AMC posts record Q2: highest revenue and EBITDA in 106 years

AMC Entertainment just posted the best quarter in its 106-year history, and the tape reacted accordingly. Shares climbed 13.4% in premarket trading after the cinema operator delivered second-quarter results that comfortably beat Wall Street expectations, achieving the strongest quarterly revenue and adjusted EBITDA in its 106-year history.

The headline numbers

AMC reported total Q2 2026 revenues of $1,596.7 million and Adjusted EBITDA of $321.4 million, the highest quarterly figures in its 106-year history. Revenues rose 14.2% year over year, Adjusted EBITDA increased by $131.9 million, and margin improved to 20.1%.

The company reported adjusted earnings per share of $0.14 for the second quarter, exceeding analyst forecasts of a $0.02 loss per share by $0.16. Revenue increased 14.2% year over year to $1.6 billion, ahead of the $1.5 billion consensus estimate.

Adjusted EBITDA jumped 69.6% to $321.4 million from $189.5 million a year earlier, marking the first time AMC has generated more than $300 million in adjusted EBITDA during a single quarter.

Box office demand did the heavy lifting

AMC attributed the strong performance to robust box office demand, noting that six films generated domestic opening weekend box office receipts exceeding $75 million during the second quarter.

During the second quarter, the industry-wide domestic box office reached approximately $2.99 billion, a 10.7% year over year increase — the biggest box office quarter in seven years and fifth biggest quarter ever. In comparison, AMC’s domestic revenues grew 13% year over year, with the company welcoming 52.2 million patrons in the U.S., up 12% year over year.

Attendance grew 13.5% to 71,290 thousand patrons as both U.S. and international markets expanded.

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Cash flow and the debt picture

Free cash flow reached $190.1 million, supported by $235.4 million of net cash from operating activities. Cash and cash equivalents were $778.4 million at June 30, 2026, while corporate borrowings (principal amount) declined to $3,914.2 million and AMC’s stockholders’ deficit narrowed to $(1,452.7) million.

Corporate borrowings (principal) decreased to $3,914.2 million at June 30, 2026, and principal debt balances have fallen by approximately $1.7 billion since the end of 2020. Second-quarter actions cut annual cash interest expense by $16 million and are expected to reduce interest on approximately 75% of debt by an additional ~$51 million, assuming current leverage and benchmark rates.

The catch

Despite the record top line, the bottom line is still red. The company reported a net loss of $11.4 million, compared with a net loss of $4.7 million a year earlier.

Adjusted net earnings were $104.3 million, equating to adjusted diluted earnings per share of $0.14. The gap between GAAP and adjusted metrics remains something for bulls and bears to argue about.

Options market and stocks to watch

AMC: Watch for follow-through flow after the premarket pop, plus how implied volatility resets now that the earnings catalyst is behind the name. Meme-adjacent tickers tend to see elevated call skew on days like this.

IMAX: AMC called out premium large-format screens as a driver. Watch for sympathy interest tied to the same box office thesis.

CNK: Cinemark is the most direct exhibitor comp. If AMC’s attendance read-through holds, watch positioning ahead of Cinemark’s own print.

WBD and DIS: The studios feeding this slate. Watch for how the theatrical-window debate shifts if this box office strength continues into the back half.

For more, keep an eye on other news on the tape.

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