AMC Entertainment 第二季收入增14% 虧損收窄 股權融資逾3億美元

AMC ENTERTAINMENT HOLDINGS, INC._June 30, 2026
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Table of Contents

​

​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
​
​

(Mark One)
​

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to 

​
Commission file number 001-33892
​

​
AMC ENTERTAINMENT HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
​
Delaware
(State or other jurisdiction of
incorporation or organization)
26-0303916
(I.R.S. Employer
Identification No.)

One AMC Way
11500 Ash Street, Leawood, KS
(Address of principal executive offices)
 ​
66211
(Zip Code)

​
​
Registrant’s telephone number, including area code: (913) 213-2000
​

​
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of each exchange on which registered

Class A common stock
AMC
New York Stock Exchange

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
​
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
​
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
​
​
​
​
​

Large Accelerated Filer ☒ 
Accelerated filer ☐  
Non-accelerated filer ☐
Smaller reporting company ☐
​
Emerging growth company ☐

​
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐
​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
​

​

​

​
​
​

Title of each class of common stock
  ​ ​
Number of shares
outstanding as of July 22, 2026

 Class A common stock
 ​
 892,604,638

​
​

​

Table of Contents

​
AMC ENTERTAINMENT HOLDINGS, INC.
​
INDEX
​
​
Page
Number

​
PART I—FINANCIAL INFORMATION
​

Item 1.
Financial Statements (Unaudited)
3

​
Condensed Consolidated Statements of Operations
3

​
Condensed Consolidated Statements of Comprehensive Income (Loss)
4

​
Condensed Consolidated Balance Sheets
5

​
Condensed Consolidated Statements of Cash Flows
6

​
Notes to Condensed Consolidated Financial Statements
8

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
31

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
64

Item 4.
Controls and Procedures
65

​
PART II—OTHER INFORMATION
​

Item 1.
Legal Proceedings
65

Item 1A.
Risk Factors
66

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
69

Item 3.
Defaults Upon Senior Securities
69

Item 4.
Mine Safety Disclosures
70

Item 5.
Other Information
70

Item 6.
Exhibits
71

​
Signature
72

​
​
​
​
​

2

Table of Contents

​
PART I—FINANCIAL INFORMATION
​
Item 1. Financial Statements. (Unaudited)
​
AMC ENTERTAINMENT HOLDINGS, INC.
​
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions, except share and per share amounts)
  ​ ​ ​
June 30, 2026
  ​ ​ ​
June 30, 2025
  ​ ​ ​
June 30, 2026
  ​ ​ ​
June 30, 2025

​
​
(unaudited)
​
(unaudited)

Revenues
​
​
​
​
​
​
​
​
​
​
​
​

Admissions
​
$
 863.1
​
$
 762.6
​
$
 1,441.5
​
$
 1,236.1

Food and beverage
​
 
 576.1
​
 
 499.6
​
 
 923.4
​
 
 783.0

Other theatre
​
 
 157.5
​
 
 135.7
​
 
 277.2
​
 
 241.3

Total revenues
​
​
 1,596.7
​
​
 1,397.9
​
​
 2,642.1
​
​
 2,260.4

Operating costs and expenses
​
​
​
​
​
​
​
​
​
​
​
​

Film exhibition costs
​
​
 440.3
​
​
 392.1
​
 
 695.9
​
 
 596.9

Food and beverage costs
​
 
 107.7
​
 
 96.1
​
 
 174.1
​
 
 153.3

Operating expense, excluding depreciation and amortization below
​
 
 458.4
​
 
 458.4
​
 
 865.7
​
 
 851.6

Rent
​
 
 223.8
​
 
 222.6
​
 
 447.9
​
 
 440.7

General and administrative:
​
​
​
​
​
​
​
​
​
​
​
​

Merger, acquisition and other costs
​
 
 0.3
​
 
 0.1
​
 
 1.4
​
 
 3.1

Other, excluding depreciation and amortization below
​
 
 52.0
​
 
 58.2
​
 
 112.9
​
 
 114.2

Depreciation and amortization
​
​
 76.1
​
​
 77.8
​
​
 151.8
​
​
 153.9

Operating costs and expenses
​
 
 1,358.6
​
​
 1,305.3
​
 
 2,449.7
​
​
 2,313.7

Operating income (loss)
​
​
 238.1
​
​
 92.6
​
​
 192.4
​
​
 (53.3)

Other expense, net:
​
​
​
​
​
​
​
​
​
​
​
​

Other expense (income)
​
 
 109.6
​
 
 (32.1)
​
 
 57.2
​
 
 (90.9)

Interest expense:
​
​
​
​
​
​
​
​
​
​
​
​

Corporate borrowings
​
 
 115.9
​
 
 109.6
​
 
 235.8
​
 
 218.6

Finance lease obligations
​
 
 1.7
​
 
 1.4
​
 
 3.2
​
 
 2.6

Non-cash NCM exhibitor services agreement
​
​
 18.4
​
​
 18.6
​
​
 36.9
​
​
 27.5

Investment expense (income)
​
 
 0.5
​
 
 (1.4)
​
 
 (17.8)
​
 
 (7.1)

Total other expense, net
​
 
 246.1
​
​
 96.1
​
 
 315.3
​
​
 150.7

Loss before income taxes
​
 
 (8.0)
​
​
 (3.5)
​
 
 (122.9)
​
​
 (204.0)

Income tax provision
​
 
 3.4
​
 
 1.2
​
 
 5.6
​
​
 2.8

Net loss
​
$
 (11.4)
​
$
 (4.7)
​
$
 (128.5)
​
$
 (206.8)

Net loss per share:
​
​
​
​
​
​
​
​
​
​
​
​

Basic and diluted
​
$
 (0.02)
​
$
 (0.01)
​
$
 (0.20)
​
$
 (0.48)

Weighted average shares outstanding:
​
​
​
​
​
​
​
​
​
​
​
​

Basic and diluted (in thousands)
​
​
 722,015
​
​
 433,144
​
​
 631,343
​
​
 432,064

​
See Notes to Condensed Consolidated Financial Statements.
​

3

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.
​
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions)
  ​ ​ ​
June 30, 2026
  ​ ​ ​
June 30, 2025
  ​ ​ ​
June 30, 2026
  ​ ​ ​
June 30, 2025

​
​
(unaudited)
​
(unaudited)

Net loss
​
$
 (11.4)
​
$
 (4.7)
​
$
 (128.5)
​
$
 (206.8)

Other comprehensive income (loss):
​
​
​
​
​
​
​
​
​
​
​
​

Unrealized foreign currency translation adjustments
​
 
 (16.2)
​
 
 11.0
​
 
 (31.7)
​
 
 63.7

Net pension gain during the period
​
 
 0.2
​
 
 0.1
​
 
 0.2
​
 
 0.1

Other comprehensive income (loss)
​
 
 (16.0)
​
 
 11.1
​
 
 (31.5)
​
 
 63.8

Total comprehensive income (loss)
​
$
 (27.4)
​
$
 6.4
​
$
 (160.0)
​
$
 (143.0)

​
See Notes to Condensed Consolidated Financial Statements.
​

4

Table of Contents

 AMC ENTERTAINMENT HOLDINGS, INC.
​
CONDENSED CONSOLIDATED BALANCE SHEETS
​
(Unaudited)
​

​

​

​

​

​

​

(In millions, except share data)
  ​ ​ ​
June 30, 2026
  ​ ​ ​
December 31, 2025

ASSETS
​
​
​
​
​
​

Current assets:
​
​
​
​
​
​

Cash and cash equivalents
​
$
 778.4
​
$
 428.5

Restricted cash
​
​
 41.1
​
​
 48.8

Receivables, net
​
 
 125.6
​
 
 156.0

Other current assets
​
 
 93.1
​
 
 97.2

Total current assets
​
 
 1,038.2
​
 
 730.5

Property, net
​
 
 1,315.3
​
 
 1,374.2

Operating lease right-of-use assets, net
​
​
 2,964.2
​
​
 3,137.3

Intangible assets, net
​
 
 146.0
​
 
 147.4

Goodwill
​
 
 2,377.6
​
 
 2,416.1

Other long-term assets
​
 
 202.3
​
 
 212.3

Total assets
​
$
 8,043.6
​
$
 8,017.8

LIABILITIES AND STOCKHOLDERS’ DEFICIT
​
​
​
​
​
​

Current liabilities:
​
​
​
​
​
​

Accounts payable
​
$
 396.7
​
$
 382.9

Accrued expenses and other liabilities
​
 
 332.1
​
 
 338.2

Deferred revenues and income
​
 
 452.6
​
 
 465.5

Current maturities of corporate borrowings 
​
 
 148.9
​
 
 19.9

Current maturities of finance lease liabilities
​
​
 7.4
​
​
 5.8

Current maturities of operating lease liabilities
​
​
 560.4
​
​
 560.0

Total current liabilities
​
 
 1,898.1
​
 
 1,772.3

Corporate borrowings
​
 
 3,702.7
​
 
 4,018.6

Finance lease liabilities
​
​
 45.2
​
​
 46.7

Operating lease liabilities
​
​
 3,250.6
​
​
 3,485.0

Exhibitor services agreement
​
 
 455.9
​
 
 459.1

Deferred tax liability, net
​
 
 36.1
​
 
 35.7

Other long-term liabilities
​
 
 107.7
​
 
 95.2

Total liabilities
​
 
 9,496.3
​
 
 9,912.6

Commitments and contingencies
​
​
​
​
​
​

Stockholders’ deficit:
​
​
​
​
​
​

AMC Entertainment Holdings, Inc.'s stockholders' deficit:
​
​
​
​
​
​

Preferred stock, $.01 par value per share, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026, and December 31, 2025
​
​
 —
​
​
 —

Class A common stock ($.01 par value, 1,100,000,000 shares authorized; 892,604,638 shares issued and outstanding as of June 30, 2026; 1,100,000,000 authorized; 512,943,561 shares issued and outstanding as of December 31, 2025)
​
 
 8.9
​
 
 5.1

Additional paid-in capital
​
 
 7,719.8
​
 
 7,121.5

Accumulated other comprehensive loss
​
 
 (73.7)
​
 
 (42.2)

Accumulated deficit
​
 
 (9,107.7)
​
 
 (8,979.2)

Total stockholders' deficit
​
​
 (1,452.7)
​
​
 (1,894.8)

Total liabilities and stockholders’ deficit
​
$
 8,043.6
​
$
 8,017.8

See Notes to Condensed Consolidated Financial Statements. 

5

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.
​
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
​
​

​

​

​

​

​

​

​
​
Six Months Ended 

(In millions)
​
June 30, 2026
​
June 30, 2025

Cash flows from operating activities:
​
(unaudited)

Net loss
​
$
 (128.5)
​
$
 (206.8)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
​
​
​
​
​
​

Depreciation and amortization
​
​
 151.8
​
​
 153.9

Loss on extinguishment of debt
​
​
 63.1
​
​
 —

Gain on derivatives
​
​
 (8.4)
​
​
 (41.2)

Deferred income taxes
​
​
 0.4
​
​
 0.9

Gains on investments in Hycroft
​
​
 (16.5)
​
​
 (2.5)

Amortization of net discount on corporate borrowings to interest expense
​
​
 5.5
​
​
 8.6

Amortization of deferred financing costs to interest expense
​
​
 10.1
​
​
 3.9

PIK interest expense
​
​
 30.9
​
​
 17.1

Non-cash portion of stock-based compensation
​
​
 10.6
​
​
 11.7

Equity in earnings from non-consolidated entities, net of distributions
​
​
 (4.0)
​
​
 (0.1)

Lease incentives
​
​
 24.6
​
​
 8.9

Non-cash rent benefit
​
​
 (58.5)
​
​
 (53.0)

Net periodic pension cost
​
​
 1.0
​
​
 0.6

Change in assets and liabilities:
​
​
​
​
​
​

Receivables
​
​
 25.6
​
​
 49.9

Other assets
​
​
 (0.9)
​
​
 (10.2)

Accounts payable
​
​
 18.2
​
​
 (87.5)

Accrued expenses and other liabilities
​
​
 (26.2)
​
​
 (50.4)

Other, net
​
​
 8.1
​
​
 (35.4)

Net cash provided by (used in) operating activities
​
​
 106.9
​
​
 (231.6)

Cash flows from investing activities:
​
​
​
​
​
​

Capital expenditures
​
​
 (91.5)
​
​
 (96.5)

Proceeds from disposition of long-term assets
​
​
 2.2
​
​
 0.8

Proceeds from sale of Hycroft
​
​
 29.7
​
​
 —

Other, net
​
​
 —
​
​
 0.1

Net cash used in investing activities
​
​
 (59.6)
​
​
 (95.6)

Cash flows from financing activities:
​
​
​
​
​
​

Net proceeds from equity issuances
​
​
 334.6
​
​
 169.6

Proceeds from issuance of Odeon Term Loans due 2031
​
​
 416.5
​
​
 —

Principal payments under Odeon Senior Secured Notes due 2027
​
​
 (400.0)
​
​
 —

Premium paid to extinguish Odeon Senior Secured Notes due 2027
​
​
 (12.8)
​
​
 —

Principal payments under Senior Subordinated Notes due 2025
​
​
 —
​
​
 (42.8)

Repurchase of Senior Subordinated Notes due 2025
​
​
 —
​
​
 (1.3)

Principal payments under finance lease obligations
​
​
 (3.0)
​
​
 (1.9)

Scheduled principal payments under term loan borrowings
​
​
 (10.0)
​
​
 (10.0)

Cash used to pay deferred financing costs
​
​
 (24.0)
​
​
 (0.1)

Taxes paid for restricted unit withholdings
​
​
 (3.7)
​
​
 (4.4)

Net cash provided by financing activities
​
​
 297.6
​
​
 109.1

Effect of exchange rate changes on cash and cash equivalents and restricted cash
​
​
 (2.7)
​
​
 12.4

Net increase (decrease) in cash and cash equivalents and restricted cash
​
​
 342.2
​
​
 (205.7)

Cash and cash equivalents and restricted cash at beginning of period
​
​
 477.3
​
​
 680.8

Cash and cash equivalents and restricted cash at end of period
​
$
 819.5
​
$
 475.1

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
​
​
​
​
​
​

Cash paid during the period for:
​
​
​
​
​
​

Interest
​
$
 193.0
​
$
 190.3

Income taxes paid, net
​
$
 3.5
​
$
 2.8

Schedule of non-cash activities:
​
​
​
​
​
​

6

Table of Contents

Construction payables at period end
​
$
 48.0
​
$
 38.6

Consent fees paid with shares of Common Stock
​
$
 34.5
​
$
 —

Other third-party equity issuance costs payable
​
$
 0.7
​
$
 —

Issuance of shares of Common Stock in Voluntary Exchange of Senior Secured Exchangeable Notes due 2030
​
$
 192.9
​
$
 —

Deferred financing costs payable
​
$
 1.5
​
$
 —

​
See Notes to Condensed Consolidated Financial Statements. 

7

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.
​
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
​
June 30, 2026
(Unaudited)
​
NOTE 1—BASIS OF PRESENTATION
​
AMC Entertainment Holdings, Inc. (“Holdings”), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. (“Multi-Cinema”) and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the “Company” or “AMC”), is principally involved in the theatrical exhibition business and owns, operates, or has interests in theatres located in the United States and Europe. The condensed consolidated financial statements include the accounts of Holdings and all subsidiaries and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2025. All significant intercompany balances and transactions have been eliminated in consolidation. The Company manages its business under two reportable segments for its theatrical exhibition operations, U.S. markets and International markets.
The accompanying condensed consolidated balance sheet as of December 31, 2025, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10–Q. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, results for the six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Liquidity. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next twelve months. The Company’s historical cash burn rates are not sustainable long-term. Based on the Company’s current cost structure, in order to achieve sustainable annual net positive cash flows from operating activities, the Company believes that revenues will need to be at least in line with pre-COVID-19 revenues. The Company has achieved net positive cash flows from operating activities for the six months ended June 30, 2026. Until such time as the Company is able to achieve annual sustainable net positive cash flows from operating activities, it is difficult to estimate the Company’s future cash burn rates and liquidity requirements. Depending on the Company’s assumptions regarding the timing and ability to achieve increased levels of revenue, the estimates of the required liquidity vary significantly. 
There can be no assurance that the revenues, costs, attendance levels, and other assumptions used to estimate the Company’s liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company’s obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all. 
The Company expects, from time to time, to continue to seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. The Company continuously monitors the capital markets and its capital structure, and may, from time to time, seek to refinance, amend or otherwise restructure its outstanding debt on an opportunistic basis. Such repurchases, refinancings, amendments, restructurings or exchanges, if any, will be upon such terms and at such prices as it may determine, and will depend on prevailing market conditions, its liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity 

8

Table of Contents

is used, dilutive. Additionally, the Company has bolstered its liquidity through sales of its Class A Common Stock (“Common Stock”), see Note 6—Stockholders’ Deficit for further information on these sales.
Cash and Cash Equivalents. As of June 30, 2026, cash and cash equivalents for the U.S. markets and International markets were $683.6 million and $94.8 million, respectively, and as of December 31, 2025, cash and cash equivalents for the U.S. markets and International markets were $302.6 million and $125.9 million, respectively.
Restricted Cash. Restricted cash includes cash held in the Company’s bank accounts as a guarantee for certain landlords and cash collateralized letters of credit relating to the Company’s insurance and utilities programs. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts in the condensed consolidated statements of cash flows. 
​
​

​

​

​

​

​

​

​
​
As of

(In millions)
​
June 30, 2026
​
December 31, 2025

Cash and cash equivalents
​
$
 778.4
​
$
 428.5

Restricted cash
​
​
 41.1
​
​
 48.8

Total cash and cash equivalents and restricted cash in the statement of cash flows
​
$
 819.5
​
$
 477.3

​
As of June 30, 2026, restricted cash for the U.S. markets and International markets were $15.3 million and $25.8 million, respectively. As of December 31, 2025, restricted cash for the U.S. markets and International markets were $20.5 million and $28.3 million, respectively.
​
Investments. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft Mining Holding Corporation (“Hycroft”) on a cashless basis and received 765,440 common shares of Hycroft. During the six months ended June 30, 2026, the Company sold 700,000 common shares of Hycroft for $29.7 million. As of June 30, 2026, the Company held 129,478 remaining common shares of Hycroft. The common shares are recorded at fair value at each reporting period and unrealized gains and losses are reported in investment income. The Company recorded unrealized losses related to its investments in Hycroft in investment income of $1.5 million and $0.3 million during the three months ended June 30, 2026 and June 30, 2025, respectively. The Company recorded realized and unrealized gains related to its investments in Hycroft in investment income of $16.5 million and $2.5 million during the six months ended June 30, 2026 and June 30, 2025, respectively.
Related Party Transactions. The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions primarily relate to advertising revenue and film exhibition costs for film rent. The below table summarizes the related party advertising revenues and film exhibition costs for the three and six months ended June 30, 2026 and June 30, 2025, respectively: 
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions)
​
June 30, 2026
​
June 30, 2025
​
June 30, 2026
​
June 30, 2025

Related party advertising revenues
​
$
 10.2
​
$
 6.1
​
$
 15.6
​
$
 11.2

Related party film exhibition costs
​
​
 8.2
​
​
 5.8
​
​
 14.5
​
​
 9.3

​
Accumulated Other Comprehensive Loss. The following table presents the change in accumulated other comprehensive loss by component:
​
​

​

​

​

​

​

​

​

​

​

​
​
Foreign
​
​
​
​

(In millions)
  ​ ​ ​
Currency
  ​ ​ ​
Pension Benefits
  ​ ​ ​
Total

Balance December 31, 2025
​
$
 (38.3)
​
$
 (3.9)
​
$
 (42.2)

Other comprehensive income (loss)
​
​
 (31.7)
​
​
 0.2
​
​
 (31.5)

Balance June 30, 2026
​
$
 (70.0)
​
$
 (3.7)
​
$
 (73.7)

​
Accumulated Depreciation. Accumulated depreciation related to property was $3,606.1 million and $3,532.6 million as of June 30, 2026, and December 31, 2025, respectively.

9

Table of Contents

Other Expense (Income). The following table sets forth the components of other expense (income):
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions)
​
June 30, 2026
​
June 30, 2025
​
June 30, 2026
​
June 30, 2025

Foreign currency transaction losses (gains) 
​
$
 (0.4)
​
$
 (23.9)
​
$
 8.6
​
$
 (36.9)

Governmental assistance - International markets
​
​
 (0.5)
​
​
 (10.3)
​
​
 (0.5)
​
​
 (10.5)

Net periodic pension cost
​
​
 0.5
​
​
 0.3
​
​
 1.0
​
​
 0.6

Loss on extinguishment - Senior Secured Exchangeable Notes due 2030
​
​
 33.0
​
​
 —
​
​
 33.0
​
​
 —

Loss on extinguishment - Odeon Senior Secured Notes due 2027
​
​
 30.1
​
​
 —
​
​
 30.1
​
​
 —

Debt modifications - third party fees
​
​
 —
​
​
 —
​
​
 0.3
​
​
 —

Increase (decrease) in fair value of bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030
​
​
 9.8
​
​
 3.9
​
​
 2.7
​
​
 (41.2)

Increase (decrease) in fair value of bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030
​
​
 41.3
​
​
 —
​
​
 (11.1)
​
​
 —

Equity in earnings of non-consolidated entities
​
​
 (4.0)
​
​
 (2.1)
​
​
 (6.7)
​
​
 (2.9)

Business interruption insurance recoveries
​
​
 (0.2)
​
​
 —
​
​
 (0.2)
​
​
 —

Total other expense (income)
​
$
 109.6
​
$
 (32.1)
​
$
 57.2
​
$
 (90.9)

​
​
​
​
NOTE 2—LEASES
​
The following table reflects the lease costs for the periods presented:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
Three Months Ended 
​
Six Months Ended 

​
​
​
​
June 30, 
​
June 30, 
​
June 30, 
​
June 30, 

(In millions)
​
Consolidated Statements of Operations
​
2026
​
2025
​
2026
​
2025

Operating lease cost
​
​
​
​
​
​
​
​
​
​
​
​
​

Theatre properties
​
Rent
​
$
 193.5
​
$
 193.4
​
$
 385.6
​
$
 383.6

Theatre properties
​
Operating expense
​
​
 1.5
​
​
 2.2
​
​
 2.8
​
​
 3.4

Equipment
​
Operating expense
​
​
 12.8
​
​
 10.4
​
​
 25.4
​
​
 20.1

Office and other
​
General and administrative: other
​
​
 1.2
​
​
 1.4
​
​
 2.4
​
​
 2.7

Finance lease cost
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Amortization of finance lease assets
​
Depreciation and amortization
​
​
 0.9
​
​
 0.7
​
​
 1.6
​
​
 1.4

Interest expense on lease liabilities
​
Interest expense
​
​
 0.9
​
​
 0.8
​
​
 1.7
​
​
 1.6

Variable operating and finance lease cost
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Theatre properties
​
Rent
​
​
 30.3
​
​
 29.2
​
​
 62.3
​
​
 57.1

Theatre properties
​
Interest expense
​
​
 0.9
​
​
 0.6
​
​
 1.5
​
​
 1.0

Equipment
​
Operating expense
​
​
 24.6
​
​
 22.6
​
​
 39.2
​
​
 32.0

Total lease cost
​
​
​
$
 266.6
​
$
 261.3
​
$
 522.5
​
$
 502.9

​
​
​

10

Table of Contents

Cash flow and supplemental information are presented below:
​
​

​

​

​

​

​

​

​
​
Six Months Ended 

​
​
June 30, 
​
June 30, 

(In millions)
​
2026
​
2025

Cash paid for amounts included in the measurement of lease liabilities:
​
​
​
​
​
​

Operating cash flows used in finance leases
​
$
 (1.4)
​
$
 (1.4)

Operating cash flows used in operating leases
​
​
 (479.4)
​
​
 (461.8)

Financing cash flows used in finance leases
​
​
 (3.0)
​
​
 (1.9)

​
​
​
​
​
​
​

Lease incentives:
​
​
​
​
​
​

Operating cash flows provided by operating leases
​
​
 24.6
​
​
 8.9

Supplemental disclosure of noncash leasing activities:
​
​
​
​
​
​

Right-of-use assets obtained in exchange for new operating lease liabilities (1)
​
​
 69.6
​
​
 192.4

Right-of-use assets obtained in exchange for new finance lease liabilities (1)
​
​
 5.4
​
​
 —

​
(1)Includes lease extensions and option exercises.
​
The following table represents the weighted-average remaining lease term and discount rate as of June 30, 2026:
​
​

​

​

​

​

​

​

​
​
Weighted Average
​
Weighted Average

​
​
Remaining 
​
Discount

Lease Term and Discount Rate
​
Lease Term (years)
​
Rate

Operating leases
​
​
 7.3
​
​
11.1%

Finance leases
​
​
 11.8
​
​
6.2%

​
Minimum annual payments required under existing operating and finance leases and the net present value thereof as of June 30, 2026, are as follows:
​
​

​

​

​

​

​

​

​
​
Operating Lease
​
Finance Lease

(In millions)
​
Payments
​
Payments

Six months ending December 31, 2026
​
$
 470.7
​
$
 5.3

2027
​
​
 901.5
​
​
 10.4

2028
​
​
 815.5
​
​
 10.4

2029
​
​
 711.0
​
​
 8.8

2030
​
​
 608.4
​
​
 7.7

2031
​
​
 503.5
​
​
 6.5

Thereafter
​
​
 1,505.1
​
​
 26.7

Total lease payments
​
​
 5,515.7
​
​
 75.8

Less imputed interest
​
​
 (1,704.7)
​
​
 (23.2)

Total operating and finance lease liabilities, respectively
​
$
 3,811.0
​
$
 52.6

​
As of June 30, 2026, the Company had signed additional operating lease agreements for two theatres that have not yet commenced. The leases have terms ranging from 10 to 12 years and total lease payments of approximately $24.3 million. The timing of the lease commencements is dependent on the applicable landlord providing the Company with control and access to the applicable theatre. 
​

11

Table of Contents

NOTE 3—REVENUE RECOGNITION
​
Disaggregation of Revenue. Revenue is disaggregated in the following tables by major revenue types and by timing of revenue recognition:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions)
​
June 30, 2026
​
June 30, 2025
​
June 30, 2026
​
June 30, 2025

Major revenue types
​
​
​
​
​
​
​
​
​
​

Admissions
​
$
 863.1
​
$
 762.6
​
$
 1,441.5
​
$
 1,236.1

Food and beverage 
​
​
 576.1
​
​
 499.6
​
​
 923.4
​
​
 783.0

Other theatre:
​
​
​
​
​
​
​
​
​
​
​
​

Ticket fees
​
​
 72.7
​
​
 56.0
​
​
 113.1
​
​
 86.5

Advertising
​
​
 43.3
​
​
 37.8
​
​
 80.6
​
​
 68.4

Other
​
​
 41.5
​
​
 41.9
​
​
 83.5
​
​
 86.4

Other theatre
​
​
 157.5
​
​
 135.7
​
​
 277.2
​
​
 241.3

 Total revenues
​
$
 1,596.7
​
$
 1,397.9
​
$
 2,642.1
​
$
 2,260.4

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

(In millions)
​
June 30, 2026
​
June 30, 2025
​
June 30, 2026
​
June 30, 2025

Timing of revenue recognition
​
​
​
​
​
​
​
​

Products and services transferred at a point in time
​
$
 1,459.1
​
$
 1,282.8
​
$
 2,378.5
​
$
 2,042.1

Products and services transferred over time (1)
​
​
 137.6
​
​
 115.1
​
​
 263.6
​
​
 218.3

 Total revenues
​
$
 1,596.7
​
$
 1,397.9
​
$
 2,642.1
​
$
 2,260.4

​
(1)Amounts