AMC Entertainment says it has moved beyond the financial strain it faced after the COVID-19 pandemic, when theater closures drained cash and left the company managing substantial debt.
The business also contended with broader changes in the film industry, including shorter theatrical runs, competition from streaming services and production delays caused by the 2023 writers’ and actors’ strikes.
In its latest earnings report, AMC posted record revenue and adjusted EBITDA for a second straight quarter. CEO Adam Aron said the company had spent recent years focused on recovery while other major industry players collapsed. “Today, we can finally say that AMC has recovered,” he said.
Aron thanked the company’s studio and business partners, employees and shareholders for sticking with AMC through what he described as a long and sometimes brutal period. He said survival was never the end goal; the company now wants to thrive and is focused on opportunities ahead.
AMC reported $1.7 billion in third-quarter revenue, a 31.6% increase from the same period last year. Adjusted EBITDA reached $347.5 million, compared with $122.5 million a year earlier.
Aron credited the results to AMC’s loyalty programs, its expanding range of premium and extra-large-format theaters, cost controls and strong execution. He also pointed to continued momentum: U.S. box office revenue in October was about 35% higher than in October last year.
With several highly anticipated films still due in November and December, Aron said AMC expects the year’s remaining releases to lift domestic and global box office totals to their highest levels in seven years. The company operates about 840 theaters and 9,500 screens worldwide.
