AMC ENTERTAINMENT HOLDINGS, INC. SEC Filings

AMC Entertainment Holdings, Inc. reported that full-year 2025 total revenues rose to $4,848.9 million from $4,637.2 million, while the net loss deepened to $632.4 million from $352.6 million. Adjusted EBITDA improved to $387.5 million from $343.9 million, showing better underlying operating performance despite continued losses.

For the fourth quarter, revenues were $1,288.3 million, slightly below the prior year, with a net loss of $127.4 million. Attendance declined modestly for the year, but AMC increased per‑patron revenue and contribution margin, achieving record per‑patron levels in admissions, food and beverage, and total revenue. Cash was $428.5 million at December 31, 2025, against corporate borrowings of $4,038.5 million, and the company reported a stockholders’ deficit of $1,894.8 million.

AMC Entertainment Holdings files its annual report describing a heavily leveraged but still-operating theatre chain. As of December 31, 2025, AMC held approximately $428.5 million in cash and cash equivalents against $4,038.5 million of corporate borrowings and a further about $4.0 billion of discounted operating lease obligations.

In 2025, subsidiary Muvico refinanced debt by issuing $857.0 million of new senior secured notes due 2029 and exchanging $194.4 million of exchangeable notes, while redeeming 2026 subordinated notes. AMC warns that, without significant revenue and attendance increases or additional liquidity, its common stock is highly speculative and a future restructuring or bankruptcy could leave shareholders with a total loss.

The company remains the largest theatrical exhibitor, operating 855 theatres and 9,640 screens across the U.S. and Europe, and continues to invest in recliner seating, premium formats, and loyalty programs, while emphasizing ongoing refinancing efforts and potential equity issuance that could be materially dilutive.

Pentwater Capital Management LP and Matthew Halbower have filed Amendment No. 1 to a Schedule 13G for AMC Entertainment Holdings, Inc. reporting that they now beneficially own 0 shares of AMC Class A common stock, representing 0% of the class.

The filing shows no sole or shared voting or dispositive power for either reporting person and confirms their ownership has fallen to 5% or less of AMC’s Class A common stock. The filers certify that any securities referenced were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of AMC.

AMC Entertainment Holdings, Inc. entered into a supplemental indenture for its Muvico, LLC Senior Secured Notes due 2029. This amendment is designed to give AMC more flexibility to refinance its existing term loan credit agreement and the 12.75% Senior Secured Notes due 2027 issued by its Odeon subsidiary with new secured and guaranteed debt.

The supplemental indenture, dated February 12, 2026, was executed by AMC, Muvico, other guarantors and CSC Delaware Trust Company as trustee and collateral agent, and is filed as Exhibit 4.1.

AMC Entertainment Holdings, Inc. entered a sales and registration agreement and a master forward confirmation to offer up to $150,000,000 of Class A common stock. Shares may be sold through at-the-market offerings and collared forward transactions arranged with Goldman Sachs affiliates and other sales agents.

Under the forwards, Goldman Sachs International may borrow, pledge, rehypothecate and sell hedging shares during an initial hedging period, then dynamically adjust its hedge, which can variously affect the stock price. AMC plans to use any cash raised to bolster liquidity, repay, redeem or refinance debt, and reinvest in its AMC GO Plan, including seating, sound and premium large-format upgrades.

AMC Entertainment Holdings is offering up to $150,000,000 of Class A common stock through at-the-market sales and potential collared forward transactions under a new shelf program. The company may sell shares via Goldman Sachs & Co. LLC, B. Riley Securities, and Yorkville Securities as sales agents or through Goldman Sachs as forward seller.

AMC expects to use any net proceeds and cash from forward prepayments to strengthen its balance sheet by bolstering liquidity and repaying, redeeming or refinancing debt, and to fund its AMC GO Plan, including seating, sight and sound upgrades and more premium large-format screens.

Preliminary 2025 results show total revenue of $4,848.9 million, a net loss of $632.4 million, Adjusted EBITDA of $387.5 million, and cash and cash equivalents of $428.5 million as of December 31, 2025. Management highlights ongoing risks around liquidity, high leverage, industry changes, and extreme stock volatility, cautioning investors that they could lose all or a substantial portion of their investment.

AMC Entertainment Holdings, Inc. filed an automatic shelf registration statement on Form S-3 that allows the company and future selling stockholders to offer a range of securities from time to time. The shelf covers Class A common stock, preferred stock, subscription rights, depositary shares, warrants and units.

AMC may sell these securities through various methods, including direct sales, underwritten offerings and at-the-market transactions, and plans to use any net proceeds for general corporate purposes such as refinancing or repaying debt, working capital and capital investments. Selling stockholders may also resell registered securities, and AMC will not receive proceeds from those sales. The filing highlights substantial risks, including high leverage, liquidity pressure if attendance and revenues do not recover to at least pre-COVID-19 levels, potential further equity dilution from exchangeable notes, shifting movie distribution practices, and volatility in the company’s common stock.

UBS Group has filed a Schedule 13G reporting a passive ownership stake in AMC Entertainment Holdings, Inc. Class A common stock. UBS Group and certain wholly owned subsidiaries beneficially own 31,798,761 shares, representing 6.2% of AMC’s Class A shares as of 12/31/2025.

UBS reports shared voting power over 31,798,365 shares and shared dispositive power over 31,798,761 shares, with no sole voting or dispositive power. The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of AMC.

AMC Entertainment Holdings entered into a letter agreement with holders of Muvico’s Senior Secured Notes due 2029 to amend the indenture for those notes. The amendments are designed to give AMC more flexibility to refinance its outstanding term loan and 12.75% Senior Secured Notes due 2027 with new debt that may be secured and guaranteed by AMC, Odeon Cinemas Group’s holding entity and Muvico subsidiaries. In return for consenting to these amendments, the 2029 noteholders are entitled to a stock-based consent fee of up to 17,806,866 AMC shares, with the exact amount reduced based on AMC’s trading price after the agreement date. The parties plan to finalize the amendments as soon as reasonably practicable and no later than February 23, 2026. AMC states that the consent fee share issuance will rely on an exemption under Section 4(a)(2) of the Securities Act. AMC also furnished a press release with select preliminary estimated results for the quarter and year ended December 31, 2025.