AMC Shares Hit Multi-Year Low After Q4 Attendance Drop

Shares of AMC Entertainment fell 3% on Monday, sliding to a multi-year low of $1.16, after the world's largest movie theater operator reported a sharp decline in fourth-quarter attendance despite better-than-expected earnings results.

For the three months ending December 31, AMC posted total revenue of $1.288 billion, down slightly from $1.3 billion a year earlier. Attendance dropped nearly 10% to just over 56.3 million moviegoers, compared with 62.4 million in the same quarter last year. For the full year, attendance slipped 2% to 219.4 million.

Although revenue and earnings topped Wall Street expectations, investors appeared focused on the ongoing softness in ticket sales and renewed concerns over the company's debt load. AMC reported a net loss of $127.4 million for the quarter, an improvement from the $135.6 million loss a year earlier. Diluted losses narrowed to 25 cents per share from 35 cents in the prior-year period.

Admissions revenue totaled $701.6 million, down from $721.4 million a year ago, while food and beverage sales reached $436.5 million, compared with $446.2 million in the prior-year quarter.

The holiday corridor featured several major studio releases, including Disney's Avatar: Fire and Ash, Zootopia 2, and Wicked: For Good. While those titles led the box office, they were not enough to offset a broader softness in wide releases during the period.

Industrywide, the North American box office edged up 1.5% in 2025 compared with 2024. AMC slightly outpaced the market for the year, with revenue rising about 5%.

CEO Adam Aron struck an optimistic tone in a statement accompanying the earnings report.

"AMC is exceptionally well positioned to capitalize on a recovering box office," Aron said. "And as I have said many times before, the not-so-secret formula to a full box-office recovery is straight forward, we need more great movies from our studio partners."

He previously noted that 2025 "marked another important step forward for AMC. The North American box office improved modestly year-over-year, rising approximately 1.5%, while AMC once again outperformed, growing total revenue by 4.6%."

Looking ahead, Aron expressed confidence in the upcoming slate of tentpole films scheduled for 2026, highlighting The Odyssey from director Christopher Nolan and Marvel's Avengers: Doomsday as potential catalysts for stronger theatrical performance next year.

"Avatar: Fire & Ash," "Wicked: For Good" and "Zootopia 2" may have dominated the holiday box office, but they weren't enough to lift AMC Theatres' quarterly earnings.

AMC also took steps during the quarter to bolster liquidity. The company converted most of its equity stake in Hycroft Mining Holding Corporation into approximately $24.1 million in cash, an amount it said was roughly equal to its initial investment in the gold and silver exploration company.

The earnings report follows preliminary fourth-quarter results released last month and the announcement of a refinancing agreement with certain senior secured debt holders. While AMC has repeatedly defied skeptics in recent years, surviving pandemic shutdowns, reshaping its investor base, and avoiding bankruptcy, its heavy leverage remains a key concern for shareholders.

Executives were scheduled to discuss the results and outlook in greater detail during the company's quarterly earnings call following Monday's market close.