CNK 8-K
Cinemark Holdings, Inc. (CNK)
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
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(Exact name of Registrant as Specified in Its Charter)
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(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:
Securities registered pursuant to Section 12(b) of the Act:
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Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
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CNK |
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The New York Stock Exchange Texas |
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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. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2025, we announced our financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On November 5, 2025, we announced our financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01 Other Events.
On October 30, 2025, the Board of Directors (the “Board”) of Cinemark Holdings, Inc. (the “Company”) approved a share repurchase program (the “Program”). Under the Program, the Company is authorized to repurchase up to $300 million of its outstanding stock. The Program may be executed from time to time through a combination of open market purchases, privately negotiated transactions, pursuant to a Rule 10b5-1 trading plan, or other means in accordance with federal securities laws. This Program will commence on November 7, 2025, continuing until the authorized repurchase amount is reached, or the Board suspends or terminates the Program, whichever occurs first.
All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow the Company to repurchase shares under pre-set terms at times when it might otherwise be prevented from doing so under insider trading laws or self-imposed blackout periods. Subject to the terms of any 10b5-1 plan, the actual timing, volume and nature of repurchases under the Program will be determined by management at its discretion and will depend on a number of factors, including market conditions, the price of the Company’s stock and other factors as determined by management.
Repurchases under the Program will be funded using the Company’s available liquidity and will be made in accordance with applicable securities laws and other requirements. The Program does not obligate the Company to acquire any particular amount of common stock, and may be suspended or discontinued at any time at the Company’s discretion.
The Company is implementing the Program to facilitate opportunistic open market share repurchases and mitigate dilution associated with equity awards and the early settlement of its warrants. The Company believes that the stock repurchase program is in the best interests of its shareholders and reflects the Company’s confidence in its long-term business prospects.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Exhibit Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information furnished pursuant to Items 2.02, 7.01 and 8.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into any of our filings with the SEC under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be “filed” with the SEC under the Securities Exchange Act of 1934, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CINEMARK HOLDINGS, INC. |
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Date: November 5, 2025 |
By: |
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/s/ Michael D. Cavalier |
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Name: |
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Michael D. Cavalier |
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Title: |
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Executive Vice President - General Counsel |
Exhibit 99.1
CINEMARK HOLDINGS, INC. REPORTS THIRD QUARTER 2025 RESULTS
Cinemark delivered Total Revenue of $858 million, Net Income of $51 million, and Adjusted EBITDA of
$178 million, resulting in a solid 20.7% Adjusted EBITDA margin
Eliminated all remaining pandemic-related debt, including hedges and warrants
Board of Directors authorized $300 million share repurchase program and increased quarterly dividend by 12.5%
Plano, TX, November 5, 2025 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three and nine months ended September 30, 2025.
“Cinemark’s performance over the past five years has been defined by strength, tenacity, innovation and continuous
improvement – attributes that continue to drive our operational and financial success,” stated Sean Gamble, Cinemark’s President and CEO. “This quarter, we achieved a significant financial milestone by fully retiring the final portion of our pandemic-related debt, and, as of today, we have completely settled all associated warrants. In recognition of our financial strength, along with a sustained conviction in Cinemark’s ongoing strategic direction and long-term growth potential, our Board of Directors just authorized a 12.5% increase in our annual dividend as well as a new $300 million share repurchase program.”
Gamble continued, “We believe Cinemark is well-positioned to continue thriving as we move forward based on our many distinctive advantages, the unparalleled value proposition we offer consumers, the ongoing initiatives we are advancing, and further improvements that are expected in film release volume, scale, and variety. We once again delivered stand-out results in the third quarter, and we are enthusiastic about a strong finish to 2025 that is supported by one of the most robust and diverse holiday film slates we have seen in recent history.”
Q3 2025 Earnings Highlights
1
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended September 30, 2025 decreased 7.0% to $857.5 million compared with $921.8 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, admissions revenue was $429.7 million while concession revenue was $336.7 million, with attendance of 54.2 million patrons. Worldwide average ticket price was $7.93 and concession revenue per patron was $6.21.
Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2025 was $49.5 million compared with $187.8 million for the three months ended September 30, 2024. Diluted income per share for the three months ended September 30, 2025 was $0.40 compared with $1.19 for the three months ended September 30, 2024.
Adjusted EBITDA for the three months ended September 30, 2025 was $177.6 million compared with $220.5 million for the three months ended September 30, 2024. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Cinemark Holdings, Inc.’s total revenue for the nine months ended September 30, 2025 increased 4.6% to $2,338.7 million compared with $2,235.2 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, admissions revenue increased 4.0% to $1,160.9 million while concession revenue increased 4.6% to $924.8 million, with attendance of 148.7 million patrons. Worldwide average ticket price was $7.81 and concession revenue per patron was $6.22.
Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2025 was $104.1 million compared with $258.4 million for the nine months ended September 30, 2024. Diluted income per share for the nine months ended September 30, 2025 was $0.77 compared with $1.73 for the nine months ended September 30, 2024.
Adjusted EBITDA for the nine months ended September 30, 2025 was $446.2 million compared with $433.3 million for the nine months ended September 30, 2024. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Webcast – Today at 8:30 AM ET
Live Webcast/Replay: Available at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theater companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of September 30, 2025 operated 497 theaters with 5,644 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.
Investor Relations Contact:
Chanda Brashears – 972-665-1671 or [email protected]
Media Contact:
Julia McCartha – 972-665-1322 or [email protected]
2
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:
You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. 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. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company's Annual Report on Form 10-K filed February 19, 2025. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
3
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in millions, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Statement of income data: |
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Revenue |
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Admissions |
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$ |
429.7 |
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$ |
460.4 |
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$ |
1,160.9 |
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$ |
1,116.0 |
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Concession |
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336.7 |
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367.3 |
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924.8 |
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884.4 |
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Other |
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91.1 |
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94.1 |
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253.0 |
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234.8 |
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Total revenue |
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$ |
857.5 |
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$ |
921.8 |
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$ |
2,338.7 |
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$ |
2,235.2 |
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Cost of operations |
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Film rentals and advertising |
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245.5 |
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265.6 |
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657.7 |
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623.9 |
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Concession supplies |
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65.6 |
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64.5 |
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183.0 |
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165.1 |
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Salaries and wages |
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106.3 |
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109.9 |
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306.0 |
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294.1 |
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Facility lease expense |
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81.9 |
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85.9 |
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243.1 |
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244.7 |
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Utilities and other |
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127.4 |
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127.0 |
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357.8 |
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332.1 |
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General and administrative expenses |
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61.9 |
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56.4 |
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170.5 |
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161.0 |
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Depreciation and amortization |
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50.9 |
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49.1 |
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149.8 |
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148.3 |
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Impairment of long-lived and other assets |
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0.6 |
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— |
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2.2 |
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— |
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Loss (gain) on disposal of assets and other |
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3.0 |
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(0.1 |
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(0.1 |
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2.0 |
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Total cost of operations |
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743.1 |
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758.3 |
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2,070.0 |
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1,971.2 |
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Operating income |
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114.4 |
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163.5 |
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268.7 |
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264.0 |
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Other income (expense) |
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Interest expense |
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(32.2 |
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(36.7 |
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(110.1 |
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(109.0 |
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Interest income |
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10.1 |
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14.2 |
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33.3 |
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40.3 |
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Loss on debt amendments and extinguishments |
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— |
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(3.0 |
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(1.5 |
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(5.5 |
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Loss on warrants |
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(54.5 |
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— |
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(54.5 |
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— |
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Foreign currency exchange and other related loss |
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(5.2 |
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(3.0 |
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(5.7 |
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(7.9 |
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Distributions from NCMI/NCM |
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0.2 |
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— |
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1.6 |
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— |
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Interest expense - NCM |
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(5.3 |
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(5.4 |
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(16.0 |
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(16.5 |
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Equity in income of affiliates |
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1.6 |
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5.0 |
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5.1 |
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11.3 |
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Net (loss) gain on investment in NCMI |
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(1.5 |
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11.6 |
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(9.4 |
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12.8 |
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Income before income taxes |
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27.6 |
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146.2 |
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111.5 |
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189.5 |
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Income tax (benefit) expense |
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(22.9 |
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(42.7 |
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4.9 |
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(71.3 |
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Net income |
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$ |
50.5 |
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$ |
188.9 |
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$ |
106.6 |
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$ |
260.8 |
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Less: Net income attributable to noncontrolling interests |
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1.0 |
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1.1 |
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2.5 |
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2.4 |
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Net income attributable to Cinemark Holdings, Inc. |
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$ |
49.5 |
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$ |
187.8 |
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$ |
104.1 |
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$ |
258.4 |
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Income per share attributable to Cinemark Holdings, Inc.'s common stockholders |
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Basic |
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$ |
0.43 |
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$ |
1.54 |
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$ |
0.88 |
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$ |
2.11 |
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Diluted |
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$ |
0.40 |
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$ |
1.19 |
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$ |
0.77 |
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$ |
1.73 |
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Weighted average shares outstanding |
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Basic |
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113.8 |
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120.0 |
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115.5 |
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119.8 |
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Diluted |
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123.8 |
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158.2 |
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139.4 |
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153.7 |
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4
Other Operating Data
(unaudited, in millions)
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As of |
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September 30, 2025 |
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December 31, 2024 |
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Balance sheet data: |
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Cash and cash equivalents |
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$ |
461.3 |
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$ |
1,057.3 |
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Theater properties and equipment, net |
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$ |
1,126.2 |
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$ |
1,145.1 |
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Total assets |
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$ |
4,435.6 |
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$ |
5,067.0 |
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Total long-term debt, net of unamortized debt issuance costs and original issue discount |
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$ |
1,876.0 |
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$ |
2,334.7 |
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Total equity |
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$ |
392.4 |
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$ |
603.4 |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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Cash flows provided by (used for): |
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Operating activities (1) |
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$ |
248.3 |
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$ |
269.6 |
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Investing activities |
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$ |
(98.6 |
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$ |
(89.1 |
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Financing activities |
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$ |
(761.8 |
) |
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$ |
(94.7 |
) |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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Reconciliation of free cash flow: |
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Cash flows provided by operating activities |
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$ |
248.3 |
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$ |
269.6 |
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Less: capital expenditures |
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105.6 |
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90.2 |
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Free cash flow |
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$ |
142.7 |
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$ |
179.4 |
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Segment Information
(unaudited, in millions, except per patron data)
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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Revenue and Attendance |
2025 |
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2024 |
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2025 |
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2024 |
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Constant |
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2025 |
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2024 |
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Admissions revenue |
$ |
348.5 |
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$ |
375.2 |
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$ |
81.2 |
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$ |
85.2 |
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$ |
89.0 |
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$ |
429.7 |
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$ |
460.4 |
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Concession revenue |
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272.4 |
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299.6 |
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64.3 |
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67.7 |
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69.8 |
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336.7 |
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367.3 |
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Other revenue |
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62.7 |
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66.6 |
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28.4 |
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27.5 |
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31.2 |
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91.1 |
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94.1 |
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Total revenue |
$ |
683.6 |
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$ |
741.4 |
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$ |
173.9 |
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$ |
180.4 |
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$ |
190.0 |
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$ |
857.5 |
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$ |
921.8 |
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Attendance |
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33.2 |
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37.6 |
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21.0 |
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22.8 |
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54.2 |
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60.4 |
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Average ticket price |
$ |
10.50 |
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$ |
9.98 |
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$ |
3.87 |
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$ |
3.74 |
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$ |
4.24 |
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$ |
7.93 |
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$ |
7.62 |
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Concession revenue per patron |
$ |
8.20 |
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$ |
7.97 |
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$ |
3.06 |
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$ |
2.97 |
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$ |
3.32 |
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$ |
6.21 |
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$ |
6.08 |
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Cost of Operations |
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Film rentals and advertising |
$ |
203.4 |
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$ |
222.3 |
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$ |
42.1 |
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$ |
43.3 |
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$ |
46.4 |
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$ |
245.5 |
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$ |
265.6 |
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Concession supplies |
$ |
51.1 |
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$ |
49.3 |
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$ |
14.5 |
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$ |
15.2 |
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$ |
15.5 |
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$ |
65.6 |
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|
$ |
64.5 |
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Salaries and wages |
$ |
88.7 |
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|
$ |
91.1 |
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|
$ |
17.6 |
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$ |
18.8 |
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$ |
18.9 |
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$ |
106.3 |
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|
$ |
109.9 |
|
Facility lease expense |
$ |
61.0 |
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|
$ |
63.5 |
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|
$ |
20.9 |
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$ |
22.4 |
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|
$ |
22.0 |
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|
$ |
81.9 |
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$ |
85.9 |
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Utilities and other |
$ |
99.0 |
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|
$ |
97.3 |
|
|
$ |
28.4 |
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|
$ |
29.7 |
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|
$ |
30.8 |
|
|
$ |
127.4 |
|
|
$ |
127.0 |
|
|
U.S. Reportable Segment |
|
|
International Reportable Segment |
|
|
Consolidated |
|
|||||||||||||||||||
|
Nine Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|||||||||||||||||||
Revenue and Attendance |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
Constant |
|
|
2025 |
|
|
2024 |
|
|||||||
Admissions revenue |
$ |
939.5 |
|
|
$ |
894.4 |
|
|
$ |
221.4 |
|
|
$ |
221.6 |
|
|
$ |
246.4 |
|
|
$ |
1,160.9 |
|
|
$ |
1,116.0 |
|
Concession revenue |
|
744.4 |
|
|
|
709.6 |
|
|
|
180.4 |
|
|
|
174.8 |
|
|
|
198.7 |
|
|
|
924.8 |
|
|
|
884.4 |
|
Other revenue |
|
176.1 |
|
|
|
166.4 |
|
|
|
76.9 |
|
|
|
68.4 |
|
|
|
86.4 |
|
|
|
253.0 |
|
|
|
234.8 |
|
Total revenue |
$ |
1,860.0 |
|
|
$ |
1,770.4 |
|
|
$ |
478.7 |
|
|
$ |
464.8 |
|
|
$ |
531.5 |
|
|
$ |
2,338.7 |
|
|
$ |
2,235.2 |
|
Attendance |
|
90.7 |
|
|
|
90.3 |
|
|
|
58.0 |
|
|
|
59.8 |
|
|
|
|
|
|
148.7 |
|
|
|
150.1 |
|
|
Average ticket price |
$ |
10.36 |
|
|
$ |
9.90 |
|
|
$ |
3.82 |
|
|
$ |
3.71 |
|
|
$ |
4.25 |
|
|
$ |
7.81 |
|
|
$ |
7.44 |
|
Concession revenue per patron |
$ |
8.21 |
|
|
$ |
7.86 |
|
|
$ |
3.11 |
|
|
$ |
2.92 |
|
|
$ |
3.43 |
|
|
$ |
6.22 |
|
|
$ |
5.89 |
|
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
$ |
544.3 |
|
|
$ |
513.2 |
|
|
$ |
113.4 |
|
|
$ |
110.7 |
|
|
$ |
126.7 |
|
|
$ |
657.7 |
|
|
$ |
623.9 |
|
Concession supplies |
$ |
141.9 |
|
|
$ |
126.8 |
|
|
$ |
41.1 |
|
|
$ |
38.3 |
|
|
$ |
45.0 |
|
|
$ |
183.0 |
|
|
$ |
165.1 |
|
Salaries and wages |
$ |
254.2 |
|
|
$ |
244.4 |
|
|
$ |
51.8 |
|
|
$ |
49.7 |
|
|
$ |
57.3 |
|
|
$ |
306.0 |
|
|
$ |
294.1 |
|
Facility lease expense |
$ |
183.4 |
|
|
$ |
184.0 |
|
|
$ |
59.7 |
|
|
$ |
60.7 |
|
|
$ |
64.6 |
|
|
$ |
243.1 |
|
|
$ |
244.7 |
|
Utilities and other |
$ |
278.5 |
|
|
$ |
255.7 |
|
|
$ |
79.3 |
|
|
$ |
76.4 |
|
|
$ |
88.0 |
|
|
$ |
357.8 |
|
|
$ |
332.1 |
|
(1) Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2024. We translate the results of our international reportable segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign currency exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international reportable segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.
5
Other Segment Information
(unaudited, in millions)
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
U.S. |
|
$140.2 |
|
$180.7 |
|
$348.3 |
|
$338.6 |
International |
|
37.4 |
|
39.8 |
|
97.9 |
|
94.7 |
Total Adjusted EBITDA (1) |
|
$177.6 |
|
$220.5 |
|
$446.2 |
|
$433.3 |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
U.S. |
|
$42.3 |
|
$33.5 |
|
$84.2 |
|
$67.7 |
International |
|
11.1 |
|
9.5 |
|
21.4 |
|
22.5 |
Total capital expenditures |
|
$53.4 |
|
$43.0 |
|
$105.6 |
|
$90.2 |
Reconciliation of Adjusted EBITDA
(unaudited, in millions)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net income |
|
$ |
50.5 |
|
|
$ |
188.9 |
|
|
$ |
106.6 |
|
|
$ |
260.8 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax (benefit) expense |
|
|
(22.9 |
) |
|
|
(42.7 |
) |
|
|
4.9 |
|
|
|
(71.3 |
) |
Interest expense ⁽¹⁾ |
|
|
32.2 |
|
|
|
36.7 |
|
|
|
110.1 |
|
|
|
109.0 |
|
Other loss (income), net ⁽²⁾ |
|
|
0.1 |
|
|
|
(22.4 |
) |
|
|
(8.9 |
) |
|
|
(40.0 |
) |
Cash distributions from equity investees ⁽³⁾ |
|
|
1.3 |
|
|
|
2.2 |
|
|
|
8.0 |
|
|
|
5.1 |
|
Depreciation and amortization |
|
|
50.9 |
|
|
|
49.1 |
|
|
|
149.8 |
|
|
|
148.3 |
|
Impairment of long-lived and other assets |
|
|
0.6 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
— |
|
Loss (gain) on disposal of assets and other |
|
|
3.0 |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
2.0 |
|
Loss on debt amendments and extinguishments |
|
|
— |
|
|
|
3.0 |
|
|
|
1.5 |
|
|
|
5.5 |
|
Loss on warrants |
|
|
54.5 |
|
|
|
— |
|
|
|
54.5 |
|
|
|
— |
|
Non-cash rent expense |
|
|
(2.9 |
) |
|
|
(2.6 |
) |
|
|
(8.5 |
) |
|
|
(10.2 |
) |
Share-based awards compensation expense ⁽⁴⁾ |
|
|
10.3 |
|
|
|
8.4 |
|
|
|
26.1 |
|
|
|
24.1 |
|
Adjusted EBITDA |
|
$ |
177.6 |
|
|
$ |
220.5 |
|
|
$ |
446.2 |
|
|
$ |
433.3 |
|
6