Revenue performance remains highly seasonal, with gross margins fluctuating between 2.1% and 66.5% as the company struggles to overcome sticky SG&A expenses that frequently exceed $20 million per quarter.
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 | 100K | 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 | -16.20 | 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% | 62.35% | -245.29% | 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 | -16.20 | 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
High Seasonal Revenue Volatility
Metrics are mathematically derived from official filings.
Cyclical Revenue Patterns Persist
As reported in recent financial statements, NCMI's revenue exhibits extreme seasonal variance, with Q4 peaks reaching $93.2 million compared to Q1 troughs of $34.0 million, suggesting that top-line growth remains tethered to the Hollywood blockbuster release calendar rather than consistent, organic year-over-year expansion across all quarters.
The revenue trajectory appears highly sensitive to the quality of the film slate, which creates significant lumpiness in quarterly performance. Investors should monitor whether the company can decouple its growth from theater attendance through its digital initiatives, as current figures indicate that revenue remains largely dependent on physical foot traffic.
Structural Margin Volatility Remains High
Based on NCMI's reported figures, gross margins fluctuate wildly between 2.1% and 66.5% depending on the quarter, indicating that the company's high fixed-cost structure for theater access fees creates significant operating leverage risks during periods of lower seasonal attendance or reduced advertising inventory utilization.
The wide variance in gross margins suggests that the company struggles to maintain profitability during off-peak periods when fixed theater access costs are not adequately offset by ad sales. This structural reality implies that margin expansion is likely contingent on achieving higher inventory utilization during non-blockbuster windows.
Operating Leverage Constrained by Overhead
According to income statement data, SG&A expenses remain relatively sticky, hovering around $20 million to $23 million per quarter, which prevents the company from achieving consistent operating leverage even when gross profits surge during peak seasonal periods, as evidenced by the negative operating margins in several quarters.
The inability to scale operating income faster than gross profit during peak quarters suggests that corporate overhead remains a significant burden on the bottom line. This warrants further investigation into whether current SG&A levels are optimized for the company's post-restructuring revenue scale or if further cost rationalization is required.
Sustainability of Post-Restructuring Profitability
While the company's recent emergence from Chapter 11 has improved its balance sheet, the income statement shows that net income remains inconsistent, with losses of $28.6 million in 2026Q1, suggesting that the core business model may still face fundamental challenges in achieving sustainable, year-round profitability.
Short-term profitability gains appear largely driven by seasonal peaks rather than a fundamental shift in the underlying cost structure. Investors should remain cautious, as the reliance on blockbuster-driven revenue may leave the company vulnerable to any structural decline in long-term cinema attendance trends.