AMC Entertainment

AMC · NYSE · Communication Services · Financials, fiscal 2016 to 2025

AMC · Last close · October 26, 2026

$2.89

AMC Entertainment's revenue rose 4.6% to $4.8 billion in fiscal 2025. Its operating margin was −0.4%, up from −1.7% a year earlier. Free cash flow was −$366 million. The diluted share count rose 42.0%.

AMC ENTERTAINMENT HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001411579-26-000016 Updated October 10, 2026

Revenue

$4.8B

4.6%

Operating margin

−0.4%

1.4 pts

Net income

−$632M

Free cash flow

−$366M

Return on capital

−0.8%

2.7 pts

Market cap

$2.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for stock splits (1-for-10 and 2-for-1), so every year is on today's share basis.

What AMC Entertainment does

AMC Entertainment runs movie theatres in the United States and Europe. At the end of 2025 it owned, leased or operated 855 theatres with 9,640 screens in 11 countries: 533 theatres in 41 states and the District of Columbia, and 322 in Europe, including the United Kingdom, Spain, Italy, Germany and the Nordic countries. Besides new films, it shows independent and foreign films, performing arts, music and sports, and rents out theatres for private events.

Most of its revenue comes from ticket sales and food and drinks. The rest comes from on-screen advertising, loyalty program fees, auditorium rentals, gift cards and online ticket fees. It reports two segments, U.S. markets and International markets, and 23.6% of its 2025 revenue came from outside the United States. Films from its seven largest studio distributors made up about 83% of its U.S. ticket revenue. AMC says it competes with other theatres for moviegoers, films and sites, and with streaming services, cable TV, concerts, sporting events and other entertainment.

At the end of 2025 AMC had 33,311 workers, 2,931 of them full-time. About 39 million households were enrolled in its Stubs loyalty program, which includes A-List, a monthly subscription that lets members see movies up to four times a week. In 2025 it swapped and refinanced debt, and a subsidiary issued $857.0 million of new secured notes due 2029.

Its biggest risks, as it describes them

Its heavy debt and tight cash, which could make it hard to pay what it owes or invest in its theatres.
Its reliance on film studios, which it does not control, to supply the movies it shows.
Shorter periods when films play only in theatres, and competition from streaming and other entertainment.
Further dilution of its shares as it issues new stock to raise money or retire debt.

From AMC Entertainment's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2018, earnings per share fell 39.8% a year and net income 0.7% a year, as new shares raised the share count by 31% and diluted each share's earnings. AMC Entertainment then lost money in fiscal 2019, 2020, 2021, 2022, 2023, 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AMC Entertainment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AMC Entertainment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. AMC Entertainment's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to June 30, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to AMC Entertainment's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 12% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 11% then 7% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $2.89
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and AMC Entertainment's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,592	632	884	632	428
Debt incl. finance leases	5,242	5,008	4,560	4,184	4,077
Net debt (negative means net cash)	3,649	4,376	3,675	3,552	3,648
Net debt to EBITDA	—	—	12.6x	14.8x	12.3x
Debt to equity	—	—	—	—	—
Interest coverage	−2.0x	−1.4x	−0.2x	−0.2x	−0.0x
Current ratio	1.1x	0.5x	0.7x	0.5x	0.4x
Quick ratio	1.1x	0.5x	0.7x	0.5x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $345,000 of AMC Entertainment shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
May 19, 2026	Adam M AronChairman, CEO & President, Director	Bought	250,000	$1.38	$345,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	4 of 8	3 of 8	2 of 8
Accruals ratio	−2.0%	−3.5%	−6.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AMC Entertainment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AMC Entertainment	FY25	4.6%	−0.4%	−7.5%	−0.8%	12.3x	2
Roku	FY25	15.2%	−0.1%	10.1%	—	−58.0x	6	Compare
TKO Group	FY25	−3.0%	17.6%	—	5.9%	2.4x	5	Compare
Warner Music Group	FY25	4.4%	10.3%	8.0%	12.2%	3.6x	—	Compare
Lionsgate Studios	FY26	1.8%	3.7%	0.4%	8.3%	13.9x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,236	5,079	5,461	5,471	1,242	2,528	3,911	4,813	4,637	4,849
Revenue growth	9.8%	57.0%	7.5%	0.2%	−77.3%	103.5%	54.7%	23.0%	−3.6%	4.6%
Gross profit	2,146	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	214	102	265	136	−4,103	−930	−522	−74	−79	−17
Net income	112	−487	110	−149	−4,589	−1,269	−974	−397	−353	−632
Diluted EPS (US$)	5.65	−19.00	2.05	−7.20	−195.80	−13.29	−9.29	−2.37	−1.06	−1.34
Diluted shares (millions)	20	26	26	21	23	96	105	168	333	473
Cash flow
Cash from operations	432	537	523	579	−1,130	−614	−628	−215	−51	−120
Capital expenditure	422	627	576	518	174	92	202	226	246	246
Free cash flow	10	−89	−53	61	−1,303	−706	−830	−441	−296	−366
Dividends paid	80	105	258	84	6	0	1	0	0	0
Share buybacks	0	34	22	0	0	0	0	0	0	0
Acquisitions	0	0	0	12	0	8	18	4	0	0
Stock-based compensation	5	6	15	4	25	43	22	42	22	17
Balance sheet at fiscal year end
Cash and short-term investments	207	310	313	265	308	1,592	632	884	632	428
Debt incl. finance leases	3,834	4,312	4,868	5,011	5,508	5,242	5,008	4,560	4,184	4,077
Total assets	8,642	9,806	9,496	13,676	10,276	10,822	9,136	9,009	8,248	8,018
Total liabilities	6,631	7,693	8,098	12,462	13,135	12,611	11,760	10,857	10,008	9,913
Shareholders' equity	2,010	2,112	1,398	1,214	−2,885	−1,790	−2,624	−1,848	−1,760	−1,895
Margins and ratios
Gross margin	66.3%	—	—	—	—	—	—	—	—	—
Operating margin	6.6%	2.0%	4.8%	2.5%	−330.2%	−36.8%	−13.3%	−1.5%	−1.7%	−0.4%
Net margin	3.5%	−9.6%	2.0%	−2.7%	−369.4%	−50.2%	−24.9%	−8.2%	−7.6%	−13.0%
Free cash flow margin	0.3%	−1.8%	−1.0%	1.1%	−104.9%	−27.9%	−21.2%	−9.2%	−6.4%	−7.5%
Return on capital	3.6%	1.4%	3.9%	1.8%	−78.1%	−35.0%	−22.9%	−3.3%	−3.5%	−0.8%
Return on equity	6.3%	−23.6%	6.3%	−11.4%	—	—	—	—	—	—
Return on assets	1.6%	−5.3%	1.1%	−1.3%	−38.3%	−12.0%	−9.8%	−4.4%	−4.1%	−7.8%
Net debt to EBITDA	7.5x	6.2x	5.7x	8.1x	—	—	—	12.6x	14.8x	12.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AMC Entertainment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AMC Entertainment.