National CineMedia Q4 Revenue Up 8% to $93.2M; Ad Platform Boosts Programmatic and Self-Serve
National CineMedia’s Q4 revenue rose 8% year-over-year to $93.2 million with Adjusted OIBDA of $37 million, while network attendance grew 7% to 107 million (92 million normalized, down 9%). National ad revenue climbed to $76 million (up 10%), programmatic revenue doubled and self-serve grew 64% as the company returned $33.6 million to shareholders and closed its Spotlight acquisition.
1. Q4 Financial Results
National CineMedia reported Q4 revenue of $93.2 million, up 8% year-over-year, and Adjusted OIBDA of $37 million, a 6% increase. Attendance across the network rose 7% to 107 million, while normalizing for the extra week yields 92 million attendees, down 9% versus last year.
2. Advertising Platform Growth
National ad revenue reached $76 million, up nearly 10% from $69.2 million, driven by stronger demand for premium units. Programmatic revenue doubled and self-serve grew 64% as AI-enabled creative tools and expanded inventory—including an AMC agreement—boosted impressions per attendee by 27% nationally, 72% at platinum and 53% post-show.
3. Capital Returns and Acquisition
During the quarter, NCM returned $33.6 million to shareholders through dividends and buybacks. The company also completed its Spotlight acquisition in November, funding the deal via its revolver and ending the quarter with $12 million of acquisition-related debt.
4. Q1 Guidance and Outlook
NCM guided Q1 2026 revenue to $32.5–$36.5 million and Adjusted OIBDA of negative $13 million to negative $10 million, citing holiday-week timing headwinds. Management remains optimistic about 2026 demand, citing strong upfront bookings and an attractive upcoming film slate.