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The mega-exhibitor saw its net loss climb against a year-earlier $20.7 million loss, due to non-cash charges following a refinancing.
By Etan Vlessing
Canada Bureau Chief
AMC Entertainment Holdings has seen its third-quarter net loss balloon and total revenues fall due to weaker Hollywood box office.
On Wednesday, the debt-laden parent of AMC Theatres reported overall revenues at $1.3 billion, against a year-earlier $1.34 billion, when the exhibitor got a boost from Deadpool & Wolverine and Inside Out 2 in its theaters.
The mega-exhibitor’s net loss for its most recent financial quarter came in at $298.2 million, against a year-earlier loss of $20.7 million, due mainly to non-cash charges associated with a July 2025 refinancing to fully redeem 2026 debt maturities.
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AMC is riding a premium screen gold rush at the local multiplex by offering varied immersive auditoriums like Imax, Dolby Cinema, iSense, XL and laser projection-equipped screens. But that wasn’t enough to offset a roller coaster ride in Hollywood box office so far in 2025, according to AMC Theatres CEO Adam Aron.
“Calendar year 2025 is turning out exactly as we have long predicted. Due primarily to the timing of major studio film release dates, a weak first quarter was followed by a blazing hot second quarter, which then was followed by a softening third quarter,” Aron said in a statement that accompanied his latest results.
After the collapse of domestic box office in October, Aron needs to convince investors AMC can leverage a steadier supply of Hollywood tentpole releases to get film lovers back in the habit of going to the multiplex in pre-pandemic numbers.
“The third quarter industrywide softness should not be a cause for alarm nor a harbinger of some negative trend about which to hand-wring or worry. To the contrary, we expect the fourth quarter industrywide box office will turn out to be the highest grossing fourth quarter in six years. We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025,” Aron added in prepared remarks delivered to Wall Street analysts during an after-market conference call.
During the latest quarter, total admissions revenue fell to $715.1 million, compared to a year-earlier $744.2 million. Food and beverage concession revenues came to $451.8 million, down from year-earlier $490.4 million. U.S. market attendance amounted to 42.2 million patrons, while international markets attendance added another 16.1 million cinemagoers at overseas venues during the third quarter.
During the analyst call, Aron discussed the prospects for Hollywood box office for the rest of 2025 and into next year, starting with upcoming Thanksgiving tentpoles like Wicked: For Good and Zootopia 2. That’s after the recent summer box office fell short of the bountiful take by exhibitors from Barbie and Oppenheimer on big screens in 2023.
“As the box office grows over the next 14 months, as we believe it will, AMC is better poised that anyone else to reap the benefit from what we believe sets us up so very well as we look ahead,” Aron argued. He added AMC had begun talks with Netflix about showing its movies in its cinemas, starting with the recent play for the KPop Demon Hunters animated movie sing-along event.
“The talks with Netflix are in their infancy, and we do not know yet the ultimate size there can be for this potential cooperation. There is much still to work out, especially, for example, on windows,” Aron reported. Netflix does send some of its movies to theaters, but has focused on driving audiences to its streaming platform.
Talks between AMC and Netflix mark a change of pace. Before the pandemic, major theater chains largely snubbed Netflix titles since the streamer wouldn’t respect a 90-day theatrical window. Then the extended COVID-19 pandemic upended traditional windows, and major exhibitors began talking to Netflix about releasing its films in theaters and agreeing terms on release windows.
The AMC Theatres boss also highlighted potential uses of artificial intelligence to boost the consumer appeal of its theatrical exhibition business. Aron pointed to a recent investment by AMC in Kimbal Musk’s drone light-show company Nova Sky Stories, which aims to pair sky-based drones with animation artists and producers to create long form light shows.
“In addition to just investing in this company with what we expect will be its explosive growth financially in 2026 and 2027, there is much that AMC Entertainment can and will do together in cooperation with Nova Sky Stories,” Aron added, with more announcements in the future to come from that partnership. Jeffrey Katzenberg’s investment firm WndrCo has also taken an unspecified stake in Nova Sky Stories.
Aron also discussed the recent takeover of Paramount by David Ellison’s Skydance to create Paramount Skydance and the additional deal chatter around Warner Bros. Discovery. “With respect to any potential studio consolidation, our attention will be laser focused on one issue only, the count of movie releases that’s coming from studios. Clearly, if it’s more movies, that’s good for AMC, and if it’s less movies, that’s not as good for AMC. So we’re watching closely,” he told analysts.
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