National CineMedia Reports 1% Revenue Growth to $243.2 Million for Fiscal Year Ending January 1, 2026

National CineMedia, Inc. (NCM) reported a modest increase in total revenue for the fiscal year ending January 1, 2026, reaching $243.2 million, up from $240.8 million in the previous year. This 1.0% growth was primarily driven by a 3.5% increase in national advertising revenue, which rose to $194.5 million, attributed to higher impressions from existing exhibitors and the acquisition of Spotlight Cinema Networks. However, local and regional advertising revenue saw a decline of 11.5%, falling to $34.6 million, largely due to decreased contract activity in key sectors such as pharmaceuticals and travel. The company also reported a net loss attributable to NCM, Inc. of $10.6 million, a significant improvement from a loss of $22.3 million in the prior year.

In terms of operational changes, NCM made strategic moves including the acquisition of Spotlight Cinema Networks in November 2025 for $8.2 million, which expanded its market share by over 6% and increased its theater presence by approximately 30% in major markets like New York and Los Angeles. Additionally, the company entered into a revised Exhibitor Services Agreement with AMC on April 17, 2025, extending the contract by five years and aligning its advertising program more closely with AMC's operational structure. This agreement also resulted in the release of $24.8 million from the payable under the Tax Receivable Agreement (TRA) and the reversal of a $10.6 million receivable from AMC.

NCM's operational metrics showed a total theater attendance of 403.8 million in 2025, an increase of 3.4% from the previous year. The average revenue per attendee decreased slightly to $0.602, down from $0.616 in 2024. The company maintained a workforce of 248 full-time employees as of January 1, 2026, with no significant changes in headcount reported. The company’s liquidity position was bolstered by a $45 million revolving credit facility established in January 2025, of which $12 million was outstanding as of the end of the fiscal year.

Looking ahead, NCM anticipates continued challenges in the advertising market, particularly with the expected decrease in beverage revenue from its exhibitor partners. The company is also focused on enhancing its digital advertising capabilities through its NCMx platform and expanding its audience reach. The management expressed optimism about leveraging the recent acquisitions and strategic agreements to drive future growth, although they acknowledged the potential impact of economic conditions and competition in the advertising landscape.