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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 4. Revenue Recognition The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer at the theater, or if purchased online in advance, either through the Company’s website, its mobile application, or through a third-party delivery service, once the consumer’s order is fulfilled. Other revenue primarily consists of screen advertising, screen rental revenue, gaming revenue, promotional income, studio trailer placements and transactional fees. Except for National CineMedia, LLC (“NCM”) screen advertising advances discussed in Note 8, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the services specified in each contract. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items, or if redeemed for movie tickets, when the movie showtime has passed. The Company generally records breakage revenue on unredeemed gift cards and discount ticket vouchers based on redemption activity and historical experience associated with unused balances. The Company offers a subscription program in the U.S., whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company offers similar subscription fee programs in several of its international locations where customers can pay a monthly or annual fee to receive benefits such as a free monthly movie ticket. The Company records subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company records breakage revenue for unused credits based upon redemption of subscription credits and historical experience with unused credits. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue for unredeemed loyalty points based upon redemption of loyalty points and historical experience with the expiration of unused points. Accounts receivable as of September 30, 2025 and December 31, 2024 included approximately $27.8 and $29.8, respectively, of receivables related to contracts with customers. The Company did no t record any assets related to the costs to obtain or fulfill a contract with customers during the nine months ended September 30, 2025. Disaggregation of Revenue The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable segment.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2025 |
|  | U.S. |  |  | International |  |  |  |  |  | U.S. |  |  | International |  |  |  |
|  | Reportable |  |  | Reportable |  |  |  |  |  | Reportable |  |  | Reportable |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |  |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenue |  | $ | 348.5 |  |  | $ | 81.2 |  |  | $ | 429.7 |  |  | $ | 939.5 |  |  | $ | 221.4 |  |  | $ | 1,160.9 |
Concession revenue |  |  | 272.4 |  |  |  | 64.3 |  |  |  | 336.7 |  |  |  | 744.4 |  |  |  | 180.4 |  |  |  | 924.8 |
Screen advertising, screen rental and promotional revenue (2) |  |  | 24.4 |  |  |  | 15.4 |  |  |  | 39.8 |  |  |  | 69.9 |  |  |  | 41.4 |  |  |  | 111.3 |
Other revenue |  |  | 38.3 |  |  |  | 13.0 |  |  |  | 51.3 |  |  |  | 106.2 |  |  |  | 35.5 |  |  |  | 141.7 |
Total revenue |  | $ | 683.6 |  |  | $ | 173.9 |  |  | $ | 857.5 |  |  | $ | 1,860.0 |  |  | $ | 478.7 |  |  | $ | 2,338.7 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2024 |
|  | U.S. |  |  | International |  |  |  |  |  | U.S. |  |  | International |  |  |  |
|  | Reportable |  |  | Reportable |  |  |  |  |  | Reportable |  |  | Reportable |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |  |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Admissions revenue |  | $ | 375.2 |  |  | $ | 85.2 |  |  | $ | 460.4 |  |  | $ | 894.4 |  |  | $ | 221.6 |  |  | $ | 1,116.0 |
Concession revenue |  |  | 299.6 |  |  |  | 67.7 |  |  |  | 367.3 |  |  |  | 709.6 |  |  |  | 174.8 |  |  |  | 884.4 |
Screen advertising, screen rental and promotional revenue (2) |  |  | 24.4 |  |  |  | 15.3 |  |  |  | 39.7 |  |  |  | 67.7 |  |  |  | 38.7 |  |  |  | 106.4 |
Other revenue |  |  | 42.2 |  |  |  | 12.2 |  |  |  | 54.4 |  |  |  | 98.7 |  |  |  | 29.7 |  |  |  | 128.4 |
Total revenue |  | $ | 741.4 |  |  | $ | 180.4 |  |  | $ | 921.8 |  |  | $ | 1,770.4 |  |  | $ | 464.8 |  |  | $ | 2,235.2 |
(1) U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented. (2) Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below. The following tables present revenue for the periods indicated, disaggregated based on timing of recognition (as discussed above) and by reportable segment.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2025 |
|  | U.S. |  |  | International |  |  |  |  |  | U.S. |  |  | International |  |  |  |
|  | Reportable |  |  | Reportable |  |  |  |  |  | Reportable |  |  | Reportable |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |  |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 656.2 |  |  | $ | 154.6 |  |  | $ | 810.8 |  |  | $ | 1,781.6 |  |  | $ | 424.9 |  |  | $ | 2,206.5 |
Goods and services transferred over time (2) |  |  | 27.4 |  |  |  | 19.3 |  |  |  | 46.7 |  |  |  | 78.4 |  |  |  | 53.8 |  |  |  | 132.2 |
Total |  | $ | 683.6 |  |  | $ | 173.9 |  |  | $ | 857.5 |  |  | $ | 1,860.0 |  |  | $ | 478.7 |  |  | $ | 2,338.7 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2024 |
|  | U.S. |  |  | International |  |  |  |  |  | U.S. |  |  | International |  |  |  |
|  | Reportable |  |  | Reportable |  |  |  |  |  | Reportable |  |  | Reportable |  |  |  |
|  | Segment (1) |  |  | Segment |  |  | Consolidated |  |  | Segment (1) |  |  | Segment |  |  | Consolidated |
Goods and services transferred at a point in time |  | $ | 714.6 |  |  | $ | 159.5 |  |  | $ | 874.1 |  |  | $ | 1,696.1 |  |  | $ | 417.1 |  |  | $ | 2,113.2 |
Goods and services transferred over time (2) |  |  | 26.8 |  |  |  | 20.9 |  |  |  | 47.7 |  |  |  | 74.3 |  |  |  | 47.7 |  |  |  | 122.0 |
Total |  | $ | 741.4 |  |  | $ | 180.4 |  |  | $ | 921.8 |  |  | $ | 1,770.4 |  |  | $ | 464.8 |  |  | $ | 2,235.2 |
(1) U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented. (2) Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below. NCM Screen Advertising Advances and Other Deferred Revenue The following table presents changes in the Company’s deferred revenue for the nine months ended September 30, 2025.
|  | NCM screen advertising advances |  |  | Other deferred revenue (1) |
Balance at January 1, 2025 |  | $ | 318.5 |  |  | $ | 250.8 |
Amounts recognized as accounts receivable |  |  | — |  |  |  | 2.7 |
Cash received from customers in advance |  |  | — |  |  |  | 278.4 |
Interest accrued related to significant financing component |  |  | 16.0 |  |  |  | — |
Revenue recognized during period |  |  | (24.4 | ) |  |  | (283.1 | )
Foreign currency translation adjustments |  |  | — |  |  |  | (0.1 | )
Balance at September 30, 2025 |  | $ | 310.1 |  |  | $ | 248.7 |
(1) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points, credits or rebates outstanding under the Company’s loyalty and subscription programs and revenue collected in advance for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. The table below summarizes the aggregate amount of the performance obligations that are unsatisfied as of September 30, 2025 and when the Company expects to recognize this deferred revenue.
|  |  | Twelve Months Ended September 30, |  |  |  |  |  |  |
|  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | 2030 |  |  | Thereafter |  |  | Total |
NCM screen advertising advances (1) |  |  | $ | 11.8 |  |  | $ | 12.6 |  |  | $ | 13.5 |  |  | $ | 14.4 |  |  | $ | 15.4 |  |  | $ | 242.4 |  |  | $ | 310.1 |
Other deferred revenue |  |  |  | 219.9 |  |  |  | 28.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 248.7 |
Total |  |  | $ | 231.7 |  |  | $ | 41.4 |  |  | $ | 13.5 |  |  | $ | 14.4 |  |  | $ | 15.4 |  |  | $ | 242.4 |  |  | $ | 558.8 |
(1) The NCM screen advertising advances are recognized on a straight-line basis over the term of the ESA through February 2041. Amounts are net of the estimated interest to be accrued for the periods presented. See Note 8 for further discussion of the NCM screen advertising advances.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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