Marcus Corp【MCS】株式ニュース

Marcus Corporation Reports First Quarter Fiscal 2026 ResultsApril 30, 2026 7:45 AM
Business Wire
Marcus Theatres and Marcus Hotels & Resorts both significantly outperform their respective industries

The Marcus Corporation (NYSE: MCS) today reported results for the first quarter fiscal 2026 ended March 31, 2026.

“Both Marcus Theatres and Marcus Hotels & Resorts significantly outperformed their respective industries during the first quarter of fiscal 2026,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Fueled by a robust film slate that included Project Hail Mary, the first tentpole success of the year, as well as strong carry-over of holiday films and new family-friendly films that played well in our markets, Marcus Theatres started the year strong. The string of hit films continued into April with the blockbuster The Super Mario Galaxy Movie and the success of Michael. As typically is the case, travel was seasonally slower over the winter months, yet Marcus Hotels & Resorts continued to outperform its competitive sets, with especially strong performance from newly renovated assets. Momentum is building for both divisions as we head into the spring and summer, with growing excitement for the coming slate of new highly anticipated films – including several franchise favorites – and the return of the busy summer travel season.”

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. See Fiscal Year Change section below for further discussion. Year-over-year comparisons herein are on an as-reported basis and include the impact of the five fewer operating days unless otherwise noted.

First Quarter Fiscal 2026 Highlights

Total revenues for the first quarter of fiscal 2026 were $154.4 million, a 3.8% increase from total revenues of $148.8 million for the first quarter of fiscal 2025.

Operating loss was $19.3 million for the first quarter of fiscal 2026, a 5.6% improvement from operating loss of $20.4 million for the first quarter of fiscal 2025.

Net loss was $15.4 million for the first quarter of fiscal 2026, compared to net loss of $16.8 million for the first quarter of fiscal 2025.

Net loss per diluted common share was $0.51 for the first quarter of fiscal 2026, compared to net loss per diluted common share of $0.54 for the first quarter of fiscal 2025.

Adjusted EBITDA was $2.6 million for the first quarter of fiscal 2026, an increase from Adjusted EBITDA loss of $0.3 million for first quarter of fiscal 2025.

Marcus Theatres®

Total Theatre revenues were $92.9 million for the first quarter of fiscal 2026, a 6.4% increase over the first quarter of fiscal 2025 (despite five less operating days during fiscal 2026). Division operating loss was $2.8 million for the first quarter of fiscal 2026, a $3.5 million improvement compared to the first quarter of fiscal 2025. Adjusted EBITDA was $8.0 million for the first quarter of fiscal 2026, a 117.1% increase over the first quarter of fiscal 2025.

Same store admission revenues for the first quarter of fiscal 2026 increased 9.8% compared to the prior year quarter, which outperformed the industry by 4.8 percentage points, according to data received from Comscore. On a calendar quarter basis, same store admission revenues increased 29.0% over the comparable calendar quarter of fiscal 2025, outperforming the industry by 7.6 percentage points.

Same store attendance increased 1.9% in the first quarter of fiscal 2026 compared to the reported first quarter of fiscal 2025. On a calendar quarter basis, same store attendance increased 19.1% over the comparable calendar quarter of fiscal 2025. Average ticket prices increased 7.8% compared to the prior year quarter due to strategic price changes designed to optimize peak demand periods, a higher percentage of sales coming from premium large format screens, and a more favorable film mix. Average concession revenues per person increased 2.4% during the first quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, concession menu price increases, and a higher number of transactions per person.

“While the galactic success of Project Hail Mary led the way during the first quarter of fiscal 2026, moviegoers’ excitement for several other films, including family-friendly hits like Hoppers, Zootopia 2, Goat, and the continuing success of Avatar: Fire and Ash, also meaningfully contributed to our results,” said Jeffry F. Tomachek, incoming president of Marcus Theatres. “Strong box office momentum carried over into the second quarter of fiscal 2026 with the epic debut of The Super Mario Galaxy Movie contributing to our highest grossing five-day Easter weekend since 2019. That film’s continued performance, along with last weekend’s record-breaking opening of Michael, which was the top domestic opening for a music biopic, and strong pre-sales for tomorrow’s opening of The Devil Wears Prada 2, give us even more confidence as we head deeper into what is shaping up to be an exciting year at Marcus Theatres. Looking ahead to the summer movie season, we expect strong audience turnouts for family favorites and beloved franchises including Spider Man: Brand New Day, Star Wars: The Mandalorian and Grogu, Toy Story 5 and Minions & Monsters, appealing spectacles like Masters of the Universe and The Odyssey, and thrillers like Disclosure Day and Verity. As always, our team is ready to deliver memorable movie moments with enticing promotions, hot off the shelf merchandise, and of course the industry’s leading food, beverages and amenities.”

During the first quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were Project Hail Mary, Hoppers, Avatar: Fire and Ash, Scream 7 and Zootopia 2. The second quarter of fiscal 2026 kicked off with the blockbuster success of The Super Mario Galaxy Movie and the record-breaking opening weekend of Michael, with a strong film slate scheduled for the remainder of the year, including The Devil Wears Prada 2, Mortal Kombat II, Star Wars: The Mandalorian & Grogu, Masters of the Universe, Scary Movie, Disclosure Day, Toy Story 5, Supergirl, Jackass: Best and Last, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity, Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.

On April 7, the company announced that Jeffry F. Tomachek, chief financial officer of Marcus Theatres, will be promoted to president of the division. Tomachek succeeds Mark A. Gramz, who will retire from the company May 1, 2026. Tomachek began his career at Marcus Theatres in 1998 as division controller. Over nearly three decades with the company, Tomachek was promoted into various roles with increasing leadership responsibility in areas such as accounting, finance, design, construction, real estate, food and beverage strategy, and marketing. In 2020, he was named executive vice president and division chief financial officer.

Marcus® Hotels & Resorts

During the first quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $51.7 million, a 1.1% decrease from the first quarter of fiscal 2025, which included five more operating days than in the first quarter of fiscal 2026.

Division operating loss of $7.9 million during the first quarter of fiscal 2026 was negatively impacted by fewer operating days, an increase in depreciation expense of $0.4 million due to hotel renovations completed during fiscal 2025, and higher labor costs. Adjusted EBITDA loss was $0.3 million in the first quarter of fiscal 2026, which was also negatively impacted by five fewer operating days and unfavorable ski conditions at Grand Geneva Resort & Spa in Lake Geneva, Wisconsin.

Revenue per available room, or RevPAR, increased 13.7% in the first quarter of fiscal 2026 compared to the prior year period. During the first quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 9.8 percentage points and significantly outperformed its competitive sets by 16.6 percentage points, which includes the favorable impact of Hilton Milwaukee being fully operational during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 when the hotel was under renovation. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, Marcus Hotels & Resorts outperformed its competitive sets by 11.5 percentage points during the first quarter of fiscal 2026.

“Despite the winter months being our slowest season, the Marcus Hotels & Resorts team nevertheless delivered strong revenue results,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our hotels significantly outperformed their competitive sets during the first quarter of fiscal 2026, even after adjusting for the impact of the Hilton Milwaukee renovation on the prior year period. As we approach the busier spring and summer travel seasons, our unwavering focus on driving operational performance and unmatched commitment to the guest experience positions us well to continue capturing strong group bookings and leisure demand, especially at our newly renovated properties.”

Earlier this year Marcus Hotels & Resorts opened The Marc Hotel, a new 175-room independent hotel adjacent to the Baird Center in Milwaukee. This May, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip. The 11-hole course is designed to cater to golfers of all skill levels and add another experience to Grand Geneva’s already established golf offerings, which include two championship courses, Brute and Highlands.

Fiscal Year Change

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During fiscal 2025 the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first quarter of fiscal 2025 consisted of the three month period beginning December 27, 2024 and ended on March 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 90 operating days in the calendar first quarter of 2025).

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, April 30, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com or dialing 1-646-307-1963 and entering the passcode 8761289. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

A telephone replay of the conference call will be available through Thursday, May 7, 2026, by dialing 1-800-770-2030 and entering passcode 8761289. The webcast will be archived on the company’s website until its next earnings release.

Non-GAAP Financial Measure

Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About The Marcus Corporation

Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. 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 and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION

Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

Three Months Ended

March 31,

2026

March 31,

2025

Revenues:

Theatre admissions

$

44,825

$

40,931

Rooms

20,462

19,275

Theatre concessions

39,565

38,000

Food and beverage

17,460

17,829

Other revenues

21,694

22,874

144,006

138,909

Cost reimbursements

10,398

9,857

Total revenues

154,404

148,766

Costs and expenses:

Theatre operations

50,729

49,670

Rooms

10,318

9,906

Theatre concessions

17,170

17,451

Food and beverage

15,056

14,629

Advertising and marketing

5,735

5,244

Administrative

25,311

24,716

Depreciation and amortization

17,835

17,838

Rent

6,187

6,217

Property taxes

4,282

4,409

Other operating expenses

10,563

10,606

(Gain) loss on disposition of property, equipment and other assets

81

(1,365

)

Reimbursed costs

10,398

9,857

Total costs and expenses

173,665

169,178

Operating income

(19,261

)

(20,412

)

Other income (expense):

Investment income

20

74

Interest expense

(2,630

)

(2,822

)

Other income (expense)

(447

)

(444

)

Equity earnings (losses) from unconsolidated joint ventures

(674

)

(570

)

(3,731

)

(3,762

)

Earnings (loss) before income taxes

(22,992

)

(24,174

)

Income tax expense

(7,639

)

(7,358

)

Net earnings (loss)

(15,353

)

(16,816

)

Net earnings (loss) per common share - diluted

$

(0.51

)

$

(0.54

)

Weighted average shares outstanding - diluted

30,681

31,596

THE MARCUS CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

March 31,

2026

December 31,

2025

Assets:

Cash and cash equivalents

$

11,229

$

23,448

Restricted cash

3,125

3,134

Accounts receivable

16,594

19,082

Other current assets

19,481

18,912

Property and equipment, net

689,841

697,712

Operating lease right-of-use assets

142,826

142,115

Other assets

108,962

110,129

Total Assets

$

992,058

$

1,014,532

Liabilities and Shareholders' Equity:

Accounts payable

$

31,687

$

44,523

Income taxes

594

—

Taxes other than income taxes

14,967

18,482

Other current liabilities

79,016

81,390

Current portion of finance lease obligations

2,618

2,827

Current portion of operating lease obligations

16,320

16,219

Finance lease obligations

8,008

8,452

Operating lease obligations

148,894

148,977

Long-term debt

174,062

159,007

Deferred income taxes

27,205

30,905

Other long-term obligations

47,520

46,372

Equity

441,167

457,378

Total Liabilities and Shareholders' Equity

$

992,058

$

1,014,532

THE MARCUS CORPORATION

Business Segment Information

(Unaudited)

(In thousands)

Theatres

Hotels/

Resorts

Corporate

Items

Total

Three Months Ended March 31, 2026

Revenues

$

92,928

$

61,403

$

73

$

154,404

Operating income (loss)

(2,810

)

(7,931

)

(8,520

)

(19,261

)

Depreciation and amortization

10,263

7,188

384

17,835

Adjusted EBITDA

8,018

(283

)

(5,139

)

2,596

Three Months Ended March 31, 2025

Revenues

$

87,357

$

61,322

$

87

$

148,766

Operating income (loss)

(6,281

)

(6,044

)

(8,087

)

(20,412

)

Depreciation and amortization

10,706

6,736

396

17,838

Adjusted EBITDA

3,694

1,011

(4,964

)

(259

)

Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

Supplemental Data

(Unaudited)

(In thousands)

Three Months Ended

Consolidated

March 31,

2026

March 31,

2025

Net cash flow provided by (used in) operating activities

$

(15,221

)

$

(35,329

)

Net cash flow provided by (used in) investing activities

(6,629

)

(22,779

)

Net cash flow provided by (used in) financing activities

9,622

29,252

Capital expenditures

(6,648

)

(23,005

)

THE MARCUS CORPORATION

Reconciliation of Net Earnings (Loss) to Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended

March 31,

2026

March 31,

2025

Net earnings (loss)

$

(15,353

)

$

(16,816

)

Add (deduct):

Investment (income) loss

(20

)

(74

)

Interest expense

2,630

2,822

Other expense (income)

447

444

(Gain) Loss on disposition of property, equipment and other assets

81

(1,365

)

Equity earnings (losses) from unconsolidated joint ventures

674

570

Income tax benefit

(7,639

)

(7,358

)

Depreciation and amortization

17,835

17,838

Share-based compensation (a)

3,824

3,545

Theatre exit costs (b)

—

135

Other non-recurring (c)

117

—

Adjusted EBITDA

$

2,596

$

(259

)

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment

(Unaudited)

(In thousands)

Three Months Ended March 31, 2026

Theatres

Hotels & Resorts

Corp. Items

Total

Operating income (loss)

$

(2,810

)

$

(7,931

)

$

(8,520

)

$

(19,261

)

Depreciation and amortization

10,263

7,188

384

17,835

(Gain) loss on disposition of property, equipment and other assets

76

5

—

81

Share-based compensation (a)

489

338

2,997

3,824

Other non-recurring (c)

—

117

—

117

Adjusted EBITDA

$

8,018

$

(283

)

$

(5,139

)

$

2,596

Three Months Ended March 31, 2025

Theatres

Hotels & Resorts

Corp. Items

Total

Operating income (loss)

$

(6,281

)

$

(6,044

)

$

(8,087

)

$

(20,412

)

Depreciation and amortization

10,706

6,736

396

17,838

(Gain) loss on disposition of property, equipment and other assets

(1,362

)

(3

)

—

(1,365

)

Share-based compensation (a)

496

322

2,727

3,545

Theatre exit costs (b)

135

—

—

135

Adjusted EBITDA

$

3,694

$

1,011

$

(4,964

)

$

(259

)

(a)

Non-cash expense related to share-based compensation programs.

(b)

Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.

(c)

Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429751969/en/
Investors: Chad Paris

(414) 905-1100

investors@marcuscorp.com

Media: Megan Hakes

Megan.Hakes@hprstrategies.com

Original: Marcus Corporation Reports First Quarter Fiscal 2026 Results

Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2025 ResultsFebruary 26, 2026 7:45 AM
Business Wire
Marcus Theatres leads the industry in fourth quarter box office growth; Marcus Hotels & Resorts reports record revenue and Adjusted EBITDA for fiscal 2025

The Marcus Corporation (NYSE: MCS) today reported results for the fourth quarter and fiscal year 2025 ended December 31, 2025.

“Both of our divisions outperformed their industries in the fourth quarter, with Marcus Theatres leading the industry in box office growth thanks to price optimization strategies and a favorable film slate, and Marcus Hotels & Resorts delivering strong fourth quarter results to cap a record year for the division,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “During the fourth quarter, our theatre division benefitted from strong performances from family films and several blockbusters across genres that performed well in our markets. Consumers continued to show demand for out-of-home entertainment experiences, with a wide variety of great movies bringing audiences to the big screen at Marcus Theatres during the holiday season. We are excited for a 2026 film slate that includes several family films and some of the biggest movie franchises. In our hotel division, stable leisure demand and strong group bookings contributed to a year of record revenue and Adjusted EBITDA, with our newly renovated properties driving our outperformance in both the fourth quarter and full-year fiscal 2025. The positive impact of the strategic reinvestments made over the past few years will continue to position Marcus Hotels & Resorts well for both the near- and long-term, as our renovated assets continue to win in their markets. As we look ahead to fiscal 2026 and beyond, we expect the building momentum in both businesses to be sustained by our long-standing commitment to operational excellence, the resiliency of our balance sheet, and the unwavering dedication of our valued associates.”

Fourth Quarter Fiscal 2025 Highlights

Total revenues for the fourth quarter of fiscal 2025 were $193.5 million, a 2.8% increase from total revenues of $188.3 million for the fourth quarter of fiscal 2024. Revenues were favorably impacted by a shift in operating days due to the previously announced change in the Company’s fiscal calendar as described further below.

Operating income was $1.7 million for the fourth quarter of fiscal 2025, compared to operating loss of $2.2 million for the prior year quarter. Operating income for the fourth quarter of fiscal 2025 was negatively impacted by $5.2 million, or $0.12 per diluted common share net of tax, of noncash impairment charges. Operating loss for the fourth quarter of fiscal 2024 was negatively impacted by $6.4 million, or $0.15 per share net of tax, of noncash impairment charges.

Net earnings was $6.0 million for the fourth quarter of fiscal 2025, compared to net earnings of $1.0 million for the same period in fiscal 2024. Net earnings for the fourth quarter of fiscal 2025 was favorably impacted by $7.6 million, or $0.25 per diluted common share, of income tax benefit from a historic rehabilitation tax credit (net of valuation allowance) from the Hilton Milwaukee renovation. Net earnings for the fourth quarter of fiscal 2024 was favorably impacted by $6.0 million, or $0.19 per diluted common share, of income tax benefit due to decreases in valuation allowances for deferred state income taxes.

Net earnings per diluted common share was $0.19 for the fourth quarter of fiscal 2025, compared to net earnings per diluted common share of $0.03 for the fourth quarter of fiscal 2024.

Adjusted EBITDA was $26.8 million for the fourth quarter of fiscal 2025, a 3.6% increase from Adjusted EBITDA of $25.9 million for the prior year quarter.

Full Year Fiscal 2025 Highlights

Total revenues for fiscal 2025 were $758.5 million, a 3.1% increase from total revenues of $735.6 million for fiscal 2024.

Operating income was $17.1 million for fiscal 2025, a 5.5% increase from operating income of $16.2 million for fiscal 2024. Operating income for fiscal 2025 was negatively impacted by $5.2 million, or $0.12 per diluted common share net of tax, of noncash impairment charges. Operating income for fiscal 2024 was negatively impacted by $6.8 million, or $0.16 per share net of tax, of noncash impairment charges.

Net earnings was $12.7 million for fiscal 2025, compared to net loss of $7.8 million for fiscal 2024. Net earnings for fiscal 2025 was favorably impacted by $7.6 million, or $0.24 per diluted common share, of income tax benefit from a historic rehabilitation tax credit (net of valuation allowance) from the Hilton Milwaukee renovation, and was favorably impacted by a $3.4 million, or $0.11 per share, gain from a property insurance settlement, net of tax. Net loss for fiscal 2024 was favorably impacted by $6.1 million, or $0.19 per diluted common share, of income tax benefit due to decreases in valuation allowances for deferred state income taxes, and was negatively impacted by $16.7 million, or $0.52 per diluted common share, of debt conversion expense and related tax impacts of convertible senior notes repurchases.

Net earnings per diluted common share was $0.41 for fiscal 2025, compared to net loss per diluted common share of $0.25 for fiscal 2024.

Adjusted EBITDA was $99.3 million for the full year fiscal 2025, a 3.1% decrease from Adjusted EBITDA of $102.4 million for fiscal 2024.

Marcus Theatres®

For the fourth quarter of fiscal 2025, Marcus Theatres reported total revenues of $123.8 million, a 2.2% increase over the same period last year. Revenues were favorably impacted by a shift in the fiscal calendar resulting in five additional days between Christmas and New Year’s in exchange for four less days at the end of September. Operating income in the fourth quarter of fiscal 2025 was $7.7 million compared to operating income of $3.3 million for the same period of fiscal 2024 and was negatively impacted by $5.2 million of noncash impairment charges. Adjusted EBITDA in the fourth quarter of fiscal 2025 was $24.1 million, a 1.9% increase compared to $23.7 million in the fourth quarter of fiscal 2024.

Marcus Theatres outperformed the industry by 7.6 percentage points during the fourth quarter of fiscal 2025 compared to the fourth quarter of fiscal 2024, according to data from Comscore. Same store admission revenues for the fourth quarter of fiscal 2025 increased 6.1% compared to the fourth quarter of fiscal 2024. Same store attendance decreased 5.7% in the fourth quarter of fiscal 2025, with average ticket price increasing 12.7% compared to the prior year period due to strategic price changes designed to optimize pricing during peak demand periods, as well as a higher percentage of sales coming from premium large format and 3D showings. During the fourth quarter of fiscal 2025, Marcus Theatres’ top five highest-performing films were Wicked: For Good, Zootopia 2, Avatar: Fire and Ash, Five Nights at Freddy’s 2, and Black Phone 2.

For the full year fiscal 2025, Marcus Theatres reported total revenues of $462.7 million compared to $447.7 million in fiscal 2024, a 3.4% increase from the prior year period. Operating income was $29.4 million in fiscal 2025 compared to $22.1 million in fiscal 2024, a 32.9% increase that was negatively impacted by impairment charges of $5.2 million in fiscal 2025. Adjusted EBITDA for the year decreased to $76.5 million in fiscal 2025 compared to $78.1 million in fiscal 2024, primarily due to increased labor and other costs, with labor efficiency sequentially improving during the year. Average ticket price increased 3.7% during fiscal 2025 compared to fiscal 2024, while average concession revenue per person grew 4.1% over the prior year. The highest grossing films for the year included A Minecraft Movie, Wicked: For Good, Lilo & Stitch, Zootopia 2 and Superman.

“Marcus Theatres benefitted from a favorable mix of films in the fourth quarter, with blockbuster hits like Zootopia 2, Wicked: For Good, and Avatar: Fire and Ash and exciting originals like The Housemaid and Marty Supreme giving moviegoers of all ages and demographics a reason to enjoy incredible entertainment experiences at the movies,” said Mark A. Gramz, president of Marcus Theatres. “Looking to fiscal 2026, holdover fourth quarter fiscal 2025 films, including the long run of Avatar: Fire and Ash, and several new films released in the first quarter of fiscal 2026 has kicked off what is expected to be a robust slate of must-see movies in the year ahead. The franchise heavy slate includes the newest installments of several family favorites that tend to play well in our markets, including Toy Story 5, Minions & Monsters, The Super Mario Galaxy Movie, and the live action adaptation of Moana, along with popular action adventures like Star Wars: The Mandalorian and Grogu, Spider-Man: Brand New Day, Dune: Part Three, and Avengers: Doomsday. Moreover, the highly anticipated release of Christopher Nolan’s The Odyssey, nostalgic revivals like Scream 7 and The Devil Wears Prada 2, and a large slate of other appealing wide release films means fiscal 2026 has more than something for everyone. And with the highest concentration of luxury recliner seating and PLF screens among the top theatre circuits, incredible food and beverage offerings, consumer-friendly technology, and the outstanding contributions of our associates, Marcus Theatres is well positioned to capitalize on what is expected to be a memorable year of moviegoing.”

Several films have contributed to early fiscal 2026 first quarter results, including the carry over impact of late 2025 releases including Avatar: Fire and Ash, Zootopia 2, The Housemaid, Song Sung Blue, Anaconda, Marty Supreme, and The Spongebob Movie: Search for Square Pants, and new releases during the first quarter of fiscal 2026 such as 28 Years Later, The Bone Temple, Send Help, GOAT, Wuthering Heights and I Can Only Imagine 2. The film slate for fiscal 2026 features many well-known franchises and highly anticipated films including: Scream 7, Hoppers, Project Hail Mary, The Super Mario Galaxy Movie, Michael, The Devil Wears Prada 2, Star Wars: The Mandalorian and Grogu, Masters of the Universe, Toy Story 5, Supergirl: Woman of Tomorrow, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, The Cat in the Hat, The Hunger Games: Sunrise on the Reaping, Hexed, Jumanji 3, Dune: Part Three, and Avengers: Doomsday.

Marcus® Hotels & Resorts

During the fourth quarter of fiscal 2025, total revenues before cost reimbursements were $60.4 million, a 5.0% increase over the same period in fiscal 2024. Operating loss in the fourth quarter of fiscal 2025 was $0.1 million and was impacted by a $0.9 million increase in depreciation expense from hotel renovations. Adjusted EBITDA was $7.3 million in the fourth quarter of fiscal 2025, an increase of 3.4% compared to the fourth quarter of fiscal 2024.

Revenue per available room, or RevPAR, increased 3.5% at comparable company-owned hotels during the fourth quarter of fiscal 2025 compared to the prior year period. As a result, Marcus Hotels & Resorts outperformed the industry by 2.7 percentage points during the fourth quarter of fiscal 2025, according to data from STR.

For the full year fiscal 2025, Marcus Hotels & Resorts again reported record total revenues and record Adjusted EBITDA. Total revenues before cost reimbursements in fiscal 2025 were $257.6 million, a 3.7% increase compared to fiscal 2024. Operating income in fiscal 2025 was $14.4 million, a decrease of 22.0% from the prior year period primarily due to a $5.0 million increase in depreciation expense from hotel renovations completed in fiscal 2024 and 2025. Adjusted EBITDA was $42.7 million in fiscal 2025, a 2.7% increase compared to the prior year. RevPAR decreased 0.7% in fiscal 2025 compared to fiscal 2024 and was unfavorably impacted by room displacement during the Hilton Milwaukee renovation in the first half of the year.

“We are proud to deliver another year of record revenues and Adjusted EBITDA, made even more impressive considering the number of rooms out of service during the Hilton Milwaukee renovation in the first half of the year and the difficult comparison to fiscal year 2024, which included the one-time positive impact of the Republican National Convention in Milwaukee,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our newly renovated assets contributed meaningfully to our outperformance in both the fourth quarter and full year fiscal 2025 thanks to stable leisure demand and continued strong group bookings. As we look ahead, operational excellence across the portfolio will continue to drive our results as we settle into a less intensive capital reinvestment cycle.”

Group booking pace for fiscal 2026 is running slightly ahead compared to the same period in fiscal 2025. Banquet and catering revenue for fiscal 2026 is running similarly ahead of the same time last year.

In December 2025, Marcus Hotels & Resorts announced it completed the Hilton Milwaukee renovation, the most extensive renovation in the company’s history. The project revitalized the hotel’s lobby and bar, transformed its meeting and event spaces, and restyled its 554 guest rooms.

In January 2026, the division announced the opening of The Marc Hotel, an independent 175-room hotel in downtown Milwaukee, in the former west wing of the Hilton Milwaukee. Centrally located in the heart of the city, The Marc Hotel is connected to the Baird Center via a climate-controlled skywalk and located just steps from the city’s premier corporate offices, sports and entertainment venues, several dining destinations, and nearby Marquette University.

Looking ahead, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip, in spring 2026. The new course is designed to cater to golfers of all skill levels, joining two championship courses and a new practice facility, as part of the acclaimed resort’s ongoing multi-year renovation.

Return of Capital to Shareholders

During the fourth quarter of fiscal 2025, the Company repurchased 0.1 million shares of common stock for $1.8 million in cash, and during the full year fiscal 2025, the Company repurchased 1.1 million shares of common stock for $18.0 million in cash. In total, the Company returned $27.1 million in capital to shareholders through share repurchases and dividends paid during fiscal 2025.

Since resuming share repurchases in the third quarter of fiscal 2024, the Company has repurchased 1.8 million shares of common stock, or 5.7% of the shares outstanding, for $27.6 million in cash. In total, over the last two years the Company returned $45.6 million in capital to shareholders through share repurchases and dividends paid during fiscal 2024 and 2025.

As of December 31, 2025, there were 4.5 million shares remaining available for repurchase under Board of Directors repurchase authorizations. As of December 31, 2025, the Company had 23.7 million shares of common stock outstanding and 7.0 million shares of Class B common stock outstanding.

Fiscal Year Change

Beginning in fiscal 2025, the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year. Accordingly, fiscal 2025 was a 370 operating day fiscal year that began on December 27, 2024 and ended on December 31, 2025, with quarterly results for the three month periods ending March 31, June 30, September 30 and December 31. The fourth quarter of fiscal 2025 was favorably impacted by one additional operating day and by a shift in the fiscal calendar that included five additional days between the Christmas and New Year’s holidays and four fewer days at the end of September, compared to the fourth quarter of fiscal 2024. Fiscal 2026 will be a 365 operating day fiscal year that began on January 1, 2026 and will end on December 31, 2026, with quarterly results for the three month periods ending March 31, June 30, September 30 and December 31.

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, February 26, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com, or by dialing 1-646-844-6383 and entering the passcode 467741. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

A telephone replay of the conference call will be available through Thursday, March 5, 2026, by dialing 1-866-813-9403 and entering passcode 631850. The webcast will be archived on the company’s website until its next earnings release.

Non-GAAP Financial Measure

Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About Marcus Corporation

Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 985 screens at 78 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. 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 and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION

Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

2025

December 26,

2024

December 31,

2025

December 26,

2024

Revenues:

Theatre admissions

$

59,392

$

56,265

$

220,385

$

214,421

Rooms

25,762

24,616

114,544

113,344

Theatre concessions

51,001

50,759

197,856

191,989

Food and beverage

21,153

20,384

84,410

78,102

Other revenues

26,353

26,118

100,563

97,230

183,661

178,142

717,758

695,086

Cost reimbursements

9,837

10,171

40,700

40,474

Total revenues

193,498

188,313

758,458

735,560

Costs and expenses:

Theatre operations

61,511

59,909

234,680

225,472

Rooms

10,530

10,550

43,624

43,425

Theatre concessions

20,419

20,943

82,169

78,406

Food and beverage

16,335

15,392

63,900

60,419

Advertising and marketing

7,012

6,111

26,077

24,559

Administrative

21,977

21,724

92,578

88,958

Depreciation and amortization

17,915

17,970

70,191

67,958

Rent

6,368

6,437

25,243

25,911

Property taxes

3,597

2,655

16,222

14,716

Other operating expenses

11,087

12,284

40,838

42,269

Impairment charges

5,172

6,351

5,172

6,823

Reimbursed costs

9,837

10,171

40,700

40,474

Total costs and expenses

191,760

190,497

741,394

719,390

Operating income (loss)

1,738

(2,184

)

17,064

16,170

Other income (expense):

Investment income

414

557

878

2,231

Interest expense

(2,903

)

(2,812

)

(11,472

)

(10,972

)

Other income (expense)

(452

)

(392

)

2,848

(1,513

)

Debt conversion expense

—

(203

)

—

(15,521

)

Equity losses from unconsolidated joint ventures

(173

)

(158

)

(611

)

(604

)

(3,114

)

(3,008

)

(8,357

)

(26,379

)

Earnings (loss) before income taxes

(1,376

)

(5,192

)

8,707

(10,209

)

Income tax benefit

(7,332

)

(6,178

)

(3,984

)

(2,422

)

Net earnings (loss)

$

5,956

$

986

$

12,691

$

(7,787

)

Net earnings (loss) per common share - diluted

$

0.19

$

0.03

$

0.41

$

(0.25

)

Weighted average shares outstanding - diluted

30,768

31,766

31,279

31,887

THE MARCUS CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

December 31,

2025

December 26,

2024

Assets:

Cash and cash equivalents

$

23,448

$

40,841

Restricted cash

3,134

3,738

Accounts receivable

19,082

21,457

Assets held for sale

—

1,199

Other current assets

18,912

24,915

Property and equipment, net

697,712

685,734

Operating lease right-of-use assets

142,115

159,194

Other assets

110,129

107,450

Total Assets

$

1,014,532

$

1,044,528

Liabilities and Shareholders' Equity:

Accounts payable

$

44,523

$

50,690

Taxes other than income taxes

18,482

18,696

Other current liabilities

81,390

78,806

Current portion of finance lease obligations

2,827

2,591

Current portion of operating lease obligations

16,219

15,765

Current maturities of long-term debt

—

10,133

Finance lease obligations

8,452

10,360

Operating lease obligations

148,977

164,776

Long-term debt

159,007

149,007

Deferred income taxes

30,905

32,619

Other long-term obligations

46,372

46,219

Equity

457,378

464,866

Total Liabilities and Shareholders' Equity

$

1,014,532

$

1,044,528

THE MARCUS CORPORATION

Business Segment Information

(Unaudited)

(In thousands)

Theatres

Hotels/

Resorts

Corporate

Items

Total

Three Months Ended December 31, 2025

Revenues

$

123,793

$

69,536

$

169

$

193,498

Operating income (loss)

7,687

(90

)

(5,859

)

1,738

Depreciation and amortization

10,439

7,106

370

17,915

Adjusted EBITDA

24,112

7,338

(4,636

)

26,814

Three Months Ended December 26, 2024

Revenues

$

121,158

$

67,074

$

81

$

188,313

Operating income (loss)

3,344

481

(6,009

)

(2,184

)

Depreciation and amortization

11,452

6,216

302

17,970

Adjusted EBITDA

23,658

7,095

(4,872

)

25,881

Twelve Months Ended December 31, 2025

Revenues

$

462,741

$

295,269

$

448

$

758,458

Operating income (loss)

29,437

14,416

(26,789

)

17,064

Depreciation and amortization

41,755

26,873

1,563

70,191

Adjusted EBITDA

76,458

42,719

(19,909

)

99,268

Twelve Months Ended December 26, 2024

Revenues

$

447,723

$

287,506

$

331

$

735,560

Operating income (loss)

22,147

18,477

(24,454

)

16,170

Depreciation and amortization

45,352

21,917

689

67,958

Adjusted EBITDA

78,070

41,584

(17,247

)

102,407

Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

Supplemental Data

(Unaudited)

(In thousands)

Three Months Ended

Twelve Months Ended

Consolidated

December 31,

2025

December 26,

2024

December 31,

2025

December 26,

2024

Net cash flow provided by (used in) operating activities

$

48,800

$

52,566

$

84,200

$

103,940

Net cash flow provided by (used in) investing activities

(24,767

)

(23,501

)

(71,373

)

(81,898

)

Net cash flow provided by (used in) financing activities

(7,932

)

(17,531

)

(30,824

)

(37,301

)

Capital expenditures

(22,402

)

(25,440

)

(83,211

)

(79,210

)

THE MARCUS CORPORATION

Reconciliation of Net earnings (loss) to Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended

Twelve Months Ended

December 31,

2025

December 26,

2024

December 31,

2025

December 26,

2024

Net earnings (loss)

$

5,956

$

986

$

12,691

$

(7,787

)

Add (deduct):

Investment (income) loss

(414

)

(557

)

(878

)

(2,231

)

Interest expense

2,903

2,812

11,472

10,972

Other expense (income) (a)

452

392

(2,848

)

1,513

(Gain) loss on disposition of property, equipment and other assets

703

291

(553

)

386

Equity losses from unconsolidated joint ventures

173

158

611

604

Income tax expense (benefit)

(7,332

)

(6,178

)

(3,984

)

(2,422

)

Depreciation and amortization

17,915

17,970

70,191

67,958

Share-based compensation (b)

1,286

1,049

7,502

8,206

Impairment charges (c)

5,172

6,351

5,172

6,823

Theatre exit costs (d)

—

—

135

136

Insured losses (recoveries) (e)

—

4

(243

)

243

Debt conversion expense (f)

—

203

—

15,521

Other non-recurring (g)

—

2,400

—

2,485

Adjusted EBITDA

$

26,814

$

25,881

$

99,268

$

102,407

Reconciliation of Operating income (loss) to Adjusted EBITDA by Reportable Segment

(Unaudited)

(In thousands)

Three Months Ended December 31, 2025

Twelve Months Ended December 31, 2025

Theatres

Hotels &

Resorts

Corp.

Items

Total

Theatres

Hotels &

Resorts

Corp.

Items

Total

Operating income (loss)

$

7,687

$

(90

)

$

(5,859

)

$

1,738

$

29,437

$

14,416

$

(26,789

)

$

17,064

Depreciation and amortization

10,439

7,106

370

17,915

41,755

26,873

1,563

70,191

Loss (gain) on disposition of property, equipment and other assets

660

43

—

703

(813

)

277

(17

)

(553

)

Share-based compensation (b)

154

279

853

1,286

1,015

1,153

5,334

7,502

Impairment charges (c)

5,172

—

—

5,172

5,172

—

—

5,172

Theatre exit costs (d)

—

—

—

—

135

—

—

135

Insured losses (recoveries) (e)

—

—

—

—

(243

)

—

—

(243

)

Adjusted EBITDA

$

24,112

$

7,338

$

(4,636

)

$

26,814

$

76,458

$

42,719

$

(19,909

)

$

99,268

Three Months Ended December 26, 2024

Twelve Months Ended December 26, 2024

Theatres

Hotels &

Resorts

Corp.

Items

Total

Theatres

Hotels &

Resorts

Corp.

Items

Total

Operating income (loss)

$

3,344

$

481

$

(6,009

)

$

(2,184

)

$

22,147

$

18,477

$

(24,454

)

$

16,170

Depreciation and amortization

11,452

6,216

302

17,970

45,352

21,917

689

67,958

Loss (gain) on disposition of property, equipment and other assets

155

141

(5

)

291

254

137

(5

)

386

Share-based compensation (b)

169

257

623

1,049

932

1,053

6,221

8,206

Impairment charges (c)

6,351

—

—

6,351

6,823

—

—

6,823

Theatre exit costs (d)

—

—

—

—

136

—

—

136

Insured losses (recoveries) (e)

4

—

—

4

243

—

—

243

Other non-recurring (g)

2,183

—

217

2,400

2,183

—

302

2,485

Adjusted EBITDA

$

23,658

$

7,095

$

(4,872

)

$

25,881

$

78,070

$

41,584

$

(17,247

)

$

102,407

(a)

Includes a gain from an insurance settlement of $4.5M related to insured property damage at one theatre location in fiscal 2025.

(b)

Non-cash expense related to share-based compensation programs.

(c)

Non-cash impairment charges in fiscal 2025 related to eight operating theatres and one vacant parcel of land. Non-cash impairment charges in fiscal 2024 related to three operating theatres, one operating theatre that closed in early fiscal 2025, and one permanently closed theatre. Non-cash impairment charges in fiscal 2023 related to one permanently closed theatre.

(d)

Non-recurring costs related to the closure and exit of one theatre location in fiscal 2024.

(e)

Repair costs and insurance recoveries that are non-operating in nature related to insured property damage at one theatre location.

(f)

Debt conversion expense for repurchases of $100.1 million aggregate principal amount of Convertible Notes. See Convertible Senior Notes in the “Liquidity and Capital Resources” section of MD&A included in the fiscal 2025 Form 10-K for further discussion.

(g)

Other non-recurring in fiscal 2024 includes settlement and legal expenses related to an equipment lease agreement impacted by the COVID-19 pandemic in Theatres, and professional fees related to convertible debt repurchase transactions and corporate office relocation expenses in Corporate Items.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225045975/en/
For additional information, contact:

Chad Paris

(414) 905-1100

investors@marcuscorp.com

Original: Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2025 Results