| Segments - Holdings |
The international market and U.S. market are managed as separate reportable segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the tables below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company’s chief operating decision makers are the chief executive officer and the chief financial officer (together the CODM). The CODM uses Adjusted EBITDA for each segment in the annual budget and forecasting process. The CODM considers actual Adjusted EBITDA with comparisons to budget, forecast and trends when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBITDA to assess the performance of each segment and in determining the incentive compensation under its short-term incentive plan and evaluating performance metrics for certain equity awards. The Company does not report total assets by segment because that information is not used to evaluate the performance of, or allocate resources between, segments. The following tables set forth a breakdown of selected financial information by reportable segment for Holdings for the periods presented, and include a reconciliation to Adjusted EBITDA.
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Three Months Ended September 30, 2026 |
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Nine Months Ended September 30, 2026 |
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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Revenue |
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$ |
821.9 |
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$ |
241.6 |
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$ |
1,063.5 |
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$ |
2,203.3 |
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$ |
596.4 |
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$ |
2,799.7 |
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Elimination of intersegment revenue |
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(4.4 |
) |
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— |
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(4.4 |
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(11.1 |
) |
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— |
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(11.1 |
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Total Revenue |
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817.5 |
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241.6 |
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1,059.1 |
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2,192.2 |
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596.4 |
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2,788.6 |
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Less: |
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Film rentals and advertising |
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250.9 |
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58.4 |
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309.3 |
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650.2 |
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140.7 |
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790.9 |
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Concession supplies |
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59.0 |
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20.1 |
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79.1 |
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159.4 |
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50.2 |
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209.6 |
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Salaries and wages |
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92.7 |
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23.4 |
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116.1 |
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264.9 |
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62.2 |
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327.1 |
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Facility lease expense |
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63.4 |
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27.0 |
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90.4 |
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189.2 |
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71.1 |
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260.3 |
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Utilities and other (1) |
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108.9 |
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34.0 |
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142.9 |
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302.2 |
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92.1 |
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394.3 |
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General and administrative |
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49.5 |
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14.0 |
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63.5 |
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141.0 |
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41.4 |
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182.4 |
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Other segment items (2) |
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(10.0 |
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0.2 |
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(9.8 |
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(26.5 |
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0.4 |
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(26.1 |
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Adjusted EBITDA (3) |
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$ |
203.1 |
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$ |
64.5 |
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$ |
267.6 |
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$ |
511.8 |
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$ |
138.3 |
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$ |
650.1 |
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Three Months Ended September 30, 2025 |
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Nine Months Ended September 30, 2025 |
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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Revenue |
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$ |
687.0 |
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$ |
173.9 |
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$ |
860.9 |
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$ |
1,869.2 |
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$ |
478.7 |
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$ |
2,347.9 |
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Elimination of intersegment revenue |
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(3.4 |
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— |
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(3.4 |
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(9.2 |
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— |
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(9.2 |
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Total Revenue |
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683.6 |
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173.9 |
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857.5 |
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1,860.0 |
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478.7 |
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2,338.7 |
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Less: |
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Film rentals and advertising |
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203.4 |
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42.1 |
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245.5 |
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544.3 |
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113.4 |
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657.7 |
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Concession supplies |
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51.1 |
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14.5 |
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65.6 |
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141.9 |
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41.1 |
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183.0 |
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Salaries and wages |
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88.7 |
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17.6 |
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106.3 |
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254.2 |
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51.8 |
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306.0 |
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Facility lease expense |
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61.0 |
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20.9 |
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81.9 |
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183.4 |
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59.7 |
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243.1 |
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Utilities and other (1) |
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99.0 |
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28.4 |
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127.4 |
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278.5 |
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79.3 |
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357.8 |
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General and administrative |
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49.0 |
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12.9 |
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61.9 |
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135.1 |
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35.4 |
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170.5 |
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Other segment items (2) |
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(8.8 |
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0.1 |
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(8.7 |
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(25.7 |
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0.1 |
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(25.6 |
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Adjusted EBITDA (3) |
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$ |
140.2 |
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$ |
37.4 |
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$ |
177.6 |
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$ |
348.3 |
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$ |
97.9 |
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$ |
446.2 |
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(1)Utilities and other for the International reportable segment is shown net of intersegment expenses of $4.4 and $3.4 for the three months ended September 30, 2026 and 2025, respectively. Utilities and other for the International reportable segment is shown net of intersegment expenses of $11.1 and $9.2 for the nine months ended September 30, 2026 and 2025, respectively. (2)Other segment items for each reportable segment includes non-cash rent, share-based compensation expense and cash distributions from equity investees (reported entirely within the U.S. reportable segment). (3)See the table below for a reconciliation of net income to Adjusted EBITDA. The following table sets forth a reconciliation of net income to Adjusted EBITDA for Holdings:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Net income |
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$ |
124.2 |
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$ |
50.5 |
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$ |
259.2 |
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$ |
106.6 |
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Add (deduct): |
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Income tax expense (benefit) |
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50.3 |
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(22.9 |
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108.7 |
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4.9 |
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Interest expense (1) |
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31.3 |
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32.2 |
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97.3 |
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110.1 |
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Other loss (income), net |
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0.8 |
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0.1 |
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(4.9 |
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(8.9 |
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Cash distributions from equity investees (2) |
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2.0 |
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1.3 |
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6.3 |
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8.0 |
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Depreciation and amortization |
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53.5 |
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50.9 |
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156.7 |
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149.8 |
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Impairment of long-lived and other assets |
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— |
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0.6 |
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— |
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2.2 |
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(Gain) loss on disposal of assets and other |
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(2.3 |
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3.0 |
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4.2 |
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(0.1 |
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Loss on debt amendments and extinguishments |
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— |
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— |
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2.8 |
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1.5 |
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Loss on warrants |
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— |
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54.5 |
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— |
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54.5 |
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Non-cash rent expense |
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(2.7 |
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(2.9 |
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(8.3 |
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(8.5 |
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Share-based awards compensation expense (3) |
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10.5 |
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10.3 |
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28.1 |
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26.1 |
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Adjusted EBITDA |
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$ |
267.6 |
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$ |
177.6 |
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$ |
650.1 |
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$ |
446.2 |
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(1)Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated losses for amended swap agreements. (2)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. (3)Non-cash expense included in general and administrative expenses. Capital Expenditures by Reportable Segment The following table is a breakdown of capital expenditures by reportable segment for Holdings:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Capital expenditures |
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U.S. |
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$ |
58.0 |
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$ |
42.3 |
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$ |
135.6 |
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$ |
84.2 |
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International |
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12.4 |
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11.1 |
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34.1 |
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21.4 |
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Total capital expenditures |
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$ |
70.4 |
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$ |
53.4 |
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$ |
169.7 |
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$ |
105.6 |
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Financial Information About Geographic Areas Below is a breakdown of selected financial information by geographic area:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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Revenue |
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2026 |
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2025 |
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2026 |
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2025 |
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U.S. |
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$ |
821.9 |
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$ |
687.0 |
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$ |
2,203.3 |
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$ |
1,869.2 |
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Brazil |
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90.2 |
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55.6 |
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219.5 |
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164.5 |
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Other international countries |
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151.4 |
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118.3 |
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376.9 |
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314.2 |
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Eliminations |
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(4.4 |
) |
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(3.4 |
) |
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(11.1 |
) |
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(9.2 |
) |
Total |
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$ |
1,059.1 |
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$ |
857.5 |
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$ |
2,788.6 |
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$ |
2,338.7 |
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As of |
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As of |
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Theater properties and equipment, net |
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September 30, 2026 |
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December 31, 2025 |
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U.S. |
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$ |
992.2 |
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$ |
993.1 |
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Brazil |
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59.2 |
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55.3 |
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Other international countries |
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130.3 |
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127.4 |
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Total |
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$ |
1,181.7 |
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$ |
1,175.8 |
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