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Marcus Corporation (NYSE: MCS) Q2 2026 revenue hits $231.7M

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Marcus Corporation reported significantly improved results for the second quarter fiscal 2026 ended June 30, 2026. Total revenues were $231.7 million, up 12.5% from $206.0 million a year earlier, while operating income rose to $27.1 million from $13.0 million.

Net earnings were $15.8 million, or $0.51 per diluted share, more than double the prior-year $7.3 million, or $0.23. Adjusted EBITDA increased 43.0% to $46.2 million. For the first half of fiscal 2026, revenue grew to $386.1 million and results improved from a net loss of $9.5 million to net earnings of $0.5 million, despite five fewer operating days.

Marcus Theatres delivered 14.4% higher revenue with double-digit gains in attendance, ticket prices and concessions, while Marcus Hotels & Resorts achieved record second-quarter revenue and Adjusted EBITDA, with RevPAR up 13.9% and clear outperformance versus industry and competitive benchmarks.

Positive

  • Q2 2026 revenue grew 12.5% to $231.7 million, with operating income and net earnings more than doubling year over year.
  • First half fiscal 2026 swung to $0.5 million in net earnings from a $9.5 million loss, despite five fewer operating days.
  • The company achieved its highest second-quarter revenue and Adjusted EBITDA since the pandemic, and Marcus Hotels & Resorts delivered record second-quarter revenue and Adjusted EBITDA.

Negative

  • None.

Filing Explained

At June 30, 2026, Marcus reported cash of $26,345 thousand and long-term debt of $149,116 thousand; Adjusted EBITDA remains non-GAAP.

This Form 8-K uses Item 2.02 to report that The Marcus Corporation has completed and furnished its second-quarter results for the period ended June 30, 2026.

At June 30, 2026, the reported balance sheet showed $26,345 thousand of cash and cash equivalents, alongside $149,116 thousand of long-term debt and $144,394 thousand of long-term operating lease obligations.

The filing defines Adjusted EBITDA as a supplemental non-GAAP performance measure that excludes specified items from net earnings and says it should not replace GAAP results.

Although the release describes second-quarter Adjusted EBITDA of $46,156 thousand as the highest second-quarter level since the pandemic, the filing states that this measure is not liquidity or free cash flow and may not be comparable across companies.

For the six months ended June 30, 2026, operating activities provided $38,742 thousand while investing activities used $16,475 thousand, including $16,649 thousand of capital expenditures.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Total Revenues $231.7 million Second quarter fiscal 2026; 12.5% higher than $206.0 million in Q2 2025
Q2 2026 Net Earnings $15.8 million Second quarter fiscal 2026; 116.4% increase vs $7.3 million in Q2 2025
Q2 2026 Diluted EPS $0.51 Second quarter fiscal 2026; up from $0.23 per diluted share in Q2 2025
Q2 2026 Adjusted EBITDA $46.2 million Second quarter fiscal 2026; 43.0% increase vs $32.3 million a year earlier
First Half 2026 Total Revenues $386.1 million First half fiscal 2026; 8.8% higher than $354.8 million in first half 2025
First Half 2026 Net Earnings $0.5 million First half fiscal 2026 net earnings vs net loss of $9.5 million in first half 2025
Adjusted EBITDA financial
"Adjusted EBITDA was $46.2 million for the second quarter of fiscal 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
RevPAR financial
"Revenue per available room, or RevPAR, increased 13.9% at company-owned hotels"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
non-GAAP financial measure financial
"Adjusted EBITDA has been presented in this press release as a supplemental measure not required by GAAP"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
cost reimbursements financial
"reported total revenues before cost reimbursements of $70.8 million"
Total revenues $231.7 million increase of 12.5% from $206.0 million in Q2 fiscal 2025
Operating income $27.1 million increase of 108.1% from $13.0 million in Q2 fiscal 2025
Net earnings $15.8 million increase of 116.4% compared to $7.3 million in Q2 fiscal 2025
Diluted EPS $0.51 increase of 121.7% from $0.23 per diluted share in Q2 fiscal 2025
Adjusted EBITDA $46.2 million increase of 43.0% from $32.3 million in Q2 fiscal 2025
First half total revenues $386.1 million 8.8% higher than $354.8 million in first half fiscal 2025
First half net earnings $0.5 million improvement from net loss of $9.5 million in first half fiscal 2025

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FAQ

What were The Marcus Corporation (MCS) Q2 2026 revenues and earnings?
The Marcus Corporation reported Q2 2026 revenue of $231.7 million and net earnings of $15.8 million, or $0.51 per diluted share. This compares with $206.0 million of revenue and $7.3 million of net earnings, or $0.23 per diluted share, in Q2 2025.

How did Marcus Theatres perform in Q2 2026 for MCS?
Marcus Theatres generated $150.6 million in Q2 2026 revenue, up 14.4% year over year. Same store admission revenue rose 16.6%, attendance increased 10.9%, ticket prices were up 5.2%, and concession revenue per person grew 2.4%, driving a 36.8% Adjusted EBITDA increase.

How did Marcus Hotels & Resorts perform in Q2 2026 for MCS?
Marcus Hotels & Resorts reported $70.8 million in Q2 2026 revenue, a 9.6% increase and a record second quarter. Operating income rose 59.8% to $6.7 million, Adjusted EBITDA reached $14.7 million, and RevPAR at company-owned hotels increased 13.9% with notable outperformance versus industry and competitive sets.

What were The Marcus Corporation (MCS) first half fiscal 2026 results?
For the first half of fiscal 2026, The Marcus Corporation generated $386.1 million in revenue, up 8.8% from $354.8 million. Net results improved to net earnings of $0.5 million, or $0.02 per diluted share, compared with a net loss of $9.5 million, or $0.31 per share, in 2025.

How much Adjusted EBITDA did The Marcus Corporation (MCS) generate in Q2 2026?
Adjusted EBITDA in Q2 2026 was $46.2 million, a 43.0% increase from $32.3 million in Q2 2025. For the first half of fiscal 2026, Adjusted EBITDA totaled $48.8 million, up 52.3% from $32.0 million in the first half of fiscal 2025.

What does Adjusted EBITDA mean for The Marcus Corporation (MCS)?
Adjusted EBITDA is a non-GAAP financial measure that starts from net earnings and adds items such as interest, taxes, depreciation, amortization, share-based compensation, and certain non-recurring items. Management uses it to assess core operating performance, evaluate strategies, and inform incentive compensation decisions.
0000062234FALSE00000622342026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest
event reported):		July 30, 2026
THE MARCUS CORPORATION
 
(Exact name of registrant as
specified in its charter)
Wisconsin1-1260439-1139844
(State or other
jurisdiction of
incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
111 East Kilbourn Avenue, Suite 1200, Milwaukee, Wisconsin 53202-4125
(Address of principal executive offices, including zip code)
(414) 905-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17-CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par valueMCSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.Results of Operations and Financial Condition.
On July 30, 2026, The Marcus Corporation issued a press release announcing its financial results for its second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.Financial Statements and Exhibits.
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
Exhibit
Number
99.1
Press Release of The Marcus Corporation, dated July 30, 2026, regarding its financial results for its second quarter ended June 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE MARCUS CORPORATION
Date: July 30, 2026
By:/s/ Chad M. Paris
Chad M. Paris
Chief Financial Officer and Treasurer


Exhibit 99.1

marcusmastheadcorp2026a.jpg
MARCUS CORPORATION REPORTS SECOND QUARTER FISCAL 2026 RESULTS
Marcus Corporation reports strong net earnings and highest revenue and Adjusted EBITDA in a second quarter since the pandemic; Marcus Theatres and Marcus Hotels & Resorts outperformed their respective industries; Marcus Hotels & Resorts reports strong operating income and record second quarter revenue and Adjusted EBITDA
Milwaukee, July 30, 2026 … The Marcus Corporation (NYSE: MCS) today reported results for the second quarter fiscal 2026 ended June 30, 2026.

“Our second quarter fiscal 2026 results reflected strong contributions from both divisions, with Marcus Theatres and Marcus Hotels & Resorts each significantly outperforming their respective industries,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Marcus Theatres delivered the highest admission revenue growth among the top theatre circuits during the second quarter of fiscal 2026, powered by a diverse slate of high-quality films that performed well in our markets, including a favorable mix of family friendly movies. In our hotels and resorts division, healthy leisure demand drove both occupancy and rate growth that propelled performance and set a record second quarter revenue and Adjusted EBITDA for Marcus Hotels & Resorts. Each division has a lot to look forward to as we head into the second half of the year. In Marcus Theatres, the film slate for the third and fourth quarters of fiscal 2026 is impressive, starting with the recent epic opening of The Odyssey and this weekend’s eagerly awaited release of Spider-Man: Brand New Day, followed by many great titles through the end of the year, including the highly anticipated Avengers: Doomsday and Dune: Part Three. In Marcus Hotels & Resorts, leisure travelers and groups continue to prioritize travel and events, which bodes well for our primarily upper-upscale and luxury hotels and resorts across the nation.”

Second Quarter Fiscal 2026 Highlights
•Total revenues for the second quarter of fiscal 2026 were $231.7 million, a 12.5% increase from total revenues of $206.0 million for the second quarter of fiscal 2025.
•Operating income was $27.1 million for the second quarter of fiscal 2026, a 108.1% improvement from operating income of $13.0 million for the second quarter of fiscal 2025.
•Net earnings was $15.8 million for the second quarter of fiscal 2026, a 116.4% increase compared to net earnings of $7.3 million for the second quarter of fiscal 2025.
•Net earnings per diluted common share was $0.51 for the second quarter of fiscal 2026, a 121.7% increase compared to net earnings per diluted common share of $0.23 for the second quarter of fiscal 2025.
•Adjusted EBITDA was $46.2 million for the second quarter of fiscal 2026, a 43.0% increase from Adjusted EBITDA of $32.3 million for the second quarter of fiscal 2025.
1



First Half Fiscal 2026 Highlights
•Total revenues for the first half of fiscal 2026 were $386.1 million, an 8.8% increase from total revenues of $354.8 million for the first half of fiscal 2025.
•Operating income was $7.8 million for the first half of fiscal 2026, an improvement from operating loss of $7.4 million for the first half of fiscal 2025.
•Net earnings was $0.5 million for the first half of fiscal 2026, compared to net loss of $9.5 million for the first half of fiscal 2025.
•Net earnings per diluted common share was $0.02 for the first half of fiscal 2026, compared to net loss per diluted common share of $0.31 for the first half of fiscal 2025.
•Adjusted EBITDA was $48.8 million for the first half of fiscal 2026, a 52.3% increase from Adjusted EBITDA of $32.0 million for the first half of fiscal 2025.

The significant increases in operating results for the first half of 2026 were despite the first half of fiscal 2026 being comprised of five fewer operating days than the first half of fiscal 2025 due to the transition in the Company’s fiscal year in the first quarter of 2025. See Fiscal Year Change section below for further discussion. First half year-over-year comparisons herein are on an as-reported basis and include the impact of five fewer operating days in the first half of fiscal 2026, unless otherwise noted.

Marcus Theatres®

Total Theatre revenues were $150.6 million for the second quarter of fiscal 2026, a 14.4% increase over the second quarter of fiscal 2025. Division operating income was $26.7 million for the second quarter of fiscal 2026, an $11.0 million, or 69.8%, improvement compared to the second quarter of fiscal 2025. Adjusted EBITDA was $36.3 million for the second quarter of fiscal 2026, a 36.8% increase over the second quarter of fiscal 2025.

Same store admission revenues for the second quarter of fiscal 2026 increased 16.6% compared to the prior year quarter, which outperformed the industry by 5.1 percentage points, according to data received from Comscore.

Same store attendance increased 10.9% in the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. Average ticket prices increased 5.2% compared to the prior year quarter. Average concession revenues per person increased 2.4% during the second quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, price optimization, and an increase in average transactions per customer.

“It is a great time to be a moviegoer, with a steady slate of compelling films bringing audiences of all ages together at the movies,” said Jeffry F. Tomachek, president of Marcus Theatres. “Building on the momentum from the first quarter, the second quarter of fiscal 2026 featured record-breaking performances from The Super Mario Galaxy Movie and Michael, high-interest sequels like The Devil Wears Prada 2, surprise hits Obsession and Backrooms, and the debut of Toy Story 5, which delivered the highest total revenue for a June opening weekend in Marcus Theatres history. The third quarter of fiscal 2026 is off to a similarly strong start, led by the massive success of The Odyssey; strong pre-sales for Spider-Man: Brand New Day; continued carry-over excitement for Toy Story 5; and additional family-friendly films such as Minions & Monsters and Moana. With many more highly anticipated films expected through the end of the year, 2026 is shaping up to be a memorable year for moviegoing.”

During the second quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were The Super Mario Galaxy Movie, Michael, Toy Story 5, Obsession and Backrooms. Films performing well so far in the third quarter of fiscal 2026 include The Odyssey, Minions & Monsters, and Moana with an exciting film slate scheduled for the remainder of the year, including 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,
2

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.

Marcus® Hotels & Resorts

During the second quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $70.8 million, a 9.6% increase over the prior year quarter and a record for any second quarter. Operating income was $6.7 million during the second quarter of fiscal 2026, a 59.8% increase over the second quarter of fiscal 2025. Adjusted EBITDA was $14.7 million, a 31.1% increase compared to the prior year quarter and a record for any second quarter.

Revenue per available room, or RevPAR, increased 13.9% at company-owned hotels during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. During the second quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 8.2 percentage points and outperformed its competitive sets by 6.1 percentage points. This outperformance was partially driven by the favorable impact of the Hilton Milwaukee being fully operational during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025 when the hotel was undergoing renovations. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, the division outperformed its competitive sets by 1.1 percentage points during the second quarter of fiscal 2026.

“Congratulations to our associates for delivering a record second quarter and outperforming both the industry and our competitive sets,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Strong leisure demand positively contributed to room rate and RevPAR growth during the quarter, with group pace running ahead of the same period last year. Our strategic focus on investing in our high-quality assets, combined with our commitment to operational excellence and passion for extraordinary guest experiences, drives our performance and positions us well as we head into the remainder of the year.”

Grand Geneva Resort & Spa in Lake Geneva, Wisconsin opened its new short-course golf course, Wee Nip, earlier this May with positive reviews from golfers and golf critics alike. The new 11-hole course, along with the resort’s two championship courses, positively influenced golf revenue growth during the second quarter of fiscal 2026.

Fiscal Year Change

The first half of fiscal 2026 was comprised of five fewer operating days than the first half 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 half of fiscal 2025 consisted of the six month period beginning December 27, 2024 and ended on June 30, 2025 (comprised of five operating days between December 27-31, 2024, plus 181 operating days in the calendar first half of 2025).

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, July 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 1-626-884-3620 and entering the passcode 108546692. 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 replay of the conference call will be archived on the company’s website until its next earnings release.


For additional information, contact:
Investors: Chad Paris
3

(414) 905-1100
investors@marcuscorp.com
Media: Megan Hakes
Megan.Hakes@hprstrategies.com

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
4

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.
5

THE MARCUS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Revenues:
Theatre admissions$72,557 $62,348 $117,382 $103,279 
Rooms33,706 29,632 54,168 48,907 
Theatre concessions65,264 57,611 104,829 95,611 
Food and beverage22,509 21,291 39,969 39,120 
Other revenues26,674 24,790 48,368 47,664 
220,710 195,672 364,716 334,581 
Cost reimbursements11,034 10,371 21,432 20,228 
Total revenues231,744 206,043 386,148 354,809 
Costs and expenses:
Theatre operations70,525 64,172 121,254 113,842 
Rooms11,785 11,086 22,103 20,992 
Theatre concessions26,180 23,337 43,350 40,788 
Food and beverage16,697 15,656 31,753 30,285 
Advertising and marketing6,774 6,644 12,509 11,888 
Administrative23,691 22,972 49,002 47,688 
Depreciation and amortization17,350 17,603 35,185 35,441 
Rent6,358 6,354 12,545 12,571 
Property taxes4,055 4,328 8,337 8,737 
Other operating expenses10,115 10,332 20,678 20,938 
Loss (gain) on disposition of property, equipment and other assets113 181 194 (1,184)
Reimbursed costs11,034 10,371 21,432 20,228 
Total costs and expenses204,677 193,036 378,342 362,214 
Operating income (loss)27,067 13,007 7,806 (7,405)
Other income (expense):
Investment income 66 409 86 483 
Interest expense(2,734)(2,981)(5,364)(5,803)
Other income (expense)(393)(443)(840)(887)
Equity earnings (losses) from unconsolidated joint ventures(15)75 (689)(495)
(3,076)(2,940)(6,807)(6,702)
Earnings (loss) before income taxes23,991 10,067 999 (14,107)
Income tax expense (benefit)8,147 2,746 508 (4,612)
Net earnings (loss)$15,844 $7,321 491 (9,495)
Net earnings (loss) per common share - diluted$0.51 $0.23 $0.02 $(0.31)
Weighted average shares outstanding - diluted31,049 31,431 30,951 31,453 
6

THE MARCUS CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
June 30,
2026		December 31,
2025
Assets:
Cash and cash equivalents$26,345 $23,448 
Restricted cash4,642 3,134 
Accounts receivable19,780 19,082 
Other current assets20,951 18,912 
Property and equipment, net681,799 697,712 
Operating lease right-of-use assets139,148 142,115 
Other assets106,884 110,129 
Total Assets$999,549 $1,014,532 
Liabilities and Shareholders' Equity:
Accounts payable$42,957 $44,523 
Income taxes836 — 
Taxes other than income taxes18,597 18,482 
Other current liabilities83,386 81,390 
Current portion of finance lease obligations2,471 2,827 
Current portion of operating lease obligations16,501 16,219 
Finance lease obligations7,499 8,452 
Operating lease obligations144,394 148,977 
Long-term debt149,116 159,007 
Deferred income taxes32,295 30,905 
Other long-term obligations44,613 46,372 
Equity456,884 457,378 
Total Liabilities and Shareholders' Equity$999,549 $1,014,532 
7

THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)
TheatresHotels/
Resorts		Corporate
Items		Total
Three Months Ended June 30, 2026
Revenues$150,648 $80,984 $112 $231,744 
Operating income (loss)26,655 6,704 (6,292)27,067 
Depreciation and amortization9,699 7,268 383 17,350 
Adjusted EBITDA36,305 14,716 (4,865)46,156 
Three Months Ended June 30, 2025
Revenues$131,650 $74,282 $111 $206,043 
Operating income (loss)15,700 4,194 (6,887)13,007 
Depreciation and amortization10,455 6,746 402 17,603 
Adjusted EBITDA26,546 11,226 (5,505)32,267 
Six Months Ended June 30, 2026
Revenues$243,576 $142,387 $185 $386,148 
Operating income (loss)23,844 (1,226)(14,812)7,806 
Depreciation and amortization19,963 14,455 767 35,185 
Adjusted EBITDA44,323 14,433 (10,004)48,752 
Six Months Ended June 30, 2025
Revenues$219,007 $135,604 $198 $354,809 
Operating income (loss)9,419 (1,850)(14,974)(7,405)
Depreciation and amortization21,161 13,482 798 35,441 
Adjusted EBITDA30,240 12,237 (10,469)32,008 
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 EndedSix Months Ended
ConsolidatedJune 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net cash flow provided by (used in) operating activities$53,963 $31,640 $38,742 $(3,689)
Net cash flow provided by (used in) investing activities(9,846)(8,766)(16,475)(31,545)
Net cash flow provided by (used in) financing activities(27,484)(21,898)(17,862)7,354 
Capital expenditures(10,001)(16,910)(16,649)(39,915)
8

THE MARCUS CORPORATION
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
Three Months EndedSix Months Ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net earnings (loss)$15,844 $7,321 $491 $(9,495)
Add (deduct):
Investment (income) loss(66)(409)(86)(483)
Interest expense2,734 2,981 5,364 5,803 
Other (income) expense393 443 840 887 
Loss (gain) on disposition of property, equipment and other assets113 181 194 (1,184)
Equity (earnings) losses from unconsolidated joint ventures15 (75)689 495 
Income tax expense (benefit)8,147 2,746 508 (4,612)
Depreciation and amortization17,350 17,603 35,185 35,441 
Share-based compensation (a)1,626 1,441 5,450 4,986 
Theatre exit costs (b)— — — 135 
Insured losses (recoveries) (d)— 35 — 35 
Other non-recurring (c)— — 117 — 
Adjusted EBITDA$46,156 $32,267 $48,752 $32,008 

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)

Three Months Ended June 30, 2026Six Months Ended June 30, 2026
TheatresHotels & ResortsCorp. ItemsTotalTheatresHotels & ResortsCorp. ItemsTotal
Operating income (loss)$26,654 $6,705 $(6,292)$27,067 $23,844 $(1,226)$(14,812)$7,806 
Depreciation and amortization9,700 7,267 383 17,350 19,963 14,455 767 35,185 
Loss (gain) on disposition of property, equipment and other assets(296)420 (11)113 (220)425 (11)194 
Share-based compensation (a)247 324 1,055 1,626 736 662 4,052 5,450 
Other non-recurring (c)— — — — — 117 — 117 
Adjusted EBITDA$36,305 $14,716 $(4,865)$46,156 $44,323 $14,433 $(10,004)$48,752 

Three Months Ended June 30, 2025Six Months Ended June 30, 2025
TheatresHotels & ResortsCorp. ItemsTotalTheatresHotels & ResortsCorp. ItemsTotal
Operating income (loss)$15,700 $4,194 $(6,887)$13,007 $9,419 $(1,850)$(14,974)$(7,405)
Depreciation and amortization10,455 6,746 402 17,603 21,161 13,482 798 35,441 
Loss (gain) on disposition of property, equipment and other assets169 12 — 181 (1,193)9 — (1,184)
Share-based compensation (a)187 274 980 1,441 683 596 3,707 4,986 
Theatre exit costs (b)— — — — 135 — — 135 
Insured losses (recoveries) (d)35 — — 35 35 — — 35 
Adjusted EBITDA$26,546 $11,226 $(5,505)$32,267 $30,240 $12,237 $(10,469)$32,008 
(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.
(d)Repair costs that are non-operating in nature related to insured property damage at one theatre location.

9

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