AMC Entertainment Holdings recorded the highest quarterly revenue in its 106-year history for the second quarter, driven by a recovering theatrical box office and strong attendance. The theatrical exhibitor’s stock surged over 20% in early Monday trading following the financial release.
For the three months ended June 30, consolidated revenue increased 14% year-over-year to $1.6 billion. Adjusted EBITDA reached a company record of $321 million, representing a 70% increase compared to the same period in the prior year. Net cash provided by operating activities grew to $235 million, up from $138 million, while free cash flow reached $190 million. Despite the revenue growth, the company reported a net loss of $11.4 million, widening from a $4.7 million net loss recorded in the second quarter of the previous year.
AMC Chief Executive Officer Adam Aron attributed the performance to disciplined cost management alongside double-digit attendance growth. Global attendance rose 13.5% year-over-year, supported by a 12% domestic increase and an 18% jump across international locations, even as the company’s average total screen count decreased slightly to 9,249. Concession, food, and merchandise sales grew by 15% globally.
Financial analyst Drew Crum of B. Riley Securities noted in an equity research report that the company’s cost containment measures served as a positive indicator for ongoing financial stabilization. To address its long-standing corporate debt load, AMC executed several balance sheet restructurings during the second quarter.
The company refinanced $400 million of debt to extend maturity dates by four years, generated $285 million through equity offerings, and initiated actions to eliminate $282 million in debt principal. Aron confirmed these measures will reduce total principal debt balances by approximately $1.7 billion since 2020, leaving no major debt maturities due until 2029. AMC closed the quarter with $778 million in cash and cash equivalents.
The quarterly results were capped by a strong weekend box office performance for Universal Pictures and director Christopher Nolan’s The Odyssey, which opened to $264 million globally, bringing 4.3 million patrons through AMC and Odeon theater doors from Thursday through Sunday.
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