Marcus Q4 Revenue Rises 2.8% and EBITDA Grows 3.6% Despite Theatre Impairment
Marcus reported Q4 consolidated revenue of $193.5 million (up 2.8% year-over-year) and Adjusted EBITDA of $26.8 million (up 3.6%), despite a $5.2 million theatre impairment. Management expects FY2026 capex of $50–55 million (down from $83.2 million), boosting free cash flow for dividends and buybacks.
1. Fiscal Q4 Financial Highlights
Marcus delivered consolidated Q4 revenue of $193.5 million, up 2.8% year-over-year, and Adjusted EBITDA of $26.8 million, up 3.6%. Operating income was $1.7 million, pressed by a $5.2 million theatre impairment and benefited from a $7.6 million historic tax credit excluded from EBITDA.
2. Theatre Division Performance
Theatres revenue rose 2.2% to $123.8 million, with average admission price climbing 12.7% and per-capita concessions up 7.2%. A fiscal calendar shift added five holiday period days, contributing 6.8 points to admissions revenue growth, while comparable attendance fell due to a less concentrated film slate.
3. Hotels & Resorts Division Performance
Hotels & Resorts posted fourth-quarter revenue of $60.4 million, a 5% increase, with owned-hotel RevPAR up 3.5% and ADR up 5.6% despite a 1.2-point occupancy decline. Division Adjusted EBITDA grew 3.4% to $7.3 million, driven by renovated assets and stronger transient leisure demand.
4. Fiscal 2026 Outlook and Capital Allocation
Management expects fiscal 2026 capex of $50–55 million, down from $83.2 million, to materially boost free cash flow. The company finished Q4 with over $230 million in liquidity and 1.5x net leverage, planning dividend growth, opportunistic buybacks, and selective growth investments.