NCMI
National CineMedia, Inc.4.0500
+0.0500+1.25%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Upfront up; make-goods, political upside
Q&A spotlighted strong forward visibility with upfront bookings up year-over-year and budding Q2/Q3 scatter demand fueled by the robust slate. Management flagged elevated make-goods from Q4's softer box office, set for fulfillment through Q3 2026—a demand tell. Political ads emerged as upside potential in swing states, as select exhibitors greenlight them. They explained FY25's 18% CPM cut as tactical for programmatic utilization and new categories. Buybacks stay under review amid $50 million returned. Q&A largely reaffirms scripted optimism. Solid bookings ahead.
Key Stats
Market Cap
380.02MP/E (TTM)
-Basic EPS (TTM)
-0.16Dividend Yield
0.02%Recent Filings
8-K
Q4 revenue beats, Q1 soft
National CineMedia posted Q4 revenue of $93.2M, up 8% from $86.3M, with operating income rising to $23.8M and Adjusted OIBDA to $37.2M. Full-year revenue edged up 1% to $243.2M, narrowing net loss to $10.6M. Q1 2026 guides revenue $32.5M-$36.5M, Adjusted OIBDA $(13.0)M-$(10.0)M. Declared $0.03/share dividend.
10-K
FY2025 results
National CineMedia posted FY2025 revenue of $243.2M, up 1.0% y/y from $240.8M, with national ad revenue rising 3.5% to $194.5M on 22.1% higher utilization despite 18.1% lower CPMs and 2.0% attendance growth to 403.8M patrons (derived). Q4 drove 38.3% of revenue, accelerating from 35.8% y/y as scatter strengthened. Local/regional revenue fell 11.5% to $34.6M on softer pharma/auto deals, while beverage revenue edged up 2.9%. Theater fees climbed 5.9% to $118.5M on attendance and rate hikes; Adjusted OIBDA dipped to $39.1M (16.1% margin). Repurchased 4.1M shares for $22.3M; $12.0M debt at year-end with $32.4M revolver availability. Declines in theater attendance threaten ad impressions.
8-K
Exec contracts extended to 2028
National CineMedia extended CEO Thomas Lesinski's contract to December 31, 2028, effective January 1, 2026, boosting base salary to $1M with 100% target bonus and 1,500,000 options in 2026; CLO Maria Woods' deal matches the term, effective December 31, 2025, at $485,000 base and 75% target bonus. Leadership locked in through 2028. Severance jumps to 200% post-change in control.
8-K
NCM acquires Spotlight, gains 6% share
National CineMedia completed its acquisition of Spotlight Cinema Networks on November 17, 2025, boosting national market share by 6% and expanding New York and Los Angeles theater presence by 30%. It adds luxury screens from partners like Cinépolis and Landmark, targeting premium audiences. Deal struck at 4.5x pro forma EBITDA. Full synergies eyed for 2026.
8-K
Exec role eliminated
National CineMedia eliminated the President - Sales, Marketing and Partnerships role, with Catherine Sullivan stepping down effective November 13, 2025, and departing December 1. Her exit qualifies as involuntary termination, entitling her to 100% base salary plus target bonus over 12 months post-release. Position cut streamlines operations.
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