Updated: November 15, 2025
Key takeaways
- Q3 2025 revenue beat but net loss widened: AMC posted $1.30B in Q3 revenue (above consensus) and a $298.2M GAAP net loss tied largely to non‑cash charges from July’s refinancing. Admissions were $715.1M, food & beverage $451.8M. [1]
- Shares slid to new lows in November: The stock notched a new 52‑week low this month and trades within a 52‑week range of $2.33–$5.56. Recent weakness followed Citi’s price‑target cut to $2.30 (Sell). [2]
- Balance sheet: debt addressed but still heavy: After July’s comprehensive refinancing and an additional $39.9M debt reduction on Oct. 1, AMC says 2026 maturities are de‑risked; however, corporate borrowings were ~$3.99B and cash $366M as of Sept. 30. [3]
- Management changes in November: AMC elevated senior leaders across legal, marketing, communications and business development on Nov. 3. [4]
- Outlook: Management guides to a strong Q4 2025 and a much larger 2026 box office, but dilution/interest expense and box‑office volatility remain central risks. [5]
What moved AMC stock in November 2025
Earnings (Nov. 5): AMC’s Q3 revenue of $1.30B topped estimates, but GAAP net loss widened to $298.2M on non‑cash charges tied to the summer refinancing. The company reiterated confidence that Q4 2025 will be the strongest holiday quarter in six years and that 2026 should outpace 2025 industrywide. Shares initially wavered and then trended lower through mid‑November. [6]
52‑week low and rating pressure: Through the week ended Nov. 15, AMC shares printed fresh 12‑month lows and remain near the bottom of their range ($2.33–$5.56), with a negative catalyst being Citigroup’s price‑target cut to $2.30 while keeping a Sell rating. [7]
Leadership promotions (Nov. 3): AMC announced multiple senior promotions, including naming Edwin Gladbach as SVP, General Counsel & Secretary, consolidating legal leadership amid the balance‑sheet reset. [8]
Fundamentals snapshot (Q3 2025)
- Revenue mix: Admissions $715.1M; Food & Beverage $451.8M; Other theatre $133.3M. [9]
- Profitability: Operating income of $35.8M swung to a net loss of $298.2M after $332.8M in “other expense,” including interest expense on borrowings of $119.0M for the quarter. [10]
- Liquidity & leverage: Cash & equivalents $365.8M (plus $51.1M restricted cash); corporate borrowings ~$3.99B. Stockholders’ deficit was ~$1.78B at quarter‑end. On a simple basis that implies net debt in the ~$3.6B area. [11]
- Share count/dilution:512,943,561 Class A shares were outstanding as of Nov. 4, 2025 (up year‑over‑year), reflecting capital actions tied to liquidity and the refinancing. [12]
Balance sheet work: progress and open questions
AMC closed a comprehensive refinancing on July 25, bringing in ~$244M of new money, equitizing $143M of exchangeable notes (with the potential to equitize up to $337M in total), resolving litigation, and de‑risking 2026 maturities. On Oct. 1 it eliminated another $39.9M of exchangeable notes without issuing new shares or using cash, bringing the reduction related to the July deal to $183M. [13]
The refinancing buys time, but interest expense remains high and the company signals it may seek authorization for additional shares to fully equitize remaining exchangeable notes—an overhang for valuation and per‑share metrics. [14]
Price action, sentiment, and consensus
- Range & momentum: AMC’s 52‑week range is $2.33–$5.56, with shares near the lows in mid‑November. [15]
- Analyst moves in November:Citigroup cut its target to $2.30 and maintained Sell after the Q3 print; various trackers show the average 12‑month target near $3.3–$3.4. [16]
- Earlier in 2025:Wedbush upgraded AMC to Outperform with a $4 target, citing a steadier release slate and reduced near‑term issuance risk; the call provided only temporary relief. [17]
Catalysts to watch
- Holiday slate and pre‑sales (Q4 2025): Management expects the strongest Q4 box office in six years. Execution versus that bar is key for cash generation. [18]
- 2026 release calendar: AMC points to a meaningfully stronger 2026 industry slate; confirmation of dates and marketing momentum will shape attendance and pricing power. [19]
- Further balance‑sheet actions: Any additional equitization of exchangeable notes (shareholder authorization dependent) and term‑loan/notes activity could lower interest but may dilute equity holders. [20]
- Operating mix: Continued emphasis on premium large format screens and F&B mix to support per‑patron economics. (Company commentary across filings and releases.) [21]
AMC stock forecast (next 12–18 months)
This is a scenario framework, not investment advice.
- Base case (45% probability): A normalizing box office into 2026 meets guidance tone; EBITDA stabilizes but interest costs keep GAAP profitability elusive. Multiple expansion is limited; shares gravitate toward the ~$3–$3.75 zone, broadly in line with current Street averages. Triggers: holiday performance in line; no large incremental equity issuance. [22]
- Bull case (25%): Holiday outperforms, 2026 slate over‑delivers, and AMC executes further non‑dilutive debt reduction. Interest savings plus higher per‑patron spend lift free cash flow. Shares could re‑rate toward $4–$5, echoing the Wedbush case. Risks: slate delays, macro. [23]
- Bear case (30%): Box office underwhelms, cash burn persists, and additional share authorization is used to equitize more debt, pressuring per‑share metrics. Shares stay sub‑$3 with downside toward $1.75–$2.25 amid dilution fears and risk‑off tape. [24]
Bottom line
November has been a two‑track story for AMC: operational progress (revenue beat, continued premium focus, debt‑maturity relief) alongside equity pressure (rating cuts, new 52‑week lows, persistent interest burden). Into the holidays and 2026, the degree of box‑office recovery and how AMC funds itself will likely determine whether the stock tracks consensus in the low‑$3s or breaks that gravity—up or down. [25]
Data & sources: Q3 2025 financials and balance sheet from AMC’s Form 10‑Q; July refinancing and October debt reduction from company releases; Q3 revenue beat and management commentary via Reuters; price action and 52‑week range from Nasdaq/market trackers; November corporate announcements and analyst actions from press releases and research roundups. [26]
References
1. www.reuters.com, 2. www.marketbeat.com, 3. investor.amctheatres.com, 4. investor.amctheatres.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.nasdaq.com, 8. investor.amctheatres.com, 9. investor.amctheatres.com, 10. investor.amctheatres.com, 11. investor.amctheatres.com, 12. investor.amctheatres.com, 13. investor.amctheatres.com, 14. investor.amctheatres.com, 15. www.nasdaq.com, 16. www.tipranks.com, 17. www.barrons.com, 18. www.reuters.com, 19. www.reuters.com, 20. investor.amctheatres.com, 21. investor.amctheatres.com, 22. www.nasdaq.com, 23. www.barrons.com, 24. investor.amctheatres.com, 25. www.reuters.com, 26. investor.amctheatres.com
