AMC Entertainment (NYSE: AMC) Posts Record Q2 Revenue of $1.6B and $321M Adjusted EBITDA

AMC Entertainment Holdings (NYSE: AMC) posted the highest quarterly revenue and adjusted EBITDA in its 106-year history during the second quarter ended June 30, 2026, with total revenues of $1,596.7 million and adjusted EBITDA of $321.4 million. Two Wall Street analysts raised their price targets on the company following the results. Shares fell -10.57% on Tuesday, July 21, 2026, while the S&P 500 gained 0.83%.

Q2 2026 Results

• Total revenues: $1,596.7 million, up 14.2% from $1,397.9 million in Q2 2025, with domestic revenues growing even faster at 13.0% year-over-year.
• Adjusted EBITDA: $321.4 million, up 69.6% from $189.5 million a year earlier, marking the first quarter in company history to surpass the $300 million threshold.
• Free cash flow: $190.1 million in Q2 2026, compared with $88.9 million in Q2 2025.
• Adjusted net earnings: $104.3 million, a $104.8 million improvement from an adjusted net loss of $0.5 million in Q2 2025; adjusted EPS was 14 cents.
• GAAP net loss: $11.4 million in Q2 2026, compared with a net loss of $4.7 million in Q2 2025; GAAP diluted loss per share was $0.02.
• Cash and equivalents: $778.4 million at June 30, 2026, up 83.7% from $423.7 million a year earlier.

What Drove the Results

The GAAP net loss of $11.4 million contrasts with the adjusted net earnings of $104.3 million, reflecting the gap between non-cash and one-time items excluded from the adjusted figure. Consolidated adjusted EBITDA margin expanded from 13.6% in Q2 2025 to 20.1% in Q2 2026, illustrating the operating leverage CEO Adam Aron cited in the company's press release. European operations contributed meaningfully: attendance rose 17.9% and European adjusted EBITDA climbed 336.7% year-over-year.

On the balance sheet, AMC refinanced $400 million of debt in the second quarter, extending maturities by four years, and raised approximately $285 million in gross proceeds through equity offerings. The company also eliminated or initiated eliminations of approximately $282 million of debt. In total, principal debt balances have been reduced by approximately $1.7 billion since the end of 2020, with no currently expected debt maturities until 2029. The company's press release noted that leverage reduction is expected to trigger a lower interest rate on approximately 75% of its debt, implying an annual interest expense reduction of approximately $51 million, assuming current leverage and benchmark rates hold.

For the first half of 2026, total revenues reached $2,642.1 million, up 16.9% year-over-year, and adjusted EBITDA of $359.7 million was more than 2.5 times the $131.8 million reported in the first half of 2025.

Wall Street View

Benchmark analyst Mike Hickey maintained a Buy rating on AMC and raised his price target to $3 from $2.50. Wedbush analyst Alicia Reese maintained an Outperform rating and raised her price target to $4 from $3. Both actions followed the Q2 results release.

Investor Takeaway

AMC's Q2 figures confirm a substantial improvement in operating cash generation, with net cash from operations rising 70.1% year-over-year to $235.4 million in the quarter. The more consequential forward signal is the debt structure: with no major maturities until 2029 and a potential $51 million annual interest expense reduction from improved leverage ratios, the company's path toward full-year positive free cash flow, which management described as "within sight," now has a specific structural mechanism behind it rather than relying solely on box office recovery.