The biggest theater group in the U.S. and globally, AMC Entertainment, said strong domestic performance and “vastly improved” international results across its European footprint boosted first quarter revenue, which topped $1 billion from $862.5 million the year before.
Adjusted EBITDA (earnings before interest, taxes, depreciated and amortization) was a positive $38.3 million compared to negative $57.7 million the year earlier and its best for any quarter since Covid.
Total attendance rose 13%. Screen count averaged 9,300.
Negative free cash flow of $175 million compared with negative $417 million in the 2025 first quarter.
Net losses narrowed to $117 million from $202 million.
Net cash used in operating activities was $128.5 million compared to $370 million. Cash and cash equivalents at March 31 stood at $339 million.
AMC’s balance sheet remains challenged, but the results “are a clear testament to our disciplined operating execution in maximizing AMC’s revenue growth while simultaneously containing our costs, combined with an unwavering commitment to elevating the moviegoing experience. Our much-improved results clearly demonstrate the operating leverage inherent in our business, generating markedly improving results at a time when revenues are rising,” said CEO Adam Aron.
Aron said he expects revenue to continue rising “significantly” this year with the box office back “in a big and powerful way” with box office hits from Project Hail Mary to The Super Mario Galaxy Movie to Michael to last weekend’s debut of The Devil Wears Prada 2.
Stronger box office (up nearly 25% in the first quarter), a good-looking slate and Hollywood studios committing to a 45-day exclusive theatrical run are buoying the outlook for exhibition.
AMC shares are trending lower in after-market trading, down about 2% at $1.60, after a 10% runup earlier Tuesday.
Aron will host a call at 5 pm ET.