AMCAMC Entertainment Holdings, Inc.
Industry Media entertainment Price 23 Oct 2026
If management hits its targets, one share in 12 months
Held at $2.90
Promises vs. what happened
14 claims · 8 releasesEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 50-100 US XL screens in 2025 | Q3 '24 call | 67, mostly rebranded | Held |
| 2025 net capex $175-225M | Q4 '24 call | $200M | Held |
| Positive FCF Apr-Dec '25 | Q2 '25 call | +$51M | Held |
| Equitize $143-337M of debt | Q2 '25 | ~$339M, all in new shares | Held |
| Box office up 2024-26 | Q3 '24 | end '24 yes, 2025 flat, 2026 up so far | Late |
| Strong 2025 and 2026 | Q1 '25 | weak H2 '25, strong H1 '26 | Late |
| Refinance $2.4B in Q1 '26 | Q4 '25 | $400M in Q2; the rest Oct '26 | Late |
| Arena One in 300+ theatres, Jun '26 | Q1 '26 | not mentioned since | Dropped |
| 2026 the record year | Q3 '25 | H1 ahead; year not in | Open |
| ~350 XL screens by Dec '26 | Q2 '25 call | 193 in Jul '26 | Open |
| $51M a year less interest | Q2 '26 | not yet shown | Open |
| 2025 box office +$0.5-1B | Q4 '24 call | +1.5% | Missed |
| Best Q4 in six years | Q3 '25 | AMC Q4 revenue -1.4% | Missed |
| 2026 net capex $175-225M | Q4 '25 call | raised to $200-235M | Missed |
What they’re pitching
the headline page, release by releaseThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Box officeOff page one Q4 '25
Balance sheetOff page one Q4 '24
Per patronFirst seen Q3 '24
Go PlanFirst seen Q4 '24
LeveragePage one since Q1 '26
Beat consensusNew Q1 '25 · Page one since Q2 '26
EventsFirst seen Q3 '25
on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Box office recovery and the film slate
“Based on what we know now, we expect that the industry-wide box office should markedly rise at year-end and rise yet again for the next two years.””
Deck AMC Q3 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“Aron concluded, “As we look ahead to 2025 and beyond, we look forward to what we believe will be material growth in the industry-wide box office.”
Deck AMC Q4 and full year 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“We continue to believe that moviegoing demand for the balance of 2025 and all of 2026 will show great strength.””
Deck AMC Q1 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“so doing, we have put in place a solid foundation to capitalize on what we believe will be our industry’s continued growth momentum, especially evident in the fourth quarter of 2025 and continuing deep into 2026.””
Deck AMC Q2 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“Adam Aron, Chairman and CEO of AMC, commented, "Calendar year 2025 is turning out exactly as we have long predicted.”
Deck AMC Q3 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“And as I have said many times before, the not-so-secret formula to a full box ‑ office recovery is straight forward, we need more great movies from our studio partners.””
Deck AMC Q4 and full year 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“Finally, after repeated flat years, primarily due to the crippling industry strikes of 2023, the box office is back, and in a big and powerful way.”
Deck AMC Q1 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Box office recovery and the film slate
“Looking at the entire 2026 slate, especially including when Warner Bros.' will be releasing DUNE: PART THREE and Disney will be unveiling AVENGERS: DOOMSDAY just before Christmas, we believe that movie theatres will enjoy, in the full twelve-months of 2026, their strongest yet post-pandemic year, at both the domestic and the global box office."”
Deck AMC Q2 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“And second, on the strengthening of AMC’s balance sheet, our debt transactions announcement in July pushed the maturity of $2.4 billion of our long term debt out into the future for several years, from 2026 to 2029 and 2030.”
Deck AMC Q3 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“and continue to position AMC to thrive as the box office grows. Over the course of the year, AMC reduced its debt obligations by more than $375 million, and we ended the year with more than $630 million of available cash.”
Deck AMC Q4 and full year 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“We’ve now addressed all of our 2026 debt maturities pushing them out to 2029.”
Deck AMC Q2 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“Aron highlighted, "As previously announced, perhaps more important than anything else, during the third quarter AMC successfully completed several transformative capital markets transactions that greatly strengthened AMC's financial foundation.”
Deck AMC Q3 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“Taking all these actions together, AMC obviously has been vigorous in addressing the need to right our balance sheet.””
Deck AMC Q1 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Balance sheet repair (maturities pushed out, debt cut, equity raised)
“And as a result of these actions, we have no currently expected debt maturities until 2029.””
Deck AMC Q2 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“Aron continued, “During the third quarter of 2024, we are proud that AMC also achieved a new record for our third quarter admissions revenue per patron and an all-time record of any quarter for our food and beverage revenue per patron.”
Deck AMC Q3 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“Complementing this fourth quarter attendance milestone, moviegoers enthusiastically embraced the variety and quality of our food and beverage offerings, driving food and beverage revenue per patron to $7.15 — an all-time fourth quarter record for AMC.””
Deck AMC Q4 and full year 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“Our ability to continue growing per-patron operating metrics, including achieving an all-time first quarter record for U.S. admissions revenue per patron, speaks volumes about the enduring strength of the AMC brand, the exceptional AMC Stubs loyalty and A-List subscription programs, and our market leading premium format offerings.””
Deck AMC Q1 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“Indeed, we shattered all-time records across nearly every per patron metric.”
Deck AMC Q2 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“AMC outperformed the industry, achieving all-time record admissions revenue per patron of $12.25.”
Deck AMC Q3 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Per-patron records
“Aron added, “AMC finished 2025 with all ‑ time per ‑ patron records in admissions revenue, food and beverage revenue, and total revenue, for both the fourth quarter and the full year.”
Deck AMC Q4 and full year 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
AMC Go Plan and premium formats
“This especially includes a robust expansion of our premium large format, extra-large format and special purpose screens, as part of our Go Plan which was announced simultaneously with our last quarterly earnings results.””
Deck AMC Q4 and full year 2024 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
AMC Go Plan and premium formats
“Aron continued, “Our AMC Go Plan designed to elevate and enhance the guest experience in our theatres is also making remarkable strides.”
Deck AMC Q1 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
AMC Go Plan and premium formats
“Aron concluded, “Our AMC Go Plan is working exactly as designed.”
Deck AMC Q2 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
AMC Go Plan and premium formats
“We already have more premium movie screens than anyone in our industry, and we are adding more at a truly brisk and rapid pace.”
Deck AMC Q1 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
AMC Go Plan and premium formats
“announced and highly successful AMC Go Plan.”
Deck AMC Q2 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Operating leverage
“Adam Aron, Chairman and CEO of AMC commented, “In this second quarter of 2025, AMC showcased the impressive operating leverage inherent in our business.”
Deck AMC Q2 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Operating leverage
“Our much-improved results clearly demonstrate the operating leverage inherent in our business, generating markedly improving results at a time when revenues are rising.””
Deck AMC Q1 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Operating leverage
“| Demonstrates for all to see the significant operating leverage inherent in AMC’s business model at a time of rising revenues”
Deck AMC Q2 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Beating Wall Street expectations
“Aron added, “We also take great comfort in AMC’s resilience being on full display in the first quarter of 2025, as we surpassed Wall Street expectations and continued to grow our per-patron operating metrics, despite the backdrop of a”
Deck AMC Q1 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Beating Wall Street expectations
“Despite an industrywide box office that was well below the third quarter of last year, AMC generated improvements to cash used in operations and free cash flow, when compared to the same time a year ago, and once again AMC surpassed consensus Wall Street expectations both on Revenue and Adjusted EBITDA.”
Deck AMC Q3 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Beating Wall Street expectations
“LEAWOOD, KANSAS - (July 20, 2026) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), exceeded Wall Street expectations on several key metrics in its reporting today of results for the second quarter ended June 30, 2026.”
Deck AMC Q2 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Events beyond film (concert releases, Arena One)
“Aron mentioned, "AMC Theatres Distribution took another bold and imaginative step forward in the quarter when we partnered again with the iconic one-and-only Taylor Swift, to highlight the debut of her 12th studio album.”
Deck AMC Q3 2025 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
Events beyond film (concert releases, Arena One)
“Add to that our announcement today of Arena One at AMC, which opens the doors of our theatres not only to moviegoers but also to fans of live concerts.”
Deck AMC Q1 2026 results release (8-K Ex. 99.1) · FOR IMMEDIATE RELEASE ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Box office
- In every release, usually first: 'markedly rise' (Q3 '24), 'exactly as we have long predicted' (Q3 '25), the strongest post-pandemic year (Q2 '26).
- Balance sheet
- Maturities pushed to 2029 (2024-25), then equity raised and notes converted; from Q2 '26 told as interest saved.
- Per patron
- The consolation line in weak quarters, Q3 '24 to Q4 '25; dropped in 2026 when attendance grew.
- Go Plan
- Named from Q4 '24; the XL count is given, the plan's $1-1.5B cost never appears in a release.
- Leverage
- The lead line in the record quarters, Q2 '25, Q1 '26 and Q2 '26.
- Beat consensus
- Claimed in Q1 '25 and Q3 '25, both quarters of falling revenue, and in the first paragraph of Q2 '26.
- Events
- Taylor Swift's release-party film (Q3 '25), Arena One live concerts (Q1 '26); neither in Q2 '26.
- New
- Q3 '25: adjusted net earnings promoted to a summary bullet. Q2 '26: an adjusted EBITDA margin, 20.1%.
- Quiet
- Free cash flow left the summary list in Q1 '26 (-$174.7M). Per-patron figures and Arena One gone from the 2026 releases.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 20 Jul 2026
- Q1 2026 release · 8-K 5 May 2026
- Q4 2025 release · filed copy 23 Feb 2026
- Q3 2025 release · 8-K 5 Nov 2025
- Q2 2025 release · 8-K 11 Aug 2025
- Q1 2025 release · 8-K 7 May 2025
- Q4 2024 release · 8-K 25 Feb 2025
- Q3 2024 release · 8-K 6 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
7 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|
| Demand & customers | · | 33% | 23% | · | · | 14% | · |
| Growth & sales | 25% | 33% | 38% | · | 50% | 21% | 20% |
| Pricing & margins | 25% | · | 46% | 100% | · | 36% | 20% |
| Guidance & outlook | 25% | 33% | 8% | · | 50% | 14% | 20% |
| Capacity & supply | 25% | · | 15% | 100% | · | · | · |
| Capital & financing | · | 33% | 46% | · | 50% | 21% | 40% |
| Competition | · | · | 15% | · | · | 7% | · |
| Products & technology | 25% | · | 31% | · | · | 7% | · |
| Macro & regulation | · | · | 8% | · | · | 21% | · |
| Other | 25% | 33% | 23% | · | · | 43% | 40% |
| Questions | 4 | 3 | 13 | 1 | 2 | 14 | 10 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
Shares more than tripled in 27 months; about 168M more can be issued without a vote
H1 '26: 105.3M sold at the market for $150M, 95.25M at $2.10 in a registered direct, 142.1M for the exchangeable notes. Authorised shares doubled to 1.1B in Dec '25; the equity plan doubled to 50M in Sep '26.
Tier 2 · worsening
Performance targets cut after the year ended, two years running
2025 results ($387.5M adjusted EBITDA, -$365.9M free cash flow) missed every original threshold; on 27 Feb '26 the targets were lowered and the shares vested at 200%. 2024's goal was cut too (98% to 146%). Say-on-pay failed in Sep '26, 54.7% against.
Tier 3 · stable
Staggered board survives three repeal votes
The board proposes declassification every year and wins most votes cast (97.4% in 2026), but the charter needs a majority of all shares and non-votes count against. Aron is chairman and CEO.
Tier 3 · improving
Suits over the 2023 preferred-unit conversion, now against directors
Simons (S.D.N.Y., claimed at least $178M) dropped its class claims in Jun '26; Masoner (Delaware, about $4.2M damages and $18M disgorgement) awaits a ruling on dismissal.
Tier 3 · stable
Insiders own 0.6% and sold nothing
No open-market sale by a director or officer in Form 4s since Jan '24; 1.78M shares withheld for tax. Aron bought 250,000 shares at $1.38 on 19 May '26.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 86.3M | 202.7M | 54.7% |
| Saich (pay committee chair, '25)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 52.2M | — | 28.3% |
| Koch ('25)A board seat. | 40.9M | — | 22.2% |
| Aron (chair & CEO, '25)A board seat. | 31.9M | — | 17.3% |
| Jain (audit chair, '26)A board seat. | — | 35.0M | 9.4% |
| More shares (authorised '25, plan '26)Permission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower. | 26.4M | 24.1M | 6.5% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| No director or officer sold | 0 | none in any Form 4 since Jan '24; 1.78M shares withheld for tax on vesting are not sales |
| Aron, chairman and CEO | bought $0.34M | 250,000 shares at $1.38 on 19 May '26; holds 2.44M plus 9.9M unvested |