US Market News
2 months ago
Marcus Corporation Reports First Quarter Fiscal 2026 ResultsApril 30, 2026 7:45 AM
Business Wire
Marcus Theatres and Marcus Hotels & Resorts both significantly outperform their respective industries
The Marcus Corporation (NYSE: MCS) today reported results for the first quarter fiscal 2026 ended March 31, 2026.
“Both Marcus Theatres and Marcus Hotels & Resorts significantly outperformed their respective industries during the first quarter of fiscal 2026,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Fueled by a robust film slate that included Project Hail Mary, the first tentpole success of the year, as well as strong carry-over of holiday films and new family-friendly films that played well in our markets, Marcus Theatres started the year strong. The string of hit films continued into April with the blockbuster The Super Mario Galaxy Movie and the success of Michael. As typically is the case, travel was seasonally slower over the winter months, yet Marcus Hotels & Resorts continued to outperform its competitive sets, with especially strong performance from newly renovated assets. Momentum is building for both divisions as we head into the spring and summer, with growing excitement for the coming slate of new highly anticipated films – including several franchise favorites – and the return of the busy summer travel season.”
The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. See Fiscal Year Change section below for further discussion. Year-over-year comparisons herein are on an as-reported basis and include the impact of the five fewer operating days unless otherwise noted.
First Quarter Fiscal 2026 Highlights
Total revenues for the first quarter of fiscal 2026 were $154.4 million, a 3.8% increase from total revenues of $148.8 million for the first quarter of fiscal 2025.
Operating loss was $19.3 million for the first quarter of fiscal 2026, a 5.6% improvement from operating loss of $20.4 million for the first quarter of fiscal 2025.
Net loss was $15.4 million for the first quarter of fiscal 2026, compared to net loss of $16.8 million for the first quarter of fiscal 2025.
Net loss per diluted common share was $0.51 for the first quarter of fiscal 2026, compared to net loss per diluted common share of $0.54 for the first quarter of fiscal 2025.
Adjusted EBITDA was $2.6 million for the first quarter of fiscal 2026, an increase from Adjusted EBITDA loss of $0.3 million for first quarter of fiscal 2025.
Marcus Theatres®
Total Theatre revenues were $92.9 million for the first quarter of fiscal 2026, a 6.4% increase over the first quarter of fiscal 2025 (despite five less operating days during fiscal 2026). Division operating loss was $2.8 million for the first quarter of fiscal 2026, a $3.5 million improvement compared to the first quarter of fiscal 2025. Adjusted EBITDA was $8.0 million for the first quarter of fiscal 2026, a 117.1% increase over the first quarter of fiscal 2025.
Same store admission revenues for the first quarter of fiscal 2026 increased 9.8% compared to the prior year quarter, which outperformed the industry by 4.8 percentage points, according to data received from Comscore. On a calendar quarter basis, same store admission revenues increased 29.0% over the comparable calendar quarter of fiscal 2025, outperforming the industry by 7.6 percentage points.
Same store attendance increased 1.9% in the first quarter of fiscal 2026 compared to the reported first quarter of fiscal 2025. On a calendar quarter basis, same store attendance increased 19.1% over the comparable calendar quarter of fiscal 2025. Average ticket prices increased 7.8% compared to the prior year quarter due to strategic price changes designed to optimize peak demand periods, a higher percentage of sales coming from premium large format screens, and a more favorable film mix. Average concession revenues per person increased 2.4% during the first quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, concession menu price increases, and a higher number of transactions per person.
“While the galactic success of Project Hail Mary led the way during the first quarter of fiscal 2026, moviegoers’ excitement for several other films, including family-friendly hits like Hoppers, Zootopia 2, Goat, and the continuing success of Avatar: Fire and Ash, also meaningfully contributed to our results,” said Jeffry F. Tomachek, incoming president of Marcus Theatres. “Strong box office momentum carried over into the second quarter of fiscal 2026 with the epic debut of The Super Mario Galaxy Movie contributing to our highest grossing five-day Easter weekend since 2019. That film’s continued performance, along with last weekend’s record-breaking opening of Michael, which was the top domestic opening for a music biopic, and strong pre-sales for tomorrow’s opening of The Devil Wears Prada 2, give us even more confidence as we head deeper into what is shaping up to be an exciting year at Marcus Theatres. Looking ahead to the summer movie season, we expect strong audience turnouts for family favorites and beloved franchises including Spider Man: Brand New Day, Star Wars: The Mandalorian and Grogu, Toy Story 5 and Minions & Monsters, appealing spectacles like Masters of the Universe and The Odyssey, and thrillers like Disclosure Day and Verity. As always, our team is ready to deliver memorable movie moments with enticing promotions, hot off the shelf merchandise, and of course the industry’s leading food, beverages and amenities.”
During the first quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were Project Hail Mary, Hoppers, Avatar: Fire and Ash, Scream 7 and Zootopia 2. The second quarter of fiscal 2026 kicked off with the blockbuster success of The Super Mario Galaxy Movie and the record-breaking opening weekend of Michael, with a strong film slate scheduled for the remainder of the year, including The Devil Wears Prada 2, Mortal Kombat II, Star Wars: The Mandalorian & Grogu, Masters of the Universe, Scary Movie, Disclosure Day, Toy Story 5, Supergirl, Jackass: Best and Last, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity, Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.
On April 7, the company announced that Jeffry F. Tomachek, chief financial officer of Marcus Theatres, will be promoted to president of the division. Tomachek succeeds Mark A. Gramz, who will retire from the company May 1, 2026. Tomachek began his career at Marcus Theatres in 1998 as division controller. Over nearly three decades with the company, Tomachek was promoted into various roles with increasing leadership responsibility in areas such as accounting, finance, design, construction, real estate, food and beverage strategy, and marketing. In 2020, he was named executive vice president and division chief financial officer.
Marcus® Hotels & Resorts
During the first quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $51.7 million, a 1.1% decrease from the first quarter of fiscal 2025, which included five more operating days than in the first quarter of fiscal 2026.
Division operating loss of $7.9 million during the first quarter of fiscal 2026 was negatively impacted by fewer operating days, an increase in depreciation expense of $0.4 million due to hotel renovations completed during fiscal 2025, and higher labor costs. Adjusted EBITDA loss was $0.3 million in the first quarter of fiscal 2026, which was also negatively impacted by five fewer operating days and unfavorable ski conditions at Grand Geneva Resort & Spa in Lake Geneva, Wisconsin.
Revenue per available room, or RevPAR, increased 13.7% in the first quarter of fiscal 2026 compared to the prior year period. During the first quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 9.8 percentage points and significantly outperformed its competitive sets by 16.6 percentage points, which includes the favorable impact of Hilton Milwaukee being fully operational during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 when the hotel was under renovation. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, Marcus Hotels & Resorts outperformed its competitive sets by 11.5 percentage points during the first quarter of fiscal 2026.
“Despite the winter months being our slowest season, the Marcus Hotels & Resorts team nevertheless delivered strong revenue results,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our hotels significantly outperformed their competitive sets during the first quarter of fiscal 2026, even after adjusting for the impact of the Hilton Milwaukee renovation on the prior year period. As we approach the busier spring and summer travel seasons, our unwavering focus on driving operational performance and unmatched commitment to the guest experience positions us well to continue capturing strong group bookings and leisure demand, especially at our newly renovated properties.”
Earlier this year Marcus Hotels & Resorts opened The Marc Hotel, a new 175-room independent hotel adjacent to the Baird Center in Milwaukee. This May, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip. The 11-hole course is designed to cater to golfers of all skill levels and add another experience to Grand Geneva’s already established golf offerings, which include two championship courses, Brute and Highlands.
Fiscal Year Change
The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During fiscal 2025 the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first quarter of fiscal 2025 consisted of the three month period beginning December 27, 2024 and ended on March 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 90 operating days in the calendar first quarter of 2025).
Conference Call and Webcast
Marcus Corporation management will hold a conference call today, Thursday, April 30, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com or dialing 1-646-307-1963 and entering the passcode 8761289. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.
A telephone replay of the conference call will be available through Thursday, May 7, 2026, by dialing 1-800-770-2030 and entering passcode 8761289. The webcast will be archived on the company’s website until its next earnings release.
Non-GAAP Financial Measure
Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.
Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.
Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.
About The Marcus Corporation
Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
THE MARCUS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2026
March 31,
2025
Revenues:
Theatre admissions
$
44,825
$
40,931
Rooms
20,462
19,275
Theatre concessions
39,565
38,000
Food and beverage
17,460
17,829
Other revenues
21,694
22,874
144,006
138,909
Cost reimbursements
10,398
9,857
Total revenues
154,404
148,766
Costs and expenses:
Theatre operations
50,729
49,670
Rooms
10,318
9,906
Theatre concessions
17,170
17,451
Food and beverage
15,056
14,629
Advertising and marketing
5,735
5,244
Administrative
25,311
24,716
Depreciation and amortization
17,835
17,838
Rent
6,187
6,217
Property taxes
4,282
4,409
Other operating expenses
10,563
10,606
(Gain) loss on disposition of property, equipment and other assets
81
(1,365
)
Reimbursed costs
10,398
9,857
Total costs and expenses
173,665
169,178
Operating income
(19,261
)
(20,412
)
Other income (expense):
Investment income
20
74
Interest expense
(2,630
)
(2,822
)
Other income (expense)
(447
)
(444
)
Equity earnings (losses) from unconsolidated joint ventures
(674
)
(570
)
(3,731
)
(3,762
)
Earnings (loss) before income taxes
(22,992
)
(24,174
)
Income tax expense
(7,639
)
(7,358
)
Net earnings (loss)
(15,353
)
(16,816
)
Net earnings (loss) per common share - diluted
$
(0.51
)
$
(0.54
)
Weighted average shares outstanding - diluted
30,681
31,596
THE MARCUS CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March 31,
2026
December 31,
2025
Assets:
Cash and cash equivalents
$
11,229
$
23,448
Restricted cash
3,125
3,134
Accounts receivable
16,594
19,082
Other current assets
19,481
18,912
Property and equipment, net
689,841
697,712
Operating lease right-of-use assets
142,826
142,115
Other assets
108,962
110,129
Total Assets
$
992,058
$
1,014,532
Liabilities and Shareholders' Equity:
Accounts payable
$
31,687
$
44,523
Income taxes
594
—
Taxes other than income taxes
14,967
18,482
Other current liabilities
79,016
81,390
Current portion of finance lease obligations
2,618
2,827
Current portion of operating lease obligations
16,320
16,219
Finance lease obligations
8,008
8,452
Operating lease obligations
148,894
148,977
Long-term debt
174,062
159,007
Deferred income taxes
27,205
30,905
Other long-term obligations
47,520
46,372
Equity
441,167
457,378
Total Liabilities and Shareholders' Equity
$
992,058
$
1,014,532
THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)
Theatres
Hotels/
Resorts
Corporate
Items
Total
Three Months Ended March 31, 2026
Revenues
$
92,928
$
61,403
$
73
$
154,404
Operating income (loss)
(2,810
)
(7,931
)
(8,520
)
(19,261
)
Depreciation and amortization
10,263
7,188
384
17,835
Adjusted EBITDA
8,018
(283
)
(5,139
)
2,596
Three Months Ended March 31, 2025
Revenues
$
87,357
$
61,322
$
87
$
148,766
Operating income (loss)
(6,281
)
(6,044
)
(8,087
)
(20,412
)
Depreciation and amortization
10,706
6,736
396
17,838
Adjusted EBITDA
3,694
1,011
(4,964
)
(259
)
Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.
Supplemental Data
(Unaudited)
(In thousands)
Three Months Ended
Consolidated
March 31,
2026
March 31,
2025
Net cash flow provided by (used in) operating activities
$
(15,221
)
$
(35,329
)
Net cash flow provided by (used in) investing activities
(6,629
)
(22,779
)
Net cash flow provided by (used in) financing activities
9,622
29,252
Capital expenditures
(6,648
)
(23,005
)
THE MARCUS CORPORATION
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
Three Months Ended
March 31,
2026
March 31,
2025
Net earnings (loss)
$
(15,353
)
$
(16,816
)
Add (deduct):
Investment (income) loss
(20
)
(74
)
Interest expense
2,630
2,822
Other expense (income)
447
444
(Gain) Loss on disposition of property, equipment and other assets
81
(1,365
)
Equity earnings (losses) from unconsolidated joint ventures
674
570
Income tax benefit
(7,639
)
(7,358
)
Depreciation and amortization
17,835
17,838
Share-based compensation (a)
3,824
3,545
Theatre exit costs (b)
—
135
Other non-recurring (c)
117
—
Adjusted EBITDA
$
2,596
$
(259
)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)
Three Months Ended March 31, 2026
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
(2,810
)
$
(7,931
)
$
(8,520
)
$
(19,261
)
Depreciation and amortization
10,263
7,188
384
17,835
(Gain) loss on disposition of property, equipment and other assets
76
5
—
81
Share-based compensation (a)
489
338
2,997
3,824
Other non-recurring (c)
—
117
—
117
Adjusted EBITDA
$
8,018
$
(283
)
$
(5,139
)
$
2,596
Three Months Ended March 31, 2025
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
(6,281
)
$
(6,044
)
$
(8,087
)
$
(20,412
)
Depreciation and amortization
10,706
6,736
396
17,838
(Gain) loss on disposition of property, equipment and other assets
(1,362
)
(3
)
—
(1,365
)
Share-based compensation (a)
496
322
2,727
3,545
Theatre exit costs (b)
135
—
—
135
Adjusted EBITDA
$
3,694
$
1,011
$
(4,964
)
$
(259
)
(a)
Non-cash expense related to share-based compensation programs.
(b)
Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.
(c)
Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429751969/en/
Investors: Chad Paris
(414) 905-1100
investors@marcuscorp.com
Media: Megan Hakes
Megan.Hakes@hprstrategies.com
Original: Marcus Corporation Reports First Quarter Fiscal 2026 Results
US Market News
4 months ago
Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2025 ResultsFebruary 26, 2026 7:45 AM
Business Wire
Marcus Theatres leads the industry in fourth quarter box office growth; Marcus Hotels & Resorts reports record revenue and Adjusted EBITDA for fiscal 2025
The Marcus Corporation (NYSE: MCS) today reported results for the fourth quarter and fiscal year 2025 ended December 31, 2025.
“Both of our divisions outperformed their industries in the fourth quarter, with Marcus Theatres leading the industry in box office growth thanks to price optimization strategies and a favorable film slate, and Marcus Hotels & Resorts delivering strong fourth quarter results to cap a record year for the division,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “During the fourth quarter, our theatre division benefitted from strong performances from family films and several blockbusters across genres that performed well in our markets. Consumers continued to show demand for out-of-home entertainment experiences, with a wide variety of great movies bringing audiences to the big screen at Marcus Theatres during the holiday season. We are excited for a 2026 film slate that includes several family films and some of the biggest movie franchises. In our hotel division, stable leisure demand and strong group bookings contributed to a year of record revenue and Adjusted EBITDA, with our newly renovated properties driving our outperformance in both the fourth quarter and full-year fiscal 2025. The positive impact of the strategic reinvestments made over the past few years will continue to position Marcus Hotels & Resorts well for both the near- and long-term, as our renovated assets continue to win in their markets. As we look ahead to fiscal 2026 and beyond, we expect the building momentum in both businesses to be sustained by our long-standing commitment to operational excellence, the resiliency of our balance sheet, and the unwavering dedication of our valued associates.”
Fourth Quarter Fiscal 2025 Highlights
Total revenues for the fourth quarter of fiscal 2025 were $193.5 million, a 2.8% increase from total revenues of $188.3 million for the fourth quarter of fiscal 2024. Revenues were favorably impacted by a shift in operating days due to the previously announced change in the Company’s fiscal calendar as described further below.
Operating income was $1.7 million for the fourth quarter of fiscal 2025, compared to operating loss of $2.2 million for the prior year quarter. Operating income for the fourth quarter of fiscal 2025 was negatively impacted by $5.2 million, or $0.12 per diluted common share net of tax, of noncash impairment charges. Operating loss for the fourth quarter of fiscal 2024 was negatively impacted by $6.4 million, or $0.15 per share net of tax, of noncash impairment charges.
Net earnings was $6.0 million for the fourth quarter of fiscal 2025, compared to net earnings of $1.0 million for the same period in fiscal 2024. Net earnings for the fourth quarter of fiscal 2025 was favorably impacted by $7.6 million, or $0.25 per diluted common share, of income tax benefit from a historic rehabilitation tax credit (net of valuation allowance) from the Hilton Milwaukee renovation. Net earnings for the fourth quarter of fiscal 2024 was favorably impacted by $6.0 million, or $0.19 per diluted common share, of income tax benefit due to decreases in valuation allowances for deferred state income taxes.
Net earnings per diluted common share was $0.19 for the fourth quarter of fiscal 2025, compared to net earnings per diluted common share of $0.03 for the fourth quarter of fiscal 2024.
Adjusted EBITDA was $26.8 million for the fourth quarter of fiscal 2025, a 3.6% increase from Adjusted EBITDA of $25.9 million for the prior year quarter.
Full Year Fiscal 2025 Highlights
Total revenues for fiscal 2025 were $758.5 million, a 3.1% increase from total revenues of $735.6 million for fiscal 2024.
Operating income was $17.1 million for fiscal 2025, a 5.5% increase from operating income of $16.2 million for fiscal 2024. Operating income for fiscal 2025 was negatively impacted by $5.2 million, or $0.12 per diluted common share net of tax, of noncash impairment charges. Operating income for fiscal 2024 was negatively impacted by $6.8 million, or $0.16 per share net of tax, of noncash impairment charges.
Net earnings was $12.7 million for fiscal 2025, compared to net loss of $7.8 million for fiscal 2024. Net earnings for fiscal 2025 was favorably impacted by $7.6 million, or $0.24 per diluted common share, of income tax benefit from a historic rehabilitation tax credit (net of valuation allowance) from the Hilton Milwaukee renovation, and was favorably impacted by a $3.4 million, or $0.11 per share, gain from a property insurance settlement, net of tax. Net loss for fiscal 2024 was favorably impacted by $6.1 million, or $0.19 per diluted common share, of income tax benefit due to decreases in valuation allowances for deferred state income taxes, and was negatively impacted by $16.7 million, or $0.52 per diluted common share, of debt conversion expense and related tax impacts of convertible senior notes repurchases.
Net earnings per diluted common share was $0.41 for fiscal 2025, compared to net loss per diluted common share of $0.25 for fiscal 2024.
Adjusted EBITDA was $99.3 million for the full year fiscal 2025, a 3.1% decrease from Adjusted EBITDA of $102.4 million for fiscal 2024.
Marcus Theatres®
For the fourth quarter of fiscal 2025, Marcus Theatres reported total revenues of $123.8 million, a 2.2% increase over the same period last year. Revenues were favorably impacted by a shift in the fiscal calendar resulting in five additional days between Christmas and New Year’s in exchange for four less days at the end of September. Operating income in the fourth quarter of fiscal 2025 was $7.7 million compared to operating income of $3.3 million for the same period of fiscal 2024 and was negatively impacted by $5.2 million of noncash impairment charges. Adjusted EBITDA in the fourth quarter of fiscal 2025 was $24.1 million, a 1.9% increase compared to $23.7 million in the fourth quarter of fiscal 2024.
Marcus Theatres outperformed the industry by 7.6 percentage points during the fourth quarter of fiscal 2025 compared to the fourth quarter of fiscal 2024, according to data from Comscore. Same store admission revenues for the fourth quarter of fiscal 2025 increased 6.1% compared to the fourth quarter of fiscal 2024. Same store attendance decreased 5.7% in the fourth quarter of fiscal 2025, with average ticket price increasing 12.7% compared to the prior year period due to strategic price changes designed to optimize pricing during peak demand periods, as well as a higher percentage of sales coming from premium large format and 3D showings. During the fourth quarter of fiscal 2025, Marcus Theatres’ top five highest-performing films were Wicked: For Good, Zootopia 2, Avatar: Fire and Ash, Five Nights at Freddy’s 2, and Black Phone 2.
For the full year fiscal 2025, Marcus Theatres reported total revenues of $462.7 million compared to $447.7 million in fiscal 2024, a 3.4% increase from the prior year period. Operating income was $29.4 million in fiscal 2025 compared to $22.1 million in fiscal 2024, a 32.9% increase that was negatively impacted by impairment charges of $5.2 million in fiscal 2025. Adjusted EBITDA for the year decreased to $76.5 million in fiscal 2025 compared to $78.1 million in fiscal 2024, primarily due to increased labor and other costs, with labor efficiency sequentially improving during the year. Average ticket price increased 3.7% during fiscal 2025 compared to fiscal 2024, while average concession revenue per person grew 4.1% over the prior year. The highest grossing films for the year included A Minecraft Movie, Wicked: For Good, Lilo & Stitch, Zootopia 2 and Superman.
“Marcus Theatres benefitted from a favorable mix of films in the fourth quarter, with blockbuster hits like Zootopia 2, Wicked: For Good, and Avatar: Fire and Ash and exciting originals like The Housemaid and Marty Supreme giving moviegoers of all ages and demographics a reason to enjoy incredible entertainment experiences at the movies,” said Mark A. Gramz, president of Marcus Theatres. “Looking to fiscal 2026, holdover fourth quarter fiscal 2025 films, including the long run of Avatar: Fire and Ash, and several new films released in the first quarter of fiscal 2026 has kicked off what is expected to be a robust slate of must-see movies in the year ahead. The franchise heavy slate includes the newest installments of several family favorites that tend to play well in our markets, including Toy Story 5, Minions & Monsters, The Super Mario Galaxy Movie, and the live action adaptation of Moana, along with popular action adventures like Star Wars: The Mandalorian and Grogu, Spider-Man: Brand New Day, Dune: Part Three, and Avengers: Doomsday. Moreover, the highly anticipated release of Christopher Nolan’s The Odyssey, nostalgic revivals like Scream 7 and The Devil Wears Prada 2, and a large slate of other appealing wide release films means fiscal 2026 has more than something for everyone. And with the highest concentration of luxury recliner seating and PLF screens among the top theatre circuits, incredible food and beverage offerings, consumer-friendly technology, and the outstanding contributions of our associates, Marcus Theatres is well positioned to capitalize on what is expected to be a memorable year of moviegoing.”
Several films have contributed to early fiscal 2026 first quarter results, including the carry over impact of late 2025 releases including Avatar: Fire and Ash, Zootopia 2, The Housemaid, Song Sung Blue, Anaconda, Marty Supreme, and The Spongebob Movie: Search for Square Pants, and new releases during the first quarter of fiscal 2026 such as 28 Years Later, The Bone Temple, Send Help, GOAT, Wuthering Heights and I Can Only Imagine 2. The film slate for fiscal 2026 features many well-known franchises and highly anticipated films including: Scream 7, Hoppers, Project Hail Mary, The Super Mario Galaxy Movie, Michael, The Devil Wears Prada 2, Star Wars: The Mandalorian and Grogu, Masters of the Universe, Toy Story 5, Supergirl: Woman of Tomorrow, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, The Cat in the Hat, The Hunger Games: Sunrise on the Reaping, Hexed, Jumanji 3, Dune: Part Three, and Avengers: Doomsday.
Marcus® Hotels & Resorts
During the fourth quarter of fiscal 2025, total revenues before cost reimbursements were $60.4 million, a 5.0% increase over the same period in fiscal 2024. Operating loss in the fourth quarter of fiscal 2025 was $0.1 million and was impacted by a $0.9 million increase in depreciation expense from hotel renovations. Adjusted EBITDA was $7.3 million in the fourth quarter of fiscal 2025, an increase of 3.4% compared to the fourth quarter of fiscal 2024.
Revenue per available room, or RevPAR, increased 3.5% at comparable company-owned hotels during the fourth quarter of fiscal 2025 compared to the prior year period. As a result, Marcus Hotels & Resorts outperformed the industry by 2.7 percentage points during the fourth quarter of fiscal 2025, according to data from STR.
For the full year fiscal 2025, Marcus Hotels & Resorts again reported record total revenues and record Adjusted EBITDA. Total revenues before cost reimbursements in fiscal 2025 were $257.6 million, a 3.7% increase compared to fiscal 2024. Operating income in fiscal 2025 was $14.4 million, a decrease of 22.0% from the prior year period primarily due to a $5.0 million increase in depreciation expense from hotel renovations completed in fiscal 2024 and 2025. Adjusted EBITDA was $42.7 million in fiscal 2025, a 2.7% increase compared to the prior year. RevPAR decreased 0.7% in fiscal 2025 compared to fiscal 2024 and was unfavorably impacted by room displacement during the Hilton Milwaukee renovation in the first half of the year.
“We are proud to deliver another year of record revenues and Adjusted EBITDA, made even more impressive considering the number of rooms out of service during the Hilton Milwaukee renovation in the first half of the year and the difficult comparison to fiscal year 2024, which included the one-time positive impact of the Republican National Convention in Milwaukee,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our newly renovated assets contributed meaningfully to our outperformance in both the fourth quarter and full year fiscal 2025 thanks to stable leisure demand and continued strong group bookings. As we look ahead, operational excellence across the portfolio will continue to drive our results as we settle into a less intensive capital reinvestment cycle.”
Group booking pace for fiscal 2026 is running slightly ahead compared to the same period in fiscal 2025. Banquet and catering revenue for fiscal 2026 is running similarly ahead of the same time last year.
In December 2025, Marcus Hotels & Resorts announced it completed the Hilton Milwaukee renovation, the most extensive renovation in the company’s history. The project revitalized the hotel’s lobby and bar, transformed its meeting and event spaces, and restyled its 554 guest rooms.
In January 2026, the division announced the opening of The Marc Hotel, an independent 175-room hotel in downtown Milwaukee, in the former west wing of the Hilton Milwaukee. Centrally located in the heart of the city, The Marc Hotel is connected to the Baird Center via a climate-controlled skywalk and located just steps from the city’s premier corporate offices, sports and entertainment venues, several dining destinations, and nearby Marquette University.
Looking ahead, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip, in spring 2026. The new course is designed to cater to golfers of all skill levels, joining two championship courses and a new practice facility, as part of the acclaimed resort’s ongoing multi-year renovation.
Return of Capital to Shareholders
During the fourth quarter of fiscal 2025, the Company repurchased 0.1 million shares of common stock for $1.8 million in cash, and during the full year fiscal 2025, the Company repurchased 1.1 million shares of common stock for $18.0 million in cash. In total, the Company returned $27.1 million in capital to shareholders through share repurchases and dividends paid during fiscal 2025.
Since resuming share repurchases in the third quarter of fiscal 2024, the Company has repurchased 1.8 million shares of common stock, or 5.7% of the shares outstanding, for $27.6 million in cash. In total, over the last two years the Company returned $45.6 million in capital to shareholders through share repurchases and dividends paid during fiscal 2024 and 2025.
As of December 31, 2025, there were 4.5 million shares remaining available for repurchase under Board of Directors repurchase authorizations. As of December 31, 2025, the Company had 23.7 million shares of common stock outstanding and 7.0 million shares of Class B common stock outstanding.
Fiscal Year Change
Beginning in fiscal 2025, the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year. Accordingly, fiscal 2025 was a 370 operating day fiscal year that began on December 27, 2024 and ended on December 31, 2025, with quarterly results for the three month periods ending March 31, June 30, September 30 and December 31. The fourth quarter of fiscal 2025 was favorably impacted by one additional operating day and by a shift in the fiscal calendar that included five additional days between the Christmas and New Year’s holidays and four fewer days at the end of September, compared to the fourth quarter of fiscal 2024. Fiscal 2026 will be a 365 operating day fiscal year that began on January 1, 2026 and will end on December 31, 2026, with quarterly results for the three month periods ending March 31, June 30, September 30 and December 31.
Conference Call and Webcast
Marcus Corporation management will hold a conference call today, Thursday, February 26, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com, or by dialing 1-646-844-6383 and entering the passcode 467741. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.
A telephone replay of the conference call will be available through Thursday, March 5, 2026, by dialing 1-866-813-9403 and entering passcode 631850. The webcast will be archived on the company’s website until its next earnings release.
Non-GAAP Financial Measure
Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.
Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.
Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.
About Marcus Corporation
Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 985 screens at 78 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
THE MARCUS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2025
December 26,
2024
December 31,
2025
December 26,
2024
Revenues:
Theatre admissions
$
59,392
$
56,265
$
220,385
$
214,421
Rooms
25,762
24,616
114,544
113,344
Theatre concessions
51,001
50,759
197,856
191,989
Food and beverage
21,153
20,384
84,410
78,102
Other revenues
26,353
26,118
100,563
97,230
183,661
178,142
717,758
695,086
Cost reimbursements
9,837
10,171
40,700
40,474
Total revenues
193,498
188,313
758,458
735,560
Costs and expenses:
Theatre operations
61,511
59,909
234,680
225,472
Rooms
10,530
10,550
43,624
43,425
Theatre concessions
20,419
20,943
82,169
78,406
Food and beverage
16,335
15,392
63,900
60,419
Advertising and marketing
7,012
6,111
26,077
24,559
Administrative
21,977
21,724
92,578
88,958
Depreciation and amortization
17,915
17,970
70,191
67,958
Rent
6,368
6,437
25,243
25,911
Property taxes
3,597
2,655
16,222
14,716
Other operating expenses
11,087
12,284
40,838
42,269
Impairment charges
5,172
6,351
5,172
6,823
Reimbursed costs
9,837
10,171
40,700
40,474
Total costs and expenses
191,760
190,497
741,394
719,390
Operating income (loss)
1,738
(2,184
)
17,064
16,170
Other income (expense):
Investment income
414
557
878
2,231
Interest expense
(2,903
)
(2,812
)
(11,472
)
(10,972
)
Other income (expense)
(452
)
(392
)
2,848
(1,513
)
Debt conversion expense
—
(203
)
—
(15,521
)
Equity losses from unconsolidated joint ventures
(173
)
(158
)
(611
)
(604
)
(3,114
)
(3,008
)
(8,357
)
(26,379
)
Earnings (loss) before income taxes
(1,376
)
(5,192
)
8,707
(10,209
)
Income tax benefit
(7,332
)
(6,178
)
(3,984
)
(2,422
)
Net earnings (loss)
$
5,956
$
986
$
12,691
$
(7,787
)
Net earnings (loss) per common share - diluted
$
0.19
$
0.03
$
0.41
$
(0.25
)
Weighted average shares outstanding - diluted
30,768
31,766
31,279
31,887
THE MARCUS CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31,
2025
December 26,
2024
Assets:
Cash and cash equivalents
$
23,448
$
40,841
Restricted cash
3,134
3,738
Accounts receivable
19,082
21,457
Assets held for sale
—
1,199
Other current assets
18,912
24,915
Property and equipment, net
697,712
685,734
Operating lease right-of-use assets
142,115
159,194
Other assets
110,129
107,450
Total Assets
$
1,014,532
$
1,044,528
Liabilities and Shareholders' Equity:
Accounts payable
$
44,523
$
50,690
Taxes other than income taxes
18,482
18,696
Other current liabilities
81,390
78,806
Current portion of finance lease obligations
2,827
2,591
Current portion of operating lease obligations
16,219
15,765
Current maturities of long-term debt
—
10,133
Finance lease obligations
8,452
10,360
Operating lease obligations
148,977
164,776
Long-term debt
159,007
149,007
Deferred income taxes
30,905
32,619
Other long-term obligations
46,372
46,219
Equity
457,378
464,866
Total Liabilities and Shareholders' Equity
$
1,014,532
$
1,044,528
THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)
Theatres
Hotels/
Resorts
Corporate
Items
Total
Three Months Ended December 31, 2025
Revenues
$
123,793
$
69,536
$
169
$
193,498
Operating income (loss)
7,687
(90
)
(5,859
)
1,738
Depreciation and amortization
10,439
7,106
370
17,915
Adjusted EBITDA
24,112
7,338
(4,636
)
26,814
Three Months Ended December 26, 2024
Revenues
$
121,158
$
67,074
$
81
$
188,313
Operating income (loss)
3,344
481
(6,009
)
(2,184
)
Depreciation and amortization
11,452
6,216
302
17,970
Adjusted EBITDA
23,658
7,095
(4,872
)
25,881
Twelve Months Ended December 31, 2025
Revenues
$
462,741
$
295,269
$
448
$
758,458
Operating income (loss)
29,437
14,416
(26,789
)
17,064
Depreciation and amortization
41,755
26,873
1,563
70,191
Adjusted EBITDA
76,458
42,719
(19,909
)
99,268
Twelve Months Ended December 26, 2024
Revenues
$
447,723
$
287,506
$
331
$
735,560
Operating income (loss)
22,147
18,477
(24,454
)
16,170
Depreciation and amortization
45,352
21,917
689
67,958
Adjusted EBITDA
78,070
41,584
(17,247
)
102,407
Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.
Supplemental Data
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
Consolidated
December 31,
2025
December 26,
2024
December 31,
2025
December 26,
2024
Net cash flow provided by (used in) operating activities
$
48,800
$
52,566
$
84,200
$
103,940
Net cash flow provided by (used in) investing activities
(24,767
)
(23,501
)
(71,373
)
(81,898
)
Net cash flow provided by (used in) financing activities
(7,932
)
(17,531
)
(30,824
)
(37,301
)
Capital expenditures
(22,402
)
(25,440
)
(83,211
)
(79,210
)
THE MARCUS CORPORATION
Reconciliation of Net earnings (loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
December 31,
2025
December 26,
2024
December 31,
2025
December 26,
2024
Net earnings (loss)
$
5,956
$
986
$
12,691
$
(7,787
)
Add (deduct):
Investment (income) loss
(414
)
(557
)
(878
)
(2,231
)
Interest expense
2,903
2,812
11,472
10,972
Other expense (income) (a)
452
392
(2,848
)
1,513
(Gain) loss on disposition of property, equipment and other assets
703
291
(553
)
386
Equity losses from unconsolidated joint ventures
173
158
611
604
Income tax expense (benefit)
(7,332
)
(6,178
)
(3,984
)
(2,422
)
Depreciation and amortization
17,915
17,970
70,191
67,958
Share-based compensation (b)
1,286
1,049
7,502
8,206
Impairment charges (c)
5,172
6,351
5,172
6,823
Theatre exit costs (d)
—
—
135
136
Insured losses (recoveries) (e)
—
4
(243
)
243
Debt conversion expense (f)
—
203
—
15,521
Other non-recurring (g)
—
2,400
—
2,485
Adjusted EBITDA
$
26,814
$
25,881
$
99,268
$
102,407
Reconciliation of Operating income (loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)
Three Months Ended December 31, 2025
Twelve Months Ended December 31, 2025
Theatres
Hotels &
Resorts
Corp.
Items
Total
Theatres
Hotels &
Resorts
Corp.
Items
Total
Operating income (loss)
$
7,687
$
(90
)
$
(5,859
)
$
1,738
$
29,437
$
14,416
$
(26,789
)
$
17,064
Depreciation and amortization
10,439
7,106
370
17,915
41,755
26,873
1,563
70,191
Loss (gain) on disposition of property, equipment and other assets
660
43
—
703
(813
)
277
(17
)
(553
)
Share-based compensation (b)
154
279
853
1,286
1,015
1,153
5,334
7,502
Impairment charges (c)
5,172
—
—
5,172
5,172
—
—
5,172
Theatre exit costs (d)
—
—
—
—
135
—
—
135
Insured losses (recoveries) (e)
—
—
—
—
(243
)
—
—
(243
)
Adjusted EBITDA
$
24,112
$
7,338
$
(4,636
)
$
26,814
$
76,458
$
42,719
$
(19,909
)
$
99,268
Three Months Ended December 26, 2024
Twelve Months Ended December 26, 2024
Theatres
Hotels &
Resorts
Corp.
Items
Total
Theatres
Hotels &
Resorts
Corp.
Items
Total
Operating income (loss)
$
3,344
$
481
$
(6,009
)
$
(2,184
)
$
22,147
$
18,477
$
(24,454
)
$
16,170
Depreciation and amortization
11,452
6,216
302
17,970
45,352
21,917
689
67,958
Loss (gain) on disposition of property, equipment and other assets
155
141
(5
)
291
254
137
(5
)
386
Share-based compensation (b)
169
257
623
1,049
932
1,053
6,221
8,206
Impairment charges (c)
6,351
—
—
6,351
6,823
—
—
6,823
Theatre exit costs (d)
—
—
—
—
136
—
—
136
Insured losses (recoveries) (e)
4
—
—
4
243
—
—
243
Other non-recurring (g)
2,183
—
217
2,400
2,183
—
302
2,485
Adjusted EBITDA
$
23,658
$
7,095
$
(4,872
)
$
25,881
$
78,070
$
41,584
$
(17,247
)
$
102,407
(a)
Includes a gain from an insurance settlement of $4.5M related to insured property damage at one theatre location in fiscal 2025.
(b)
Non-cash expense related to share-based compensation programs.
(c)
Non-cash impairment charges in fiscal 2025 related to eight operating theatres and one vacant parcel of land. Non-cash impairment charges in fiscal 2024 related to three operating theatres, one operating theatre that closed in early fiscal 2025, and one permanently closed theatre. Non-cash impairment charges in fiscal 2023 related to one permanently closed theatre.
(d)
Non-recurring costs related to the closure and exit of one theatre location in fiscal 2024.
(e)
Repair costs and insurance recoveries that are non-operating in nature related to insured property damage at one theatre location.
(f)
Debt conversion expense for repurchases of $100.1 million aggregate principal amount of Convertible Notes. See Convertible Senior Notes in the “Liquidity and Capital Resources” section of MD&A included in the fiscal 2025 Form 10-K for further discussion.
(g)
Other non-recurring in fiscal 2024 includes settlement and legal expenses related to an equipment lease agreement impacted by the COVID-19 pandemic in Theatres, and professional fees related to convertible debt repurchase transactions and corporate office relocation expenses in Corporate Items.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225045975/en/
For additional information, contact:
Chad Paris
(414) 905-1100
investors@marcuscorp.com
Original: Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2025 Results
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