Can AMC's Leaner Theatre Portfolio Sustain EBITDA Momentum?

AMC Entertainment posted Q2 2026 adjusted EBITDA 39.5% above 2019 levels despite attendance falling 26.5%, driven by a premium-format shift that prioritizes profitability over footprint. The company now operates 77 premium large-format screens and 193 XL auditoriums, both generating significantly higher per-patron revenue than standard theaters. AMC is closing underperforming locations while expanding these premium offerings, a playbook that peers CNK and MCS are also executing with strong EBITDA results.

The earnings divergence—attendance down more than a quarter while EBITDA climbs nearly 40%—signals that theater operators have successfully recalibrated their business models around fewer, higher-margin experiences. Premium screens command ticket premiums and drive concession spend, offsetting the structural decline in casual moviegoing. All three operators are leveraging operational scale to extract profitability from a smaller but more profitable customer base.