# EDGAR Filing Document

**Accession Number:** 0001385280
**File Stem:** 0001193125-26-056010
**Filing Date:** 2026-2
**Character Count:** 30853
**Document Hash:** 2b92b74ce0e7f690928e4f46cc8162d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-056010.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001193125-26-056010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260218

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cinemark Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001385280
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE THEATERS [7830]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 205490327
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33401
- **FILM NUMBER:** 26645350

**BUSINESS ADDRESS:**
- **STREET 1:** 3900 DALLAS PARKWAY
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75093
- **BUSINESS PHONE:** (972) 665-1000

**MAIL ADDRESS:**
- **STREET 1:** 3900 DALLAS PARKWAY
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75093

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 18, 2026<br>

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CINEMARK HOLDINGS, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-33401 | 20-5490327 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 3900 Dallas Parkway |  |  |
| Plano**,** Texas |  | 75093 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 972 665-1000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share<br> CNK | The New York Stock Exchange Texas |
| Common Stock, par value $0.001 per share<br> CNK | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On February 18, 2026, we announced our financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Use of Website to Distribute Material Company Information**

We use our Investor Relations website as a means of disclosing material non-public information and for the purpose of complying with our disclosure obligations under Regulation FD. Therefore, we encourage investors, the media and others to review the information we post at https://ir.cinemark.com.

**Item 7.01 Regulation FD Disclosure.**

On February 18, 2026, we announced our financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits*.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **<u>Exhibit Description</u>** |
| 99.1 | [<u>Earnings press release dated February 18, 2026</u>](cnk-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information furnished pursuant to Items 2.02 and 7.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into any of our filings with the SEC under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be "filed" with the SEC under the Securities Exchange Act of 1934, as amended.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CINEMARK HOLDINGS, INC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CINEMARK HOLDINGS, INC. |
| Date: February 18, 2026 | By: | /s/ Michael D. Cavalier |
|  | Name: | Michael D. Cavalier |
|  | Title: | Executive Vice President - General Counsel |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img115247109_0.jpg](img115247109_0.jpg)

**CINEMARK HOLDINGS, INC. REPORTS FOURTH QUARTER**

 **AND FULL YEAR 2025 RESULTS** 

***Achieved highest post-pandemic revenue with $3.1 billion for FY 2025*** 

***Reported $141 million of FY 2025 Net Income and <br>$578 million of Adjusted EBITDA with an 18.6% Adjusted EBITDA margin***

***Returned $315 million to shareholders through dividends and share repurchases, and <br>reinvested $219 million in capital expenditures to maintain and enhance its global circuit***

Plano, TX, February 18, 2026 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three months and full year ended December 31, 2025.

"Cinemark delivered exceptional results in 2025 with box office performance that surpassed industry benchmarks, incremental market share gains, record-level proceeds from enhanced formats and non-traditional content, and all-time high concession sales and per caps. Despite a softer-than-anticipated film slate, we generated our highest revenue since the pandemic and delivered solid Adjusted EBITDA with a robust Adjusted EBITDA margin," stated Sean Gamble, Cinemark's President and CEO. "Our accomplishments reflect our team's consistent ability to execute, innovate, and elevate the moviegoing experience we create for our guests, and they are indicative of the strong operating agility, customer loyalty, and advantaged market position we have developed."

**Q4 2025 and FY 2025 Earnings Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Entertained over 44 million moviegoers during Q4 2025 and 193 million for FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved highest-grossing domestic box office since onset of the pandemic, exceeding 2023 high-water mark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Surpassed year-over-year North American industry box office results, extending outperformance trend to 15 of the past 17 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved strong fourth-quarter domestic market share that grew 40 basis points year-over-year; increased market share over 150 basis points versus pre-pandemic levels in both the U.S. and Latin America, the most significant gains of major exhibitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increased customer loyalty to Cinemark, growing Movie Club more than 5% year-over-year to over 1.45 million members and 30% of full year domestic admissions revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated highest full-year box office proceeds from non-traditional content in company history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported all-time high revenues from XD, IMAX, ScreenX and D-BOX enhanced offerings during FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delivered highest full-year concession revenue ever at $1.2 billion, bolstered by record per caps in both our domestic and international segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved highest post-pandemic revenue in FY 2025 with more than $3.1 billion, and generated net income of $138 million, or $1.04 diluted earnings per share, attributable to Cinemark Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delivered FY 2025 Adjusted EBITDA of $578 million with a solid 18.6% Adjusted EBITDA margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated $396 million of cash from operating activities and $177 million of free cash flow; ended year with a cash balance of $344 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Extinguished all remaining COVID-related debt by effectively settling convertible notes and associated warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Returned $315 million to shareholders through dividends and share repurchases, while reinvesting $219 million in capital expenditures to maintain, enhance, and grow our global circuit.

------

**Financial Results**

Cinemark Holdings, Inc.'s total revenue for the three months ended December 31, 2025 decreased 4.7% to $776.3 million compared with $814.3 million for the three months ended December 31, 2024. For the three months ended December 31, 2025, admissions revenue was $383.8 million while concession revenue was $302.4 million, with attendance of 44.3 million patrons. Worldwide average ticket price was $8.66 and concession revenue per patron was $6.83.

Net income attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2025 was $34.1 million compared with $51.3 million for the three months ended December 31, 2024. Diluted income per share for the three months ended December 31, 2025 was $0.16 compared with $0.33 for the three months ended December 31, 2024.

Adjusted EBITDA for the three months ended December 31, 2025 was $131.7 million compared with $156.9 million for the three months ended December 31, 2024. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

Cinemark Holdings, Inc.'s total revenue for the twelve months ended December 31, 2025 increased 2.1% to $3,115.0 million compared with $3,049.5 million for the twelve months ended December 31, 2024. For the twelve months ended December 31, 2025, admissions revenue was $1,544.7 million while concession revenue was $1,227.2 million, with attendance of 193.0 million patrons. Worldwide average ticket price was $8.00 and concession revenue per patron was $6.36.

Net income attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2025 was $138.2 million compared with $309.7 million for the twelve months ended December 31, 2024. Diluted income per share for the twelve months ended December 31, 2025 was $1.04 compared with $2.06 for the twelve months ended December 31, 2024.

Adjusted EBITDA for the twelve months ended December 31, 2025 was $577.9 million compared with $590.2 million for the twelve months ended December 31, 2024. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

On February 17, 2026, Cinemark Holdings, Inc.'s board of directors declared a quarterly cash dividend of $0.09 per share of common stock. The quarterly dividend will be payable on March 17, 2026 to shareholders of record as of March 3, 2026.

**Prepared Earnings Remarks and Conference Call Information**

In conjunction with this release, Cinemark will post an earnings executive commentary at https://ir.cinemark.com and will host a live webcast today at 8:30 am EST.

To access the webcast go to https://event.choruscall.com/mediaframe/webcast.html?webcastid=I1tlGUVd. A replay will be available following the call and archived for a limited time.

**About Cinemark Holdings, Inc.**

Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theater companies in the world. Cinemark's circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of December 31, 2025 operated 496 theaters with 5,637 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.

**<u>Investor Relations Contact</u>:**

Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com

**<u>Media Contact:</u>**

Julia McCartha – 972-665-1322 or pr@cinemark.com

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***Forward-looking Statements***

*This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management's assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*future revenue, expenses and profitability;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*currency exchange rate and inflationary impacts;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*general economic conditions in the United States and internationally;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*the future development and expected growth of our business;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*projected capital expenditures;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*access to capital resources;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*attendance at movies generally or in any of the markets in which we operate;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*the number and diversity of popular movies released, the length of exclusive theatrical release windows, and our ability to successfully license and exhibit popular films;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*national and international growth in our industry;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*changes in legislation, government regulations or policies that affect our operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*determinations in lawsuits in which we are a party; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*extraordinary events beyond our control, such as conflicts, wars, natural disasters, public health crises, labor strikes, or terrorist acts.* 

*You can identify forward-looking statements by the use of words such as "may," "should," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future" and "intends" and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the "Risk Factors" section or other sections in the Company's Annual Report on Form 10-K filed February 18, 2026. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.*

------

**Cinemark Holdings, Inc.**

**Financial and Operating Summary**

(unaudited, in millions, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***Statement of income data:*** |  |  |  |  |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Admissions | $383.8 | $406.5 | $1544.7 | $1522.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concession | 302.4 | 313.4 | 1227.2 | 1197.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 90.1 | 94.4 | 343.1 | 329.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 776.3 | 814.3 | 3115.0 | 3049.5 |
| Cost of operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Film rentals and advertising | 219.3 | 235.7 | 877.0 | 859.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concession supplies | 57.5 | 60.3 | 240.5 | 225.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | 105.1 | 107.7 | 411.1 | 401.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility lease expense | 78.7 | 80.6 | 321.8 | 325.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities and other | 127.0 | 127.3 | 484.8 | 459.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 65.6 | 57.1 | 236.1 | 218.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 52.1 | 49.2 | 201.9 | 197.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived and other assets | 4.3 | 1.5 | 6.5 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets and other | 2.2 | (0.4) | 2.1 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of operations | 711.8 | 719.0 | 2781.8 | 2690.2 |
| Operating income | 64.5 | 95.3 | 333.2 | 359.3 |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (32.2) | (35.0) | (142.3) | (144.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 5.4 | 12.9 | 38.7 | 53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt amendments and extinguishments |  | (1.4) | (1.5) | (6.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on warrants | 15.2 |  | (39.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange and other related loss | (4.1) | (1.8) | (9.8) | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from NCMI/NCM | 0.1 |  | 1.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense - NCM | (5.3) | (5.5) | (21.3) | (22.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in income of affiliates | 1.5 | 0.6 | 6.6 | 11.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain on investment in NCMI | (2.7) | (1.8) | (12.1) | 11.0 |
| Income before income taxes | 42.4 | 63.3 | 153.9 | 252.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 7.5 | 11.2 | 12.4 | (60.1) |
| Net income | $34.9 | $52.1 | $141.5 | $312.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | 0.8 | 0.8 | 3.3 | 3.2 |
| Net income attributable to Cinemark Holdings, Inc. | $34.1 | $51.3 | $138.2 | $309.7 |
| Income per share attributable to Cinemark Holdings, Inc.'s common stockholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.29 | $0.42 | $1.18 | $2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.16 | $0.33 | $1.04 | $2.06 |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 116.6 | 120.0 | 115.6 | 119.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 119.2 | 163.6 | 134.3 | 154.9 |

---

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**Other Operating Data**

(unaudited, in millions)

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| ***Balance sheet data:*** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $344.3 | $1057.3 |
| &nbsp;&nbsp;Theater properties and equipment, net | $1175.8 | $1145.1 |
| &nbsp;&nbsp;Total assets | $4433.9 | $5067.0 |
| &nbsp;&nbsp;Long-term debt, net of unamortized debt issuance costs and original issue discount | $1875.6 | $2334.7 |
| &nbsp;&nbsp;Total equity | $413.8 | $603.4 |

---

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** |
| ***Cash flows provided by (used for):*** |  |  |
| &nbsp;&nbsp;Operating activities <sup>(1)</sup> | $396.1 | $466.0 |
| &nbsp;&nbsp;Investing activities | $(209.2) | $(146.9) |
| &nbsp;&nbsp;Financing activities | $(913.1) | $(103.1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We define free cash flow as cash flows provided by operating activities less capital expenditures. A reconciliation of cash flows provided by operating activities to free cash flow is provided below:

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** |
| ***Reconciliation of free cash flow:*** |  |  |
| &nbsp;&nbsp;Cash flows provided by operating activities | $396.1 | $466.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Capital expenditures | (218.9) | (150.8) |
| &nbsp;&nbsp;Free cash flow | $177.2 | $315.2 |

---

**Segment Information**

(unaudited, in millions, except per patron data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Reportable Segment** | **U.S. Reportable Segment** | **International Reportable Segment** | **International Reportable Segment** | **International Reportable Segment** | **Consolidated** | **Consolidated** |
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Constant <br>Currency** <sup>(1)</sup> | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2025** | **2024** |
| ***Revenue and Attendance*** |  |  |  |  |  |  |  |
| Admissions revenue | $326.5 | $338.7 | $57.3 | $67.8 | $58.1 | $383.8 | $406.5 |
| Concession revenue | 253.8 | 259.7 | 48.6 | 53.7 | 48.9 | 302.4 | 313.4 |
| Other revenue | 61.9 | 68.0 | 28.2 | 26.4 | 28.9 | 90.1 | 94.4 |
| &nbsp;&nbsp;Total revenue | $642.2 | $666.4 | $134.1 | $147.9 | $135.9 | $776.3 | $814.3 |
| Attendance | 29.6 | 32.6 | 14.7 | 18.4 |  | 44.3 | 51.0 |
| Average ticket price | $11.03 | $10.39 | $3.90 | $3.68 | $3.95 | $8.66 | $7.97 |
| Concession revenue per patron | $8.57 | $7.97 | $3.31 | $2.92 | $3.33 | $6.83 | $6.15 |
| ***Cost of Operations*** |  |  |  |  |  |  |  |
| Film rentals and advertising | $189.5 | $201.2 | $29.8 | $34.5 | $30.2 | $219.3 | $235.7 |
| Concession supplies | 46.4 | 47.7 | 11.1 | 12.6 | 11.1 | 57.5 | 60.3 |
| Salaries and wages | 88.1 | 91.2 | 17.0 | 16.5 | 17.5 | 105.1 | 107.7 |
| Facility lease expense | 61.4 | 61.8 | 17.3 | 18.8 | 17.2 | 78.7 | 80.6 |
| Utilities and other | 99.0 | 100.8 | 28.0 | 26.5 | 28.5 | 127.0 | 127.3 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **`** | **U.S. Reportable Segment** | **U.S. Reportable Segment** | **International Reportable Segment** | **International Reportable Segment** | **International Reportable Segment** | **Consolidated** | **Consolidated** |
|  | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Constant <br>Currency** <sup>(1)</sup> | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2025** | **2024** |
| ***Revenue and Attendance*** |  |  |  |  |  |  |  |
| Admissions revenue | $1266.0 | $1233.1 | $278.7 | $289.4 | $304.5 | $1544.7 | $1522.5 |
| Concession revenue | 998.2 | 969.3 | 229.0 | 228.5 | 247.6 | 1227.2 | 1197.8 |
| Other revenue | 238.0 | 234.4 | 105.1 | 94.8 | 115.3 | 343.1 | 329.2 |
| &nbsp;&nbsp;Total revenue | $2502.2 | $2436.8 | $612.8 | $612.7 | $667.4 | $3115.0 | $3049.5 |
| Attendance | 120.3 | 122.9 | 72.7 | 78.2 |  | 193.0 | 201.1 |
| Average ticket price | $10.52 | $10.03 | $3.83 | $3.70 | $4.19 | $8.00 | $7.57 |
| Concession revenue per patron | $8.30 | $7.89 | $3.15 | $2.92 | $3.41 | $6.36 | $5.96 |
| ***Cost of Operations*** |  |  |  |  |  |  |  |
| Film rentals and advertising | $733.8 | $714.4 | $143.2 | $145.2 | $156.9 | $877.0 | $859.6 |
| Concession supplies | 188.3 | 174.5 | 52.2 | 50.9 | 56.1 | 240.5 | 225.4 |
| Salaries and wages | 342.3 | 335.6 | 68.8 | 66.2 | 74.8 | 411.1 | 401.8 |
| Facility lease expense | 244.8 | 245.8 | 77.0 | 79.5 | 81.8 | 321.8 | 325.3 |
| Utilities and other | 377.5 | 356.5 | 107.3 | 102.9 | 116.5 | 484.8 | 459.4 |

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(1) Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2024. We translate the results of our international reportable segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign currency exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international reportable segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.

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**Other Segment Information**

(unaudited, in millions)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Twelve Months Ended <br>December 31,** | **Twelve Months Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***Adjusted EBITDA*** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. | $113.7 | $128.0 | $462.0 | $466.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 18.0 | 28.9 | 115.9 | 123.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Adjusted EBITDA | $131.7 | $156.9 | $577.9 | $590.2 |
| ***Capital expenditures*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. | $77.2 | $41.4 | $161.4 | $109.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 36.1 | 19.2 | 57.5 | 41.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures | $113.3 | $60.6 | $218.9 | $150.8 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Adjusted EBITDA represents net income before income taxes, depreciation and amortization expense and other items, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes. A reconciliation of net income to Adjusted EBITDA is provided below.

**Reconciliation of Adjusted EBITDA**

(unaudited, in millions)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Twelve Months Ended <br>December 31,** | **Twelve Months Ended <br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $34.9 | $52.1 | $141.5 | $312.9 |
| Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 7.5 | 11.2 | 12.4 | (60.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense <sup>(1)</sup> | 32.2 | 35.0 | 142.3 | 144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other loss (income), net <sup>(2)</sup> | 5.1 | (4.4) | (3.8) | (44.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions from equity investees <sup>(3)</sup> | 0.9 | 4.2 | 8.9 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 52.1 | 49.2 | 201.9 | 197.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 4.3 | 1.5 | 6.5 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets and other | 2.2 | (0.4) | 2.1 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt amendments and extinguishments |  | 1.4 | 1.5 | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on warrants | (15.2) |  | 39.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rent | (2.7) | (2.3) | (11.2) | (12.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based awards compensation expense <sup>(4)</sup> | 10.4 | 9.4 | 36.5 | 33.5 |
| Adjusted EBITDA | $131.7 | $156.9 | $577.9 | $590.2 |

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(1)Includes amortization of debt issuance costs, amortization of original issue discount and amortization of accumulated (losses) gains for amended swap agreements.

(2)Includes interest income, foreign currency exchange and other related loss, interest expense - NCM, equity in income of affiliates, net (loss) gain on investment in NCMI and distributions from NCMI/NCM.

(3)Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. reportable segment.

(4)Non-cash expense included in general and administrative expenses.

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