v3.26.3
Segments - Holdings (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Selected Financial Information by Reportable Operating Segment

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.

 

 

Three Months Ended September 30, 2026

 

 

Nine Months Ended September 30, 2026

 

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

Revenue

 

$

821.9

 

 

$

241.6

 

 

$

1,063.5

 

 

$

2,203.3

 

 

$

596.4

 

 

$

2,799.7

 

Elimination of intersegment revenue

 

 

(4.4

)

 

 

—

 

 

 

(4.4

)

 

 

(11.1

)

 

 

—

 

 

 

(11.1

)

Total Revenue

 

 

817.5

 

 

 

241.6

 

 

 

1,059.1

 

 

 

2,192.2

 

 

 

596.4

 

 

 

2,788.6

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

250.9

 

 

 

58.4

 

 

 

309.3

 

 

 

650.2

 

 

 

140.7

 

 

 

790.9

 

Concession supplies

 

 

59.0

 

 

 

20.1

 

 

 

79.1

 

 

 

159.4

 

 

 

50.2

 

 

 

209.6

 

Salaries and wages

 

 

92.7

 

 

 

23.4

 

 

 

116.1

 

 

 

264.9

 

 

 

62.2

 

 

 

327.1

 

Facility lease expense

 

 

63.4

 

 

 

27.0

 

 

 

90.4

 

 

 

189.2

 

 

 

71.1

 

 

 

260.3

 

Utilities and other (1)

 

 

108.9

 

 

 

34.0

 

 

 

142.9

 

 

 

302.2

 

 

 

92.1

 

 

 

394.3

 

General and administrative

 

 

49.5

 

 

 

14.0

 

 

 

63.5

 

 

 

141.0

 

 

 

41.4

 

 

 

182.4

 

Other segment items (2)

 

 

(10.0

)

 

 

0.2

 

 

 

(9.8

)

 

 

(26.5

)

 

 

0.4

 

 

 

(26.1

)

Adjusted EBITDA (3)

 

$

203.1

 

 

$

64.5

 

 

$

267.6

 

 

$

511.8

 

 

$

138.3

 

 

$

650.1

 

 

 

 

Three Months Ended September 30, 2025

 

 

Nine Months Ended September 30, 2025

 

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

Revenue

 

$

687.0

 

 

$

173.9

 

 

$

860.9

 

 

$

1,869.2

 

 

$

478.7

 

 

$

2,347.9

 

Elimination of intersegment revenue

 

 

(3.4

)

 

 

—

 

 

 

(3.4

)

 

 

(9.2

)

 

 

—

 

 

 

(9.2

)

Total Revenue

 

 

683.6

 

 

 

173.9

 

 

 

857.5

 

 

 

1,860.0

 

 

 

478.7

 

 

 

2,338.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

203.4

 

 

 

42.1

 

 

 

245.5

 

 

 

544.3

 

 

 

113.4

 

 

 

657.7

 

Concession supplies

 

 

51.1

 

 

 

14.5

 

 

 

65.6

 

 

 

141.9

 

 

 

41.1

 

 

 

183.0

 

Salaries and wages

 

 

88.7

 

 

 

17.6

 

 

 

106.3

 

 

 

254.2

 

 

 

51.8

 

 

 

306.0

 

Facility lease expense

 

 

61.0

 

 

 

20.9

 

 

 

81.9

 

 

 

183.4

 

 

 

59.7

 

 

 

243.1

 

Utilities and other (1)

 

 

99.0

 

 

 

28.4

 

 

 

127.4

 

 

 

278.5

 

 

 

79.3

 

 

 

357.8

 

General and administrative

 

 

49.0

 

 

 

12.9

 

 

 

61.9

 

 

 

135.1

 

 

 

35.4

 

 

 

170.5

 

Other segment items (2)

 

 

(8.8

)

 

 

0.1

 

 

 

(8.7

)

 

 

(25.7

)

 

 

0.1

 

 

 

(25.6

)

Adjusted EBITDA (3)

 

$

140.2

 

 

$

37.4

 

 

$

177.6

 

 

$

348.3

 

 

$

97.9

 

 

$

446.2

 
(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 is a breakdown of capital expenditures by reportable segment for Holdings:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

58.0

 

 

$

42.3

 

 

$

135.6

 

 

$

84.2

 

International

 

 

12.4

 

 

 

11.1

 

 

 

34.1

 

 

 

21.4

 

Total capital expenditures

 

$

70.4

 

 

$

53.4

 

 

$

169.7

 

 

$

105.6

 
Schedule of Reconciliation of Net Income to Adjusted EBITDA

The following table sets forth a reconciliation of net income to Adjusted EBITDA for Holdings:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income

 

$

124.2

 

 

$

50.5

 

 

$

259.2

 

 

$

106.6

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

50.3

 

 

 

(22.9

)

 

 

108.7

 

 

 

4.9

 

Interest expense (1)

 

 

31.3

 

 

 

32.2

 

 

 

97.3

 

 

 

110.1

 

Other loss (income), net

 

 

0.8

 

 

 

0.1

 

 

 

(4.9

)

 

 

(8.9

)

Cash distributions from equity investees (2)

 

 

2.0

 

 

 

1.3

 

 

 

6.3

 

 

 

8.0

 

Depreciation and amortization

 

 

53.5

 

 

 

50.9

 

 

 

156.7

 

 

 

149.8

 

Impairment of long-lived and other assets

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

2.2

 

(Gain) loss on disposal of assets and other

 

 

(2.3

)

 

 

3.0

 

 

 

4.2

 

 

 

(0.1

)

Loss on debt amendments and extinguishments

 

 

—

 

 

 

—

 

 

 

2.8

 

 

 

1.5

 

Loss on warrants

 

 

—

 

 

 

54.5

 

 

 

—

 

 

 

54.5

 

Non-cash rent expense

 

 

(2.7

)

 

 

(2.9

)

 

 

(8.3

)

 

 

(8.5

)

Share-based awards compensation expense (3)

 

 

10.5

 

 

 

10.3

 

 

 

28.1

 

 

 

26.1

 

Adjusted EBITDA

 

$

267.6

 

 

$

177.6

 

 

$

650.1

 

 

$

446.2

 
(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.
Schedule of Selected Financial Information by Geographic Area

Below is a breakdown of selected financial information by geographic area:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenue

 

2026

 

 

2025

 

 

2026

 

 

2025

 

U.S.

 

$

821.9

 

 

$

687.0

 

 

$

2,203.3

 

 

$

1,869.2

 

Brazil

 

 

90.2

 

 

 

55.6

 

 

 

219.5

 

 

 

164.5

 

Other international countries

 

 

151.4

 

 

 

118.3

 

 

 

376.9

 

 

 

314.2

 

Eliminations

 

 

(4.4

)

 

 

(3.4

)

 

 

(11.1

)

 

 

(9.2

)

Total

 

$

1,059.1

 

 

$

857.5

 

 

$

2,788.6

 

 

$

2,338.7

 

 

 

 

As of

 

 

As of

 

Theater properties and equipment, net

 

September 30, 2026

 

 

December 31, 2025

 

U.S.

 

$

992.2

 

 

$

993.1

 

Brazil

 

 

59.2

 

 

 

55.3

 

Other international countries

 

 

130.3

 

 

 

127.4

 

Total

 

$

1,181.7

 

 

$

1,175.8