AMC Reports $1.288 B Q4, US F&B Per Patron Hits $8.69 and Launches $1.73 B Notes
AMC reported Q4 revenue of $1.288 billion, beating consensus by $19 million despite a 1.4% year-over-year decline, with adjusted EBITDA down 30.7% to $134.1 million and US food and beverage spend per patron rising to $8.69 from $8.21. The company launched a $1.73 billion first-lien note offering alongside a $750 million term loan to redeem $400 million of 12.75% notes due 2027 and refinance its debt.
1. Q4 Financial Performance
AMC posted fourth-quarter revenue of $1.288 billion, up 1.5% over North American box office growth but down 1.4% year-over-year, topping the $1.269 billion consensus. Adjusted net loss was $0.18 per share, matching forecasts, while adjusted EBITDA fell 30.7% to $134.1 million and free cash flow dropped to $43.3 million from $113.9 million.
2. Record Patron Spending
The company set all-time per-patron records, with US food and beverage revenues rising to $8.69 per patron (from $8.21) and international F&B increasing to $5.49 (from $4.80). Admission and concession margins also hit record highs, driving management’s confidence in its pricing and loyalty strategies.
3. $1.73 B Debt Offering
AMC’s Muvico subsidiary launched a private offering of $1.73 billion in first-lien notes due 2031, guaranteed by AMC and select subsidiaries, alongside a conditional $750 million term loan. Proceeds will redeem $400 million of 12.75% senior secured notes maturing in 2027, refinance its existing term loan facility and cover related fees.
4. 2026 Box Office Outlook
CEO Adam Aron emphasized an encouraging January box office up 16% year-over-year, with studio slates including “Spider-Man: Brand New Day,” “Avengers: Doomsday,” “Moana,” “Dune: Part Three” and “The Odyssey.” AMC plans to leverage its premium formats, loyalty programs and concessions to capture anticipated industry growth.