AMC Entertainment Holdings, Inc.

AMC said second-quarter 2026 revenue increased 14.2% year over year to approximately $1.6 billion, adjusted EBITDA surged 70% to a record $321.4 million, and free cash flow was $190.1 million. Attendance exceeded 71 million guests worldwide, up 13.5% year over year, and adjusted EBITDA margin rose to 20.1% from 13.6% last year. Sean Goodman said U.S. admissions revenue increased 11.4% versus 10.7% industry box-office growth, Europe attendance increased 17.9%, U.S. adjusted EBITDA was $285.6 million, and Europe adjusted EBITDA was $35.8 million. For the first half of 2026, adjusted EBITDA was $359.7 million, and management said net capex for 2026 is expected to be between $200 million and $235 million. They also said cash on hand at quarter-end was $778 million excluding restricted cash, and there are no significant debt maturities expected before 2029.

Adam Aron framed the quarter as the strongest in AMC’s 106-year history, emphasizing record revenue, record adjusted EBITDA, and positive free cash flow. His tone was highly confident and celebratory, but he also tied the results to specific strategic levers: loyalty programs, A-List, premium large-format screens, new seating concepts, disciplined capex, and cost control. He also stressed that AMC is benefitting from a recovering box office and that the company is positioned to keep improving as major releases continue through the year.

Sean Goodman focused on the financial mechanics behind the quarter: about $200 million of incremental revenue translated into $131.9 million of additional adjusted EBITDA, roughly 66% flow-through, and margin expanded by 650 basis points to 20.1%. He cited U.S. adjusted EBITDA of $285.6 million and Europe adjusted EBITDA of $35.8 million, while noting that international results benefited by about 2% from currency and G&A benefited from an approximately $5.5 million insurance-recovery credit. On the balance sheet, he said AMC refinanced $400 million of 2027 debt, converted about $155.8 million of exchangeable debt into equity, completed a $150 million at-the-market equity offering, completed a $200 million registered direct offering, and will redeem $125.5 million of 6.125% notes on July 24, 2026; these actions should reduce annual cash interest expense by about $16 million, with a further roughly $51 million reduction expected as leverage triggers lower rates on about 75% of debt.

Analysts pressed on whether AMC can sustain the quarter’s unusually strong cost discipline and operating leverage; Adam Aron said there were some one-time items, so Q2 may not repeat exactly, but management will keep pushing revenue growth and cost control. On free cash flow, he said AMC’s 12-month breakeven box office is around $10.4 billion and that further interest-rate reductions could push that lower. Questions also focused on international growth and premium-format expansion, with management saying Europe offers similar high-return opportunities, often with landlord or technology co-funding, and that AMC still sees room to add more premium and XL screens. When asked about equity raises, Aron said they were necessary to ensure debt repayment and preserve liquidity, arguing that cash reserves were essential for AMC’s survival and recovery.