AMC Entertainment Q3 2026: Record Revenue but EPS Comes Up Short
As seen on the 24/7 Wall St. homepage on November 4, 2026.
The largest revenue quarter in the chain's 106-year history still came in missing earnings expectations by a penny, with adjusted EBITDA of $347.5 million against $122.5 million a year ago. Management says October domestic box office ran about 35% above last year, with Avengers: Doomsday and Dune: Part Three still to come.
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AMC Entertainment posted $1.71 billion in revenue for Q3 2026, a 31.6% jump year over year and a beat of Wall Street's $1.62 billion forecast by roughly 6%. That figure also made it the highest revenue quarter in the company's 106-year history, the second consecutive record-setting quarter on that measure. CEO Adam Aron described it as an all-time record for both revenue and adjusted EBITDA simultaneously.
On the bottom line, adjusted EPS came in at $0.13, missing expectations of $0.135. GAAP diluted EPS was $0.12 after accounting for a marked-to-market loss on derivatives and other one-time items. That narrow shortfall on earnings is the one wrinkle in an otherwise broadly strong report.
The profit improvement underneath the headline numbers was substantial. Adjusted EBITDA reached $347.5 million, up from $122.5 million in the same quarter a year ago, with the adjusted EBITDA margin expanding to 20.3% from 9.4%. Free cash flow for the quarter was $109.3 million, an improvement of more than $190 million year over year, bringing year-to-date free cash flow to $124.7 million. Management said it now expects full-year 2026 free cash flow to finish in positive territory, which would be a significant operational milestone for the chain.
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Attendance was a key driver of the revenue beat. Total patrons rose 28.3% to roughly 74.9 million, with international attendance up 41.5% and domestic attendance up 23.3%. On the balance sheet, AMC completed a $3.97 billion refinancing in early October covering about 97% of its debt, extending maturities to 2031 and 2033 and reducing its cost of capital. The move drew credit rating upgrades from the major agencies.
Looking ahead, management pointed to October domestic box office running approximately 35% above year-ago levels as evidence that momentum is carrying into Q4. The November-December slate still includes Avengers: Doomsday and Dune: Part Three, titles AMC expects to push domestic and global box office to their highest full-year levels in seven years. The key risk to that outlook is whether audience demand holds and whether the exclusive theatrical release window remains intact long enough to capture that revenue.
Mentioned: AMC