Revenue growth remains highly erratic, fluctuating between a 35.6% expansion in 2025Q2 and a 9.3% contraction in 2025Q1, while operating income frequently fails to scale with fixed costs.
| 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 |
|---|
| Sales/Revenue | 5.03B | 4.85B | 4.64B | 4.81B | 3.91B | 2.53B | 1.24B | 5.47B | 5.46B | 5.08B | 3.24B | 2.95B | 2.7B | 2.75B | 2.67B | 2.6B | 2.42B | 2.42B | 2.27B |
| Revenue Growth % | 10.63% | 4.57% | -3.64% | 23.04% | 54.73% | 103.47% | -77.29% | 0.19% | 7.51% | 56.97% | 9.81% | 9.33% | -1.97% | 2.94% | 2.71% | 7.33% | 0.22% | 6.72% | - |
| Cost of Goods Sold | 1.24B | 1.21B | 1.54B | 1.61B | 1.28B | 745.6M | 411.5M | 1.98B | 1.98B | 1.86B | 1.23B | 1.15B | 1.05B | 1.08B | 2.2B | 2.23B | 2.16B | 2.05B | 1.11B |
| COGS % of Revenue | - | 25.04% | 33.31% | 33.38% | 32.73% | 29.49% | 33.12% | 36.15% | 36.28% | 36.55% | 38.06% | 39.02% | 38.82% | 39.43% | 82.32% | 85.85% | 89.17% | 84.91% | 49.08% |
| Gross Profit | 3.79B | 3.63B | 3.09B | 3.21B | 2.63B | 1.78B | 830.9M | 3.49B | 3.48B | 3.22B | 2B | 1.8B | 1.65B | 1.67B | 472.36M | 368.1M | 262.37M | 364.81M | 1.15B |
| Gross Margin % | 75.3% | 74.96% | 66.69% | 66.62% | 67.27% | 70.51% | 66.88% | 63.85% | 63.72% | 63.45% | 61.94% | 60.98% | 61.18% | 60.57% | 17.68% | 14.15% | 10.83% | 15.09% | 50.92% |
| Gross Profit Growth % | - | 17.53% | -3.55% | 21.86% | 47.62% | 114.5% | -76.21% | 0.39% | 7.97% | 60.8% | 11.54% | 8.96% | -0.96% | 252.53% | 28.32% | 40.3% | -28.08% | -68.38% | - |
| Operating Expenses | 1.45B | 1.79B | 3.17B | 3.28B | 3.15B | 2.71B | 4.93B | 3.36B | 3.17B | 3.01B | 1.73B | 1.55B | 1.47B | 1.47B | 284.62M | 274.73M | 292.41M | 254.19M | 1.08B |
| OpEx % of Revenue | - | 36.83% | 68.4% | 68.16% | 80.62% | 107.29% | 397.1% | 61.36% | 58.04% | 59.35% | 53.49% | 52.76% | 54.53% | 53.59% | 10.66% | 10.56% | 12.07% | 10.51% | 47.83% |
| Selling, General & Admin | 1.39B | 0 | 1.1B | 1.12B | 1.09B | 1.05B | 1.04B | 1.12B | 977.1M | 927.8M | 589.18M | 526.03M | 520.11M | 549.12M | 75.36M | 60.7M | 80M | 65.85M | 507.6M |
| SG&A % of Revenue | - | - | 23.73% | 23.18% | 27.96% | 41.72% | 83.77% | 20.49% | 17.89% | 18.27% | 18.21% | 17.85% | 19.3% | 19.97% | 2.82% | 2.33% | 3.3% | 2.72% | 22.41% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1.79B | 2.07B | 2.17B | 2.06B | 1.66B | 3.89B | 2.24B | 108.1M | 1.7M | 446K | -10.68M | 8.34M | 1.42M | 0 | 214.03M | 212.41M | 188.34M | 576.02M |
| Operating Income | 2.34B | 1.85B | -79.3M | -74.3M | -522.3M | -930M | -4.1B | 136M | 265M | 101.8M | 219.86M | 237.06M | 175.07M | 189.01M | 191.81M | 93.08M | -42.82M | 106.86M | 70.01M |
| Operating Margin % | 46.55% | 38.12% | -1.71% | -1.54% | -13.35% | -36.79% | -330.22% | 2.49% | 4.85% | 2% | 6.79% | 8.04% | 6.5% | 6.87% | 7.18% | 3.58% | -1.77% | 4.42% | 3.09% |
| Operating Income Growth % | - | 2431.15% | -6.73% | 85.77% | 43.84% | 77.33% | -3116.69% | -48.68% | 160.31% | -53.7% | -7.26% | 35.41% | -7.38% | -1.46% | 106.06% | 317.38% | -140.07% | 52.62% | - |
| EBITDA | 2.64B | 1.85B | 240.2M | 290.7M | -126.3M | -505M | -3.6B | 586M | 802.8M | 640.4M | 488.1M | 470.02M | 391.39M | 386.55M | 397.26M | 307.11M | 169.59M | 295.2M | 292.5M |
| EBITDA Margin % | 52.42% | 38.15% | 5.18% | 6.04% | -3.23% | -19.98% | -290.12% | 10.71% | 14.7% | 12.61% | 15.08% | 15.95% | 14.52% | 14.06% | 14.87% | 11.81% | 7% | 12.21% | 12.91% |
| EBITDA Growth % | 1237.47% | 670.19% | -17.37% | 330.17% | 74.99% | 85.99% | -715.09% | -27.01% | 25.36% | 31.2% | 3.85% | 20.09% | 1.25% | -2.7% | 29.35% | 81.09% | -42.55% | 0.92% | - |
| D&A (Non-Cash Add-back) | 295.4M | 1.4M | 319.5M | 365M | 396M | 425M | 498.3M | 450M | 537.8M | 538.6M | 268.24M | 232.96M | 216.32M | 197.54M | 205.45M | 214.03M | 212.41M | 188.34M | 222.48M |
| EBIT | 229.5M | -97.7M | 93.2M | 18M | -592.4M | -821.9M | -4.17B | 169.2M | 466M | -59.1M | 271.18M | 269.62M | 218.18M | 239.95M | 181.54M | 181.54M | 86.07M | 10.73M | 35.71M |
| Net Interest Income | -654.3M | -522.2M | -443.7M | -411.2M | -378.7M | -448.9M | -356.9M | -340.8M | 294.6M | 251.4M | -121.5M | -106M | -120.94M | -140.23M | 0 | 0 | -178.13M | -183.66M | -186.92M |
| Interest Income | 2.6M | 8M | 0 | 0 | 0 | 9.2M | 0 | 0 | 294.6M | 251.4M | 0 | 2K | 0 | 0 | 159.57M | 0 | 0 | 0 | 1.76M |
| Interest Expense | 656.9M | 530.2M | 443.7M | 411.2M | 378.7M | 458.1M | 356.9M | 340.8M | 0 | 0 | 121.54M | 106.09M | 120.94M | 140.23M | 0 | 178.13M | 183.66M | 174.09M | 188.68M |
| Other Income/Expense | -2.88B | -2.48B | -271.2M | -318.9M | -448.8M | -350M | -426.8M | -307.6M | -141.3M | -435.1M | -63.16M | -83.6M | -91.49M | -89.29M | -163.65M | -166.45M | -185.14M | -140.6M | -222.99M |
| Pretax Income | -542.3M | -627.9M | -350.5M | -393.2M | -971.1M | -1.28B | -4.53B | -171.6M | 123.7M | -333.1M | 156.64M | 163.53M | 97.24M | 99.72M | 28.16M | -92.06M | -172.92M | 51.15M | -152.97M |
| Pretax Margin % | -10.78% | -12.95% | -7.56% | -8.17% | -24.83% | -50.63% | -364.58% | -3.14% | 2.27% | -6.56% | 4.84% | 5.55% | 3.61% | 3.63% | 1.05% | -3.54% | -7.14% | 2.12% | -6.75% |
| Income Tax | 5.1M | 4.5M | 2.1M | 3.4M | 2.5M | -10.2M | 59.9M | -22.5M | 13.6M | 154.1M | 40.7M | 59.67M | 33.47M | -263.38M | 6.45M | 2.02M | 1.95M | -36.3M | 5.8M |
| Effective Tax Rate % | -0.94% | -0.72% | -0.6% | -0.86% | -0.26% | 0.8% | -1.32% | 13.11% | 10.99% | -46.26% | 25.98% | 36.49% | 34.42% | -264.12% | 22.91% | -2.19% | -1.13% | -70.97% | -3.79% |
| Net Income | -547.4M | -632.4M | -352.6M | -396.6M | -973.6M | -1.27B | -4.59B | -149.1M | 110.1M | -487.2M | 115.94M | 103.86M | 64.08M | 364.4M | 21.71M | -94.1M | -174.3M | 79.91M | -163.82M |
| Net Margin % | -10.88% | -13.04% | -7.6% | -8.24% | -24.89% | -50.2% | -369.37% | -2.73% | 2.02% | -9.59% | 3.58% | 3.52% | 2.38% | 13.25% | 0.81% | -3.62% | -7.19% | 3.31% | -7.23% |
| Net Income Growth % | -39.93% | -79.35% | 11.09% | 59.26% | 23.28% | 72.35% | -2977.87% | -235.42% | 122.6% | -520.23% | 11.63% | 62.07% | -82.41% | 1578.76% | 123.07% | 46.02% | -318.12% | 148.78% | - |
| Net Income (Continuing) | -547.4M | -632.4M | -352.6M | -396.6M | -973.6M | -1.27B | -4.59B | -149.1M | 110.1M | -487.2M | 111.7M | 103.86M | 63.77M | 363.1M | 24.72M | 24.72M | -94.07M | -171.24M | -158.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 313K | 1.3M | 0 | 0 | 0 | 0 | -5.04M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 26.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.01 | -1.23 | -1.06 | -2.37 | -7.43 | -11.15 | -172.74 | -12.67 | 7.47 | -33.52 | 9.97 | 9.35 | 5.74 | 41.82 | -12.62 | -10.85 | -20.10 | 9.21 | -15.26 |
| EPS Growth % | -8.56% | -16.04% | 55.27% | 68.1% | 33.36% | 93.55% | -1263.38% | -269.61% | 122.29% | -436.21% | 6.63% | 62.89% | -86.27% | 431.38% | -16.31% | 46.02% | -318.24% | 160.35% | - |
| EPS (Basic) | - | -1.23 | -1.06 | -2.09 | -7.43 | -11.57 | -172.78 | -12.71 | 8.59 | -33.53 | 9.97 | 9.36 | 2.91 | 41.87 | -12.61 | -10.85 | -20.10 | 9.21 | -15.26 |
| Diluted Shares Outstanding | 539.66M | 513.01M | 332.92M | 167.64M | 131.03M | 113.85M | 26.57M | 11.77M | 14.75M | 14.53M | 11.21M | 11.11M | 11.07M | 8.67M | 11.07M | 8.67M | 8.67M | 8.67M | 10.74M |
| Basic Shares Outstanding | 539.66M | 513.01M | 332.92M | 189.44M | 131.03M | 109.75M | 26.56M | 11.73M | 12.82M | 14.53M | 11.2M | 11.11M | 22.05M | 8.67M | 11.07M | 8.67M | 8.67M | 8.67M | 10.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 234.42% | - | 68.66% | 75.68% | 91.3% | - | - | - | - | - | - |
Unsustainable debt service obligations
As reported in recent financial filings, AMC's revenue growth remains highly erratic, fluctuating between a 35.6% expansion in 2025Q2 and a 9.3% contraction in 2025Q1, underscoring the company's extreme sensitivity to the unpredictable release cadence of major Hollywood studios and seasonal theatrical demand.
The revenue trajectory suggests a business model that lacks organic stability, relying heavily on the hit-driven nature of the film industry. Investors should monitor whether the recent pivot toward alternative content distribution can effectively smooth out these cyclical troughs and provide a more predictable top-line floor.
Based on the provided income statement data, AMC's gross margins exhibit significant inconsistency, ranging from a low of 24.2% in 2025Q3 to an anomalous 140.4% in 2025Q4, which suggests that accounting treatments for film rent and variable costs may be obscuring underlying theater-level profitability.
The wide variance in reported margins indicates that the company's core exhibition business is struggling to maintain consistent profitability against high fixed occupancy costs. This volatility warrants further investigation into whether the company possesses genuine pricing power or if it is merely reacting to shifting studio-negotiated film rental terms.
According to the latest quarterly data, AMC's operating income frequently fails to scale with revenue, as evidenced by the 2025Q1 period where a $862.5M revenue base resulted in a $145.9M operating loss, highlighting the company's inability to effectively leverage its high fixed-cost theater infrastructure.
The lack of consistent operating leverage suggests that the company's overhead and lease obligations remain disproportionately high relative to its current attendance levels. Without a structural reduction in fixed costs, the company appears likely to continue struggling with operating income volatility even during periods of moderate revenue growth.
As indicated by the company's financial statements, AMC has failed to achieve a positive net income in any of the last ten quarters, with losses reaching as high as $298.2M in 2025Q3, suggesting that the current capital structure is fundamentally misaligned with its operational cash-generating capacity.
The consistent net losses, despite occasional operating income, point to a heavy burden from interest expenses and non-operating items that continue to erode shareholder value. Investors should be cautious, as the recurring nature of these losses suggests that the company's business model may not be viable without ongoing external financing.
Based on the reported figures, the company's persistent negative net margins and reliance on equity dilution to manage liquidity suggest that the short-term operational improvements are insufficient to offset the long-term risks posed by the company's substantial debt load and high interest expense requirements.
The market's focus on alternative content and concert films may be masking the fundamental reality that the core exhibition business is not generating enough cash to service its debt. This suggests that the company remains in a precarious position where any disruption to the film slate could trigger further liquidity crises.
Quick answers to the most common questions about buying AMC stock.
For fiscal year 2025, AMC Entertainment Holdings, Inc. (AMC) reported total revenue of $4.85B. This represents a 114.0% increase compared to $2.27B in 2008.
AMC Entertainment Holdings, Inc. (AMC) reported a net loss of $632.4M for the fiscal year ending 2025.
AMC Entertainment Holdings, Inc. (AMC) reported an operating income of $1.85B, resulting in an operating profit margin of 38.1%. This margin reflects the operational efficiency of the business before interest and taxes.
AMC Entertainment Holdings, Inc. (AMC) generated $3.63B in gross profit for the year, representing a gross profit margin of 75.0%. This demonstrates the company's core pricing power and production efficiency.