Operating performance remains strained by high fixed costs, evidenced by a $19.3M operating loss in 2026Q1 and extreme gross margin volatility ranging from 2.4% to 91.9% over the past year.
| 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 | 764.1M | 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 % | 2.46% | 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 | -104.42M | 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 | 868.52M | 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 % | 113.67% | 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 | 850.3M | 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 | 113.46M | 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 | -1 | 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% | 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 | 18.21M | 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 % | 2.38% | 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 | 88.4M | 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 % | 11.57% | 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 % | 7.54% | 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) | 70.19M | 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 | 41.53M | 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 | -8.65M | -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 | 6.02M | 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 | -8.33M | -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 | 9.89M | 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 % | 1.29% | 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 | -4.26M | -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 % | -43.13% | -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 | 14.15M | 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 % | 1.85% | 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 % | 211.13% | 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) | 14.15M | 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) | 0.46 | 0.41 | -0.24 | 0.36 | -0.29 | -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 % | 207.77% | 270.83% | -166.67% | 224.14% | 78.99% | 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 | -0.29 | -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 | 30.68M | 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 | 30.68M | 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% |
High Operating Leverage Sensitivity
As reported in the company's quarterly filings, revenue growth has exhibited significant fluctuations, ranging from a 17.0% expansion in 2025Q2 to a 9.7% contraction in 2025Q3, reflecting the inherent sensitivity of the theatre and hospitality segments to seasonal blockbuster windows and regional tourism cycles.
The top-line performance appears heavily dependent on the timing of major film releases and regional convention schedules, which complicates consistent growth forecasting. Investors should monitor whether the company can achieve sustained organic growth without relying on the volatility of the theatrical slate.
Based on the provided income statement data, gross margins have shown extreme variance, swinging from a low of 2.4% in 2025Q4 to a peak of 91.9% in 2025Q3, suggesting that the company's cost structure is highly susceptible to periodic accounting reconciliations and operational shifts.
The wide range in gross margins implies that the company's core profitability is not yet stabilized, likely due to the interplay between fixed real estate costs and variable film rental expenses. This volatility warrants further investigation into the consistency of concession-driven margin expansion versus core ticket sales.
According to recent financial statements, the company's operating income frequently dips into negative territory, as seen in the $19.3M loss in 2026Q1, indicating that SG&A expenses often outpace the ability of gross profit to scale during periods of lower consumer demand.
The thin operating margins suggest that the company lacks the necessary scale to absorb fixed overhead during off-peak quarters. This operational profile implies that profitability is highly sensitive to minor changes in labor costs and utility pricing, which are difficult to control in the current environment.
Data from the income statement reveals that net income is frequently impacted by non-operating items and significant quarterly swings, with net margins fluctuating from -11.5% in 2024Q2 to 10.0% in 2024Q3, suggesting that reported EPS may not reflect normalized operational performance.
The presence of stock-based compensation and periodic accounting adjustments complicates the assessment of true underlying profitability. Investors should be cautious of relying on quarterly EPS figures, as they appear to be heavily influenced by the timing of film rent settlements and seasonal revenue recognition.
As indicated by the historical data, the company's reliance on a high fixed-cost base poses a persistent risk, as evidenced by the negative operating margins reported in multiple quarters, which may suggest that the business model is vulnerable to sustained downturns in consumer discretionary spending.
Short-term margin compression remains a significant concern, particularly if labor inflation continues to outpace the company's ability to raise prices in its theatre and hotel segments. The lack of consistent profitability suggests that the company's real estate ownership may be the only primary buffer against operational failure.
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.