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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | 5. Earnings Per Share The following table presents computations of basic and diluted earnings per share for Holdings:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Cinemark Holdings, Inc. |  | $ | 49.5 |  |  | $ | 187.8 |  |  | $ | 104.1 |  |  | $ | 258.4 |
Income allocated to participating share-based awards (1) |  |  | (0.6 | ) |  |  | (3.6 | ) |  |  | (1.3 | ) |  |  | (5.0 | )
Basic net income attributable to common stockholders |  | $ | 48.9 |  |  | $ | 184.2 |  |  | $ | 102.8 |  |  | $ | 253.4 |
Add: Interest expense on convertible notes, net of tax |  |  | — |  |  |  | 3.9 |  |  |  | 4.6 |  |  |  | 12.3 |
Add: Loss on warrants (2) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Diluted net income attributable to common stockholders |  | $ | 48.9 |  |  | $ | 188.1 |  |  | $ | 107.4 |  |  | $ | 265.7 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 113.8 |  |  |  | 120.0 |  |  |  | 115.5 |  |  |  | 119.8 |
Common equivalent shares for performance stock units |  |  | 2.1 |  |  |  | 2.0 |  |  |  | 2.2 |  |  |  | 1.9 |
Common equivalent shares for restricted stock units |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Common equivalent shares for convertible notes (3) |  |  | 7.8 |  |  |  | 32.0 |  |  |  | 21.6 |  |  |  | 32.0 |
Common equivalent shares for warrants (2),(4) |  |  | — |  |  |  | 4.2 |  |  |  | — |  |  |  | — |
Diluted weighted average shares outstanding |  |  | 123.8 |  |  |  | 158.2 |  |  |  | 139.4 |  |  |  | 153.7 |
Basic earnings per share attributable to common stockholders |  | $ | 0.43 |  |  | $ | 1.54 |  |  | $ | 0.88 |  |  | $ | 2.11 |
Diluted earnings per share attributable to common stockholders |  | $ | 0.40 |  |  | $ | 1.19 |  |  | $ | 0.77 |  |  | $ | 1.73 |
(1) For the three months ended September 30, 2025 and 2024, a weighted average of approximately 1.50 shares and 2.38 shares of restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2025 and 2024, a weighted average of approximately 1.37 shares and 2.38 shares of restricted stock, respectively, were considered participating securities. (2) For the three and nine months ended September 30, 2025, diluted earnings per share excludes the warrants, as they would be anti-dilutive when adjusting the basic net income attributable to common shareholders for the loss on warrants recorded during each respective period. (3) For the three and nine months ended September 30, 2024, the diluted earnings per share excludes the convertible note hedge transactions, as they would be anti-dilutive. See Convertible notes, hedges and warrants below for discussion of the convertible note hedge transactions as they relate to basic and diluted earnings per share for the three and nine months ended September 30, 2025. (4) For the nine months ended September 30, 2024, diluted earnings per share excludes the warrants, as they would be anti-dilutive since the strike price exceeded the average price of Holdings’ common stock during the relevant period. Share-based awards Holdings considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. For the three and nine months ended September 30, 2025 and 2024, diluted earnings per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above. Convertible notes, hedges and warrants The 4.50% Convertible Senior Notes, discussed further in Note 13 of the Company’s Annual Report on Form 10-K filed February 19, 2025, were dilutive in periods in which Holdings had net income through their August 15, 2025 maturity date. The impact of such dilution on earnings per share is calculated under the if-converted method, which requires that all of the shares of Holdings’ common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period. The if-converted value of the 4.50% Convertible Senior Notes is based on the weighted average closing price of Holdings’ common stock for the relevant reporting period. For the three and nine months ended September 30, 2025, diluted earnings per share includes the if-converted number of shares related to the convertible notes through May 15, 2025, the date the Company provided irrevocable notice to the holders of the 4.50% Convertible Senior Notes of its election to settle the $460.0 principal amount of the 4.50% Convertible Senior Notes in cash and any amounts above the $460.0 principal amount in shares. After May 15, 2025 the diluted earnings per share calculation reflects an estimated number of shares to be issued for the amount owed above the $460.0 principal amount outstanding based on a volume-weighted average share price for the period from May 15, 2025 through August 15, 2025. Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions covered, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings’ common stock underlying the 4.50% Convertible Notes, which gave Holdings the option to purchase approximately 32.0 shares of its common stock at a price of $14.35 per share, which was adjusted to approximately 32.2 shares of its common stock at a price of $14.27 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. This adjustment was implemented effective June 17, 2025, which was the first day of the observation period for settlements of conversion of the 4.50% Convertible Senior Notes at maturity. The hedge transactions matured and were settled on August 15, 2025. The Company received 16.2 shares of Holdings common stock related to the maturity of the hedge transactions, which are reflected as Treasury stock in Holdings’ condensed consolidated balance sheet at September 30, 2025. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions whereby Holdings sold warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which gave counterparties the option to purchase approximately 32.0 shares at a price of $22.08 per share, adjusted to approximately 32.2 shares at a price of $21.95 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes to approximately $21.95 per share of Holdings’ common stock. After August 15, 2025, the basic weighted average shares outstanding reflects the issuance of shares to settle the amount above the $460.0 principal amount of the 4.50% Convertible Senior Notes, fully offset by the shares received from the hedge counterparties related to the maturity of the hedge transactions discussed above. The basic weighted average shares outstanding after August 15, 2025 also reflects shares issued related to the settlement of warrants through September 30, 2025. See Note 7 for further discussion of the settlement of the hedge and warrant transactions.

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