Cinemark (NYSE:CNK) executives said the company delivered a “post-pandemic high” in 2025 results, while positioning the business for what management expects will be a more robust theatrical slate in 2026. On the company’s fourth-quarter and full-year 2025 earnings call, President and CEO Sean Gamble and CFO Melissa Thomas highlighted record operational metrics, continued market share gains, and an expanding pipeline of capital projects and premium formats.
2025 results: revenue, margins, and cash flow
Gamble said Cinemark generated worldwide revenue of $3.1 billion in 2025, supported by market share expansion and “a series of all-time record achievements.” The company reported $578 million of adjusted EBITDA and an 18.6% adjusted EBITDA margin, which management attributed to the top-line performance alongside cost management and productivity improvements.
2026 outlook: film slate expected to improve
Looking ahead, Gamble said 2026 is expected to benefit from “a robust lineup of compelling films” and a volume of wide releases that appears poised to reach pre-pandemic levels.
In discussing why 2025’s slate came in softer than anticipated, Gamble described it largely as “the normal ebb and flow of the industry,” noting expectations were high for certain films and the slate ultimately proved mixed. He said 2025 lacked a “mega blockbuster” that exceeded $500 million and had no major summer animated film, adding that a large animated release could have materially changed the year’s narrative.
He also addressed industry debate about theatrical windows, saying there are “indications” that awareness of highly shortened windows may be affecting smaller movies and casual moviegoers. However, he said he did not view 2025’s softness versus expectations as primarily structural.
Premium formats, new builds, and 2026 capital spending
Responding to questions on premium large formats, Gamble said about 10% of Cinemark’s domestic circuit has two XD screens, with other locations featuring combinations such as IMAX and XD or ScreenX and XD. He said Cinemark is “very particular” about ensuring enhanced experiences deliver on scale and environment, which can limit where a second XD can be added. Premium enhanced formats, he noted, represent about 15% of overall box office, and management remains focused on making all screens a premium experience.
On development activity, Gamble said Cinemark reactivated its real estate efforts after pandemic-era slowdowns. He cited a new site opened in El Paso in 2025, plans to open in Greenville, Texas in 2026, and that the company has broken ground in Omaha, Nebraska for a 2027 opening, with additional projects in motion.
Thomas said capital expenditures are expected to ramp to $250 million in 2026, driven by cash flow expectations and ROI opportunities. She said international capital spending is typically around $50 million to $60 million, with the remainder directed to the U.S. She added that spending levels beyond 2026 will depend on opportunity set and that the timing of new builds can create year-to-year variability.
On circuit amenities, Gamble said U.S. recliner penetration is now about 72%, leaving fewer opportunities than in prior years, but he said Cinemark still sees returns in select renovations alongside recliners in new builds.
Pricing, concessions, and operating leverage
Thomas said Cinemark expects stronger box office and attendance in 2026 to support operating leverage and margin expansion, while emphasizing EBITDA margins are most influenced by box office and attendance. She also cited additional factors including market share, average ticket price, food and beverage per cap, and inflation and foreign exchange impacts internationally.
On cost structure, Thomas said G&A is expected to reflect merit increases and rising benefits costs, along with targeted investments in talent and capabilities, including cloud-based software. She added that variable costs will flex with attendance, “albeit not at the same rate.”
On concessions, Thomas said domestic per caps were up 5% year-over-year in 2025 and attributed that to three primary drivers:
- Strategic pricing actions
- Higher incidence rates
- Product mix shift, including growth in merchandise sales and enhanced foods
She provided an approximate breakdown of “around three points” from pricing and about a point each from incidence and product mix. Thomas said the company expects another year of “moderate” per-cap growth in 2026, supported by initiatives such as concession stand throughput improvements, planograms, new flavors, expanded enhanced foods, and continued growth in movie-themed merchandise. She cautioned that per caps can fluctuate quarter to quarter based on film mix.
On ticket pricing, Thomas said Cinemark delivered a 4% compound annual growth rate in domestic average ticket price over the past three years. For 2026, she said the company expects average ticket prices to increase “modestly” year-over-year, driven by strategic pricing opportunities and continued premium offering expansion, though not to the same extent as 2025 due to film mix dynamics.
Market share, alternative content, AI, and Warner Bros. discussions
Gamble said Cinemark’s market share performance has been supported by showtime programming, marketing actions, pricing strategies, and loyalty programs. He said 2025 market share benefited from a concentration of outperforming family and horror films and a more balanced cadence of releases, which reduced capacity constraints and helped the company optimize screens. For 2026, he noted there is more crowding in summer and year-end, which could increase capacity constraints and potentially cause market share to “normalize a bit,” depending on how films perform and how release dates ultimately settle.
On loyalty, Gamble said membership continues to grow and that Movie Club in the U.S. is up more than 50% versus 2019, though he expects growth to level off as the program matures. He pointed to ongoing enhancements such as special events, a new premium tier, and “badges.”
On Latin America, Gamble said 2025’s slate skewed lower for the region relative to the U.S., but he expressed optimism that 2026 content will resonate better with Latin audiences. He cited several 2026 titles he expects to perform well in the region and said some genres and franchises, such as certain horror titles, have historically been strong in Latin America. He also noted that Argentina’s attendance has recovered to near pre-pandemic levels despite economic instability, which he said demonstrates potential upside when content connects.
Gamble said alternative programming has exceeded 10% of Cinemark’s box office for multiple consecutive years, and that proceeds from alternative content in 2025 were more than double 2019 levels. He cited categories including faith-based films, anime, foreign films, content creators, concerts, and repertory titles, and said the company has a dedicated team focused on identifying and optimizing those opportunities.
On artificial intelligence, Gamble said Cinemark is using AI in areas such as pricing optimization, showtime optimization, app and software development, hiring, and guest services. He also said AI could support film production efficiencies and potentially increase the volume of movies made, while emphasizing concerns around IP protection and copyright safeguards.
Finally, on discussions related to a potential acquisition of Warner Bros., Gamble said there was not “a tremendous amount to update,” describing the situation as active and fluid. He said Cinemark and industry group Cinema United have engaged with relevant parties and regulators, with a focus on preserving sustained film output, meaningful exclusive theatrical windows, and sustained marketing support. On Netflix’s public comments around a 45-day window, Gamble said 45 days is generally viewed as a reasonable target but said key details remain, including “45 days to what,” and that the industry is looking for firmer assurances beyond verbal commitments.
About Cinemark (NYSE:CNK)
Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.
The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.
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