AMC Entertainment said on Thursday it anticipates a fourth-quarter net loss of $127.4 million, a shortfall that exceeds the average analyst projection of $80.9 million. The company said this would mark its ninth consecutive quarter in the red as the broader return to movie theaters remains uneven.
Management also announced it had struck an agreement with a subset of creditors - including creditors of its Odeon European unit - designed to clear obstacles to a debt refinancing transaction. The refinancing is intended to cut the company’s interest burden and extend debt maturities.
AMC pointed to continued pressure from pandemic-era leverage and variable box office performance as headwinds. The company said theater operators nationwide have been relying on blockbusters and established franchises to draw a more selective audience. In its statement, CEO Adam Aron said the theater industry did not see the "growth we anticipated," and added that "the box office improved modestly year-over-year, rising approximately 1.5%."
For the quarter ended December 31, AMC forecast revenue of $1.29 billion, narrowly under the analysts’ average estimate of $1.3 billion compiled by LSEG. The company noted that the final three months of 2025 included several of the year’s top-grossing films, listing titles such as "Avatar: Fire and Ash," "Zootopia 2," and "Wicked: For Good."
Looking ahead, CEO Aron described 2026 as carrying a "highly anticipated" slate, citing upcoming franchise superhero releases including "Spider-Man: Brand New Day" and "Avengers: Doomsday" as potential catalysts that could bolster revenue and support growth.
AMC plans to publish its final results for the fourth quarter on February 24.
Context and implications
The company’s guidance and creditor agreement underscore two concurrent dynamics: persistent financial strain from leverage accumulated during the pandemic, and a recovery that remains sensitive to film schedules. The refinancing effort aims to address the first by lowering interest costs and extending maturities, while the second depends on future box office performance and the reception of upcoming franchise releases.