AMC Entertainment Holdings (NYSE:AMC) delivered better-than-expected financial results for the third quarter, driven by market share gains and strong per-customer spending, though profitability declined compared with a year earlier.
The company posted revenue of $1.3 billion, down from $1.35 billion in the year-ago quarter but topping analyst estimates of $1.23 billion.
Adjusted EBITDA came in at $122.2 million, above estimates of about $96 million but down from $161.8 million in the prior-year quarter, reflecting a softer industry box office, which fell 11% year-over-year.
AMC reported an adjusted loss of $0.21 per share, in line with expectations of a $0.22 loss per share.
Net loss widened sharply to $298.2 million from $20.7 million a year earlier, largely due to non-cash charges linked to a July 2025 refinancing that retired all of the company’s 2026 debt maturities.
AMC highlighted continued strength in per-patron spending, with record admissions revenue per customer of $12.25 and food and beverage revenue of $7.74. The company’s domestic market share also increased to roughly 24%.
AMC CEO Adam Aron noted that, as expected, the third quarter was softer industrywide.
“The third quarter industrywide softness should not be a cause for alarm nor a harbinger of some negative trend about which to worry. To the contrary, we expect the fourth quarter industrywide box office will turn out to be the highest grossing fourth quarter in six years,” Aron said.
“We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025.”
Wedbush maintained its ‘Outperform’ rating and $4.50 price target on AMC, citing continued market share gains, improved per-screen productivity, and a stronger balance sheet following the refinancing.
The analysts wrote that AMC “reported a strong quarter driven by market share gains and strong per-caps,” noting domestic revenue of $1.01 billion beat its estimate and that domestic attendance outperformed expectations.
“We remain positive on AMC as it continues to demonstrate share gains in 2025 and is positioned to gain market share in 2026 with the most premium screens in North America,” Wedbush wrote.
They added that the company is benefiting from a more consistent release slate, has alleviated near-term debt concerns, and is likely to see improving free cash flow as attendance and spending per patron stabilize.
Shares of AMC added 5% at about $2.60 post-earnings.