Revenue peaks of $93.2M in 2025Q4 coincide with a 31.4% net margin, yet operating margin was -79.1% in 2026Q1 and gross margin swung from 2.1% to 93.7%, indicating a cost base poorly matched to revenue timing.
National CineMedia, Inc. (NCMI) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 249M | 243.2M | 240.8M | 165.2M | 249.2M | 114.6M | 90.4M | 444.8M | 441.4M | 426.1M | 447.6M | 446.5M | 394M | 462.8M | 448.8M | 435.4M | 427.5M | 380.7M | 369.5M | 308.3M | 219.3M |
| Revenue Growth % | 5.78% | 1% | 45.76% | -33.71% | 117.45% | 26.77% | -79.68% | 0.77% | 3.59% | -4.8% | 0.25% | 13.32% | -14.87% | 3.12% | 3.08% | 1.85% | 12.29% | 3.03% | 19.85% | 40.58% | - |
| Cost of Goods Sold | 114.5M | 169.4M | 168M | 80.1M | 117.9M | 76.9M | 43.5M | 134.5M | 37.4M | 32.4M | 30M | 30.8M | 26.4M | 54.5M | 144.6M | 132.7M | 126.7M | 20M | 110.6M | 79.3M | 165.1M |
| COGS % of Revenue | - | 69.65% | 69.77% | 48.49% | 47.31% | 67.1% | 48.12% | 30.24% | 8.47% | 7.6% | 6.7% | 6.9% | 6.7% | 11.78% | 32.22% | 30.48% | 29.64% | 5.25% | 29.93% | 25.72% | 75.28% |
| Gross Profit | 134.5M | 73.8M | 72.8M | 85.1M | 131.3M | 37.7M | 46.9M | 310.3M | 404M | 393.7M | 417.6M | 415.7M | 367.6M | 408.3M | 304.2M | 302.7M | 300.8M | 360.7M | 258.9M | 229M | 54.2M |
| Gross Margin % | 54.02% | 30.35% | 30.23% | 51.51% | 52.69% | 32.9% | 51.88% | 69.76% | 91.53% | 92.4% | 93.3% | 93.1% | 93.3% | 88.22% | 67.78% | 69.52% | 70.36% | 94.75% | 70.07% | 74.28% | 24.71% |
| Gross Profit Growth % | - | 1.37% | -14.45% | -35.19% | 248.28% | -19.62% | -84.89% | -23.19% | 2.62% | -5.72% | 0.46% | 13.08% | -9.97% | 34.22% | 0.5% | 0.63% | -16.61% | 39.32% | 13.06% | 322.51% | - |
| Operating Expenses | 152.2M | 87.7M | 92.3M | 112.4M | 124.4M | 106.3M | 107.9M | 149M | 249.7M | 239.8M | 244.6M | 233.4M | 208.4M | 206.3M | 112.4M | 109M | 110.2M | 192.5M | 85.2M | 66M | 60M |
| OpEx % of Revenue | - | 36.06% | 38.33% | 68.04% | 49.92% | 92.76% | 119.36% | 33.5% | 56.57% | 56.28% | 54.65% | 52.27% | 52.89% | 44.58% | 25.04% | 25.03% | 25.78% | 50.56% | 23.06% | 21.41% | 27.36% |
| Selling, General & Admin | 76.2M | 87.7M | 92.3M | 86.9M | 87.1M | 70.7M | 68.5M | 108.7M | 114.8M | 109.9M | 116.6M | 110.9M | 87.1M | 90.9M | 92M | 90.2M | 92.4M | 76.5M | 72.8M | 60.1M | 54.6M |
| SG&A % of Revenue | - | 36.06% | 38.33% | 52.6% | 34.95% | 61.69% | 75.77% | 24.44% | 26.01% | 25.79% | 26.05% | 24.84% | 22.11% | 19.64% | 20.5% | 20.72% | 21.61% | 20.09% | 19.7% | 19.49% | 24.9% |
| Research & Development | 0 | 0 | 3.3M | 0 | 0 | 1.7M | 0 | 0 | 1.7M | 3.6M | 3.4M | 1.5M | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.37% | - | - | 1.48% | - | - | 0.39% | 0.84% | 0.76% | 0.34% | 0.43% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | -3.3M | 25.5M | 37.3M | 33.9M | 39.4M | 40.3M | 200K | 300K | 128M | -200K | -800K | -1.2M | 20.4M | 18.8M | 17.8M | 34.2M | 12.4M | 5.9M | 5.4M |
| Operating Income | -17.7M | -13.9M | -19.5M | -27.3M | 6.9M | -68.6M | -61M | 161.3M | 154.3M | 153.9M | 173M | 148M | 151.7M | 202M | 191.8M | 193.7M | 190.6M | 168.2M | 173.2M | 161.5M | -10M |
| Operating Margin % | -7.11% | -5.72% | -8.1% | -16.53% | 2.77% | -59.86% | -67.48% | 36.26% | 34.96% | 36.12% | 38.65% | 33.15% | 38.5% | 43.65% | 42.74% | 44.49% | 44.58% | 44.18% | 46.87% | 52.38% | -4.56% |
| Operating Income Growth % | - | 28.72% | 28.57% | -495.65% | 110.06% | -12.46% | -137.82% | 4.54% | 0.26% | -11.04% | 16.89% | -2.44% | -24.9% | 5.32% | -0.98% | 1.63% | 13.32% | -2.89% | 7.24% | 1715% | - |
| EBITDA | 19.4M | 24M | 22.9M | -1.8M | 38.4M | -33M | -23.3M | 201.6M | 194.2M | 191.5M | 208.8M | 180.2M | 184.1M | 228.6M | 212.2M | 212.5M | 208.4M | 183.8M | 185.6M | 168.2M | -5.2M |
| EBITDA Margin % | 7.79% | 9.87% | 9.51% | -1.09% | 15.41% | -28.8% | -25.77% | 45.32% | 44% | 44.94% | 46.65% | 40.36% | 46.73% | 49.4% | 47.28% | 48.81% | 48.75% | 48.28% | 50.23% | 54.56% | -2.37% |
| EBITDA Growth % | 10.86% | 4.8% | 1372.22% | -104.69% | 216.36% | -41.63% | -111.56% | 3.81% | 1.41% | -8.29% | 15.87% | -2.12% | -19.47% | 7.73% | -0.14% | 1.97% | 13.38% | -0.97% | 10.34% | 3334.62% | - |
| D&A (Non-Cash Add-back) | 37.1M | 37.9M | 42.4M | 25.5M | 31.5M | 35.6M | 37.7M | 40.3M | 39.9M | 37.6M | 35.8M | 32.2M | 32.4M | 26.6M | 20.4M | 18.8M | 17.8M | 15.6M | 12.4M | 6.7M | 4.8M |
| EBIT | -7.1M | -10M | -20.4M | 724.6M | 13.5M | -53.6M | 91.7M | 157.1M | 159.1M | 347.6M | 162.9M | 150.7M | 142.7M | 202M | 158.7M | 184.3M | 185.5M | 177.6M | 148.5M | 163M | -5.8M |
| Net Interest Income | 500K | 800K | 700K | -27.9M | -79.7M | -64.8M | -55.2M | -55.9M | -53.9M | -51.6M | -52.5M | -70M | -65.4M | -65.1M | -66.3M | -64M | -58.5M | -56.5M | -62.8M | 0 | 0 |
| Interest Income | 1M | 1.4M | 2.4M | 0 | 0 | 0 | 600K | 2.1M | 1.5M | 1.2M | 1.5M | 1.6M | 1.8M | 400K | 400K | 300K | 200K | 2.4M | 1M | 0 | 0 |
| Interest Expense | 500K | 600K | 1.7M | 27.9M | 79.7M | 64.8M | 55.8M | 58M | 55.4M | 52.8M | 54M | 71.6M | 67.2M | 65.5M | 66.7M | 49.2M | 44.4M | 47.1M | 63.8M | 100K | 500K |
| Other Income/Expense | 10.1M | 3.3M | -2.6M | 724M | -73.1M | -49.8M | 96.9M | -62.2M | -50.6M | 140.9M | -64.1M | -66.5M | -76.2M | -52M | -99.8M | -73.7M | -64M | -49.5M | -88.5M | -61.4M | -500K |
| Pretax Income | -7.6M | -10.6M | -22.1M | 696.7M | -66.2M | -118.4M | 35.9M | 99.1M | 103.7M | 185.3M | 96.2M | 81.5M | 75.5M | 150M | 92M | 120M | 126.6M | 118.7M | 84.7M | 104.3M | -10.5M |
| Pretax Margin % | -3.05% | -4.36% | -9.18% | 421.73% | -26.57% | -103.32% | 39.71% | 22.28% | 23.49% | 43.49% | 21.49% | 18.25% | 19.16% | 32.41% | 20.5% | 27.56% | 29.61% | 31.18% | 22.92% | 33.83% | -4.79% |
| Income Tax | 0 | 0 | 200K | 0 | 0 | 0 | 162.2M | 12.4M | 23.5M | 127.5M | 9.2M | 17.8M | 9.9M | 20.2M | 26.7M | 19.4M | 16.8M | 16.6M | 35M | 41.9M | 0 |
| Effective Tax Rate % | 0% | 0% | -0.9% | 0% | 0% | 0% | 451.81% | 12.51% | 22.66% | 68.81% | 9.56% | 21.84% | 13.11% | 13.47% | 29.02% | 16.17% | 13.27% | 13.98% | 41.32% | 40.17% | 0% |
| Net Income | -7.6M | -10.6M | -22.3M | 705.2M | -28.7M | -48.7M | -65.4M | 36.1M | 29.8M | 1.6M | 25.4M | 15.4M | 13.4M | 41.2M | 13.4M | 31.5M | 29.2M | 26.1M | 15.9M | 24.8M | -10.5M |
| Net Margin % | -3.05% | -4.36% | -9.26% | 426.88% | -11.52% | -42.5% | -72.35% | 8.12% | 6.75% | 0.38% | 5.67% | 3.45% | 3.4% | 8.9% | 2.99% | 7.23% | 6.83% | 6.86% | 4.3% | 8.04% | -4.79% |
| Net Income Growth % | 62.56% | 52.47% | -103.16% | 2557.14% | 41.07% | 25.54% | -281.16% | 21.14% | 1762.5% | -93.7% | 64.94% | 14.93% | -67.48% | 207.46% | -57.46% | 7.88% | 11.88% | 64.15% | -35.89% | 336.19% | - |
| Net Income (Continuing) | -7.6M | -10.6M | -22.3M | 696.7M | -66.2M | -118.4M | -126.3M | 86.7M | 80.2M | 114.5M | 94.5M | 59.6M | 65.6M | 129.8M | 65.3M | 100.6M | 109.1M | 101.3M | 49.7M | 58.2M | -10.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33.4M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 51.3M | 143.2M | 204.5M | 258.3M | 278.8M | 287.7M | 241.5M | 235.3M | 199.5M | 208.2M | 82.7M | 81.1M | 92.4M | 23M | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | -0.11 | -0.23 | 14.52 | -3.49 | -6.10 | -8.39 | 11.15 | 1.89 | 0.24 | 4.20 | 2.60 | 2.30 | 7.30 | 2.40 | 5.80 | 6.20 | 6.20 | 0.20 | 5.90 | -1.12 |
| EPS Growth % | 57.3% | 52.17% | -101.58% | 516.05% | 42.79% | 27.29% | -175.25% | 489.95% | 687.5% | -94.29% | 61.54% | 13.04% | -68.49% | 204.17% | -58.62% | -6.45% | 0% | 3000% | -96.61% | 626.79% | - |
| EPS (Basic) | - | -0.11 | -0.23 | 14.73 | -3.49 | -6.10 | -8.40 | 11.21 | 3.88 | 0.23 | 4.20 | 2.60 | 2.30 | 7.40 | 2.50 | 5.80 | 6.30 | 6.20 | 0.20 | 5.90 | -2.50 |
| Diluted Shares Outstanding | 93.7M | 94.18M | 95.87M | 48.57M | 8.2M | 7.99M | 7.8M | 7.78M | 8.09M | 6.57M | 6.06M | 5.96M | 5.9M | 5.66M | 5.5M | 5.46M | 4.71M | 4.21M | 4.2M | 4.22M | 9.39M |
| Basic Shares Outstanding | 93.7M | 94.18M | 95.87M | 47.88M | 8.2M | 7.98M | 7.79M | 7.85M | 8.09M | 7.06M | 6.09M | 5.95M | 5.87M | 5.64M | 5.58M | 5.39M | 4.63M | 4.21M | 4.2M | 4.2M | 4.2M |
| Dividend Payout Ratio | - | - | - | 0.07% | - | - | - | 347.65% | 182.55% | 3668.75% | 481.1% | 876.62% | 1182.84% | 347.09% | 363.43% | 143.81% | 118.84% | 105.36% | 165.41% | 50.81% | - |
Quick answers to the most common questions about buying NCMI stock.
For fiscal year 2025, National CineMedia, Inc. (NCMI) reported total revenue of $243.2M. This represents a 10.9% increase compared to $219.3M in 2006.
National CineMedia, Inc. (NCMI) reported a net loss of $10.6M for the fiscal year ending 2025.
National CineMedia, Inc. (NCMI) reported an operating income of $-13.9M, resulting in an operating profit margin of -5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
National CineMedia, Inc. (NCMI) generated $73.8M in gross profit for the year, representing a gross profit margin of 30.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue seasonality and losses
Metrics are mathematically derived from official filings.
Seasonal Revenue Swings Obscure Trend
Based on reported quarterly figures, NCMI's revenue ranged from $34.0M to $93.2M over the ten quarters, with year-over-year growth alternating between sharp gains and declines rather than following a steady path.
The quarterly revenue pattern is dominated by the advertising calendar, with fourth quarters consistently the strongest and first quarters the weakest. The 2026Q2 reading of $58.4M, up 12.7% year over year, is the most recent positive signal, but a single quarter of growth does not establish durability. Investors should monitor whether this recovery persists through the next full seasonal cycle before inferring a sustained reacceleration.
Gross Margin Volatility Undermines Pricing Stability
As reported in the quarterly income statements, NCMI's gross margin swung from 2.1% in 2024Q1 to 93.7% in 2026Q2, a range that is unusually wide and points to a cost base poorly matched to revenue timing.
The reported gross margin fluctuations appear driven more by the timing of cost recognition relative to revenue than by structural pricing power. Peer gross margins cluster between 32% and 65%, placing NCMI's most recent 93.7% reading well outside the range and suggesting the figure may reflect a short-term cost timing effect rather than a durable improvement. The margin profile therefore warrants further investigation before it is treated as a reliable indicator of unit economics.
Fixed Overhead Absorbs Revenue Upside
According to reported SG&A figures, NCMI's selling, general and administrative expense has stayed between $20.4M and $23.6M per quarter, so operating income has remained negative in most periods despite revenue reaching $93.2M.
SG&A has been nearly flat across the period while revenue has moved substantially, which indicates that overhead is largely fixed and that operating leverage operates in both directions. The quarterly operating margin was positive only in 2025Q4 and 2024Q4, the two peak revenue quarters, implying that profitability depends heavily on reaching seasonal volume thresholds. This dependence raises the question of how resilient the cost base is in a weaker advertising environment.
Net Income Diverges Sharply From Operating Results
Based on NCMI's reported figures, net income in 2025Q4 reached $29.3M against an operating income of $23.8M, a gap of roughly $5.5M that appears to reflect non-operating items rather than core operating performance.
The difference between operating and net income in several quarters, including 2024Q1 and 2026Q1 where net losses exceeded operating losses, suggests material non-operating or below-the-line items that the income statement alone does not explain. Stock-based compensation of $1.7M to $3.5M per quarter is modest relative to revenue but meaningful against the thin operating margins. Earnings per share has been volatile in sign, and that volatility should be read as a signal to examine the reconciliation between operating and net results.
Losses Persist Outside Peak Quarters
The strongest bear case rests on the fact that NCMI reported operating losses in six of ten quarters, and the trailing profitable quarters are concentrated in fourth-quarter seasonal peaks rather than spread through the year.
A short-seller would argue that the profitable quarters reflect seasonal advertising inventory rather than a repeatable earnings base, and that the negative operating results in first and third quarters indicate structural cost pressure. The most recent 2026Q1 reported a net margin of -84.1%, which if representative of the off-peak period would imply continued erosion. These inferences rest on reported figures and warrant further investigation rather than being treated as established conclusions.