AMC’s Financial Crossroads: Growth Amidst Deepening Losses

AMC Entertainment Holdings, Inc. has released preliminary figures for its 2025 fiscal year alongside a pivotal agreement with certain creditors. The theater chain's operational performance showed signs of strength, yet its bottom line told a story of mounting financial strain. The central question for investors is whether a newly announced debt restructuring can provide the long-term stability the cinema giant needs.

On an operational level, AMC reported growth. Preliminary revenue for 2025 reached approximately $4.85 billion, marking a 4.6% increase over the prior year. Notably, the company's performance significantly outpaced the broader North American box office, which grew by an estimated 1.5%. A key profitability metric, Adjusted EBITDA, also improved to an estimated $387.5 million, up from $343.9 million.

However, these gains were eclipsed by a stark deterioration in net income. The company's estimated net loss for 2025 widened dramatically to roughly $632.4 million, nearly doubling the previous year's loss of $352.6 million. This expanding deficit underscores the intense financial pressure persisting despite top-line growth. The company's cash position, reported at $428.5 million as of December 31, 2025, remains stable for now.

Key Preliminary Figures for 2025:

Should investors sell immediately? Or is it worth buying AMC?

• Revenue: ~$4.85 billion (+4.6% year-over-year)
• Estimated Net Loss: ~$632.4 million (2024: $352.6 million)
• Adjusted EBITDA: ~$387.5 million (2024: $343.9 million)
• Cash & Equivalents (Dec. 31, 2025): $428.5 million
• Shares for Debt Agreement: Up to 17.8 million new common shares

Debt Restructuring: A Path Forward at a Cost

In a strategic move to address its balance sheet, AMC has reached an agreement with holders of its secured notes maturing in 2029. The primary objectives of this deal are to extend debt maturities and reduce interest expenses, thereby granting management greater flexibility to refinance its capital structure.

Specifically, the arrangement enables the retirement of existing credit facilities and the 2027 Odeon bonds. The cost of this financial maneuvering will be paid in equity: the involved creditors will receive a fee of up to 17.8 million new shares of common stock. For current shareholders, this transaction results in further dilution of their ownership stakes.

CEO Pins Hopes on a Blockbuster 2026 Slate

Looking ahead, CEO Adam Aron is pointing to a robust pipeline of major film releases as a catalyst for improvement. Early industry data suggests box office receipts for the first quarter of 2026 are already running approximately 9% above the prior-year period. The management team anticipates significant market growth driven by high-profile titles such as "Spider-Man: Brand New Day," "Avengers: Doomsday," and "Dune: Part Three." The company plans to monetize this expected demand through its premium large-format screens and loyalty programs.

AMC is scheduled to release its final, audited financial results for the full year 2025 after the U.S. market closes on Tuesday, February 24, 2026. A subsequent webcast will be held where executives are expected to provide additional details on the refinancing progress and the general outlook for the exhibition industry.