Revenue grew 13.1% year over year to $237.8M in 2026Q3 with operating margin reaching 12.7%, but gross margin volatility from 31.8% to 91.9% and a -9.9% net margin in 2026Q1 suggest earnings quality warrants further investigation.
The Marcus Corporation (MCS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 817.4M | 758.46M | 735.56M | 729.58M | 677.39M | 458.24M | 237.69M | 820.86M | 707.12M | 622.71M | 543.86M | 488.07M | 488.07M | 447.94M | 412.84M | 413.9M | 377M | 379.07M | 383.5M | 371.07M | 327.63M | 289.24M | 272.71M | 409.21M | 396.92M | 389.83M | 379.13M | 315.33M | 332.7M | 335.8M | 281.9M |
| Revenue Growth % | 8.51% | 3.11% | 0.82% | 7.7% | 47.82% | 92.79% | -71.04% | 16.09% | 13.55% | 14.5% | 11.43% | 0% | 8.96% | 8.5% | -0.26% | 9.79% | -0.54% | -1.15% | 3.35% | 13.26% | 13.27% | 6.06% | -33.36% | 3.1% | 1.82% | 2.82% | 20.23% | -5.22% | -0.92% | 19.12% | 15.39% |
| Cost of Goods Sold | 494.4M | 465.07M | 448.2M | 443.04M | 420M | 274.5M | 169.35M | 454.22M | 365.22M | 340.56M | 288.88M | 140.65M | 259.77M | 237.95M | 216.22M | 214.37M | 200.45M | 205.19M | 200.19M | 187.28M | 163.39M | 142.51M | 136.82M | 136.89M | 131.99M | 209.87M | 181.73M | 164.49M | 169.45M | 149.82M | 151.1M |
| COGS % of Revenue | - | 61.32% | 60.93% | 60.73% | 62% | 59.9% | 71.25% | 55.33% | 51.65% | 54.69% | 53.12% | 28.82% | 53.22% | 53.12% | 52.37% | 51.79% | 53.17% | 54.13% | 52.2% | 50.47% | 49.87% | 49.27% | 50.17% | 33.45% | 33.25% | 53.83% | 47.93% | 52.16% | 50.93% | 44.62% | 53.6% |
| Gross Profit | 323M | 293.38M | 287.36M | 286.54M | 257.39M | 183.74M | 68.34M | 366.64M | 341.9M | 312.99M | 285.45M | 347.41M | 228.29M | 209.99M | 196.62M | 199.52M | 176.55M | 173.88M | 183.31M | 183.8M | 164.24M | 146.73M | 130.24M | 132.33M | 130.82M | 179.97M | 193.6M | 183.64M | 136.36M | 131.1M | 128.1M |
| Gross Margin % | 39.52% | 38.68% | 39.07% | 39.27% | 38% | 40.1% | 28.75% | 44.67% | 48.35% | 50.26% | 52.49% | 71.18% | 46.78% | 46.88% | 47.63% | 48.21% | 46.83% | 45.87% | 47.8% | 49.53% | 50.13% | 50.73% | 47.76% | 32.34% | 32.96% | 46.17% | 51.06% | 58.24% | 40.98% | 39.04% | 45.44% |
| Gross Profit Growth % | - | 2.1% | 0.29% | 11.32% | 40.08% | 168.86% | -81.36% | 7.23% | 9.24% | 9.65% | -17.84% | 52.18% | 8.72% | 6.8% | -1.46% | 13.01% | 1.54% | -5.14% | -0.27% | 11.91% | 11.93% | 12.67% | -1.58% | 1.15% | -27.31% | -7.04% | 5.42% | 34.68% | 4.01% | 2.34% | 14.78% |
| Operating Expenses | 277.11M | 271.7M | 271.19M | 252.61M | 249.09M | 225.2M | 246.76M | 298.45M | 258.71M | 235.68M | 213.98M | 297.22M | 177.65M | 161.12M | 158.42M | 153.01M | 143.06M | 137.68M | 139.91M | 136.1M | 123.1M | 107.19M | 91.33M | 89.35M | 91.69M | 132.51M | 154.77M | 135.56M | 118.05M | 100.94M | 91M |
| OpEx % of Revenue | - | 35.82% | 36.87% | 34.62% | 36.77% | 49.14% | 103.82% | 36.36% | 36.59% | 37.85% | 39.34% | 60.9% | 36.4% | 35.97% | 38.37% | 36.97% | 37.95% | 36.32% | 36.48% | 36.68% | 37.57% | 37.06% | 33.49% | 21.83% | 23.1% | 33.99% | 40.82% | 42.99% | 35.48% | 30.06% | 32.28% |
| Selling, General & Admin | 147.52M | 143.9M | 139.43M | 127.56M | 124.67M | 105.01M | 88.99M | 124.2M | 107.16M | 104.5M | 93.59M | 25.27M | 87.1M | 80.32M | 77.25M | 74.62M | 67.67M | 64.37M | 67.02M | 90.72M | 86.36M | 70.67M | 65.65M | 73.25M | 72.77M | 92.02M | 97.16M | 69.58M | 69.8M | 62.8M | 50.1M |
| SG&A % of Revenue | - | 18.97% | 18.96% | 17.48% | 18.4% | 22.92% | 37.44% | 15.13% | 15.15% | 16.78% | 17.21% | 5.18% | 17.85% | 17.93% | 18.71% | 18.03% | 17.95% | 16.98% | 17.47% | 24.45% | 26.36% | 24.43% | 24.07% | 17.9% | 18.33% | 23.61% | 25.63% | 22.07% | 20.98% | 18.7% | 17.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 127.8M | 131.77M | 125.06M | 124.42M | 120.18M | 157.78M | 174.25M | 151.56M | 132.9M | 121.91M | 271.95M | 90.55M | 80.79M | 81.16M | 78.39M | 75.38M | 73.31M | 73.15M | 73.23M | 36.74M | 36.53M | 32.65M | 32.79M | 32.87M | 61.23M | 61.41M | 54.52M | 51.76M | 44.85M | 39.1M |
| Operating Income | 45.9M | 21.68M | 16.17M | 33.93M | 8.31M | -41.45M | -178.42M | 68.19M | 83.19M | 77.31M | 71.47M | 50.19M | 50.64M | 48.87M | 38.2M | 46.52M | 33.5M | 36.2M | 43.4M | 47.7M | 41.14M | 39.54M | 38.9M | 42.98M | 39.13M | 47.46M | 38.83M | 48.09M | 18.31M | 30.16M | 37.1M |
| Operating Margin % | 5.61% | 2.86% | 2.2% | 4.65% | 1.23% | -9.05% | -75.07% | 8.31% | 11.76% | 12.41% | 13.14% | 10.28% | 10.38% | 10.91% | 9.25% | 11.24% | 8.89% | 9.55% | 11.32% | 12.85% | 12.56% | 13.67% | 14.27% | 10.5% | 9.86% | 12.17% | 10.24% | 15.25% | 5.5% | 8.98% | 13.16% |
| Operating Income Growth % | - | 34.09% | -52.34% | 308.45% | 120.04% | 76.77% | -361.65% | -18.03% | 7.61% | 8.16% | 42.39% | -0.89% | 3.62% | 27.93% | -17.87% | 38.86% | -7.47% | -16.58% | -9.01% | 15.94% | 4.04% | 1.64% | -9.48% | 9.84% | -17.55% | 22.22% | -19.25% | 162.63% | -39.29% | -18.7% | 9.76% |
| EBITDA | 116.13M | 91.87M | 84.13M | 101.23M | 75.38M | 30.68M | -103.37M | 140.47M | 144.87M | 129.36M | 113.64M | 89M | 89.34M | 82.56M | 72.36M | 81.37M | 67.35M | 68.52M | 75.63M | 79.3M | 68.06M | 66.79M | 67.84M | 89.79M | 85.67M | 92.67M | 83.13M | 89.57M | 56.57M | 63.06M | 66M |
| EBITDA Margin % | 14.21% | 12.11% | 11.44% | 13.87% | 11.13% | 6.69% | -43.49% | 17.11% | 20.49% | 20.77% | 20.89% | 18.24% | 18.3% | 18.43% | 17.53% | 19.66% | 17.87% | 18.07% | 19.72% | 21.37% | 20.77% | 23.09% | 24.88% | 21.94% | 21.58% | 23.77% | 21.93% | 28.41% | 17% | 18.78% | 23.41% |
| EBITDA Growth % | 41.39% | 9.21% | -16.89% | 34.29% | 145.73% | 129.68% | -173.59% | -3.04% | 11.99% | 13.83% | 27.68% | -0.37% | 8.21% | 14.09% | -11.07% | 20.82% | -1.69% | -9.4% | -4.63% | 16.52% | 1.89% | -1.55% | -24.44% | 4.8% | -7.56% | 11.48% | -7.19% | 58.35% | -10.3% | -4.45% | 12.05% |
| D&A (Non-Cash Add-back) | 70.23M | 70.19M | 67.96M | 67.3M | 67.07M | 72.13M | 75.05M | 72.28M | 61.68M | 52.05M | 42.17M | 38.81M | 38.7M | 33.69M | 34.16M | 34.86M | 33.86M | 32.31M | 32.23M | 31.6M | 26.92M | 27.25M | 28.94M | 46.81M | 46.54M | 45.22M | 44.3M | 41.48M | 38.26M | 32.9M | 28.9M |
| EBIT | 38.29M | 20.18M | 763K | 34.37M | 13.33M | -40.29M | -179.53M | 66.23M | 79.67M | 80.21M | 69.71M | 74.93M | 49.25M | 48.26M | 43.99M | 46.71M | 32.17M | 36.45M | 41.33M | 48.86M | 41.14M | 39.54M | 38.9M | 42.98M | 39.13M | 47.46M | 38.83M | 48.09M | 18.31M | 30.16M | 37.1M |
| Net Interest Income | -10.8M | -11.47M | -10.97M | -12.72M | -15.3M | -18.7M | -16.27M | -11.79M | -13.08M | -12.1M | -9.18M | 0 | -9.93M | -10.55M | -9.31M | -9.27M | -10.36M | -11.23M | -13.96M | -15.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.8M | 11.47M | 10.97M | 12.72M | 15.3M | 18.7M | 16.27M | 11.79M | 13.08M | 12.1M | 9.18M | 0 | 9.93M | 10.55M | 9.31M | 9.27M | 10.36M | 11.23M | 13.96M | 7.3M | 0 | 0 | 0 | 9.05M | 14.49M | 0 | 0 | 0 | 0 | 8M | 0 |
| Other Income/Expense | -18.41M | -12.98M | -26.38M | -12.28M | -10.27M | -17.54M | -17.38M | -13.76M | -16.6M | -9.2M | -10.94M | -12.46M | -11.32M | -11.16M | -3.52M | -9.08M | -11.68M | -10.99M | -16.03M | -14M | 2.36M | -6.65M | -7.58M | -12.46M | -14.4M | -13.96M | -18.54M | -12.26M | 16.89M | 13.72M | 14.1M |
| Pretax Income | 27.49M | 8.71M | -10.21M | 21.65M | -1.97M | -58.99M | -195.8M | 54.44M | 66.59M | 68.11M | 60.53M | 39.32M | 39.32M | 37.71M | 34.68M | 37.44M | 21.81M | 25.21M | 27.37M | 33.7M | 43.5M | 32.89M | 30.76M | 40.46M | 31.4M | 33.5M | 20.29M | 35.83M | 38.8M | 47.3M | 51.2M |
| Pretax Margin % | 3.36% | 1.15% | -1.39% | 2.97% | -0.29% | -12.87% | -82.38% | 6.63% | 9.42% | 10.94% | 11.13% | 8.06% | 8.06% | 8.42% | 8.4% | 9.05% | 5.79% | 6.65% | 7.14% | 9.08% | 13.28% | 11.37% | 11.28% | 9.89% | 7.91% | 8.59% | 5.35% | 11.36% | 11.66% | 14.09% | 18.16% |
| Income Tax | 2.29M | -3.98M | -2.42M | 6.86M | 7.14M | -15.7M | -70.94M | 12.32M | 13.13M | 3.63M | 22.99M | 15.32M | 15.68M | 16.81M | 11.35M | 14.71M | 8.26M | 9.1M | 10.17M | 13.21M | 9.58M | 10.42M | 11.52M | 15.85M | 12.39M | 11.04M | 7.55M | 14.59M | 15.7M | 18.9M | 20.3M |
| Effective Tax Rate % | 8.31% | -45.76% | 23.72% | 31.67% | -362.84% | 26.61% | 36.23% | 22.63% | 19.71% | 5.32% | 37.99% | 38.98% | 39.87% | 44.58% | 32.73% | 39.28% | 37.84% | 36.08% | 37.15% | 39.21% | 22.01% | 31.68% | 37.46% | 39.18% | 39.46% | 32.96% | 37.21% | 40.73% | 40.46% | 39.96% | 39.65% |
| Net Income | 25.2M | 12.69M | -7.79M | 14.79M | -11.97M | -43.29M | -124.84M | 42.02M | 53.39M | 65M | 37.9M | 24M | 24M | 25M | 17.51M | 22.73M | 13.56M | 16.11M | 17.2M | 20.49M | 33.3M | 28.27M | 99.22M | 24.61M | 20.56M | 22.46M | 21.78M | 22.62M | 23.14M | 28.44M | 30.9M |
| Net Margin % | 3.08% | 1.67% | -1.06% | 2.03% | -1.77% | -9.45% | -52.52% | 5.12% | 7.55% | 10.44% | 6.97% | 4.92% | 4.92% | 5.58% | 4.24% | 5.49% | 3.6% | 4.25% | 4.49% | 5.52% | 10.16% | 9.77% | 36.38% | 6.01% | 5.18% | 5.76% | 5.74% | 7.17% | 6.96% | 8.47% | 10.96% |
| Net Income Growth % | 226.45% | 262.98% | -152.64% | 223.57% | 72.35% | 65.32% | -397.13% | -21.3% | -17.85% | 71.48% | 57.96% | 0% | -4.02% | 42.81% | -23% | 67.68% | -15.87% | -6.31% | -16.04% | -38.47% | 17.78% | -71.51% | 303.16% | 19.73% | -8.48% | 3.14% | -3.74% | -2.26% | -18.63% | -7.95% | -26.95% |
| Net Income (Continuing) | 25.2M | 12.69M | -7.79M | 14.79M | -9.1M | -43.29M | -124.87M | 42.12M | 53.47M | 64.48M | 37.54M | 39.32M | 23.64M | 20.9M | 23.33M | 22.73M | 13.56M | 16.11M | 17.2M | 20.49M | 33.93M | 22.47M | 19.58M | 18.56M | 15.06M | 22.46M | 12.74M | 21.24M | 20.96M | 26.34M | 30.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 824K | 0 | 0 | 23K | 110K | 100K | 1.53M | 2.35M | 2.46M | 3.77M | 9.99M | 9.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.80 | 0.41 | -0.24 | 0.36 | -0.38 | -1.38 | -4.02 | 1.35 | 1.86 | 2.29 | 1.36 | 0.86 | 0.87 | 0.92 | 0.63 | 0.78 | 0.46 | 0.54 | 0.58 | 0.67 | 1.08 | 0.91 | 3.25 | 0.82 | 0.70 | 0.76 | 0.74 | 0.76 | 0.77 | 0.94 | 1.04 |
| EPS Growth % | 222.71% | 270.83% | -166.67% | 194.74% | 72.46% | 65.67% | -397.78% | -27.42% | -18.78% | 68.38% | 58.14% | -0.77% | -5.37% | 45.37% | -19.23% | 69.57% | -14.81% | -6.9% | -13.43% | -37.96% | 18.68% | -72% | 296.34% | 17.14% | -7.89% | 2.7% | -2.63% | -1.3% | -18.09% | -9.62% | -27.27% |
| EPS (Basic) | - | 0.41 | -0.24 | 0.47 | -0.38 | -1.38 | -4.02 | 1.37 | 1.88 | 2.33 | 1.37 | 0.87 | 0.87 | 0.92 | 0.65 | 0.79 | 0.46 | 0.54 | 0.58 | 0.68 | 1.08 | 0.93 | 3.29 | 0.83 | 0.70 | 0.76 | 0.74 | 0.76 | 0.77 | 0.95 | 1.04 |
| Diluted Shares Outstanding | 31.5M | 31.28M | 31.89M | 40.99M | 31.49M | 31.36M | 31.04M | 31.15M | 28.71M | 28.39M | 27.96M | 27.92M | 27.69M | 27.3M | 27.86M | 29.15M | 29.74M | 29.91M | 29.82M | 30.47M | 30.83M | 30.94M | 30.53M | 29.85M | 29.55M | 29.55M | 29.43M | 29.83M | 30.06M | 30.26M | 29.58M |
| Basic Shares Outstanding | 30.98M | 30.64M | 31.89M | 31.66M | 31.49M | 31.36M | 31.04M | 30.66M | 28.35M | 27.85M | 27.67M | 27.66M | 27.55M | 27.3M | 27.07M | 28.89M | 29.31M | 29.79M | 29.64M | 30.23M | 30.81M | 30.44M | 30.12M | 29.63M | 29.39M | 29.55M | 29.43M | 29.8M | 30.06M | 29.94M | 29.58M |
| Dividend Payout Ratio | - | 72.16% | - | 50.35% | - | - | - | 45.96% | 30.74% | 20.78% | 31.76% | 40.24% | 38.35% | 36.81% | 203.44% | 42.7% | 72.36% | 61.33% | 57.2% | 48.51% | 28.46% | 786.34% | 6.5% | 25.77% | - | 27.78% | 28.39% | 27.9% | 27.65% | 22.15% | 18.45% |
Quick answers to the most common questions about buying MCS stock.
For fiscal year 2025, The Marcus Corporation (MCS) reported total revenue of $758.5M. This represents a 169.1% increase compared to $281.9M in 1996.
The Marcus Corporation (MCS) is profitable, generating $12.7M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
The Marcus Corporation (MCS) reported an operating income of $21.7M, resulting in an operating profit margin of 2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
The Marcus Corporation (MCS) generated $293.4M in gross profit for the year, representing a gross profit margin of 38.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile quarterly profitability
Metrics are mathematically derived from official filings.
Recovery Sustained Into Mid-2026
Based on reported figures, MCS revenue grew 13.1% year over year to $237.8M in 2026Q3, following a 12.5% gain in 2026Q2, suggesting the top line has moved decisively past its 2024 softness and into a sustained expansion phase worth monitoring.
The two most recent quarters show consistent double-digit revenue growth, which appears to reflect a recovery in attendance and per-guest spending rather than a single favorable comparison. However, growth has been uneven across the ten-quarter window, with 2025Q3 contracting 9.7%, so the durability of the current trend warrants further investigation before extrapolating it. Investors should monitor whether the 2026 run rate holds through seasonally softer quarters.
Gross Margin Volatility Dominates Profit Profile
As reported in the financial statements, MCS gross margin swung between 31.8% and 91.9% across the period, a range so wide that it likely reflects cost classification differences rather than underlying pricing power alone.
The reported cost of goods sold line fluctuates dramatically, including a negative figure in 2025Q4 and a near-zero figure in 2026Q1, which suggests the reported gross margin may not be a reliable comparator on its own. Against peers, the recent stable band of roughly 40% to 43% appears more consistent with the operating profile of a theatre and hospitality business. Investors should treat the gross margin series as a directional signal rather than a precise measure of pricing strength.
Operating Leverage Emerging Only Recently
Based on MCS's reported figures, operating margin improved from a negative 12.5% in 2026Q1 to 12.7% in 2026Q3, indicating that incremental revenue is currently flowing through to operating income more efficiently than during the prior year.
SG&A has remained relatively contained at roughly $30M to $38M per quarter while revenue expanded, which suggests fixed overhead is being absorbed by higher volumes. The 2026Q3 operating margin of 12.7% compares favorably with the peer IMAX at 23.3% but remains well below the sector's highest-quality operators. The sustainability of this leverage depends on whether revenue growth can persist without a corresponding rise in fixed costs.
Net Income Swings Outpace Operating Trends
According to reported filings, MCS net income moved from a $15.4M loss in 2026Q1 to an $18.8M profit in 2026Q3, a swing magnitude that warrants closer examination of non-operating items and tax effects.
Net margin has oscillated between roughly negative 11% and positive 10% across recent quarters, which is considerably more volatile than the operating margin trend, suggesting non-operating or below-the-line items may be contributing materially. Stock-based compensation remains modest at $1.6M in the latest quarter, so it does not appear to explain the earnings volatility. Investors should investigate interest expense and other non-operating line items before relying on reported EPS as a clean indicator of earnings power.
Recovery May Prove Fragile
The strongest challenge to the bull case is that MCS reported net losses in three of the last ten quarters, and the recent profitable run may reflect favorable timing rather than a durable structural improvement in earnings.
The 2024 and 2025 periods show repeated quarters where operating income turned negative, including a $20.4M operating loss in 2025Q1, which suggests the business remains exposed to seasonal and demand-driven shocks. Peer comparisons show MCS trailing IMAX on operating and net margin, and the peer group's wide dispersion in profitability suggests the sector itself is cyclical. Short-sellers would likely argue that two strong quarters do not yet establish a sustainable earnings base.