AMC Entertainment narrows Q4 loss to $41.3M, issues $500M bond offering
AMC Entertainment narrowed its fourth-quarter net loss to $41.3 million from $111.7 million year-over-year, while Q4 revenue rose to $1.21 billion and full-year 2025 revenue reached $4.85 billion. The company launched a $500 million first-lien note offering and issued a conditional redemption notice for €550 million of Odeon notes, projecting positive free cash flow in 2026.
1. Fourth-Quarter and Full-Year 2025 Financial Results
AMC reported a net loss of $41.3 million in Q4 2025, down from a $111.7 million loss a year earlier, on revenue of $1.21 billion, up 18% year-over-year. Full-year 2025 revenue totaled $4.85 billion, with adjusted EBITDA improving notably margins as theater attendance continued its recovery.
2. Debt Issuance and Notes Redemption
The company priced a $500 million first-lien note offering due 2031 at a 9.5% coupon, strengthening its liquidity profile. It also issued a conditional redemption notice for €550 million of 8.25% Odeon senior notes due 2026, reducing near-term maturities and extending average debt tenor.
3. 2026 Outlook
Management projects stronger operating cash flows and positive free cash flow in 2026 driven by continued box office recovery, cost controls and potential new content initiatives, positioning AMC to further deleverage its balance sheet.