Fourth quarter operating income increases year-over-year and fourth quarter adjusted OIBDA exceeds guidance
Fourth quarter revenue growth of 8% outpaced attendance as NCM attracted greater advertiser demand
CENTENNIAL, Colo.--(BUSINESS WIRE)--February 27, 2026--
In the Operating Data table, the ESA Party Screens at Period End as of January 1, 2026, should read: 9,314 (instead of 1,371) for release issued February 26, 2026.
The updated release reads:
NATIONAL CINEMEDIA, INC. REPORTS RESULTS FOR FISCAL FOURTH QUARTER AND FULL YEAR 2025
Fourth quarter operating income increases year-over-year and fourth quarter adjusted OIBDA exceeds guidance
Fourth quarter revenue growth of 8% outpaced attendance as NCM attracted greater advertiser demand
National CineMedia, Inc. (NASDAQ: NCMI) (the "Company" or "NCM"), the managing member of National CineMedia, LLC (NCM LLC), the operator of the largest cinema advertising platform in the U.S., announced today its consolidated results for the fiscal fourth quarter and year ended January 1, 2026.
"NCM expanded fourth quarter revenue by 8% year-over-year, demonstrating the returns from our continued investment in our platform over the course of the year," said Tom Lesinski, Chief Executive Officer of National CineMedia. "Looking ahead, the 2026 film slate is shaping up to be the strongest since 2019, with a steady cadence of major commercial releases. With continued growth in the cinema advertising market, NCM is well positioned to capture meaningful upside in 2026 and drive sustainable long-term performance."
Q4 2025 and Full Year Results
Total revenue for the fourth quarter ended January 1, 2026 increased 8.0% to $93.2 million as compared to $86.3 million for the fourth quarter of 2024. Operating income increased to $23.8 million for the fourth quarter of 2025 from operating income of $20.0 million for the fourth quarter of 2024. Net income increased to $29.3 million, or $0.31 net income per diluted share, for the fourth quarter of 2025 from net income of $24.7 million, or $0.26 net income per diluted share, for the fourth quarter of 2024. Adjusted OIBDA, a non-GAAP measure, increased to $37.2 million for the fourth quarter of 2025 from $35.0 million for the fourth quarter of 2024, as adjusted to exclude depreciation, amortization, non-cash share-based payment costs, impairment of long-lived assets, workforce reorganization costs, termination of the Regal ESA, system optimization costs, satellite transition costs, Spotlight acquisition and transition related costs and advisor fees related to involvement in the Cineworld proceeding and Chapter 11 case, each as previously reported and described in the Company's public filings made with the U.S. Securities and Exchange Commission (the "SEC"). As adjusted to exclude the aforementioned items and gain on remeasurement of the payable to ESA Parties under the tax receivable agreement, net income per diluted share for the quarter ended January 1, 2026 is $0.28 compared to net income per diluted share for the quarter ended December 26, 2024 of $0.23. Adjusted OIBDA, adjusted net income and adjusted net income per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.
Total revenue for the year ended January 1, 2026 increased 1.0% to $243.2 million as compared to $240.8 million for the year ended December 26, 2024. Operating loss decreased to $13.9 million for the year ended January 1, 2026 from $19.5 million for the year ended December 26, 2024. Net loss decreased to $10.6 million, or $0.11 net loss per diluted share, for the year ended January 1, 2026 from $22.3 million, or $0.23 net loss per diluted share, for the year ended December 26, 2024. Adjusted OIBDA, a non-GAAP measure, decreased to $39.1 million for the year ended January 1, 2026 from $45.7 million for the year ended December 26, 2024, as adjusted to exclude depreciation, amortization, non-cash share-based payment costs, impairment of long-lived assets, workforce reorganization costs, termination of the Regal ESA, system optimization costs, satellite transition costs, Spotlight acquisition and transition related costs and advisor fees related to involvement in the Cineworld proceeding and Chapter 11 case, each as previously reported and described in the Company's public filings made with the SEC. As adjusted to exclude the aforementioned items and loss on remeasurement of the payable to ESA Parties under the tax receivable agreement, net loss per diluted share for the year ended January 1, 2026 is $0.09 compared to net loss per diluted share for the year ended December 26, 2024 of $0.07. Adjusted OIBDA, adjusted net loss and adjusted net loss per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.
Dividend
On February 26, 2026, the Company declared a cash dividend of $0.03 per share (approximately $2.8 million) on each share of the Company's common stock to stockholders of record on March 9, 2026 to be paid on March 23, 2026.
Q1 2026 Outlook
For the first quarter of 2026, NCM LLC expects to earn total revenue of $32.5 million to $36.5 million, and Adjusted OIBDA in the range of $(13.0) million to $(10.0) million.
Conference Call
The Company will host a conference call and audio webcast with investors, analysts, and other interested parties, February 26, 2026, at 5:00 P.M. Eastern Time. The live call can be accessed by dialing 1-844-826-3033 or, for international participants, 1-412-317-5185. Participants should register at least 15 minutes prior to the commencement of the call. Additionally, a live audio webcast will be available to interested parties at www.ncm.com under the Investor Relations section. Participants should allow at least 15 minutes prior to the commencement of the call to register, download and install necessary audio software.
The replay of the conference call will be available until midnight Eastern Time, March 12, 2026, by dialing 1-844-512-2921 or, for international participants, 1-412-317-6671 and entering conference ID 10206729.
About National CineMedia, Inc.
National CineMedia, Inc. (NCM, NASDAQ:NCMI) is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers' ability to measure and drive results. NCM's Noovie$(R)$ Show is presented exclusively in 41 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. $(AMC)$, Cinemark Holdings, Inc. $(CNK)$ and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). NCM's cinema advertising platform consists of more than 17,000 screens in over 1,300 theaters in 184 Designated Market Areas(R) (all of the top 50). NCM is the managing member and owner of 100% of National CineMedia, LLC (NCM LLC). For more information, visit www.ncm.com.
Forward-Looking Statements
This press release contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events, including statements regarding the Company's anticipated future financial performance. Investors are cautioned that reliance on these forward-looking statements involves risks and uncertainties. Although the Company believes that the assumptions used in the forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate and, as a result, actual results could differ materially from those expressed or implied in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are, among others, 1) level of theater attendance or viewership of the Noovie(R) show; 2) the availability and predictability of major motion pictures displayed in theaters, including as a result of strikes or other production delays in the entertainment industry; 3) increased competition for advertising expenditures; 4) changes to the ESAs or network affiliate agreements and the relationships with NCM LLC's ESA Parties and network affiliates and NCM LLC's ability to enforce provisions contained in the ESA or network affiliate agreements; 5) economic conditions, including the level of expenditures on and perception of cinema advertising; 6) our ability to implement or achieve new revenue opportunities; 7) any failure to realize the anticipated benefits of the post-showtime inventory in our network or the development of additional digital or digital out of home revenue opportunities; 8) technological changes and innovations or the failure to adequately protect our systems, data or property from technology failures or cyberattacks; 9) our ability to renew or replace expiring advertising contracts; 10) the ongoing effects of NCM LLC's emergence from bankruptcy or a lack of support from the ESA Parties; 11) reinvestment in our network and product offerings may require significant funding and resulting reallocation of resources; 12) fluctuations in and timing of operating costs; 13) our ability to retain or replace our senior management; 14) any failure to grow advertising revenue in line with the growth of contractual costs; 15) macroeconomic uncertainty which alters the spending priorities of current or prospective advertisers; and 16) changes in government regulations, funding, trade policies or tariffs. In addition, the outlook provided does not include the impact of any future unusual or infrequent transactions; sales and acquisitions of operating assets and investments; any future non-cash impairments of intangible and fixed assets; amounts related to litigation or the related impact of taxes that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to
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