AMC Entertainment vs Cinemark: Revenue, Profit and Business Model
AMC Entertainment had $4.8B of annual revenue in FY2025 and a net loss of $632.4M. Cinemark had $3.1B of annual revenue in FY2025.
Latest financial snapshot
AMC Entertainment
- Latest annual revenue
- $4.8B (FY2025)
- Net income
- -$632.4M
- Net margin
- -13.0%
- Revenue growth
- +4.6% a year, FY2016–FY2025
Cinemark
- Latest annual revenue
- $3.1B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +0.7% a year, FY2016–FY2025
Financial summary
AMC Entertainment
AMC's recent financial history is a sequence of rescues. Revenue collapsed to $1,242.4 million in 2020, against $5,471.0 million in 2019, with a net loss of $4,589.1 million. Between December 14, 2020 and January 25, 2021 the company raised or secured commitments for $917 million of new equity and debt, including $506 million of equity from 164.7 million new shares, and the retail trading surge that followed let it keep selling stock at prices far above where it had traded. Dilution was the price: on a reverse split adjusted basis the common share count rose by 524,339,457 shares between January 1, 2020 and February 18, 2026. Recovery has been slow. FY2025 revenue of $4,848.9 million was still below 2019, the net loss was $632.4 million, Adjusted EBITDA was $387.5 million, operating activities used $119.8 million of cash, and the year ended with $428.5 million of cash against corporate borrowings carried at $4,038.5 million. The second quarter of 2026 was the best quarter in the company's history, with revenue of $1,596.7 million, up 14.2%, and Adjusted EBITDA of $321.4 million. AMC Entertainment Holdings operates as the largest movie theater chain in the world, with a volatile multi-billion dollar market valuation heavily influenced by retail investors.
Cinemark
Revenue fell to $686.3 million in 2020 during the theater shutdowns, then rebounded to $1.51 billion in 2021, $2.45 billion in 2022, and $3.07 billion in 2023. It dipped to $3.05 billion in 2024 after the Hollywood strikes thinned the slate, and rose to $3.115 billion in 2025, its best post-pandemic year, with $138.2 million in net income and $578 million in adjusted EBITDA (18.6% margin). In Q2 2026, revenue rose 15.5% to $1.086 billion, net income attributable to shareholders was $139.4 million ($1.19 diluted EPS), and adjusted EBITDA hit a record $294 million (27.1% margin). Market capitalization was about $4.05 billion in September 2026.
Revenue and profit by year
AMC Entertainment
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.8B | -$632.4M | -13.0% | +4.6% | Source |
| FY2024 | $4.6B | -$352.6M | -7.6% | -3.6% | Source |
| FY2023 | $4.8B | -$396.6M | -8.2% | +23.0% | Source |
| FY2022 | $3.9B | -$973.6M | -24.9% | +54.7% | Source |
| FY2021 | $2.5B | -$1.3B | -50.2% | +103.5% | Source |
| FY2020 | $1.2B | -$4.6B | -369.4% | -77.3% | Source |
| FY2019 | $5.5B | -$149.1M | -2.7% | +0.2% | Source |
| FY2018 | $5.5B | $110.1M | 2.0% | +7.5% | Source |
| FY2017 | $5.1B | -$487.2M | -9.6% | +57.0% | Source |
| FY2016 | $3.2B | $111.7M | 3.5% | — | Source |
Cinemark
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.1B | — | — | +2.1% | Source |
| FY2024 | $3B | — | — | -0.6% | Source |
| FY2023 | $3.1B | — | — | +24.9% | Source |
| FY2022 | $2.5B | — | — | +62.5% | Source |
| FY2021 | $1.5B | — | — | +120.1% | Source |
| FY2020 | $686.3M | — | — | -79.1% | Source |
| FY2019 | $3.3B | $191.4M | 5.8% | +1.9% | Source |
| FY2018 | $3.2B | $213.8M | 6.6% | +7.7% | Source |
| FY2017 | $3B | $264.2M | 8.8% | +2.5% | Source |
| FY2016 | $2.9B | $255.1M | 8.7% | — | Source |
Where the revenue comes from
AMC Entertainment
- Admissions54.7%
Box office ticket sales across standard, extra large and premium large format auditoriums, $2,652.8 million in FY2025 from 219.4 million patrons. Film exhibition costs paid to studios and distributors took 48.1% of this revenue.
- Food and Beverage34.5%
Popcorn, drinks, candy, alcohol at MacGuffins bars and dine-in menus, $1,671.3 million in FY2025. Food and beverage costs were 19.6% of that revenue, and spend per patron was $7.62 globally and $8.57 in the United States.
- Other Theatre Revenue10.8%
Cinema advertising of $152.1 million plus online ticket fees, gift card and exchange ticket income, auditorium rentals, loyalty fees, retail popcorn and film distribution, $524.8 million in total in FY2025.
Cinemark
- Admissions~50%
$540 million in Q2 2026, a quarterly record. Cinemark pays a share of ticket revenue to distributors as film rental, so premium-format surcharges matter for margins.
- Concessions~40%
$433 million in Q2 2026, a record, with all-time high domestic per-capita spending. This is Cinemark's highest-margin revenue stream.
- Other (advertising, Movie Club, events)~10%
About $113 million in Q2 2026 from screen advertising, subscription and loyalty fees, and alternative content.
Business model and strategy
AMC Entertainment
How it makes money
AMC leases most of its theatre space, licenses films from studios and distributors, and keeps a share of box office admissions that grows the longer a title plays. In FY2025 admissions produced $2,652.8 million of the $4,848.9 million total and film exhibition costs took 48.1% of that admissions revenue.
Growth strategy
With the box office still short of 2019 levels, AMC is pushing on three fronts. It upgrades auditoriums: 14 new IMAX locations and 68 system updates agreed in 2025 for completion by 2033, 40 new Dolby Cinema at AMC locations by the end of 2029, and Barco laser projectors in at least 3,500 United States auditoriums, 2,951 of them installed by the end of 2025.
Competitive advantage
AMC's advantage is location and premium capacity rather than price. Across New York, Los Angeles and Chicago, which together account for 17% of the United States box office, AMC held a combined 45% market share at December 31, 2025, and it ranked first or second in 18 of the top 25 United States markets.
Cinemark
How it makes money
Cinemark earns revenue in three ways. Admissions: it sells tickets and pays studios a film rental share, so ticket margins are thin. Concessions: popcorn, drinks, food, alcohol, and movie merchandise carry much higher margins and hit record per-capita spend in 2025 and Q2 2026. Other revenue: screen advertising, Movie Club subscription fees, loyalty, and event or alternative content.
Growth strategy
Cinemark's growth plan centers on raising revenue per guest instead of adding many new theaters. It is adding Cinemark XD, D-BOX, and ScreenX auditoriums, upgrading to Barco laser projection, and adding recliners. On food and drink, it is widening menus, selling collectible popcorn buckets and movie merchandise, and expanding mobile ordering and delivery through DoorDash, Uber Eats, Grubhub, and 7NOW.
Competitive advantage
Cinemark's edge comes from footprint and execution. Its U.S. theaters skew toward suburban and mid-sized markets, and it runs one of the largest theater networks in Latin America. It says it has the highest share of luxury recliners among major U.S. chains (about 72% of its domestic circuit).
Questions about AMC Entertainment vs Cinemark
Which company has higher revenue — AMC Entertainment Holdings, Inc. or Cinemark Holdings, Inc.?
AMC Entertainment Holdings, Inc. had $4.8B (FY2025), while Cinemark Holdings, Inc. had $3.1B (FY2025). By latest annual revenue, AMC Entertainment Holdings, Inc. is the larger business, with Cinemark Holdings, Inc. showing a smaller revenue base.
What is the market cap of AMC Entertainment Holdings, Inc. vs Cinemark Holdings, Inc.?
AMC Entertainment Holdings, Inc.'s market capitalisation stands at $2.7B, while Cinemark Holdings, Inc.'s is $4.0B. Cinemark Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AMC Entertainment Holdings, Inc..
How does revenue per employee compare for AMC Entertainment Holdings, Inc. and Cinemark Holdings, Inc.?
AMC Entertainment Holdings, Inc. has $146k / employee in revenue per employee, while Cinemark Holdings, Inc. has $112k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do AMC Entertainment Holdings, Inc. and Cinemark Holdings, Inc. make money?
AMC Entertainment Holdings, Inc. and Cinemark Holdings, Inc. generate revenue in fundamentally different ways. AMC Entertainment Holdings, Inc.: AMC leases most of its theatre space, licenses films from studios and distributors, and keeps a share of box office admissions that grows the longer a title plays. Cinemark Holdings, Inc.: Cinemark earns revenue in three ways.
Which company is valued higher relative to revenue — AMC Entertainment Holdings, Inc. or Cinemark Holdings, Inc.?
On a price-to-sales (P/S) basis, AMC Entertainment Holdings, Inc. trades at 0.6x P/S and Cinemark Holdings, Inc. at 1.3x P/S. Cinemark Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AMC Entertainment Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AMC Entertainment Holdings, Inc. bigger than Cinemark Holdings, Inc.?
By last reported revenue, AMC Entertainment Holdings, Inc. ($4.8B (FY2025)) is the larger company compared to Cinemark Holdings, Inc. ($3.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AMC Entertainment vs Cinemark overview