10-Q

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data, unaudited)


	March 31,			December 31,
	2026			2025
Assets
Current assets
Cash and cash equivalents	$	261.7		$	344.3
Inventories		32.5			29.1
Accounts receivable		80.5			110.0
Current income tax receivable		65.5			67.9
Prepaid expenses and other		46.5			47.4
Total current assets		486.7			598.7
Theater properties and equipment, net		1,173.3			1,175.8
Operating lease right-of-use assets, net		955.3			949.9
Other long-term assets
Goodwill		1,247.6			1,245.8
Intangible assets, net		300.4			300.4
Investments in NCMI and other affiliates		36.0			40.9
Long-term deferred tax asset		113.9			95.8
Deferred charges and other assets		32.6			26.6
Total other long-term assets		1,730.5			1,709.5
Total assets	$	4,345.8		$	4,433.9
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	6.4		$	6.4
Current portion of operating lease obligations		216.6			215.0
Current portion of finance lease obligations		16.7			16.5
Current income tax payable		10.4			6.2
Accounts payable and accrued expenses		538.0			604.2
Total current liabilities		788.1			848.3
Long-term liabilities
Long-term debt, less current portion		1,868.9			1,869.2
Operating lease obligations, less current portion		792.0			791.0
Finance lease obligations, less current portion		89.5			93.7
Long-term deferred tax liability		9.0			6.6
Long-term liability for uncertain tax positions		56.5			55.7
NCM screen advertising advances		304.3			307.2
Other long-term liabilities		47.8			48.4
Total long-term liabilities		3,168.0			3,171.8
Equity
Cinemark Holdings, Inc.'s stockholders' equity:
Common stock, $0.001 par value: 300,000,000 shares authorized, 151,961,371 shares issued and 116,802,477 shares outstanding at March 31, 2026 and 149,900,865 shares issued and 115,530,385 shares outstanding at December 31, 2025		0.1			0.1
Additional paid-in-capital		1,406.5			1,397.3
Treasury stock, 35,158,894 and 34,370,480 shares, at cost, at March 31, 2026 and December 31, 2025, respectively		(560.2	)		(539.8	)
Accumulated deficit		(81.6	)		(64.4	)
Accumulated other comprehensive loss		(383.7	)		(388.0	)
Total Cinemark Holdings, Inc.'s stockholders' equity		381.1			405.2
Noncontrolling interests		8.6			8.6
Total equity		389.7			413.8
Total liabilities and equity	$	4,345.8		$	4,433.9

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in millions, except per share data, unaudited)


	Three Months Ended March 31,
	2026			2025
Revenue
Admissions	$	311.4		$	264.1
Concession		255.2			210.4
Other		76.5			66.2
Total revenue	$	643.1		$	540.7
Cost of operations
Film rentals and advertising		169.7			141.4
Concession supplies		48.5			44.3
Salaries and wages		94.4			90.3
Facility lease expense		80.9			78.3
Utilities and other		114.7			105.7
General and administrative expenses		56.1			54.5
Depreciation and amortization		51.6			49.5
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Total cost of operations		619.6			559.9
Operating income (loss)		23.5			(19.2	)
Other income (expense)
Interest expense		(34.7	)		(38.5	)
Other income, net		1.4			4.4
Total other expense		(33.3	)		(34.1	)
Loss before income taxes		(9.8	)		(53.3	)
Income tax benefit		(4.0	)		(14.7	)
Net loss	$	(5.8	)	$	(38.6	)
Less: Net income attributable to noncontrolling interests		0.6			0.3
Net loss attributable to Cinemark Holdings, Inc.	$	(6.4	)	$	(38.9	)

Weighted average shares outstanding
Basic		114.7			119.4
Diluted		114.7			119.4
Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders
Basic	$	(0.06	)	$	(0.32	)
Diluted	$	(0.06	)	$	(0.32	)

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in millions, unaudited)


	Three Months Ended March 31,
	2026			2025
Net loss	$	(5.8	)	$	(38.6	)
Other comprehensive income, net of tax
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements		1.7			(3.2	)
Foreign currency translation adjustments		1.7			16.0
Total other comprehensive income, net of tax	$	3.4		$	12.8
Total comprehensive loss, net of tax		(2.4	)		(25.8	)
Comprehensive income attributable to noncontrolling interests		(0.6	)		(0.3	)
Comprehensive loss attributable to Cinemark Holdings, Inc.	$	(3.0	)	$	(26.1	)

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)


																			Total
																Accumulated			Cinemark
	Common Stock				Treasury Stock						Additional					Other			Holdings, Inc.'s
	Shares				Shares						Paid-in-		Accumulated			Comprehensive			Stockholders’			Noncontrolling			Total
	Issued		Amount		Acquired			Amount			Capital		Deficit			Loss			Equity			Interests			Equity
Balance at January 1, 2026		149.9	$	0.1		(34.4	)	$	(539.8	)	$	1,397.3	$	(64.4	)	$	(388.0	)	$	405.2		$	8.6		$	413.8
Stock withholdings related to share-based awards that vested during the three months ended March 31, 2026		—		—		(0.8	)		(20.4	)		—		—			—			(20.4	)		—			(20.4	)
Restricted stock forfeitures related to share-based awards that were forfeited during the three months ended March 31, 2026		—		—		—			—			—		—			—			—			—			—
Issuance of stock upon vesting of performance stock units and restricted stock units		1.5		—		—			—			—		—			—			—			—			—
Issuance of share-based awards and share-based awards compensation expense		0.6	—			—		—				9.2		—			—			9.2			—			9.2
Dividends paid to stockholders, $0.09 per common share (see Note 6)		—	—			—		—				—		(10.8	)		—			(10.8	)		—			(10.8	)
Net (loss) income		—	—			—		—				—		(6.4	)		—			(6.4	)		0.6			(5.8	)
Distributions to noncontrolling interests		—		—		—			—			—		—			—			—			(0.6	)		(0.6	)
Amortization of accumulated losses for amended swap agreements		—	—			—		—				—		—			0.9			0.9			—			0.9
Other comprehensive income		—	—			—		—				—		—			3.4			3.4			—			3.4
Balance at March 31, 2026		152.0	$	0.1		(35.2	)	$	(560.2	)	$	1,406.5	$	(81.6	)	$	(383.7	)	$	381.1		$	8.6		$	389.7

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY, CONTINUED

(in millions, unaudited)


																			Total
																Accumulated			Cinemark
	Common Stock				Treasury Stock						Additional					Other			Holdings, Inc's
	Shares				Shares						Paid-in-		Accumulated			Comprehensive			Stockholders’			Noncontrolling			Total
	Issued		Amount		Acquired			Amount			Capital		Deficit			Loss			Equity			Interests			Equity
Balance at January 1, 2025		128.7	$	0.1		(6.4	)	$	(103.2	)	$	1,276.9	$	(162.7	)	$	(416.7	)	$	594.4		$	9.0		$	603.4
Repurchases of common stock under share repurchase program		—		—		(7.9	)		(201.6	)		—		—			—			(201.6	)		—			(201.6	)
Stock withholdings related to share-based awards that vested during the three months ended March 31, 2025		—		—		(0.6	)		(17.1	)		—		—			—			(17.1	)		—			(17.1	)
Restricted stock forfeitures related to share-based awards that were forfeited during the three months ended March 31, 2025		—		—		—			—			—		—			—			—			—			—
Issuance of stock upon vesting of performance stock units		0.8		—		—			—			—		—			—			—			—			—
Issuance of share-based awards and share-based awards compensation expense		0.5		—		—			—			8.8		—			—			8.8			—			8.8
Dividends paid to stockholders, $0.08 per common share (see Note 6)		—	—			—			—			—		(10.1	)		—			(10.1	)		—			(10.1	)
Net (loss) income		—		—		—			—			—		(38.9	)		—			(38.9	)		0.3			(38.6	)
Distributions to noncontrolling interests		—		—		—			—			—		—			—			—			(0.9	)		(0.9	)
Amortization of accumulated losses for amended swap agreements		—		—		—			—			—		—			0.9			0.9			—			0.9
Other comprehensive income		—		—		—			—			—		—			12.8			12.8			—			12.8
Balance at March 31, 2025		130.0	$	0.1		(14.9	)	$	(321.9	)	$	1,285.7	$	(211.7	)	$	(403.0	)	$	349.2		$	8.4		$	357.6

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)


	Three Months Ended March 31,
	2026			2025
Operating activities
Net loss	$	(5.8	)	$	(38.6	)
Adjustments to reconcile net loss to cash and cash equivalents
Depreciation		51.6			49.4
Amortization of intangible and other assets		—			0.1
Amortization of original issue discount and debt issuance costs		1.3			2.1
Interest accrued on NCM screen advertising advances		5.2			5.4
Amortization of NCM screen advertising advances		(8.1	)		(8.2	)
Amortization of accumulated losses for amended swap agreements		0.9			0.9
Share-based awards compensation expense		8.7			8.2
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Net loss on investment in NCMI		3.7			3.5
Non-cash rent expense		(2.9	)		(2.8	)
Equity in income of affiliates		(2.7	)		(0.9	)
Deferred income tax benefit		(15.9	)		(29.4	)
Distributions from equity investees		3.9			4.8
Changes in assets and liabilities and other		(64.0	)		(109.5	)
Net cash used for operating activities		(20.4	)		(119.1	)

Investing activities
Additions to theater properties and equipment		(37.7	)		(22.1	)
Proceeds from sale of theater properties and equipment and other		0.2			6.8
Net cash used for investing activities		(37.5	)		(15.3	)

Financing activities
Dividends paid to stockholders		(10.5	)		(9.9	)
Repurchases of common stock under share repurchase program		—			(200.0	)
Repayments of long-term debt		(1.6	)		(1.6	)
Restricted stock withholdings for payroll taxes		(20.4	)		(17.1	)
Payments on finance leases		(4.0	)		(3.8	)
Other financing activities		(0.3	)		2.3
Net cash used for financing activities		(36.8	)		(230.1	)

Effect of exchange rate changes on cash and cash equivalents		12.1			6.6

Decrease in cash and cash equivalents		(82.6	)		(357.9	)

Cash and cash equivalents:
Beginning of period		344.3			1,057.3
End of period	$	261.7		$	699.4

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.
* * * * * * * *

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data, unaudited)


	March 31,			December 31,
	2026			2025
Assets
Current assets
Cash and cash equivalents	$	261.4		$	344.1
Inventories		32.5			29.1
Accounts receivable		80.5			110.0
Current income tax receivable		59.6			62.0
Prepaid expenses and other		46.3			47.3
Accounts receivable from parent		114.4			92.8
Total current assets		594.7			685.3
Theater properties and equipment, net		1,173.3			1,175.8
Operating lease right-of-use assets, net		955.3			949.9
Other long-term assets
Goodwill		1,247.6			1,245.8
Intangible assets, net		300.4			300.4
Investments in NCMI and other affiliates		36.0			40.9
Long-term deferred tax asset		65.0			47.3
Deferred charges and other assets, net		32.6			26.6
Total other long-term assets		1,681.6			1,661.0
Total assets	$	4,404.9		$	4,472.0
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	6.4		$	6.4
Current portion of operating lease obligations		216.6			215.0
Current portion of finance lease obligations		16.7			16.5
Current income tax payable		7.3			3.0
Accounts payable and accrued expenses		535.8			602.5
Total current liabilities		782.8			843.4
Long-term liabilities
Long-term debt, less current portion		1,868.9			1,869.2
Operating lease obligations, less current portion		792.0			791.0
Finance lease obligations, less current portion		89.5			93.7
Long-term deferred tax liability		10.9			8.5
Long-term liability for uncertain tax positions		56.5			55.7
NCM screen advertising advances		304.3			307.2
Other long-term liabilities		47.5			47.8
Total long-term liabilities		3,169.6			3,173.1
Equity
Cinemark USA, Inc.'s stockholder's equity:
Class A common stock, $0.01 par value: 10,000,000 shares authorized, 1,500 shares issued and outstanding		—			—
Class B common stock, no par value: 1,000,000 shares authorized, 239,893 shares issued and 182,648 shares outstanding		49.5			49.5
Treasury stock, 57,245 Class B shares at cost		(24.2	)		(24.2	)
Additional paid-in-capital		1,579.0			1,570.1
Accumulated deficit		(773.9	)		(757.7	)
Accumulated other comprehensive loss		(386.5	)		(390.8	)
Total Cinemark USA, Inc.'s stockholder's equity		443.9			446.9
Noncontrolling interests		8.6			8.6
Total equity		452.5			455.5
Total liabilities and equity	$	4,404.9		$	4,472.0

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in millions, unaudited)


	Three Months Ended March 31,
	2026			2025
Revenue
Admissions	$	311.4		$	264.1
Concession		255.2			210.4
Other		76.5			66.2
Total revenue	$	643.1		$	540.7
Cost of operations
Film rentals and advertising		169.7			141.4
Concession supplies		48.5			44.3
Salaries and wages		94.4			90.3
Facility lease expense		80.9			78.3
Utilities and other		114.7			105.7
General and administrative expenses		55.0			53.5
Depreciation and amortization		51.6			49.5
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Total cost of operations		618.5			558.9
Operating income (loss)		24.6			(18.2	)
Other income (expense)
Interest expense		(34.7	)		(32.4	)
Other income, net		1.4			2.1
Total other expense		(33.3	)		(30.3	)
Loss before income taxes		(8.7	)		(48.5	)
Income tax benefit		(3.6	)		(14.2	)
Net loss	$	(5.1	)	$	(34.3	)
Less: Net income attributable to noncontrolling interests		0.6			0.3
Net loss attributable to Cinemark USA, Inc.	$	(5.7	)	$	(34.6	)

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in millions, unaudited)


	Three Months Ended March 31,
	2026			2025
Net loss	$	(5.1	)	$	(34.3	)
Other comprehensive income, net of tax
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements		1.7			(3.2	)
Foreign currency translation adjustments		1.7			16.0
Total other comprehensive income, net of tax	$	3.4		$	12.8
Total comprehensive loss, net of tax		(1.7	)		(21.5	)
Comprehensive income attributable to noncontrolling interests		(0.6	)		(0.3	)
Comprehensive loss attributable to Cinemark USA, Inc.	$	(2.3	)	$	(21.8	)

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)


																				Total
	Class A				Class B												Accumulated			Cinemark
	Common Stock				Common Stock							Additional					Other			USA, Inc's
	Shares				Shares				Treasury			Paid-in-		Accumulated			Comprehensive			Stockholder's			Noncontrolling			Total
	Issued		Amount		Issued		Amount		Stock			Capital		Deficit			Loss			Equity			Interests			Equity
Balance at January 1, 2026		—	$	—	0.2		$	49.5	$	(24.2	)	$	1,570.1	$	(757.7	)	$	(390.8	)	$	446.9		$	8.6		$	455.5
Share-based awards compensation expense		—		—		—		—		—			8.9		—			—			8.9			—			8.9
Distributions to parent (see Note 16)		—		—		—		—		—			—		(10.5	)		—			(10.5	)		—			(10.5	)
Net (loss) income		—		—		—		—		—			—		(5.7	)		—			(5.7	)		0.6			(5.1	)
Distributions to noncontrolling interests		—		—		—		—		—			—		—			—			—			(0.6	)		(0.6	)
Amortization of accumulated gains for amended swap agreements		—		—		—		—		—			—		—			0.9			0.9			—			0.9
Other comprehensiveloss		—		—		—		—		—			—		—			3.4			3.4			—			3.4
Balance at March 31, 2026		—	$	—		0.2	$	49.5	$	(24.2	)	$	1,579.0	$	(773.9	)	$	(386.5	)	$	443.9		$	8.6		$	452.5


																				Total
	Class A				Class B												Accumulated			Cinemark
	Common Stock				Common Stock							Additional					Other			USA, Inc's
	Shares				Shares				Treasury			Paid-in-		Accumulated			Comprehensive			Stockholder's			Noncontrolling			Total
	Issued		Amount		Issued		Amount		Stock			Capital		Deficit			Loss			Equity			Interests			Equity
Balance at January 1, 2025		—	$	—	0.2		$	49.5	$	(24.2	)	$	1,534.6	$	(249.7	)	$	(419.5	)	$	890.7		$	9.0		$	899.7
Share-based awards compensation expense		—		—		—		—		—			8.5		—			—			8.5			—			8.5
Net (loss) income		—		—		—		—		—			—		(34.6	)		—			(34.6	)		0.3			(34.3	)
Distributions to noncontrolling interests		—		—		—		—		—			—		—			—			—			(0.9	)		(0.9	)
Amortization of accumulated losses for amended swap agreements		—		—		—		—		—			—		—			0.9			0.9			—			0.9
Other comprehensive income		—		—		—		—		—			—		—			12.8			12.8			—			12.8
Balance at March 31, 2025		—	$	—		0.2	$	49.5	$	(24.2	)	$	1,543.1	$	(284.3	)	$	(405.8	)	$	878.3		$	8.4		$	886.7

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)


	Three Months Ended March 31,
	2026			2025
Operating activities
Net loss	$	(5.1	)	$	(34.3	)
Adjustments to reconcile net loss to cash and cash equivalents
Depreciation		51.6			49.4
Amortization of intangible and other assets		—			0.1
Amortization of original issue discount and debt issuance costs		1.3			1.3
Interest accrued on NCM screen advertising advances		5.2			5.4
Amortization of NCM screen advertising advances		(8.1	)		(8.2	)
Amortization of accumulated losses for amended swap agreements		0.9			0.9
Share-based awards compensation expense		8.4			7.9
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Net loss on investment in NCMI		3.7			3.5
Non-cash rent expense		(2.9	)		(2.8	)
Equity in income of affiliates		(2.7	)		(0.9	)
Deferred income tax benefit		(15.5	)		(29.3	)
Distributions from equity investees		3.9			4.8
Changes in assets and liabilities and other		(64.6	)		(104.8	)
Net cash used for operating activities		(20.2	)		(111.1	)

Investing activities
Additions to theater properties and equipment		(37.7	)		(22.1	)
Proceeds from sale of theater properties and equipment and other		0.2			6.8
Net cash used for investing activities		(37.5	)		(15.3	)

Financing activities
Distributions paid to parent		(10.5	)		—
Repayments of long-term debt		(1.6	)		(1.6	)
Restricted stock withholdings for payroll taxes		(20.4	)		(17.1	)
Payments on finance leases		(4.0	)		(3.8	)
Other financing activities		(0.6	)		2.1
Net cash used for financing activities		(37.1	)		(20.4	)

Effect of exchange rate changes on cash and cash equivalents		12.1			6.6

Decrease in cash and cash equivalents		(82.7	)		(140.2	)

Cash and cash equivalents:
Beginning of period		344.1			827.4
End of period	$	261.4		$	687.2

The accompanying notes, as they relate to Cinemark USA, Inc., are an integral part of the condensed consolidated financial statements.

The Company and Basis of Presentation

Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. Holdings consolidates Cinemark USA, Inc. and its subsidiaries, or “CUSA”, for financial statement purposes, and CUSA’s operating revenue and operating expenses comprise nearly 100% of Holdings’ revenue and operating expenses. As such, the following Notes to Condensed Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material respects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we,” “our,” “us,” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries. We operate in the theatrical exhibition industry, with theaters in the United States (“U.S.”) and in 13 countries in Latin America as of March 31, 2026.

The accompanying condensed consolidated balance sheets of Holdings and CUSA as of December 31, 2025, each of which were derived from audited financial statements, and the unaudited condensed consolidated financial statements of Holdings and CUSA, respectively, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates.

These condensed consolidated financial statements of Holdings and CUSA should be read in conjunction with the audited annual consolidated financial statements of Holdings and CUSA and the notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 18, 2026. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results to be achieved for the full year.

New Accounting Pronouncements

ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The purpose of ASU 2024-03 is to enhance the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The amendments in ASU 2024-03 are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting the additional disclosure requirements of ASU 2024-03 on its consolidated financial statement disclosures.

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The purpose of ASU 2025-06 is to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software (“ASC 350-40”) to better align the accounting guidance with the software development approaches currently used. Specifically, software is not always developed in a linear manner, which is an underlying tenet of the existing internal-use software capitalization framework. To clarify how the guidance applies to both linear and nonlinear software development, ASU 2025-06 removes all references to prescriptive and sequential software development stages throughout ASC 350-40. Under ASU 2025-06, an entity is required to start capitalizing software costs when both of the following occur: (i) management has committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). Furthermore, the amendments in ASU 2025-06 supersede the current website development costs guidance and incorporate the recognition requirements for website-specific development costs from ASC 350-50 into ASC 350-40. The amendments in ASU 2025-06 are effective for all public companies for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is in the process of evaluating the impact of adopting the accounting provisions of ASU 2025-06 on its consolidated financial statements.

ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). The purpose of ASU 2025-11 is to improve the guidance of Topic 270, Interim Reporting, by providing clarity on the current interim reporting requirements. This amendment also provides additional guidance on what disclosures should be provided in interim reporting periods. The amendments in ASU 2025-11 also add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the reporting entity. The amendments in ASU 2025-11 are effective for all public companies for interim reporting periods within annual reporting periods beginning after December 31, 2027. Early adoption is permitted. The amendments in ASU 2025-11 can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The

Company is in the process of evaluating the impact of adopting the accounting provisions of ASU 2025-11 on its interim consolidated financial statements.

Lease Accounting

The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented.


		Three Months Ended
		March 31,
Lease Cost	Classification	2026		2025
Operating lease costs
Equipment (1)	Utilities and other, General and administrative	$	1.0	$	0.9
Real Estate (1)	Facility lease expense, General and administrative		82.6		79.8
Total operating lease costs		$	83.6	$	80.7

Finance lease costs
Amortization of leased assets	Depreciation and amortization	$	3.6	$	3.6
Interest on lease liabilities	Interest expense		1.5		1.7
Total finance lease costs		$	5.1	$	5.3

(1)

Includes short-term lease payments, variable lease payments and office and equipment lease payments as set forth in the following table for the periods presented:


		Three Months Ended
		March 31,
Lease Cost	Classification	2026		2025
Operating lease costs
Equipment - Short-term and variable lease payments	Utilities and other	$	1.0	$	0.8
Real Estate - Variable lease payments (1)	Facility lease expense	$	12.8	$	12.7
Office and equipment leases	General and administrative	$	0.4	$	0.4

(1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs.

The following table represents the minimum cash lease payments as included in the measurement of lease liabilities and the non-cash addition of lease right-of-use assets for the periods presented.


	Three Months Ended
	March 31,
Other Information	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Cash outflows for operating leases	$	69.8	$	67.2
Cash outflows for finance leases - operating activities	$	1.5	$	1.7
Cash outflows for finance leases - financing activities	$	4.0	$	3.8
Non-cash amount of right-of-use assets obtained in exchange for:
Operating lease liability additions, net	$	55.7	$	57.7

As of March 31, 2026, the Company had signed lease agreements with total non-cancelable lease payments of approximately $47.1 related to theater and facility leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, Leases, fixed minimum lease payments related to these facilities are not included in the right-of-use assets and lease liabilities as of March 31, 2026.

Revenue Recognition

The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer at the theater, or if purchased online in advance, either through the Company’s website, its mobile application, or through a third-party delivery service, once the consumer’s order is fulfilled. Other revenue primarily consists of screen advertising, screen rental revenue, gaming revenue, promotional income, studio trailer placements and transactional fees. Except for National CineMedia, LLC (“NCM”) screen advertising advances discussed in Note 8, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the services specified in each contract.

The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items, or if redeemed for movie tickets, when the movie showtime has passed. The Company generally records breakage revenue on unredeemed gift cards and discount ticket vouchers based on redemption activity and historical experience associated with unused balances.

The Company offers a subscription program in the U.S., whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company offers similar subscription fee programs in several of its international locations where customers can pay a monthly or annual fee to receive benefits such as a free monthly movie ticket. The Company records subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company records breakage revenue for unused credits based upon redemption of subscription credits and historical experience with unused credits.

The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue for unredeemed loyalty points based upon redemption of loyalty points and historical experience with the expiration of unused points.

Accounts receivable as of March 31, 2026 and December 31, 2025 included approximately $26.1 and $31.2, respectively, of receivables related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the three months ended March 31, 2026.

Disaggregation of Revenue

The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable segment.


	Three Months Ended
	March 31, 2026
	U.S.		International
	Reportable		Reportable
	Segment (1)		Segment		Consolidated
Admissions revenue	$	253.8	$	57.6	$	311.4
Concession revenue		206.8		48.4		255.2
Screen advertising, screen rental and promotional revenue (2)		22.3		11.3		33.6
Other revenue		31.8		11.1		42.9
Total revenue	$	514.7	$	128.4	$	643.1


	Three Months Ended
	March 31, 2025
	U.S.		International
	Reportable		Reportable
	Segment (1)		Segment		Consolidated
Admissions revenue	$	207.6	$	56.5	$	264.1
Concession revenue		164.4		46.0		210.4
Screen advertising, screen rental and promotional revenue (2)		20.9		11.5		32.4
Other revenue		24.2		9.6		33.8
Total revenue	$	417.1	$	123.6	$	540.7

(1)

U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented.

(2)

Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below.

The following tables present revenue for the periods indicated, disaggregated based on timing of recognition (as discussed above) and by reportable segment.


	Three Months Ended
	March 31, 2026
	U.S.		International
	Reportable		Reportable
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	488.0	$	111.7	$	599.7
Goods and services transferred over time (2)		26.7		16.7		43.4
Total	$	514.7	$	128.4	$	643.1


	Three Months Ended
	March 31, 2025
	U.S.		International
	Reportable		Reportable
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	394.5	$	108.1	$	502.6
Goods and services transferred over time (2)		22.6		15.5		38.1
Total	$	417.1	$	123.6	$	540.7

(1)

U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 15 for the amount of intercompany eliminations for the periods presented.

(2)

Amount includes amortization of NCM screen advertising advances. See NCM Screen Advertising Advances and Other Deferred Revenue below.

NCM Screen Advertising Advances and Other Deferred Revenue

The following table presents changes in the Company’s deferred revenue for the three months ended March 31, 2026.


	NCM screen advertising advances			Other deferred revenue (1)
Balance at January 1, 2026	$	307.2		$	265.5
Amounts recognized as accounts receivable		—			2.8
Cash received from customers in advance		—			89.0
Interest accrued related to significant financing component		5.2			—
Revenue recognized during period		(8.1	)		(85.4	)
Foreign currency translation adjustments		—			0.7
Balance at March 31, 2026	$	304.3		$	272.6

(1)

Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points, credits or rebates outstanding under the Company’s loyalty and subscription programs and revenue collected in advance for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet.

The table below summarizes the aggregate amount of the performance obligations that are unsatisfied as of March 31, 2026 and when the Company expects to recognize this deferred revenue.


	Twelve Months Ended March 31,
	2027		2028		2029		2030		2031		Thereafter		Total
NCM screen advertising advances (1)	$	12.2	$	13.0	$	14.0	$	14.9	$	16.0	$	234.2	$	304.3
Other deferred revenue		240.8		31.8		—		—		—		—		272.6
Total	$	253.0	$	44.8	$	14.0	$	14.9	$	16.0	$	234.2	$	576.9

(1)

The NCM screen advertising advances are recognized on a straight-line basis over the term of the ESA through February 2041. Amounts are net of the estimated interest to be accrued for the periods presented. See Note 8 for further discussion of the NCM screen advertising advances.

Loss Per Share

The following table presents computations of basic and diluted loss per share for Holdings:


	Three Months Ended
	March 31,
	2026			2025
Numerator:
Net loss attributable to Cinemark Holdings, Inc.	$	(6.4	)	$	(38.9	)
Loss allocated to participating share-based awards (1)		—			0.4
Basic net loss attributable to common stockholders	$	(6.4	)	$	(38.5	)
Add: Interest expense on convertible notes, net of tax		—			—
Diluted net loss attributable to common stockholders	$	(6.4	)	$	(38.5	)

Denominator:
Basic weighted average shares outstanding		114.7			119.4
Common equivalent shares for performance stock units (2)		—			—
Common equivalent shares for restricted stock units (2)		—			—
Common equivalent shares for convertible notes (3)		—			—
Common equivalent shares for warrants (4)		—			—
Diluted weighted average shares outstanding		114.7			119.4

Basic loss per share attributable to common stockholders	$	(0.06	)	$	(0.32	)
Diluted loss per share attributable to common stockholders	$	(0.06	)	$	(0.32	)

(1)

For the three months ended March 31, 2026 and 2025, a weighted average of approximately 0.89 shares and 1.30 shares of restricted stock, respectively, were considered participating securities.

(2)

For the three months ended March 31, 2026, approximately 1.81 and 0.00 common equivalent shares for performance and restricted stock units, respectively, were excluded because they were anti-dilutive. For the three months ended March 31, 2025, approximately 2.00 and 0.10 common equivalent shares for performance and restricted stock units, respectively, were excluded because they were anti-dilutive.

(3)

For the three months ended March 31, 2025, diluted loss per share excludes the conversion of the 4.50% Convertible Senior Notes, as they would be anti-dilutive. The 4.50% Convertible Notes matured on August 15, 2025.

(4)

For the three months ended March 31, 2025, diluted loss per share excludes the warrants, as they would be anti-dilutive. The warrants were settled in the third and fourth quarters of 2025.

Holdings considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. For the three months ended March 31, 2026 and 2025, diluted loss per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above.

Dividends

Below is a summary of dividends paid to stockholders and accrued on unvested performance and restricted stock units during the three months ended March 31, 2026 and 2025:


Declaration Date	Record Date	Payable Date	Amount per Share of Common Stock		Total (1)
2/17/2026	3/3/2026	3/17/2026	$	0.09	$	10.8

2/18/2025	3/5/2025	3/19/2025	$	0.08	$	10.1

(1)

Of the total dividends recorded during the three months ended March 31, 2026 and 2025, $0.3 and $0.2, respectively, relate to outstanding performance and restricted stock units and are not paid until such units vest. See Note 9.

Long-Term Debt

Long-term debt consisted of the following for the periods presented:


	March 31,		December 31,
	2026		2025
Cinemark USA, Inc. term loan due May 2030	$	630.7	$	632.3
Cinemark USA, Inc. 5.25% senior notes due July 2028		765.0		765.0
Cinemark USA, Inc. 7.00% senior notes due August 2032		500.0		500.0
Total long-term debt carrying value	$	1,895.7	$	1,897.3
Less: Current portion, net of unamortized debt issuance costs		6.4		6.4
Less: Debt issuance costs and original issue discount, net of accumulated amortization		20.4		21.7
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,868.9	$	1,869.2

Senior Secured Credit Facility

As of March 31, 2026, there was $630.7 outstanding under the term loan and no borrowings were outstanding under the revolving credit facility. Under the Credit Agreement, quarterly principal payments of $1.6 are due on the term loan through March 31, 2030, with a final principal payment of the remaining unpaid principal due on May 24, 2030. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of March 31, 2026 was approximately 5.6% per annum, after giving effect to the interest rate swap agreements discussed below.

Interest Rate Swap Agreements

The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan and qualify for cash flow hedge accounting.

Below is a summary of the Company's interest rate swap agreements, designated as cash flow hedges, as of March 31, 2026:


Notional					Estimated
Amount		Pay Rate	Receive Rate	Expiration Date	Fair Value (1)
$	137.5	3.23%	1-Month Term SOFR	December 31, 2027	$	1.0
$	137.5	3.17%	1-Month Term SOFR	December 31, 2027		1.1
$	175.0	3.23%	1-Month Term SOFR	December 31, 2027		1.2
				Total	$	3.3

(1)

Approximately $1.9 of the total is included in “Prepaid expenses and other” and $1.4 is included in “Deferred charges and other assets” on the condensed consolidated balance sheet as of March 31, 2026.

The fair values of the interest rate swaps are recorded on Holdings’ and CUSA’s condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements are based on observable market data, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35.

Fair Value of Long-Term Debt

The Company estimates the fair value of its long-term debt primarily based on observable market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement. The fair value of the Company's long-term debt was $1,909.6 and $1,920.0 as of March 31, 2026 and December 31, 2025, respectively.

Investments in National CineMedia Inc. and Other Affiliates

Investment in National CineMedia Inc.

NCM operates a digital in-theater network in the U.S. for providing cinema advertising. The Company has an investment in NCM’s parent National CineMedia, Inc. (“NCMI”). Below is a summary of the changes to the Company’s investment in NCMI and NCM screen advertising advances for the three months ended March 31, 2026:


	Investment in NCMI			NCM Screen Advertising Advances (1)

Balance at January 1, 2026	$	17.0		$	(307.2	)
Interest accrued related to significant financing component		—			(5.2	)
Unrealized loss on fair market value adjustment of investment in NCMI		(3.7	)		—
Amortization of screen advertising advances		—			8.1
Balance at March 31, 2026	$	13.3		$	(304.3	)

(1)

See “NCM Screen Advertising Advances and Other Deferred Revenue” in Note 4 for the remaining maturity of NCM screen advertising advances as of March 31, 2026.

The Company accounts for its investment in NCMI under the fair value method. The Company recognized unrealized losses of $3.7 and $3.5 on its investment in NCMI in the Company’s condensed consolidated statements of loss for the three months ended March 31, 2026 and 2025, respectively. The Company received cash distributions of $0.1 from NCMI during the three months ended March 31, 2026.

The Company is a party to an Exhibitor Services Agreement (“ESA”) with NCM, pursuant to which NCM primarily provides screen advertising to the Company’s theaters through its branded “Noovie” pre-show entertainment program and also handles lobby promotions and displays for the Company’s theaters. The Company receives a monthly theater access fee for participation in the NCM network and also earns screen advertising or screen rental revenue on a per patron basis. During the three months ended March 31, 2026 and 2025, the Company recognized screen rental revenue under the ESA of $5.7 and $4.8, respectively, which includes the per patron and per digital screen theater access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $1.1 and $1.6, respectively. As of March 31, 2026 and December 31, 2025, the Company had a receivable from NCM of $4.1 and $4.2, respectively.

Exhibitor Services Agreement

As discussed in Note 8 to the Company’s Annual Report on Form 10-K filed February 18, 2026, the Company’s ESA with NCM includes an implied significant financing component associated with the NCM screen advertising advances included above. The amortization of the screen advertising advances is recorded in “Other revenue” in the Company’s condensed consolidated statements of loss. As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $8.1 and $5.2, respectively, during the three months ended March 31, 2026 and incremental screen rental revenue and interest expense of $8.2 and $5.4, respectively, during the three months ended March 31, 2025.

Investments in and Transactions with Other Affiliates

Below is a summary of the activity for each of the Company’s investments in other affiliates for the three months ended March 31, 2026. See Note 8 to the consolidated financial statements in the Company’s Annual Report on Form 10-K filed February 18, 2026 for a further discussion of these investments.


	AC JV, LLC			DCDC		FE Concepts			Total
Balance at January 1, 2026	$	3.8		$	3.5	$	16.6		$	23.9
Equity income		2.4			0.1		0.2			2.7
Cash distributions received		(1.9	)		—		(2.0	)		(3.9	)
Balance at March 31, 2026	$	4.3		$	3.6	$	14.8		$	22.7

Below is a summary of transactions with each of the Company’s other affiliates for the three months ended March 31, 2026 and 2025:


		Three Months Ended
Investee	Transactions	March 31, 2026		March 31, 2025
AC JV, LLC	Event fees paid (1)	$	4.2	$	2.7
DCDC	Content delivery fees paid (1)	$	0.2	$	0.1

(1)

Included in film rentals and advertising costs on the condensed consolidated statements of loss.

Treasury Stock and Share-Based Awards

Treasury Stock - Holdings

Treasury stock represents shares of common stock repurchased by Holdings and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of Holdings’ treasury stock activity for the three months ended March 31, 2026:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2026		34.37	$	539.8
Restricted stock withholdings (1)		0.78		20.4
Restricted stock forfeitures (2)		0.01		—
Balance at March 31, 2026		35.16	$	560.2

(1)

Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting of restricted stock, performance stock units and restricted stock units with shares. Holdings determined the number of shares to be withheld based upon market values of Holdings’ common stock on the vest dates, which ranged from $22.97 to $26.49 per share.

(2)

Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2024 Long-Term Incentive Plan.

As of March 31, 2026, Holdings had no plans to retire any shares of treasury stock.

Restricted Stock

Below is a summary of restricted stock activity for the three months ended March 31, 2026:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2026		1.48		$	19.76
Granted		0.56			26.49
Vested		(0.82	)		16.88
Forfeited		(0.01	)		22.76
Outstanding and unvested at March 31, 2026		1.21		$	24.85

During the three months ended March 31, 2026, Holdings granted 0.56 shares of its restricted stock to certain CUSA employees. The fair value of the restricted stock granted was determined based on the market value of Holdings' common stock on the grant dates, which was $26.49 per share. The Company assumed forfeiture rates ranging from 0.0% to 8.0% for the restricted stock awards granted during the three months ended March 31, 2026. The restricted stock granted to employees vests over periods ranging from one to three years based on continued service. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period.

Below is a summary of restricted stock award activity recorded for the periods indicated.


	Three Months Ended March 31,
	2026		2025
Compensation expense recognized during the period:
CUSA employees (1), (2)	$	3.8	$	4.2
Holdings directors		0.3		0.3
Total recognized by Holdings (1), (2)	$	4.1	$	4.5

Fair value of restricted stock that vested during the period:
CUSA employees	$	21.7	$	35.1
Holdings directors		—		—
Holdings total	$	21.7	$	35.1

Income tax benefit recognized upon vesting of restricted stock awards held by:
CUSA employees	$	4.5	$	6.7
Holdings directors		—		—
Holdings total income tax benefit	$	4.5	$	6.7

(1)

Compensation expense for the three months ended March 31, 2026 includes approximately $0.2 related to the modification of certain outstanding restricted stock awards that permits eligible employees to continue vesting in outstanding awards following retirement, subject to certain conditions and obligations approved by Holdings’ Compensation Committee. The Company determined the revised requisite service period of the modified awards to be the shorter of the period until retirement eligibility or the original vesting period.

(2)

Compensation expense for the three months ended March 31, 2026 and 2025 includes approximately $0.1 and $0.3, respectively, related to a portion of the short-term field incentive compensation plan for 2026 and 2025, respectively, to be settled in restricted stock.

As of March 31, 2026, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:


	Estimated
	Remaining
	Expense
CUSA employees (1)	$	24.9
Holdings directors		0.3
Total remaining - Holdings (1)	$	25.2

(1)

The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.9 years.

Restricted Stock Units

During the three months ended March 31, 2026, Holdings issued approximately 0.11 restricted stock units (“RSUs”) to certain CUSA employees. Each RSU that vests will result in the issuance of one share of Holdings’ common stock. The grant date fair value was $26.49 per share. The Company assumed forfeiture rates that ranged from 0.0% to 5.0% for the restricted stock units granted during 2026. The restricted stock units vest over periods ranging from one to three years based on continued service. Restricted stock unit participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest.

Below is a summary of all restricted stock unit activity for the periods presented:


	Three Months Ended March 31,
	2026		2025
Number of restricted stock units that vested during the period		0.1		—
Fair value of restricted stock units that vested during the period	$	2.2	$	—
Accumulated dividends paid upon vesting of restricted stock units	$	—	$	—
Compensation expense recognized during the period	$	0.5	$	0.2
Income tax benefit related to restricted stock units	$	0.3	$	—

As of March 31, 2026, the estimated remaining unrecognized compensation expense related to outstanding restricted stock units was $3.9. The weighted average period over which this remaining compensation expense will be recognized is approximately 2.1 years. As of March 31, 2026, Holdings had RSUs outstanding that represented a total of approximately 0.15 hypothetical shares of common stock, net of estimated forfeitures.

Performance Stock Units

During the three months ended March 31, 2026, Holdings granted performance awards to certain CUSA employees in the form of performance stock units (“PSUs”). The maximum number of shares issuable under the performance awards granted during 2026 is approximately 0.8 shares of Holdings' common stock. The grant date fair value was $26.49 per share. The Company assumed a 2.5% forfeiture rate for the performance units granted in 2026. The performance metrics for these performance awards are based upon cumulative three-year Adjusted EBITDA and cash flows, with a performance measurement period of the three-year period ended December 31, 2028. The service period ends on the third anniversary of the grant date of the awards, or February 20, 2029. Performance stock unit participants are eligible to receive dividend equivalent payments if and at the time the performance stock unit awards vest. Below is a summary of the performance stock units at each specified performance achievement level for these performance awards:


Stock units that vest if performance metrics meet the threshold level (50% of target)		0.20 PSUs
Stock units that vest if performance metrics meet the target level		0.40 PSUs
Stock units that vest if performance metrics meet the maximum level (200% of target)		0.80 PSUs

Below is a summary of all performance stock unit activity for the periods presented:


	Three Months Ended March 31,
	2026		2025
Number of performance stock units that vested during the period		1.4		0.8
Fair value of performance stock units that vested during the period	$	37.3	$	20.6
Accumulated dividends paid upon vesting of performance stock units	$	0.5	$	0.1
Compensation expense recognized during the period (1)	$	4.1	$	3.5
Income tax benefit related to performance stock units	$	6.8	$	3.6

(1)

Compensation expense for the three months ended March 31, 2026 includes approximately $0.1 related to the modification of certain outstanding PSUs that permits eligible employees to continue vesting in outstanding awards following retirement, subject to certain conditions and obligations approved by Holdings’ Compensation Committee. The Company determined the revised requisite service period of the modified awards to be the shorter of the period until retirement eligibility or the original vesting period.

As of March 31, 2026, the estimated remaining unrecognized compensation expense related to outstanding performance stock units was $25.3. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.6 years. As of March 31, 2026, Holdings had performance stock units outstanding that represented a total of approximately 2.06 hypothetical shares of common stock, net of estimated forfeitures, reflecting an estimated performance level at the maximum level for the performance units granted in 2024, an estimated performance level of 170% of target for the performance units granted in 2025, and an estimated performance level at the target level for the performance units granted in 2026.

10.

Goodwill and Other Intangible Assets

A summary of the Company's goodwill is as follows:


	U.S. Operating Segment		International Operating Segment		Total
Balance at January 1, 2026 (1)	$	1,182.9	$	62.9	$	1,245.8
Foreign currency translation adjustments		—		1.8		1.8
Balance at March 31, 2026 (1)	$	1,182.9	$	64.7	$	1,247.6

(1)

Balances are presented net of accumulated impairment losses of $214.0 for the U.S. reportable segment and $43.8 for the international reportable segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2026 at Note 11.

There were no changes in the Company’s intangible assets during the three months ended March 31, 2026.

11.

Impairment of Long-Lived Assets

The Company performed a qualitative impairment analysis on its long-lived assets, including theater properties and right-of-use assets, goodwill and tradename intangible assets as of March 31, 2026. As a result of the qualitative assessment, the Company noted no impairment indicators related to these assets as of March 31, 2026.

The qualitative impairment analysis, by asset class, is described below:

•

Theater Properties and Right-of-Use Assets – Considers relevant industry, economic and market conditions, industry trading multiples and recent developments that would impact the Company’s estimates of future cash flows, which are the primary estimate of fair market value at the theater level, compared with the most recent quantitative impairment assessment.

•

Goodwill – Considers economic and market conditions, industry trading multiples and the impact of recent developments that would impact the estimated fair values as determined in the most recent quantitative assessment.

•

Tradename Intangible Assets – Considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared with the most recent quantitative assessment.

See Note 1 and Note 10 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed February 18, 2026, for further discussion of the Company’s impairment policy and a description of the qualitative and quantitative impairment assessments performed.

There were no impairment charges recorded for long-lived assets, goodwill and intangible assets for the three months ended March 31, 2026 and 2025.

12.

Fair Value Measurements

The Company determines fair value measurements in accordance with ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by ASC Topic 820 are as follows:

Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date;

Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available.

Below is a summary of assets and liabilities measured at fair value on a recurring basis under FASB ASC Topic 820 as of March 31, 2026 and December 31, 2025.


		Carrying		Fair Value Hierarchy
Description	As of	Value		Level 1		Level 2		Level 3
Interest rate swap assets (1)	March 31, 2026	$	3.3	$	—	$	3.3	$	—
Investment in NCMI (2)	March 31, 2026	$	13.3	$	13.3	$	—	$	—

Interest rate swap assets (1)	December 31, 2025	$	0.7	$	—	$	0.7	$	—
Investment in NCMI (2)	December 31, 2025	$	17.0	$	17.0	$	—	$	—

(1)

See further discussion of interest rate swaps at Note 7.

(2)

See further discussion of investment in NCMI at Note 8.

See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed February 18, 2026. There were no changes in valuation techniques during the three months ended March 31, 2026.

13.

Foreign Currency Translation

The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $383.7 and $388.0 and CUSA’s stockholder's equity of $386.5 and $390.8 as of March 31, 2026 and December 31, 2025, respectively, primarily includes cumulative net foreign currency losses of $391.5 and $393.2 as of March 31, 2026 and December 31, 2025, respectively, from translating the financial statements of the Company's international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges.

As of March 31, 2026, all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries was remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters, effective July 1, 2018.

Below is a summary of the impact of translating the March 31, 2026 and March 31, 2025 financial statements of the Company’s international subsidiaries:


					Other comprehensive income (loss), for the
	Exchange Rate as of				three months ended
Country	March 31, 2026		December 31, 2025		March 31, 2026			March 31, 2025
Brazil		5.23		5.49	$	4.9		$	10.1
Chile		929.60		901.62		(2.9	)		3.9
Peru		3.52		3.40		(1.4	)		1.2
All other						1.1			0.8
					$	1.7		$	16.0

As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. For the three months ended March 31, 2026 and 2025, the Company recorded foreign currency exchange gains (losses) of $0.0 and $(1.0), respectively, due to the translation of Argentina's financial results to U.S. dollars.

14.

Supplemental Cash Flow Information

The following is provided as supplemental information to the condensed consolidated statements of cash flows:


	Three Months Ended
	March 31,
	2026			2025
Cash paid for interest by Holdings (1)	$	48.1		$	60.9
Cash paid for interest by CUSA	$	48.1		$	50.6
Cash paid for income taxes, net	$	4.5		$	3.0
Noncash operating activities:
Interest expense - NCM (see Note 8)	$	(5.2	)	$	(5.4	)
Noncash investing activities:
Change in accounts payable and accrued expenses for the acquisition of theater properties and equipment (2)	$	12.9		$	2.0
Dividends accrued on unvested performance and restricted stock unit awards	$	0.3		$	0.2

(1)

Includes the cash interest paid by CUSA. Cash paid for interest for the three months ended March 31, 2025 includes interest paid on the $460.0 4.50% Convertible Senior Notes that matured on August 15, 2025.

(2)

Additions to theater properties and equipment included in accounts payable as of March 31, 2026 and December 31, 2025 were $34.3 and $21.4, respectively.

15.

Segments - Holdings

The international market and U.S. market are managed as separate reportable segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the tables below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources.

The Company’s chief operating decision makers are the chief executive officer and the chief financial officer (together the CODM). The CODM uses Adjusted EBITDA for each segment in the annual budget and forecasting process. The CODM considers actual Adjusted EBITDA with comparisons to budget, forecast and trends when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBITDA to assess the performance of each segment and in determining the incentive compensation under its short-term incentive plan and evaluating performance metrics for certain equity awards.

The Company does not report total assets by segment because that information is not used to evaluate the performance of, or allocate resources between, segments.

The following tables set forth a breakdown of selected financial information by reportable segment for Holdings for the periods presented, and include a reconciliation to Adjusted EBITDA.


	Three Months Ended March 31, 2026
	U.S. Reportable Segment			International Reportable Segment		Consolidated
Revenue	$	517.0		$	128.4	$	645.4
Elimination of intersegment revenue		(2.3	)		—		(2.3	)
Total Revenue		514.7			128.4		643.1
Less:
Film rentals and advertising		140.9			28.8		169.7
Concession supplies		37.8			10.7		48.5
Salaries and wages		77.2			17.2		94.4
Facility lease expense		62.3			18.6		80.9
Utilities and other (1)		88.8			25.9		114.7
General and administrative		42.9			13.2		56.1
Other segment items (2)		(9.9	)		0.2		(9.7	)
Adjusted EBITDA (3)	$	74.7		$	13.8	$	88.5


	Three Months Ended March 31, 2025
	U.S. Reportable Segment			International Reportable Segment		Consolidated
Revenue	$	419.3		$	123.6	$	542.9
Elimination of intersegment revenue		(2.2	)		—		(2.2	)
Total Revenue		417.1			123.6		540.7
Less:
Film rentals and advertising		113.2			28.2		141.4
Concession supplies		33.8			10.5		44.3
Salaries and wages		74.6			15.7		90.3
Facility lease expense		60.2			18.1		78.3
Utilities and other (1)		81.8			23.9		105.7
General and administrative		43.7			10.8		54.5
Other segment items (2)		(10.2	)		—		(10.2	)
Adjusted EBITDA (3)	$	20.0		$	16.4	$	36.4

(1)

Utilities and other for the International reportable segment is shown net of intersegment expenses of $2.3 and $2.2 for the three months ended March 31, 2026 and 2025, respectively.

(2)

Other segment items for each reportable segment includes non-cash rent, share-based compensation expense and cash distributions from equity investees (reported entirely within the U.S. reportable segment).

(3)

See the table below for a reconciliation of net loss to Adjusted EBITDA.

The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings:


	Three Months Ended
	March 31,
	2026			2025
Net loss	$	(5.8	)	$	(38.6	)
Add (deduct):
Income tax benefit		(4.0	)		(14.7	)
Interest expense (1)		34.7			38.5
Other income, net (2)		(1.4	)		(4.4	)
Cash distributions from equity investees (3)		3.9			4.8
Depreciation and amortization		51.6			49.5
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Non-cash rent expense		(2.9	)		(2.8	)
Share-based awards compensation expense		8.7			8.2
Adjusted EBITDA	$	88.5		$	36.4

(1)

Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated losses for amended swap agreements.

(2)

Includes interest income, foreign currency exchange gain, interest expense - NCM, equity in income of affiliates, net loss on investment in NCMI and distributions from NCMI.

(3)

Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. reportable segment.

Capital Expenditures by Reportable Segment

The following table is a breakdown of capital expenditures by reportable segment for Holdings:


	Three Months Ended
	March 31,
	2026		2025
Capital expenditures
U.S.	$	28.9	$	16.9
International		8.8		5.2
Total capital expenditures	$	37.7	$	22.1

Financial Information About Geographic Areas

Below is a breakdown of selected financial information by geographic area:


	Three Months Ended
	March 31,
Revenue	2026			2025
U.S.	$	517.0		$	419.3
Brazil		49.1			49.3
Other international countries		79.3			74.3
Eliminations		(2.3	)		(2.2	)
Total	$	643.1		$	540.7


	As of		As of
Theater properties and equipment, net	March 31, 2026		December 31, 2025
U.S.	$	989.0	$	993.1
Brazil		57.7		55.3
Other international countries		126.6		127.4
Total	$	1,173.3	$	1,175.8

16.

Related Party Transactions

A subsidiary of the Company manages a theater for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, who is Lee Roy Mitchell’s son-in-law and Kevin Mitchell’s brother-in-law. Lee Roy Mitchell, our founder, owns, both directly and indirectly, approximately 8.5% of Holdings’ common stock and Kevin Mitchell is a member of Holdings’ Board of Directors. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5% of annual theater revenue. The Company recorded $0.2 and $0.1 of management fee revenue during the three months ended March 31, 2026 and 2025, respectively. All such amounts are included in the condensed consolidated statements of loss, with the intercompany amounts eliminated in consolidation. During the three months ended March 31, 2026 and 2025, the Company paid excess cash distributions of $0.1 and $0.1, respectively to Lone Star Theatres, Inc. as required by the partnership agreement, which were recorded as a reduction of noncontrolling interests on each of Holdings’ and CUSA’s condensed consolidated balance sheets.

A subsidiary of the Company leases 12 theaters from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of Holdings' directors and is an officer of the general partner of Syufy. For the three months ended March 31, 2026 and 2025, the Company paid total rent of $5.8 and $5.4, respectively, to Syufy. CUSA provides digital equipment support to drive-in theaters owned by Syufy. The Company recorded management fees related to these services of $0.00 and $0.03 during the three months ended March 31, 2026 and 2025, respectively.

A subsidiary of the Company has a 50% voting interest in FE Concepts, a joint venture with AWSR, an entity which owns the remaining 50% of FE Concepts. AWSR is owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities. CUSA has a theater services agreement with FE Concepts under which the Company receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded management fees of $0.02 and $0.02 related to these services during the three months ended March 31, 2026 and 2025, respectively. The Company received cash distributions of $2.0 and $4.0 from FE Concepts during the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026, CUSA paid cash distributions totaling approximately $10.5 to Cinemark Holdings, Inc., primarily to fund the payment of the Company’s shareholder dividends. See Note 6 for further discussion of the Company’s shareholder dividends.

17.

Commitments and Contingencies

From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows.

Gerardo Rodriguez, individually and on behalf of a class of all others similarly situated vs Cinemark USA, Inc. and Cinemark Holdings, Inc., et al. This class action lawsuit was filed against the Company on February 24, 2023 in the Cook County Circuit Court in Illinois alleging violation of the Fair and Accurate Credit Transactions Act. The Company firmly maintains that the allegations are without merit and will vigorously defend itself against the lawsuit. The Company cannot predict the outcome of this litigation.

Shane Waldrop, individually and on behalf of all other similarly situated, vs. Cinemark USA, Inc. This putative nationwide class action lawsuit was filed against the Company on April 16, 2024, in the United States District Court for the Eastern District of Texas, Sherman Division, alleging violations of the Federal Food Drug & Cosmetics Act, violations of the Texas Deceptive Trade Practices Act, negligent misrepresentation, fraud and unjust enrichment based on the Company’s alleged mislabeling of twenty-four ounce draft beer cups used at certain theaters. On March 19, 2026, the United States District Judge issued an order dismissing the case without prejudice due to lack of subject matter jurisdiction. Subsequently, the parties entered into a settlement agreement resolving all alleged disputed claims.

18.

Income Taxes

The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025. The OBBBA makes permanent certain expiring provisions of the Tax Cuts and Jobs Act and restores favorable tax treatment for certain business provisions including 100% bonus depreciation and the business interest expense limitation. The OBBBA also includes adjustments to the calculation of certain international framework provisions, which were initially established by the Tax Cuts and Jobs Act. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA did not have a material impact on the Company’s effective tax rate for the three months ended March 31, 2026.

The Company is currently under IRS audit for tax years 2019 and 2020. On June 11, 2025, the IRS issued a revised Revenue Agent Report (“RAR”) proposing an income tax adjustment related to positions reported in each year. The balance sheet impact related to the tax years under audit, which includes a refund held in suspense, is estimated to be $65.0 before interest and penalties. The Company firmly disagrees with the conclusions presented by the IRS and believes the positions reported on its tax returns that have not been reserved for are more likely than not to prevail on technical merits. The Company intends to vigorously defend its reported positions through the applicable IRS administrative and judicial procedures, as appropriate. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations such as this to determine the adequacy of the Company’s tax reserves. Currently, the Company believes it is adequately reserved for these matters. The ultimate outcome of disputes of this nature is uncertain and there can be no assurance that the dispute with the IRS will be resolved favorably.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and related notes and schedules included elsewhere in this report. Amounts included in the following discussion, except for theaters, screens, average screens, average ticket price and concessions revenue per patron, are rounded in millions.

We are a leader in the theatrical exhibition industry, with theaters in the U.S., Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. As of March 31, 2026, we managed our business under two reportable segments – U.S. markets and international markets. See Note 15 to the condensed consolidated financial statements.

The success of the theatrical exhibition industry is primarily driven by the box office performance of newly released film content. Box office performance is influenced by several key factors, including the quality and quantity of films released, the scale and effectiveness of studio-led marketing support, the duration of the exclusive theatrical release window, and evolving consumer behavior amid competition from other in- and out-of-home entertainment options.

Revenue and Expense

We generate revenue primarily from filmed entertainment box office receipts and concession sales, with additional revenue from screen advertising, screen rental and other revenue streams, such as transactional fees, studio trailer placements, promotional income, meeting rentals, and games located in some of our facilities. Filmed entertainment box office receipts include traditional content from studios as well as alternative entertainment, such as foreign and faith-based films, concert events and other special events in our theaters. NCM provides our domestic theaters with various forms of in-theater advertising. Our Flix Media subsidiaries provide screen advertising and alternative content for our international circuit and for other international exhibitors.

Films leading the box office during the three months ended March 31, 2026 included new releases Project Hail Mary, Hoppers, Scream 7, and GOAT, as well as the carryover of 2025 release Avatar: Fire and Ash.

Film rental costs are variable in nature and fluctuate with our admissions revenue. Film rental costs as a percentage of revenue are generally higher for periods in which more blockbuster films are released. Advertising costs, which are expensed as incurred, are primarily related to expanding our customer base, increasing the frequency of visits and growing loyalty. These expenses vary depending on the timing and length of such campaigns.

Concession supplies expense is variable in nature and fluctuates with our concession revenue and product mix. Inflationary pressures and tariffs continue to impact product costs in the near term and may impact product costs going forward. We source products from a variety of global partners to minimize supply chain interruptions and manage costs, wherever possible.

Although salaries and wages include a fixed cost component (i.e., the minimum staffing costs to operate a theater facility during non-peak periods), salaries and wages tend to move in relation to anticipated changes in attendance. Staffing levels may vary based on the amenities offered at each location, such as full-service restaurants, bars or expanded food and beverage options. In certain international locations, staffing levels are also subject to local regulations, including minimum hour requirements. Labor market conditions and inflationary pressures have driven increases in wage rates and benefits across our labor base and similar increases may continue in the future.

Facility lease expense is primarily a fixed cost at the theater level as most of our facility leases require a fixed monthly minimum rent payment. Certain leases are subject to percentage rent only, while others are subject to percentage rent in addition to their fixed monthly rent if a target annual performance level is achieved. Facility lease expense as a percentage of revenue is also affected by the number of theaters under operating leases, the number of theaters under finance leases and the number of owned theaters.

Utilities and other costs include both fixed and variable costs and primarily consist of utilities, property taxes, property insurance, janitorial costs, credit card fees, third party ticket sales commissions, gift card commissions, repairs and maintenance expenses, security services, and projection and sound equipment maintenance expenses.

General and administrative expenses to support the overall management of the Company are primarily fixed in nature. Fixed expenses include salaries, wages and benefits costs for our corporate office personnel, facility expenses for our corporate and other offices, software license and maintenance costs and audit fees. General and administrative expenses also include some variable expenses such as incentive compensation, consulting and legal fees, general supplies, and other costs that are not specifically associated with the operations of our theaters.

Results of Operations

The following table sets forth, for the periods indicated, the amounts for certain items reflected in the operating income (loss) of Holdings along with each of those items as a percentage of revenue.


	Three Months Ended
	March 31,
	2026			2025
Operating data (in millions):
Revenue
Admissions	$	311.4		$	264.1
Concession		255.2			210.4
Other		76.5			66.2
Total revenue	$	643.1		$	540.7
Cost of operations
Film rentals and advertising		169.7			141.4
Concession supplies		48.5			44.3
Salaries and wages		94.4			90.3
Facility lease expense		80.9			78.3
Utilities and other		114.7			105.7
General and administrative expenses (1)		56.1			54.5
Depreciation and amortization		51.6			49.5
Loss (gain) on disposal of assets and other		3.7			(4.1	)
Total cost of operations (1)		619.6			559.9
Operating income (loss) (1)	$	23.5		$	(19.2	)

Operating data as a percentage of total revenue:
Revenue
Admissions		48.4	%		48.8	%
Concession		39.7	%		38.9	%
Other		11.9	%		12.3	%
Total revenue		100.0	%		100.0	%
Cost of operations (2)
Film rentals and advertising (2)		54.5	%		53.5	%
Concession supplies (2)		19.0	%		21.1	%
Salaries and wages		14.7	%		16.7	%
Facility lease expense		12.6	%		14.5	%
Utilities and other		17.8	%		19.5	%
General and administrative expenses		8.7	%		10.1	%
Depreciation and amortization		8.0	%		9.2	%
Loss (gain) on disposal of assets and other		0.6	%		(0.8	)%
Total cost of operations		96.3	%		103.6	%
Operating income (loss)		3.7	%		(3.6	)%
Average screen count (3)		5,629			5,649

(1)

The only difference between components of operating income (loss) for Holdings, as presented above, and those of CUSA is incremental general and administrative expense recognized by Holdings. The following table sets forth, for the periods indicated, the amounts for general and administrative expense, total cost of operations and operating income (loss) of CUSA:


	Three Months Ended
	March 31,
	2026		2025
Operating data (in millions):
Cost of operations
General and administrative expenses	$	55.0	$	53.5
Total cost of operations	$	618.5	$	558.9
Operating income (loss)	$	24.6	$	(18.2	)

(2)

All costs are expressed as a percentage of total revenue, except film rentals and advertising, which are expressed as a percentage of admissions revenue, and concession supplies, which are expressed as a percentage of concession revenue.

(3)

Average screen count is calculated based on the average of month-end screen counts.

Three months ended March 31, 2026 (the “2026 period”) versus the three months ended March 31, 2025 (the “2025 period”)

2026 Period - The North American Industry box office generated approximately $1.8 billion during the 2026 period, which included new releases Project Hail Mary, Hoppers, Scream 7, and GOAT, as well as the carryover of 2025 release Avatar: Fire and Ash.

2025 Period - The North American Industry box office generated approximately $1.5 billion during the 2025 period, which included new releases Captain America: Brave New World, Dog Man, and Disney’s Snow White, as well as the carryover of 2024 releases Mufasa: The Lion King and Sonic the Hedgehog 3.

Revenue. The table below, presented by reportable segment, summarizes our year-over-year revenue performance and certain key performance indicators that impact our revenue.


	U.S. Reportable Segment							International Reportable Segment												Consolidated
	Three Months Ended March 31,							Three Months Ended March 31,												Three Months Ended March 31,
															Constant Currency (3)
	2026		2025		% Change			2026		2025		% Change			2026		% Change			2026		2025		% Change
Admissions revenue	$	253.8	$	207.6		22.3	%	$	57.6	$	56.5		1.9	%	$	57.3		1.4	%	$	311.4	$	264.1		17.9	%
Concession revenue		206.8		164.4		25.8	%		48.4		46.0		5.2	%		47.7		3.7	%		255.2		210.4		21.3	%
Other revenue (1)		54.1		45.1		20.0	%		22.4		21.1		6.2	%		22.7		7.6	%		76.5		66.2		15.6	%
Total revenue (1)	$	514.7	$	417.1		23.4	%	$	128.4	$	123.6		3.9	%	$	127.7		3.3	%	$	643.1	$	540.7		18.9	%
Attendance		24.1		20.6		17.0	%		14.9		16.0		(6.9	)%							39.0		36.6		6.6	%
Average ticket price (2)	$	10.53	$	10.08		4.5	%	$	3.87	$	3.53		9.6	%	$	3.85		9.1	%	$	7.98	$	7.22		10.5	%
Concession revenue per patron (2)	$	8.58	$	7.98		7.5	%	$	3.25	$	2.88		12.8	%	$	3.20		11.1	%	$	6.54	$	5.75		13.7	%

(1)

U.S. reportable segment revenue includes eliminations of intercompany transactions with the international reportable segment. See Note 15 to our condensed consolidated financial statements.

(2)

Average ticket price is calculated as admissions revenue divided by attendance. Concession revenue per patron is calculated as concession revenue divided by attendance.

(3)

Constant currency revenue amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2025. 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 reporting segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.

•

U.S. Attendance increased to 24.1 million patrons during the 2026 period compared with 20.6 million patrons during the 2025 period primarily driven by a film slate that had stronger consumer appeal year-over-year. Average ticket price increased 4.5% to $10.53 during the 2026 period compared with $10.08 during the 2025 period driven by strategic pricing actions and higher premium format mix. Concession revenue per patron increased 7.5% to $8.58 during the 2026 period compared with $7.98 during the 2025 period primarily driven by strategic pricing actions, increased incidence rates and a favorable shift in product mix. Other revenue for the 2026 period increased 20.0% to $54.1 million compared with $45.1 million during the 2025 period primarily due to higher transaction fees, as well as an increase in screen advertising revenue and promotional income.

•

International. Attendance decreased to 14.9 million patrons for the 2026 period from 16.0 million during the 2025 period reflecting a film slate that did not resonate as strongly with audiences in our international markets year-over-year. Revenues, average ticket price and concession revenue per patron for our international segment, as reported, were favorably impacted by exchange rate fluctuations during the 2026 period. In constant currency, the average ticket price increased 9.1% to $3.85 for the 2026 period primarily due to inflationary pricing actions and higher premium format mix. Similarly, in constant currency, concession revenue per patron increased 11.1% to $3.20 for the 2026 period primarily due to inflationary pricing actions. Other revenue increased 7.6% in constant currency to $22.7 million for the 2026 period primarily due to inflationary impacts.

Cost of Operations. The table below, presented by reportable segment, summarizes our year-over-year theater operating costs.


	U.S. Reportable Segment							International Reportable Segment												Consolidated
	Three Months Ended March 31,							Three Months Ended March 31,												Three Months Ended March 31,
															Constant Currency (1)
	2026		2025		% Change			2026		2025		% Change			2026		% Change			2026		2025		% Change
Film rentals and advertising	$	140.9	$	113.2		24.5	%	$	28.8	$	28.2		2.1	%	$	28.8		2.1	%	$	169.7	$	141.4		20.0	%
Concession supplies	$	37.8	$	33.8		11.8	%	$	10.7	$	10.5		1.9	%	$	10.5		—	%	$	48.5	$	44.3		9.5	%
Salaries and wages	$	77.2	$	74.6		3.5	%	$	17.2	$	15.7		9.6	%	$	17.1		8.9	%	$	94.4	$	90.3		4.5	%
Facility lease expense	$	62.3	$	60.2		3.5	%	$	18.6	$	18.1		2.8	%	$	17.9		(1.1	)%	$	80.9	$	78.3		3.3	%
Utilities and other	$	88.8	$	81.8		8.6	%	$	25.9	$	23.9		8.4	%	$	25.8		7.9	%	$	114.7	$	105.7		8.5	%

(1)

Constant currency expense amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2025. 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.

•

U.S. Film rentals and advertising costs increased to 55.5% of admissions revenue for the 2026 period compared with 54.5% of admissions revenue for the 2025 period primarily due to the increased scale and concentration of high-grossing films. Concession supplies expense for the 2026 period was 18.3% of concession revenue compared with 20.6% for the 2025 period. The decrease in the concession supplies rate for the 2026 period was primarily driven by strategic pricing actions and sourcing initiatives, as well as a shift in product mix, partially offset by continued inflationary pressures.

Salaries and wages increased 3.5% to $77.2 million for the 2026 period compared with $74.6 million for the 2025 period due to higher attendance and wage inflation, partially offset by labor productivity initiatives. Facility lease expense increased 3.5% to $62.3 million, primarily due to higher percentage rent. Utilities and other costs increased 8.6% to $88.8 million, as many of these costs, such as credit card fees, repairs and maintenance costs, utility and janitorial costs, are variable or semi-variable in nature and were impacted by the increase in attendance.

•

International. Our international operating costs, as reported, were unfavorably impacted by exchange rate fluctuations for the 2026 period.

Film rentals and advertising costs remained relatively flat at 50.0% of admissions revenue as reported for the 2026 period compared with 49.9% for the 2025 period. Concession supplies expense was 22.1% of concessions revenue as reported for the 2026 period compared with 22.8% for the 2025 period. The decrease in the concession supplies rate was primarily driven by strategic pricing actions and sourcing initiatives, as well as favorable product mix.

In constant currency, salaries and wages increased 8.9% to $17.1 million for the 2026 period primarily driven by wage inflation, partially offset by lower attendance and effective labor management. Facility lease expense of $17.9 million in constant currency was relatively flat compared to the 2025 period. Utilities and other costs increased 7.9% to $25.8 million in constant currency for the 2026 period primarily due to inflationary pressures.

General and Administrative Expense. General and administrative expense for Holdings increased to $56.1 million for the 2026 period compared with $54.5 million for the 2025 period. General and administrative expense for CUSA increased to $55.0 million for the 2026 period compared with $53.5 million for the 2025 period. The increase for both Holdings and CUSA is primarily due to higher wages and benefits, increased headcount, higher share-based compensation and an increase in cloud-based software costs, partially offset by a decrease in professional fees.

Depreciation and Amortization. Depreciation and amortization expense increased to $51.6 million for the 2026 period compared with $49.5 million for the 2025 period.

Loss (Gain) on Disposal of Assets and Other. A loss on disposal of assets and other of $3.7 million was recorded for the 2026 period compared with a gain of $4.1 million for the 2025 period. Activity for the 2026 period was primarily related to the retirement of certain assets that were replaced as a result of theater enhancements. Activity for the 2025 period was primarily related to gains on the sale of real property.

Interest Expense. Interest expense for Holdings, which includes amortization of debt issuance costs and original issue discount and amortization of accumulated losses for swap amendments, was $34.7 million during the 2026 period compared with $38.5 million during the 2025 period. The interest expense attributable to CUSA was $34.7 million during the 2026 period compared with $32.4 million during the 2025 period. The decrease in interest expense at Holdings reflects the impact of the payoff of the $460.0 million principal of the 4.50% Convertible Senior Notes on August 15, 2025.

Other Income, Net. Other income, net for Holdings was $1.4 million during the 2026 period compared with $4.4 million during the 2025 period. Other income, net attributable to CUSA was $1.4 million during the 2026 period compared with $2.1 million during the 2025 period. The decrease in other income, net for Holdings and CUSA reflects a decrease in interest income, primarily due to lower average cash balances, partially offset by an increase in equity income from affiliates and higher foreign currency exchange gains primarily related to the impact of hyper-inflationary accounting for Argentina.

Income Taxes - Holdings. An income tax benefit of $4.0 million was recorded for the 2026 period compared with an income tax benefit of $14.7 million for the 2025 period. The effective tax rate was approximately 40.5% for the 2026 period compared with 27.6% for the 2025 period. The effective tax rates for the 2026 and 2025 periods differ from the U.S. statutory rate primarily due to foreign tax rate differences, the U.S. tax impact of foreign operations, and state and local taxes. Income tax provisions for interim periods are generally based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period. As a result, the interim rate may vary significantly from the normalized annual rate.

Income Taxes - CUSA. An income tax benefit of $3.6 million was recorded for the 2026 period compared with income tax benefit of $14.2 million for the 2025 period. The effective tax rate was approximately 41.8% for the 2026 period compared with 29.3% for the 2025 period. The effective tax rates for the 2026 and 2025 periods differ from the U.S. statutory rate primarily due to foreign tax rate differences, U.S. tax impact of foreign operations, and state and local taxes. Income tax provisions for interim periods are generally based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period. As a result, the interim rate may vary significantly from the normalized annual rate.

Liquidity and Capital Resources

Operating Activities

We primarily collect our revenue in cash, mainly through box office receipts and the sale of concessions. Our revenue is generally received in cash prior to the payment of related expenses; therefore, we have an operating “float” and historically have not required traditional working capital financing. However, our working capital position will fluctuate based on seasonality, the timing and volume of new film content, the timing of interest payments on our debt as well as timing of payment of other operating expenses that are paid annually or semi-annually, such as property and other taxes and incentive compensation. We believe our existing cash and expected cash flows from operations will be sufficient to meet our working capital, capital expenditures, and known contractual obligations for the next twelve months and beyond.

Cash used for operating activities was $20.4 million for Holdings and $20.2 million for CUSA for the three months ended March 31, 2026, compared with cash used for operating activities of $119.1 million for Holdings and $111.1 million for CUSA for the three months ended March 31, 2025. The decrease in cash used for operating activities was primarily driven by the level of revenue earned during each period and the timing of payments to vendors for expenses.

Investing Activities

Investing activities have been principally related to the development, remodel and enhancement of theaters. Cash used for investing activities was $37.5 million and $15.3 million for the three months ended March 31, 2026 and 2025, respectively. The increase in cash used for investing activities was primarily due to an increase in capital expenditures to support the continued enhancement of our global circuit.

Below is a summary of capital expenditures, disaggregated by new and existing theaters, for the three months ended March 31, 2026 and 2025 (in millions):


	Three Months Ended March 31,
	2026		2025
New theaters	$	4.6	$	5.0
Existing theaters		33.1		17.1
Total capital expenditures	$	37.7	$	22.1

We operated 495 theaters with 5,620 screens worldwide as of March 31, 2026. Theaters and screens opened and closed during the three months ended March 31, 2026 were as follows:


	January 1, 2026		Built		Closed			March 31, 2026
U.S.
Theaters		303		—		(2	)		301
Screens		4,241		—		(22	)		4,219

International
Theaters		193		1		—			194
Screens		1,396		5		—			1,401

Worldwide
Theaters		496		1		(2	)		495
Screens		5,637		5		(22	)		5,620

As of March 31, 2026, we had the following signed new build and expansion commitments:


	Venues (1)		Screens (1)		Estimated Remaining Investment (2)
Expected to open during 2026
U.S.		1		8	$	14.2
International		1		5		—
Total		2		13	$	14.2

Expected to open subsequent to 2026
U.S.		2		16	$	34.6
International		2		23		21.1
Total		4		39	$	55.7

Total commitments at March 31, 2026		6		52	$	69.9

(1)

Based on the venue’s expected opening date.

(2)

Approximately $21.5 million is expected to be paid during the remainder of 2026 and $39.6 million and $8.8 million is expected to be paid during 2027 and 2028, respectively. The timing of payments is subject to change in the event of construction or other delays.

Actual expenditures for the continued development of venues and remodels can vary based on such factors as the type of venue, the amenities being built or remodeled within the venue and the timing for completion of a project. Actual expenditures are also subject to change based upon the availability of attractive opportunities and the impact of tariffs. During the next twelve months and the foreseeable future, we plan to fund capital expenditures for our continued development projects with cash flow from operations and, if needed, borrowings under our revolving credit facility, proceeds from debt issuances, sale leaseback transactions and/or sales of excess real estate.

Financing Activities

Cash used for financing activities was $36.8 million for Holdings and $37.1 million for CUSA for the three months ended March 31, 2026, compared with $230.1 million for Holdings and $20.4 million CUSA for the three months ended March 31, 2025. The decrease in cash used for financing activities for Holdings primarily reflects the repurchase of common stock in the first quarter of 2025, partially offset by higher payroll tax payments associated with equity awards that vested during the period. The increase in cash used for financing activities for CUSA was driven by cash distributions to Cinemark Holdings, Inc. to fund the Company’s shareholder dividends and higher payroll tax payments associated with equity awards that vested during the period.

Holdings, at the discretion of its Board of Directors and subject to applicable law, anticipates paying quarterly cash dividends on its common stock. The amount of dividends to be paid in the future, if any, will depend upon our then available cash balances, anticipated cash needs, overall financial condition, loan agreement restrictions as discussed below, and future prospects for earnings and cash flows, as well as other relevant factors. The following table summarizes the quarterly dividends paid during the three months ended March 31, 2026 and 2025.


Declaration Date	Record Date	Payable Date	Amount per Share of Common Stock		Total (1)
2/17/2026	3/3/2026	3/17/2026	$	0.09	$	10.8

2/18/2025	3/5/2025	3/19/2025	$	0.08	$	10.1

(1)

Of the total dividends recorded during the three months ended March 31, 2026 and 2025 $0.3 million and $0.2 million, respectively, relate to outstanding performance and restricted stock units and are not paid until such units vest. See Note 9 to the condensed consolidated financial statements.

We may, from time to time, seek to retire or repurchase our outstanding debt securities through cash purchases or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on the availability and prices of such debt securities, prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Contractual Obligations

There have been no material changes in the contractual obligations previously disclosed in “Liquidity and Capital Resources” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed February 18, 2026.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Senior Secured Credit Facility

On May 26, 2023, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to provide for an aggregate principal amount of $775.0 million, consisting of a $650.0 million term loan with a maturity date of May 24, 2030 and a $125.0 million revolving credit facility with a maturity date of May 26, 2028. The term loan and revolving credit facility are subject to a springing maturity date of April 15, 2028 if CUSA’s 5.25% Senior Notes due 2028 have not been paid or refinanced as required under the Credit Agreement prior to such date, as more specifically described in the Credit Agreement.

Under the Credit Agreement, quarterly principal payments of $1.6 million are due on the term loan through March 31, 2030, with a final principal payment of the remaining unpaid principal due on May 24, 2030.

The applicable margin with respect to revolving credit loans is a function of the Consolidated Net Senior Secured Leverage Ratio as defined in the Credit Agreement. As of March 31, 2026, the applicable margin was 1.75%, however, there were no borrowings outstanding under the revolving line of credit. In addition, CUSA is required to pay a commitment fee on the revolving line of credit that accrues at a rate ranging from 0.25% to 0.375% per annum of the daily unused portion of the revolving line of credit. The commitment fee rate is a function of the Consolidated Net Senior Secured Leverage Ratio and was 0.25% at March 31, 2026.

CUSA’s obligations under the Credit Agreement are guaranteed by Holdings and certain subsidiaries of Holdings other than CUSA (the “Other Guarantors”) and are secured by security interests in substantially all of Holdings’ and the Other Guarantors’ personal property.

The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on the ability of Holdings, CUSA and their subsidiaries to: merge, consolidate, liquidate, or dissolve; sell, transfer or otherwise dispose of assets; create, incur or permit to exist certain indebtedness and liens; pay dividends, repurchase stock and make other Restricted Payments (as defined in the Credit Agreement); prepay certain indebtedness; make investments; enter into transactions with affiliates; and change the nature of their business. At any time that CUSA has revolving credit loans outstanding, it is not permitted to allow the Consolidated Net Senior Secured Leverage Ratio to exceed 3.5 to 1.0. As of March 31, 2026, there were no revolving credit loans outstanding, and CUSA’s Consolidated Net Senior Secured Leverage Ratio was 0.6 to 1.

The Credit Agreement also includes customary events of default, including, among other things, payment default, covenant default, breach of representation or warranty, bankruptcy, cross-default, material ERISA events, a change of control, material money judgments and failure to maintain security interests. If an event of default occurs, all commitments under the Credit Agreement may be terminated and all obligations under the Credit Agreement could be accelerated by the Lenders, causing all loans outstanding (including accrued interest and fees payable thereunder) to be declared immediately due and payable.

The Restricted Payments covenant, as defined in the Credit Agreement generally does not limit the ability of Holdings and its subsidiaries to pay dividends and make other Restricted Payments if the Consolidated Net Total Leverage Ratio (as defined in the Credit Agreement) is less than or equal to 2.75 to 1.00. If the Consolidated Net Total Leverage Ratio is greater than 2.75 to 1.00, but not greater than 5.00 to 1.00, Restricted Payments generally may be made in an aggregate amount not to exceed the Available Amount (as defined in the Credit Agreement), which is a function of CUSA’s Consolidated EBITDA minus 1.75 times its Consolidated Interest Expense (as such terms are defined in the Credit Agreement) and certain other factors as specified in the Credit Agreement. As of March 31, 2026, the Consolidated Net Total Leverage Ratio was 2.46 to 1.00 and the Available Amount was $1.4 billion. In addition, the Credit Agreement contains other baskets that allow certain Restricted Payments in excess of the Applicable Amount.

We have three interest rate swap agreements that are used to hedge a portion of the interest rate risk associated with the variable interest rates on the term loan outstanding under the Credit Agreement. See Note 7 to the condensed consolidated financial statements for discussion of the interest rate swaps.

As of March 31, 2026, there was $630.7 million outstanding under the term loan and no borrowings were outstanding under the $225.0 million revolving line of credit. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of March 31, 2026 was approximately 5.6% per annum, after giving effect to the interest rate swap agreements.

7.00% Senior Notes

On July 18, 2024, CUSA issued $500.0 million aggregate principal 7.00% senior unsecured notes, at par (the “7.00% Senior Notes”). The notes will mature on August 1, 2032. Interest on the 7.00% Senior Notes is payable on February 1 and August 1 of each year, beginning on February 1, 2025. CUSA incurred debt issuance costs of approximately $8.7 million in connection with the issuance, which were recorded as a reduction of long-term debt on the Company’s consolidated balance sheet. Proceeds, net of fees, were used to repay CUSA’s 5.875% $405.0 million aggregate principal amount of Senior Notes due March 2026.

The 7.00% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of CUSA’s subsidiaries, or its guarantors, that guarantee, assume or in any other manner become liable with respect to any of CUSA’s or its guarantors’ other debt. If CUSA cannot make payments on the 7.00% Senior Notes when they are due, CUSA’s guarantors must

make them instead. The 7.00% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of CUSA’s and its guarantor’s existing and future senior debt, including the 5.25% senior notes due 2028 and all borrowings under CUSA’s Credit Agreement. The notes and the guarantees will be structurally subordinated to all existing and future debt and other liabilities of CUSA’s non-guarantor subsidiaries. The notes and the guarantees will be structurally senior to all future debt, if any, issued by Holdings that is not guaranteed by CUSA or any of its subsidiaries.

Prior to August 1, 2027, CUSA has the option to redeem all or a portion of the 7.00% Senior Notes at a price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a make-whole premium. In addition, prior to August 1, 2027, CUSA may redeem up to 40% of the aggregate principal amount of the 7.00% Senior Notes with funds in an amount equal to the net proceeds of certain equity offerings at a redemption price equal to 107.0% of the principal amount of the 7.00% Senior Notes redeemed, plus accrued and unpaid interest, if any, as long as (i) at least 60% of the principal amount of the 7.00% Senior Notes issued under the indenture governing the 7.00% Senior Notes (including any additional notes) remains outstanding immediately after each such redemption and (ii) the redemption occurs within 120 days of the closing of such equity offerings.

CUSA may redeem the 7.00% Senior Notes in whole or in part at any time on or after August 1, 2027 at redemption prices set forth in the indenture governing the 7.00% Senior Notes as indicated below:


	Percentage of Principal Amount
2027	103.50%
2028	101.75%
2029 and Thereafter	100.00%

The indenture governing the 7.00% Senior Notes contains covenants that limit, among other things, the ability of CUSA and certain of its subsidiaries to (1) incur or guarantee additional indebtedness, (2) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments, (3) make certain investments, (4) engage in certain transactions with affiliates, (5) incur or assume certain liens, and (6) consolidate, merge or transfer all or substantially all of its assets. Additionally, upon a change in control, as defined in the indenture governing the 7.00% Senior Notes, CUSA would be required to make an offer to repurchase all of the 7.00% Senior Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase.

5.25% Senior Notes

On June 15, 2021, CUSA issued $765.0 million aggregate principal amount of 5.25% senior notes due 2028, at par value (the “5.25% Senior Notes”). Interest on the 5.25% Senior Notes is payable on January 15 and July 15 of each year. The 5.25% Senior Notes mature on July 15, 2028.

The 5.25% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of CUSA’s subsidiaries that guarantee, assume or become liable with respect to any of CUSA's or a guarantor’s debt. The 5.25% Senior Notes and the guarantees will be CUSA’s and the guarantors’ senior unsecured obligations and (i) rank equally in right of payment to CUSA’s and the guarantors’ existing and future senior debt, including borrowings under CUSA's Credit Agreement and CUSA’s existing senior notes, (ii) rank senior in right of payment to CUSA’s and the guarantors’ future subordinated debt, (iii) are effectively subordinated to all of CUSA’s and the guarantors’ existing and future secured debt, including all obligations under the Credit Agreement, in each case to the extent of the value of the collateral securing such debt, and (iv) are structurally subordinated to all existing and future debt and other liabilities of CUSA’s non-guarantor subsidiaries.

CUSA may redeem the 5.25% Senior Notes in whole or in part at 101.313% of the principal amount up to July 15, 2026 and at par thereafter, as set forth in the indenture.

Covenant Compliance

The indentures governing the 5.25% Senior Notes and the 7.00% Senior Notes ("the indentures") contain covenants that limit, among other things, the ability of CUSA and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of March 31, 2026, CUSA could have distributed up to approximately $4.5 billion to its parent company and sole stockholder, Holdings, under the terms of the indentures, subject to its available cash and other borrowing restrictions outlined in the indentures. Upon a change of control, as defined in the indentures, CUSA would be required to make an offer to repurchase the 5.25% Senior Notes and the 7.00% Senior Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indentures allow Cinemark USA, Inc. to incur additional indebtedness if it satisfies the coverage ratio specified in the indentures, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2 to 1 and our actual ratio as of March 31, 2026 was 6.6 to 1.

See discussion of dividend restrictions and the net senior secured leverage ratio under the Credit Agreement at Senior Secured Credit Facility above.

As of March 31, 2026, we believe we were in full compliance with all agreements, including all related covenants, governing our outstanding debt.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We have exposure to financial market risks, including changes in interest rates and foreign currency exchange rates.

Interest Rate Risk

The Company currently has variable rate debt. An increase or decrease in interest rates would affect its interest expense related to this variable rate debt. At March 31, 2026, we had an aggregate of $180.7 million of variable rate debt outstanding, after giving effect to the interest rate swaps. Based on the interest rates in effect on the variable rate debt outstanding at March 31, 2026, a 100 basis point increase in market interest rates would increase our annual interest expense by $1.8 million.

The table below provides information about the Company’s fixed rate and variable rate long-term debt agreements as of March 31, 2026. The Company has three interest rate swap agreements that are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt. See Interest Rate Swap Agreements below. The Company’s long-term debt agreements include fixed rate and variable rate long-term debt of CUSA, which is guaranteed by Holdings.


	Expected Maturity for the Twelve Months Ending March 31,																Average
	(in millions)																Interest
	2027		2028		2029		2030		2031		Thereafter		Total		Fair Value		Rate
Fixed rate (1)	$	—	$	—	$	765.0	$	—	$	450.0	$	500.0	$	1,715.0	$	1,728.0		5.8	%
Variable rate		6.4		6.4		6.4		6.4		155.1		—		180.7		181.6		5.9	%
Total debt (2)	$	6.4	$	6.4	$	771.4	$	6.4	$	605.1	$	500.0	$	1,895.7	$	1,909.6		5.8	%

(1)

Fixed rate amounts include the hedged portion of Holdings’ variable debt. See “Interest Rate Swap Agreements” below.

(2)

Amounts are presented before adjusting for debt issuance costs.

Interest Rate Swap Agreements

All of the interest rate swap agreements qualify for cash flow hedge accounting. The fair values of the interest rate swaps are recorded on each of Holdings’ and CUSA’s condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. See Note 7 to the condensed consolidated financial statements for further discussion of the interest rate swap agreements.

Foreign Currency Exchange Rate Risk

There have been no material changes in foreign currency exchange rate risk previously disclosed in “Quantitative and Qualitative Disclosures About Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed February 18, 2026.

Item 4. Controls and Procedures

Evaluation of the Effectiveness of Disclosure Controls and Procedures

As of March 31, 2026, under the supervision and with the participation of Holdings’ and CUSA’s principal executive officer and principal financial officer, Holdings and CUSA carried out an evaluation required by the Exchange Act of the effectiveness of the design and operation of their respective disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act. Based on this evaluation, Holdings’ and CUSA’s principal executive officer and principal financial officer concluded that, as of March 31, 2026, each of Holdings’ and CUSA’s respective disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by each of Holdings and CUSA in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and were effective to provide reasonable assurance that such information is accumulated and communicated to Holdings’ and CUSA’s management, including Holdings’ and CUSA’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There have been no changes in Holdings’ and CUSA’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 that occurred during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, Holdings’ and CUSA’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Other than the discussion at Note 17, there have been no material changes from legal proceedings previously reported under “Business – Legal Proceedings” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed February 18, 2026.

Item 1A. Risk Factors

We believe there have been no material changes in our risk factors from those disclosed in “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed February 18, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds


	Total Number of Shares Purchased (1)		Average Price Paid per Share		Total Number of Shares Purchased As Part of Publicly Announced Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Plan (2)
January 1 through January 31		0.01	$	22.97		—	$	225.0
February 1 through February 28		0.77	$	26.43		—	$	225.0
March 1 through March 31		—	$	—		—	$	225.0
Total		0.78				—	$	225.0

(1) Represents shares of Holdings’ common stock (in thousands) repurchased in January, February and March of 2026 to satisfy employee tax-withholding obligations upon the vesting of restricted stock, restricted stock units and performance stock units. See Note 9 to the condensed consolidated financial statements.

(2) On October 30, 2025, Holdings’ Board of Directors approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to $300.0 million of Holdings’ outstanding stock, before direct costs associated with the share repurchases. Under this Program, in December 2025, the Company repurchased shares with a total value of $75.0 million.

For a description of limitations on the payment of Holdings’ dividends, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.”

Item 5. Other Information

Adoption of Rule 10b5-1 Trading Plans

On March 12, 2025, Michael Cavalier, our Executive Vice President General Counsel & Business Affairs, Secretary, adopted a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934 to sell up to 22,140 shares of the Company’s common stock. The plan was adopted to facilitate the orderly sale of shares of the Company’s common stock for personal financial planning purposes and intended to satisfy the affirmative defense of Rule 10b5-1(c). The plan expired on February 18, 2026.

Supplemental Schedules Specified by the Senior Notes Indentures

As required by the indentures governing CUSA’s 7.00% Senior Notes and 5.25% Senior Notes, collectively “the senior notes”, CUSA has included in this filing interim financial information for its subsidiaries that have been designated as unrestricted subsidiaries, as defined by the indentures. As required by these indentures, CUSA has included an unaudited condensed consolidating balance sheet and unaudited condensed consolidating statements of loss, comprehensive loss and cash flows for CUSA. See Liquidity and Capital Resources at Part I - Item 2 for discussion of the senior notes, including relevant covenants and restrictions. The following supplementary schedules separately identify CUSA’s restricted subsidiaries and unrestricted subsidiaries as required by the indentures.


		Page
Unaudited Condensed Consolidating Balance Sheet as of March 31, 2026		45

Unaudited Condensed Consolidating Statement of Loss for the three months ended March 31, 2026		46

Unaudited Condensed Consolidating Statement of Comprehensive Loss for the three months ended March 31, 2026		47

Unaudited Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2026		48

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2026

(in millions, unaudited)


	Restricted		Unrestricted
	Group		Group		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	234.6	$	26.8	$	—		$	261.4
Other current assets		420.0		15.5		(102.2	)		333.3
Total current assets		654.6		42.3		(102.2	)		594.7
Theater properties and equipment, net		1,173.3		—		—			1,173.3
Operating lease right-of-use assets, net		955.3		—		—			955.3
Other long-term assets		1,773.3		262.1		(353.8	)		1,681.6
Total assets	$	4,556.5	$	304.4	$	(456.0	)	$	4,404.9
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	6.4	$	—	$	—		$	6.4
Current portion of operating lease obligations		216.6		—		—			216.6
Current portion of finance lease obligations		16.7		—		—			16.7
Current income tax payable		7.3		—		—			7.3
Accounts payable and accrued expenses		546.8		91.2		(102.2	)		535.8
Total current liabilities		793.8		91.2		(102.2	)		782.8
Long-term liabilities
Long-term debt, less current portion		2,109.7		—		(240.8	)		1,868.9
Operating lease obligations, less current portion		792.0		—		—			792.0
Finance lease obligations, less current portion		89.5		—		—			89.5
Other long-term liabilities and deferrals		419.2		—		—			419.2
Total long-term liabilities		3,410.4		—		(240.8	)		3,169.6
Commitments and contingencies
Equity		352.3		213.2		(113.0	)		452.5
Total liabilities and equity	$	4,556.5	$	304.4	$	(456.0	)	$	4,404.9

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF LOSS

THREE MONTHS ENDED MARCH 31, 2026

(in millions, unaudited)


	Restricted			Unrestricted
	Group			Group			Eliminations			Consolidated
Revenue	$	643.1		$	—		$	—		$	643.1
Cost of operations
Theater operating costs		508.2			—			—			508.2
General and administrative expenses		55.0			—			—			55.0
Depreciation and amortization		51.6			—			—			51.6
Loss on disposal of assets and other		3.7			—			—			3.7
Total cost of operations		618.5			—			—			618.5
Operating income		24.6			—			—			24.6
Interest expense		(35.2	)		—			0.5			(34.7	)
Other income (loss), net		52.1			(0.2	)		(50.5	)		1.4
Total other income (expense)		16.9			(0.2	)		(50.0	)		(33.3	)
Income (loss) before income taxes		41.5			(0.2	)		(50.0	)		(8.7	)
Income tax benefit		(3.3	)		(0.3	)		—			(3.6	)
Net income (loss)		44.8			0.1			(50.0	)		(5.1	)
Less: Net income attributable to noncontrolling interests		0.6			—			—			0.6
Net income (loss) attributable to Cinemark USA, Inc.	$	44.2		$	0.1		$	(50.0	)	$	(5.7	)

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSLIDATING STATEMENT OF COMPREHENSIVE LOSS

THREE MONTHS ENDED MARCH 31, 2026

(in millions, unaudited)


	Restricted			Unrestricted
	Group			Group		Eliminations			Consolidated
Net income (loss)	$	44.8		$	0.1	$	(50.0	)	$	(5.1	)
Other comprehensive income, net of tax
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of tax and settlements		1.7			—		—			1.7
Foreign currency translation adjustments		1.7			—		—			1.7
Total other comprehensive income, net of tax		3.4			—		—			3.4
Total comprehensive income (loss), net of tax		48.2			0.1		(50.0	)		(1.7	)
Comprehensive income attributable to noncontrolling interests		(0.6	)		—		—			(0.6	)
Comprehensive income (loss) attributable to Cinemark USA, Inc.	$	47.6		$	0.1	$	(50.0	)	$	(2.3	)

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2026

(in millions, unaudited)


	Restricted			Unrestricted
	Group			Group			Eliminations			Consolidated
Operating activities
Net income (loss)	$	44.8		$	0.1		$	(50.0	)	$	(5.1	)
Adjustments to reconcile net income (loss) to cash used for operating activities		(8.6	)		8.1			50.0			49.5
Changes in assets and liabilities		(52.9	)		(11.7	)		—			(64.6	)
Net cash used for operating activities		(16.7	)		(3.5	)		—			(20.2	)
Investing activities
Additions to theater properties and equipment		(37.7	)		—			—			(37.7	)
Proceeds from sale of assets and other		0.2			—			—			0.2
Dividends received from subsidiary		50.0			—			(50.0	)		—
Investments and loans to affiliates		(6.1	)		6.1			—			—
Net cash provided by investing activities		6.4			6.1			(50.0	)		(37.5	)
Financing activities
Distributions paid to parent		(10.5	)		(50.0	)		50.0			(10.5	)
Repayments of long-term debt		(1.6	)		—			—			(1.6	)
Restricted stock withholdings for payroll taxes		(20.4	)		—			—			(20.4	)
Payments on finance leases		(4.0	)		—			—			(4.0	)
Other financing activities		(0.6	)		—			—			(0.6	)
Net cash used for financing activities		(37.1	)		(50.0	)		50.0			(37.1	)
Effect of exchange rate changes on cash and cash equivalents		12.1			—			—			12.1
Decrease in cash and cash equivalents		(35.3	)		(47.4	)		—			(82.7	)
Cash and cash equivalents:
Beginning of period		269.9			74.2			—			344.1
End of period	$	234.6		$	26.8		$	—		$	261.4

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.


	Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Cinemark Holdings, Inc. ("Holdings")	Common stock, par value $0.001 per share	CNK	New York Stock Exchange
	Common stock, par value $0.001 per share	CNK	New York Stock Exchange Texas


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐


			Page
PART I. FINANCIAL INFORMATION

	Item 1.	Cinemark Holdings, Inc. and Subsidiaries Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	3
		Condensed Consolidated Statements of Loss for the three months ended March 31, 2026 and 2025	4
		Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025	5
		Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025	6
		Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	8
		Cinemark USA, Inc. and Subsidiaries Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	9
		Condensed Consolidated Statements of Loss for the three months ended March 31, 2026 and 2025	10
		Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025	11
		Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025	12
		Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	13
		Cinemark Holdings, Inc. and Cinemark USA, Inc. Notes to Condensed Consolidated Financial Statements	14

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41

	Item 4.	Controls and Procedures	41

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	42

	Item 1A.	Risk Factors	42

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

	Item 5.	Other Information	43

	Item 6.	Exhibits	49

SIGNATURES			50


*31.1		Certification of Sean Gamble, Chief Executive Officer of Cinemark Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2		Certification of Melissa Thomas, Chief Financial Officer of Cinemark Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*31.3		Certification of Sean Gamble, Chief Executive Officer of Cinemark USA, Inc., pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
*31.4		Certification of Melissa Thomas, Chief Financial Officer of Cinemark USA, Inc., pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
**32.1		Certification of Sean Gamble, Chief Executive Officer of Cinemark Holdings, Inc., pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2		Certification of Melissa Thomas, Chief Financial Officer of Cinemark Holdings, Inc., pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes-Oxley Act of 2002.
**32.3		Certification of Sean Gamble, Chief Executive Officer of Cinemark USA, Inc., pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes – Oxley Act of 2002.
**32.4		Certification of Melissa Thomas, Chief Financial Officer of Cinemark, USA, Inc., pursuant to 18 U.S.C. Section 1350, as added by Section 906 of the Sarbanes – Oxley Act of 2002.
**101		The following material from the combined Cinemark Holdings, Inc. and Cinemark USA, Inc. Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language), filed herewith: (i) Cinemark Holdings, Inc. Condensed Consolidated Balance Sheets (ii) Cinemark Holdings, Inc. Condensed Consolidated Statements of Loss (iii) Cinemark Holdings, Inc. Condensed Consolidated Statements of Comprehensive Loss (iv) Cinemark Holdings, Inc. Condensed Consolidated Statements of Equity (v) Cinemark Holdings, Inc. Condensed Consolidated Statements of Cash Flows (vi) Cinemark USA, Inc. Condensed Consolidated Balance Sheets (vii) Cinemark USA, Inc. Condensed Consolidated Statements of Loss (viii) Cinemark USA, Inc. Condensed Consolidated Statements of Comprehensive Loss (ix) Cinemark USA, Inc. Condensed Consolidated Statements of Equity (x) Cinemark USA, Inc. Condensed Consolidated Statements of Cash Flows (xi) Notes to Condensed Consolidated Financial Statements of Cinemark Holdings, Inc. and Cinemark USA, Inc.
* 104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


		CINEMARK HOLDINGS, INC. CINEMARK USA, INC.
		Registrants

DATE:	May 1, 2026

		/s/ Sean Gamble
		Sean Gamble
		Chief Executive Officer

		/s/ Melissa Thomas
		Melissa Thomas
		Chief Financial Officer