NCMI
National CineMedia, Inc.4.0500
+0.0500+1.25%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Q&A clarifies Q4 margins, new clients
Q&A largely reaffirmed prepared remarks on Q3 resilience and Q4 strength, but unpacked why revenue growth won't fully flow to EBITDA: an extra week through January 1 spikes attendance yet hikes theater fees amid softer post-Christmas ad demand. Programmatic's 4x surge draws mostly new-to-cinema clients across categories, expanding reach. No advertiser aversion to new IP; they buy broad impressions, adding scatter on overperformers. Buybacks resumed post-quarter; AI eyed for costs and leads. New clients power programmatic boom. Momentum points to solid '26 box office.
Key Stats
Market Cap
380.02MP/E (TTM)
-Basic EPS (TTM)
-0.16Dividend Yield
0.02%Recent Filings
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.
8-K
NCM Q3 revenue rises 1.6%
National CineMedia posted Q3 revenue of $63.4 million, up 1.6% from last year, with national advertising revenue per attendee hitting $0.459—the highest in five years—fueled by rebounding advertiser demand outpacing softer box office attendance of 108.7 million. Operating loss narrowed to $1.8 million, while Adjusted OIBDA climbed to $10.2 million on better inventory use. NCM eyes Q4 revenue of $91-98 million and Adjusted OIBDA of $30-35 million, but theater attendance volatility lingers as a risk.
10-Q
Q3 FY2025 results
National CineMedia swung to a $1.6M net profit in Q3 FY2025 ended September 25, up from a $3.6M loss y/y, while YTD net loss narrowed to $39.9M from $47.0M; revenue edged 1.6% y/y to $63.4M on stronger national ad utilization, though local ads dipped 15.8% y/y amid softer demand. Operating loss improved to $1.8M from $7.5M y/y, driven by 17.8% lower admin costs and 16.8% reduced amortization after the April 2025 AMC agreement extended terms five years and cut TRA payables by $21.6M. Cash dipped to $29.9M from $75.1M year-end, with $0.1M operating cash flow YTD versus $29.8M prior; free cash flow not disclosed in the 10-Q. No debt outstanding under the new $45M revolver maturing 2028, with $44.4M available. AMC attendance fell 10.6% y/y to 108.7M, yet revenue per attendee rose 13.7% y/y. Competition from streaming and digital ads pressures cinema ad spend.
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