attendance increased by 13.5%, even though the average number of screens fell by 1.6%. The adjusted EBITDA margin expanded to 20.1% from 13.6%.
Cash conversion improved. Free cash flow surged to $190.1 million, more than twice the previous level. On an adjusted basis, free cash flow per share increased by 19.4%.
As of June 30, cash stood at $778.4 million. Principal debt decreased to $3.914 billion, compared to $4.024 billion at the end of the year. Net debt, calculated as principal debt less cash, declined by 12.8%. The reduction was partially financed by equity sales.
During the quarter, AMC secured roughly $285 million via equity sales. The company also cleared or started clearing about $282 million in debt. AMC reports it does not expect any debt maturities to come due before 2029.
AMC projects its yearly interest costs may decrease by an additional $51 million, provided that its current leverage and benchmark rates stay the same.
Chief Executive Adam Aron stated that the domestic box office achieved its “biggest box office quarter in seven years.” He noted a preliminary, media-reported domestic opening estimate of $124 million for “The Odyssey.” SEC
Ross Benes, senior TV and streaming analyst at eMarketer, expressed caution. “Strong quarters, like this one, will happen now and again,” he said. Benes noted that movie attendance continues to lag behind pre-pandemic levels. Reuters
Cinemark Holdings NYSE:CNK advanced 2.4%, while IMAX Corp. NYSE:IMAX climbed 2.1%. AMC traded ahead of both rivals in the morning session.
Risks: AMC has $3.9 billion in principal debt. Its performance is vulnerable to changes in film-release timing. Issuing more equity could reduce existing ownership, and the stock is susceptible to significant price swings.
The upcoming report will assess if cash generation continues to surpass share growth.
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