AMC Entertainment Holdings Inc. announced record-breaking financial results for the second quarter ended June 30, 2026, with total revenues increasing 14.2% year-over-year to approximately $1.6 billion. Adjusted EBITDA soared by 70% to $321.4 million, marking the first time the company surpassed the $300 million Adjusted EBITDA milestone in a single quarter. Net cash provided by operating activities also saw a significant jump of 70.1% to $235.4 million, and the company generated $190.1 million in free cash flow, exceeding Wall Street expectations on several key metrics.
The company made substantial progress in strengthening its balance sheet and reducing debt. AMC refinanced $400 million of its 12.75% Senior Secured Notes due 2027, extending their maturities by four years, which is expected to reduce annual cash interest expense by $16 million. Additionally, a $200 million registered direct offering of common stock allowed AMC to redeem all $125,471,000 aggregate principal of its 6.125% Senior Subordinated Notes due 2027, eliminating approximately $7.7 million in annual cash interest expenses. The completion of a $150 million at-the-market equity offering secured approximately $85.3 million in gross proceeds during the quarter. These actions, combined with the conversion of $155.8 million in 1.5% exchangeable notes due 2030 into common stock, have reduced principal debt balances by approximately $1.7 billion since the end of 2020, with no material debt maturities anticipated before calendar year 2029.
AMC's cash and cash equivalents stood at $778.4 million at June 30, 2026, a significant increase from $423.7 million in the prior year, excluding $41.1 million in restricted cash. The improved operating results and reduced debt levels have led to a meaningful improvement in the company's balance sheet leverage ratios. These improved ratios are expected to trigger a lower interest rate on approximately 75% of AMC's debt, further reducing annual interest expenses by an estimated $51 million, assuming current leverage and benchmark rates remain stable. Chairman and CEO Adam Aron highlighted that this quarter was the most successful in AMC's 106-year history in terms of revenue and Adjusted EBITDA.
