Free cash flow remains intermittent and unreliable, swinging from a $113.9M surplus in 2024Q4 to a $417.0M deficit in 2025Q1, highlighting significant liquidity management challenges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Mar'12 | Mar'11 | Mar'10 | Mar'09 |
|---|
| Cash from Operations | 121.7M | -119.8M | -50.8M | -215.2M | -628.5M | -614.1M | -1.13B | 579M | 523.2M | 537.4M | 431.7M | 467.5M | 297.3M | 357.34M | 160.74M | 137.03M | 137.03M | -16.17M | 167.25M |
| Operating CF Margin % | - | -2.47% | -1.1% | -4.47% | -16.07% | -24.29% | -90.91% | 10.58% | 9.58% | 10.58% | 13.34% | 15.86% | 11.03% | 13% | 6.02% | 5.27% | 5.66% | -0.67% | 7.38% |
| Operating CF Growth % | 580.2% | -135.83% | 76.39% | 65.76% | -2.34% | 45.63% | -295.08% | 10.67% | -2.64% | 24.48% | -7.66% | 57.25% | -16.8% | 122.31% | 17.3% | 0% | 947.53% | -109.67% | - |
| Net Income | -547.4M | -632.4M | -352.6M | -396.6M | -973.6M | -1.27B | -4.59B | -149.1M | 110.1M | -487.2M | 111.7M | 103.9M | 64.08M | 364.4M | 54.73M | -94.1M | -94.1M | -174.3M | -158.77M |
| Depreciation & Amortization | 313M | 313.4M | 319.5M | 365M | 396M | 425M | 498.3M | 450M | 537.8M | 538.6M | 268.2M | 233M | 216.32M | 197.54M | 205.45M | 214.03M | 214.03M | 212.41M | 222.48M |
| Stock-Based Compensation | 18.5M | 16.9M | 22M | 42.5M | 22.5M | 43.1M | 25.4M | 4.4M | 14.9M | 5.7M | 4.9M | 10.5M | 11.29M | 12M | 1.32M | 1.32M | 0 | 0 | 0 |
| Deferred Taxes | 1.4M | 2M | 1.5M | 700K | 1.7M | -7.6M | 64M | -33.7M | -6.4M | 157.8M | 34.1M | 51.6M | 32.43M | -266.6M | 0 | 0 | 0 | 0 | 400K |
| Other Non-Cash Items | 121.5M | 185.4M | -114.2M | -147.1M | -1.8M | 55.6M | 2.71B | 171.6M | -115.5M | 350.6M | 95.5M | 40.1M | 43.45M | -16.75M | -72.48M | -9.36M | -9.36M | -24.96M | 98.09M |
| Working Capital Changes | 214.7M | -5.1M | 73M | -79.7M | -73.3M | 139.6M | 162.2M | 135.8M | -17.7M | -28.1M | -82.7M | 28.4M | -70.27M | 66.76M | -28.28M | 26.46M | 26.46M | -29.31M | 5.05M |
| Change in Receivables | -5.5M | 13.2M | 37.4M | -45.6M | 4M | -82.7M | 159.3M | 700K | -200K | -36.6M | -56.7M | -1.4M | 308K | -3.37M | -38.59M | -38.59M | -18.55M | 4.38M | 9.35M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 34.9M | -7.5M | 60.1M | -700K | -40.4M | 63.8M | -176.4M | 104.8M | -85.6M | 34.7M | 21.5M | 41.3M | -13.69M | 64.22M | 0 | 26.75M | 26.75M | -30.49M | 20.42M |
| Cash from Investing | -190.2M | -221.6M | -242.9M | -180.1M | -224M | -68.2M | -154.6M | -516.1M | -317.2M | -959.3M | -1.33B | -509.4M | -271.69M | -268.78M | -226.31M | -163.71M | -163.71M | -250.04M | 100.92M |
| Capital Expenditures | -245.3M | -246.1M | -245.5M | -4M | -17.8M | -8.2M | -173.8M | -11.8M | 0 | 0 | 0 | 0 | 0 | 0 | -149.56M | -139.36M | 0 | 0 | -121.46M |
| CapEx % of Revenue | 4.87% | 5.08% | 5.29% | 0.08% | 0.46% | 0.32% | 13.99% | 0.22% | 10.55% | 12.34% | 13.03% | 11.31% | 10.04% | 9.49% | 5.6% | 5.36% | 5.75% | 5.35% | 5.36% |
| Acquisitions | 0 | 0 | 0 | 30M | -27.9M | 24.9M | -3.1M | -9.7M | 196.9M | -490.5M | -923.2M | -174.8M | -1.52M | -4.39M | 0 | -26.88M | -26.88M | -280.38M | 226.76M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 31M | 400K | 2.6M | -206.1M | -191.3M | -84.9M | 22.3M | -494.6M | -514.1M | -468.8M | -408.3M | -334.6M | -270.17M | -264.39M | -78.33M | 2.52M | -136.83M | -71.88M | -4.38M |
| Cash from Financing | 16.5M | 125.2M | 68.4M | 649.3M | -91.3M | 1.99B | 1.33B | -112.9M | -194.8M | 492.3M | 918.2M | 35.3M | -353.86M | 324.93M | -102.3M | -113.67M | -113.67M | 73.12M | 162.6M |
| Debt Issued (Net) | 7.1M | 500K | -133.7M | -167.2M | -131.4M | 234.3M | 1.06B | 300K | 525.9M | 54.2M | 1.06B | 135.2M | -287.04M | -1.53M | 0 | 0 | -120.36M | 88.59M | 174.41M |
| Equity Issued (Net) | -169.6M | 169.6M | 254.9M | 832.7M | 440.8M | 1.8B | 264.7M | 0 | -445.4M | 582.8M | 0 | 0 | -92K | 354.99M | 0 | 0 | 0 | 0 | -2.47M |
| Dividends Paid | 0 | 0 | 0 | 0 | -700K | 0 | -6.5M | -84.1M | -258.1M | -104.6M | -79.6M | -78.6M | -58.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -445.4M | -34M | 0 | 0 | -92K | -588K | 0 | 0 | 0 | 0 | -2.6M |
| Other Financing | 179M | -44.9M | -52.8M | -16.2M | -400M | -44.7M | 16.5M | -29.1M | -17.2M | -40.1M | -66.7M | -21.3M | -8.23M | -28.53M | -102.3M | -102.3M | 6.68M | -15.47M | -9.33M |
| Net Change in Cash | -46.8M | -203.5M | -230.6M | 257M | -965.9M | 1.3B | 45.9M | -48.5M | 5.7M | 88.1M | 19M | -7M | -328.25M | 413.38M | 277.61M | -139.8M | -139.8M | -194.19M | 0 |
| Free Cash Flow | -123.6M | -365.9M | -296.3M | -444.8M | -848.3M | -714.7M | -1.3B | 49.1M | -53.1M | -89.4M | 10M | 134.1M | 26.57M | 96.52M | 11.18M | -2.33M | -2.33M | -145.51M | 45.79M |
| FCF Margin % | -2.46% | -7.55% | -6.39% | -9.24% | -21.69% | -28.27% | -104.9% | 0.9% | -0.97% | -1.76% | 0.31% | 4.55% | 0.99% | 3.51% | 0.42% | -0.09% | -0.1% | -6.02% | 2.02% |
| FCF Growth % | 73.95% | -23.49% | 33.39% | 47.57% | -18.69% | 45.16% | -2754.38% | 192.47% | 40.6% | -994% | -92.54% | 404.74% | -72.47% | 763.51% | 579.72% | 0% | 98.4% | -417.77% | - |
| FCF per Share | -0.23 | -0.71 | -0.89 | -2.65 | -6.47 | -6.28 | -49.06 | 4.17 | -3.60 | -6.15 | 0.89 | 12.07 | 2.40 | 11.13 | 1.01 | -0.27 | -0.27 | -16.78 | 4.26 |
| FCF Conversion (FCF/Net Income) | 0.23x | 0.19x | 0.14x | 0.54x | 0.65x | 0.48x | 0.25x | -3.88x | 4.75x | -1.10x | 3.72x | 4.50x | 4.64x | 0.98x | 7.41x | -1.46x | -0.79x | -0.20x | -1.02x |
| Interest Paid | -92.9M | 0 | 401.6M | 421.2M | 379M | 274.7M | 237.5M | 284.5M | 278.3M | 226.7M | 105.4M | 103.9M | 113.58M | 152.22M | 0 | 0 | 219.49M | 185.45M | 0 |
| Taxes Paid | -900K | 0 | 700K | 4.3M | 800K | 0 | 0 | 0 | 19.5M | 10.9M | 4.7M | 5.3M | 1.08M | 1.65M | 0 | 0 | 807K | 729K | 0 |
Unsustainable debt service obligations
As reported in recent financial filings, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios swinging from 1.10 in 2026Q1 to an extreme -29.45 in 2025Q2, indicating that accounting accruals and non-cash charges frequently decouple from actual cash generation.
The wide variance in conversion metrics suggests that net income is a poor proxy for the company's underlying cash health. Investors should monitor whether these fluctuations are driven by seasonal working capital shifts or more permanent structural issues in revenue recognition.
Based on the provided cash flow statements, AMC's free cash flow trajectory is characterized by extreme inconsistency, alternating between a peak of $113.9M in 2024Q4 and a deep deficit of -$417.0M in 2025Q1, reflecting a business model that struggles to maintain positive cash flow margins.
The inability to generate sustained positive free cash flow suggests that the company remains reliant on external financing or equity dilution to fund operations. This pattern warrants further investigation into whether the current theater-level economics can ever support the existing debt service requirements.
According to quarterly data, AMC maintains a consistent capital expenditure profile, with CapEx/Revenue ratios averaging between 3.5% and 6.9%, which appears necessary to sustain the competitive advantage of its premium large format screens despite the company's ongoing struggle to achieve positive net profitability.
While this spending is critical for maintaining the theater fleet, it represents a significant cash drain that competes with debt repayment obligations. The persistence of these capital outlays during periods of negative cash flow suggests a high degree of operational rigidity.
As indicated by the company's financial statements, working capital changes are a primary driver of quarterly cash flow volatility, with a notable $160.8M inflow in 2024Q4 followed by a $184.4M outflow in 2025Q1, highlighting the sensitivity of cash balances to timing differences in payables and receivables.
These swings suggest that the company's cash position is highly susceptible to the timing of studio payments and seasonal concessions inventory management. Analysts should be cautious about interpreting short-term cash flow improvements as evidence of a fundamental turnaround in operational efficiency.
Quick answers to the most common questions about buying AMC stock.
AMC Entertainment Holdings, Inc. (AMC) generated $-119.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AMC Entertainment Holdings, Inc. (AMC) reported negative free cash flow of $365.9M in 2025, indicating capital requirements exceeded cash from operations.
AMC Entertainment Holdings, Inc. (AMC) spent $246.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.