| Reconciliation of Revenue from Segments to Consolidated |
| | | | | | | | | | | | Year Ended | | | December 31, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 3,706.1 | | $ | 1,142.8 | | $ | 4,848.9 | Less: | | | | | | | | | | Film exhibition costs | | | 1,020.5 | | | 254.7 | | | 1,275.2 | Food and beverage costs | | | 241.2 | | | 85.8 | | | 327.0 | Operating expense, excluding depreciation and amortization (2) | | | 1,318.9 | | | 452.5 | | | 1,771.4 | Rent | | | 650.1 | | | 237.2 | | | 887.3 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 128.3 | | | 85.1 | | | 213.4 | Other segment items (4) | | | 1.1 | | | (14.0) | | | (12.9) | Adjusted EBITDA | | $ | 346.0 | | $ | 41.5 | | $ | 387.5 |
| | | | | | | | | | | | Year Ended | | | December 31, 2024 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 3,544.2 | | $ | 1,093.0 | | $ | 4,637.2 | Less: | | | | | | | | | | Film exhibition costs | | | 988.8 | | | 250.4 | | | 1,239.2 | Food and beverage costs | | | 225.7 | | | 79.9 | | | 305.6 | Operating expense, excluding depreciation and amortization (2) | | | 1,249.0 | | | 425.0 | | | 1,674.0 | Rent | | | 649.9 | | | 223.7 | | | 873.6 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 130.6 | | | 74.2 | | | 204.8 | Other segment items (4) | | | (1.3) | | | (2.6) | | | (3.9) | Adjusted EBITDA | | $ | 301.5 | | $ | 42.4 | | $ | 343.9 |
| | | | | | | | | | | | Year Ended | | | December 31, 2023 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues | | $ | 3,688.7 | | $ | 1,123.9 | | $ | 4,812.6 | Less: | | | | | | | | | | Film exhibition costs | | | 1,023.3 | | | 267.8 | | | 1,291.1 | Food and beverage costs | | | 233.9 | | | 81.4 | | | 315.3 | Operating expense, excluding depreciation and amortization (2) | | | 1,261.8 | | | 427.2 | | | 1,689.0 | Rent | | | 651.5 | | | 222.0 | | | 873.5 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 130.9 | | | 68.5 | | | 199.4 | Other segment items (4) | | | (3.8) | | | (6.2) | | | (10.0) | Adjusted EBITDA | | $ | 391.1 | | $ | 63.2 | | $ | 454.3 |
| (1) | All segment revenues are comprised of revenues from external customers. |
| (2) | Operating expense, excluding depreciation and amortization excludes certain operating expenses as further defined in the reconciliation of net loss to Adjusted EBITDA below. |
| (3) | General and administrative expense – other, excluding depreciation and amortization excludes stock compensation expense. |
| (4) | Other segment items include government assistance, business interruption insurance recoveries, net periodic pension cost (benefit), and attributable EBITDA from international theatre joint ventures. |
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| Schedule of reconciliation of net earnings to Adjusted EBITDA |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA: | | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Net loss | | $ | (632.4) | | $ | (352.6) | | $ | (396.6) | Plus: | | | | | | | | | | Income tax provision (1) | | | 4.5 | | | 2.1 | | | 3.4 | Interest expense | | | 530.2 | | | 443.7 | | | 411.2 | Depreciation and amortization | | | 313.4 | | | 319.5 | | | 365.0 | Impairment of long-lived assets (2) | | | 43.5 | | | 72.3 | | | 106.9 | Certain operating expense (3) | | | 14.6 | | | 5.4 | | | 2.5 | Equity in earnings of non-consolidated entities (4) | | | (6.8) | | | (12.4) | | | (7.7) | Attributable EBITDA (5) | | | 2.3 | | | 1.9 | | | 2.2 | Investment income (6) | | | (32.1) | | | (16.3) | | | (15.5) | Other expense (income) (7) | | | 129.8 | | | (141.8) | | | (61.3) | Merger, acquisition and other costs (8) | | | 3.6 | | | 0.1 | | | 1.7 | Stock-based compensation expense (9) | | | 16.9 | | | 22.0 | | | 42.5 | Adjusted EBITDA | | $ | 387.5 | | $ | 343.9 | | $ | 454.3 |
| (1) | For information regarding the income tax provision (benefit), see Note 9—Income Taxes. |
| (2) | During the year ended December 31, 2025, the Company recorded non-cash impairment charges related to its long-lived assets of $28.0 million on 47 theatres in the U.S. markets with 560 screens which were related to property, net and operating lease right-of-use assets, net and $15.5 million on 20 theatres in the International markets with 159 screens which were related to property, net and operating lease right-of-use assets, net. |
During the year ended December 31, 2024, the Company recorded non-cash impairment charges related to its long-lived assets of $51.9 million on 39 theatres in the U.S. markets with 469 screens which were related to property, net and operating lease right-of-use assets, net and $20.4 million on 23 theatres in the International markets with 188 screens which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2023, the Company recorded non-cash impairment charges related to its long-lived assets of $49.2 million on 68 theatres in the U.S. markets with 738 screens which were related to property, net and operating lease right-of-use assets, net and $57.7 million on 57 theatres in the International markets with 488 screens which were related to property, net and operating lease right-of-use assets, net. | (3) | Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, disposition of assets, and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature. |
| (4) | Equity in earnings of non-consolidated entities during the year ended December 31, 2025, primarily consisted of equity in earnings from AC JV of $(4.8) million. Equity in earnings of non-consolidated entities during the year ended December 31, 2024, primarily consisted of equity in earnings from AC JV of $(10.0) million. Equity in earnings of non-consolidated entities during the year ended December 31, 2023, primarily consisted of equity in earnings from AC JV of $(4.9) million. |
| (5) | Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in (earnings) of non-consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. |
| | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Equity in (earnings) of non-consolidated entities | | $ | (6.8) | | $ | (12.4) | | $ | (7.7) | Less: | | | | | | | | | | Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | | | (5.7) | | | (11.5) | | | (6.6) | Equity in earnings of International theatre joint ventures | | | 1.1 | | | 0.9 | | | 1.1 | Income tax provision | | | 0.1 | | | — | | | 0.1 | Investment income | | | (0.5) | | | (0.4) | | | (0.6) | Interest expense | | | 0.2 | | | 0.1 | | | 0.2 | Depreciation and amortization | | | 1.4 | | | 1.3 | | | 1.4 | Attributable EBITDA | | $ | 2.3 | | $ | 1.9 | | $ | 2.2 |
| (6) | Investment income during the year ended December 31, 2025 includes interest income of $(8.0) million and realized and unrealized gains on the Company’s investments in Hycroft of $(34.4) million, partially offset by an impairment of an equity security without a readily determinable fair value of $10.3 million. |
Investment income during the year ended December 31, 2024 includes interest income of $(19.2) million, partially offset by unrealized losses on the Company’s investments in Hycroft of $2.9 million. Investment income during the year ended December 31, 2023 included a $(15.5) million gain on sale of the Company’s investment in Saudi Cinema Company LLC and interest income of $(15.4) million, partially offset by unrealized losses on the Company’s investments in Hycroft of $12.6 million, $1.8 million of expense for NCM common units, and a $1.0 million impairment of an equity security without a readily determinable fair value. | (7) | Other expense during the year ended December 31, 2025 includes net losses on debt extinguishment of $196.0 million, an increase in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $19.3 million, and term loan modification third party fees of $3.1 million, partially offset by a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(56.7) million, foreign currency transaction gains of $(28.1) million, and shareholder litigation recoveries of $(3.8) million. |
Other income for the year ended December 31, 2024 includes a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(75.8) million, shareholder litigation recoveries of $(40.2) million, net gains on debt extinguishment of $(38.9) million, and a vendor dispute of $(36.2) million, partially offset by term loan modification third party fees of $42.3 million and foreign currency transaction losses of $7.0 million. Other income for the year ended December 31, 2023 includes gains on debt extinguishment of $(142.8) million and foreign currency transaction gains of $(17.8) million, partially offset by a non-cash litigation charge of $99.3 million. | (8) | Merger, acquisition and other costs are excluded as they are non-operating in nature. |
| (9) | Non-cash expense included in general and administrative: other. |
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| Schedule of information about the Company's revenues from continuing operations and assets by geographic area |
| | | | | | | | | | | | Year Ended | Revenues (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | United States | | $ | 3,706.1 | | $ | 3,544.2 | | $ | 3,688.7 | United Kingdom | | | 428.5 | | | 408.8 | | | 400.9 | Spain | | | 153.4 | | | 143.3 | | | 148.2 | Sweden | | | 122.5 | | | 116.4 | | | 124.9 | Italy | | | 147.3 | | | 147.6 | | | 151.9 | Germany | | | 124.3 | | | 111.6 | | | 125.8 | Finland | | | 84.7 | | | 90.1 | | | 97.9 | Ireland | | | 33.1 | | | 32.5 | | | 32.2 | Other foreign countries | | | 49.0 | | | 42.7 | | | 42.1 | Total revenues | | $ | 4,848.9 | | $ | 4,637.2 | | $ | 4,812.6 |
| | | | | | | | | As of | | As of | Long-term assets, net (In millions) | | December 31, 2025 | | December 31, 2024 | United States | | $ | 5,267.4 | | $ | 5,474.2 | International | | | 2,019.9 | | | 1,826.1 | Total long-term assets (1) | | $ | 7,287.3 | | $ | 7,300.3 |
| (1) | Long-term assets are comprised of property, operating lease right-of-use assets, intangible assets, goodwill, deferred tax assets, net and other long-term assets. |
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