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)


	June 30,			December 31,
	2026			2025
Assets
Current assets
Cash and cash equivalents	$	504.3		$	344.3
Inventories		32.3			29.1
Accounts receivable		112.9			110.0
Current income tax receivable		59.5			67.9
Prepaid expenses and other		52.3			47.4
Total current assets		761.3			598.7
Theater properties and equipment, net		1,169.2			1,175.8
Operating lease right-of-use assets, net		939.0			949.9
Other long-term assets
Goodwill		1,248.4			1,245.8
Intangible assets, net		300.4			300.4
Investments in NCMI and other affiliates		39.4			40.9
Long-term deferred tax asset		64.2			95.8
Deferred charges and other assets		31.7			26.6
Total other long-term assets		1,684.1			1,709.5
Total assets	$	4,553.6		$	4,433.9
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	6.3		$	6.4
Current portion of operating lease obligations		215.2			215.0
Current portion of finance lease obligations		16.8			16.5
Current income tax payable		6.5			6.2
Accounts payable and accrued expenses		656.2			604.2
Total current liabilities		901.0			848.3
Long-term liabilities
Long-term debt, less current portion		1,870.5			1,869.2
Operating lease obligations, less current portion		773.9			791.0
Finance lease obligations, less current portion		84.9			93.7
Long-term deferred tax liability		9.2			6.6
Long-term liability for uncertain tax positions		57.3			55.7
NCM screen advertising advances		300.9			307.2
Other long-term liabilities		50.8			48.4
Total long-term liabilities		3,147.5			3,171.8
Equity
Cinemark Holdings, Inc.'s stockholders' equity:
Common stock, $0.001 par value: 300,000,000 shares authorized, 152,040,303 shares issued and 115,914,689 shares outstanding at June 30, 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		1,415.2			1,397.3
Treasury stock, 36,125,614 and 34,370,480 shares, at cost, at June 30, 2026 and December 31, 2025, respectively		(585.6	)		(539.8	)
Retained earnings (accumulated deficit)		47.1			(64.4	)
Accumulated other comprehensive loss		(381.1	)		(388.0	)
Total Cinemark Holdings, Inc.'s stockholders' equity		495.7			405.2
Noncontrolling interests		9.4			8.6
Total equity		505.1			413.8
Total liabilities and equity	$	4,553.6		$	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 INCOME

(in millions, except per share data, unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Revenue
Admissions	$	540.0		$	467.1		$	851.4		$	731.2
Concession		433.3			377.7			688.5			588.1
Other		113.1			95.7			189.6			161.9
Total revenue	$	1,086.4		$	940.5		$	1,729.5		$	1,481.2
Cost of operations
Film rentals and advertising		311.9			270.8			481.6			412.2
Concession supplies		82.0			73.1			130.5			117.4
Salaries and wages		116.6			109.4			211.0			199.7
Facility lease expense		89.0			82.9			169.9			161.2
Utilities and other		136.7			124.7			251.4			230.4
General and administrative expenses		62.8			54.1			118.9			108.6
Depreciation and amortization		51.6			49.4			103.2			98.9
Impairment of long-lived and other assets		—			1.6			—			1.6
Loss (gain) on disposal of assets and other		2.8			1.0			6.5			(3.1	)
Total cost of operations		853.4			767.0			1,473.0			1,326.9
Operating income		233.0			173.5			256.5			154.3
Other income (expense)
Interest expense		(31.3	)		(39.4	)		(66.0	)		(77.9	)
Loss on debt amendments and extinguishments		(2.8	)		(1.5	)		(2.8	)		(1.5	)
Other income, net		4.3			4.6			5.7			9.0
Total other expense		(29.8	)		(36.3	)		(63.1	)		(70.4	)
Income before income taxes		203.2			137.2			193.4			83.9
Income tax expense		62.4			42.5			58.4			27.8
Net income	$	140.8		$	94.7		$	135.0		$	56.1
Less: Net income attributable to noncontrolling interests		1.4			1.2			2.0			1.5
Net income attributable to Cinemark Holdings, Inc.	$	139.4		$	93.5		$	133.0		$	54.6

Weighted average shares outstanding
Basic		115.2			113.5			115.0			116.4
Diluted		116.4			149.1			116.6			155.0
Net income per share attributable to Cinemark Holdings, Inc.'s common stockholders
Basic	$	1.20		$	0.81		$	1.14		$	0.46
Diluted	$	1.19		$	0.63		$	1.13		$	0.38

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 INCOME

(in millions, unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	140.8		$	94.7		$	135.0		$	56.1
Other comprehensive income, net of tax
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements		1.2			(1.9	)		2.9			(5.1	)
Foreign currency translation adjustments		0.5			8.5			2.2			24.5
Total other comprehensive income, net of tax	$	1.7		$	6.6		$	5.1		$	19.4
Total comprehensive income, net of tax		142.5			101.3			140.1			75.5
Comprehensive income attributable to noncontrolling interests		(1.4	)		(1.2	)		(2.0	)		(1.5	)
Comprehensive income attributable to Cinemark Holdings, Inc.	$	141.1		$	100.1		$	138.1		$	74.0

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			Accumulated			Cinemark
	Common Stock				Treasury Stock						Additional		Deficit)/			Other			Holdings, Inc.'s
	Shares				Shares						Paid-in-		Retained			Comprehensive			Stockholders’			Noncontrolling			Total
	Issued		Amount		Acquired			Amount			Capital		Earnings			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		—		—		—			—			—		—			—			—			—			—
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
Repurchases of common stock under share repurchase program (see Note 9)		—		—		(0.9	)		(25.3	)		—		—			—			(25.3	)		—			(25.3	)
Stock withholdings related to share-based awards that vested during the three months ended June 30, 2026		—		—		—			(0.1	)		—		—			—			(0.1	)		—			(0.1	)
Restricted stock forfeitures		—		—		—			—			—		—			—			—			—			—
Issuance of share-based awards and share-based awards compensation expense		—		—		—			—			8.7		—			—			8.7			—			8.7
Dividends paid to stockholders, $0.09 per common share (see Note 6)		—	—			—		—				—		(10.7	)		—			(10.7	)		—			(10.7	)
Net income		—		—		—			—			—		139.4			—			139.4			1.4			140.8
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		—		—		—			—			—		—			1.7			1.7			—			1.7
Balance at June 30, 2026		152.0	$	0.1		(36.1	)	$	(585.6	)	$	1,415.2	$	47.1		$	(381.1	)	$	495.7		$	9.4		$	505.1

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		—		—		—			—			—		—			—			—			—			—
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
Stock withholdings related to share-based awards that vested during the three months ended June 30, 2025		—		—		—			(0.3	)		—		—			—			(0.3	)		—			(0.3	)
Restricted stock forfeitures		—		—		—			—			—		—			—			—			—			—
Issuance of share-based awards and share-based awards compensation expense		—		—		—			—			7.3		—			—			7.3			—			7.3
Dividends paid to stockholders, $0.08 per common share (see Note 6)		—	—			—			—			—		(9.4	)		—			(9.4	)		—			(9.4	)
Net income		—		—		—			—			—		93.5			—			93.5			1.2			94.7
Distributions to noncontrolling interests		—		—		—			—			—		—			—			—			(0.4	)		(0.4	)
Amortization of accumulated losses for amended swap agreements		—		—		—			—			—		—			0.9			0.9			—			0.9
Other comprehensive income		—		—		—			—			—		—			6.6			6.6			—			6.6
Balance at June 30, 2025		130.0	$	0.1		(14.9	)	$	(322.2	)	$	1,293.0	$	(127.6	)	$	(395.5	)	$	447.8		$	9.2		$	457.0

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)


	Six Months Ended June 30,
	2026			2025
Operating activities
Net income	$	135.0		$	56.1
Adjustments to reconcile net income to cash flow provided by operating activities
Depreciation		103.2			98.7
Amortization of intangible and other assets		—			0.2
Loss on debt amendments and extinguishments		2.8			1.5
Amortization of original issue discount and debt issuance costs		2.5			4.3
Interest accrued on NCM screen advertising advances		10.4			10.7
Amortization of NCM screen advertising advances		(16.2	)		(16.3	)
Amortization of accumulated losses for amended swap agreements		1.8			1.8
Impairment of long-lived and other assets		—			1.6
Share-based awards compensation expense		17.6			15.8
Loss (gain) on disposal of assets and other		6.5			(3.1	)
Net loss on investment in NCMI		0.4			7.8
Non-cash rent expense		(5.6	)		(5.6	)
Equity in income of affiliates		(3.2	)		(3.5	)
Deferred income tax expense (benefit)		33.9			(1.7	)
Distributions from equity investees		4.3			6.7
Changes in assets and liabilities and other		46.3			(18.2	)
Net cash provided by operating activities		339.7			156.8

Investing activities
Additions to theater properties and equipment		(99.3	)		(52.2	)
Proceeds from sale of theater properties and equipment and other		0.2			7.0
Net cash used for investing activities		(99.1	)		(45.2	)

Financing activities
Dividends paid to stockholders		(21.0	)		(19.1	)
Repurchases of common stock under share repurchase program		(25.3	)		(200.0	)
Payment of debt issuance costs		(0.6	)		(0.8	)
Payment of fees for debt amendments and extinguishments		(0.3	)		(0.2	)
Repayments of long-term debt		(3.2	)		(3.2	)
Restricted stock withholdings for payroll taxes		(20.5	)		(17.4	)
Payments on finance leases		(8.1	)		(7.6	)
Other financing activities		(1.7	)		2.0
Net cash used for financing activities		(80.7	)		(246.3	)

Effect of exchange rate changes on cash and cash equivalents		0.1			9.0

Increase (decrease) in cash and cash equivalents		160.0			(125.7	)

Cash and cash equivalents:
Beginning of period		344.3			1,057.3
End of period	$	504.3		$	931.6

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)


	June 30,			December 31,
	2026			2025
Assets
Current assets
Cash and cash equivalents	$	502.7		$	344.1
Inventories		32.3			29.1
Accounts receivable		112.9			110.0
Current income tax receivable		57.1			62.0
Prepaid expenses and other		52.1			47.3
Accounts receivable from parent		116.9			92.8
Total current assets		874.0			685.3
Theater properties and equipment, net		1,169.2			1,175.8
Operating lease right-of-use assets, net		939.0			949.9
Other long-term assets
Goodwill		1,248.4			1,245.8
Intangible assets, net		300.4			300.4
Investments in NCMI and other affiliates		39.4			40.9
Long-term deferred tax asset		59.5			47.3
Deferred charges and other assets, net		31.7			26.6
Total other long-term assets		1,679.4			1,661.0
Total assets	$	4,661.6		$	4,472.0
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	6.3		$	6.4
Current portion of operating lease obligations		215.2			215.0
Current portion of finance lease obligations		16.8			16.5
Current income tax payable		6.9			3.0
Accounts payable and accrued expenses		655.7			602.5
Total current liabilities		900.9			843.4
Long-term liabilities
Long-term debt, less current portion		1,870.5			1,869.2
Operating lease obligations, less current portion		773.9			791.0
Finance lease obligations, less current portion		84.9			93.7
Long-term deferred tax liability		55.4			8.5
Long-term liability for uncertain tax positions		57.3			55.7
NCM screen advertising advances		300.9			307.2
Other long-term liabilities		50.3			47.8
Total long-term liabilities		3,193.2			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		1,587.3			1,570.1
Accumulated deficit		(670.6	)		(757.7	)
Accumulated other comprehensive loss		(383.9	)		(390.8	)
Total Cinemark USA, Inc.'s stockholder's equity		558.1			446.9
Noncontrolling interests		9.4			8.6
Total equity		567.5			455.5
Total liabilities and equity	$	4,661.6		$	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 INCOME

(in millions, unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Revenue
Admissions	$	540.0		$	467.1		$	851.4		$	731.2
Concession		433.3			377.7			688.5			588.1
Other		113.1			95.7			189.6			161.9
Total revenue	$	1,086.4		$	940.5		$	1,729.5		$	1,481.2
Cost of operations
Film rentals and advertising		311.9			270.8			481.6			412.2
Concession supplies		82.0			73.1			130.5			117.4
Salaries and wages		116.6			109.4			211.0			199.7
Facility lease expense		89.0			82.9			169.9			161.2
Utilities and other		136.7			124.7			251.4			230.4
General and administrative expenses		61.8			53.3			116.8			106.8
Depreciation and amortization		51.6			49.4			103.2			98.9
Impairment of long-lived and other assets		—			1.6			—			1.6
Loss (gain) on disposal of assets and other		2.8			1.0			6.5			(3.1	)
Total cost of operations		852.4			766.2			1,470.9			1,325.1
Operating income		234.0			174.3			258.6			156.1
Other income (expense)
Interest expense		(31.3	)		(33.4	)		(66.0	)		(65.8	)
Loss on debt amendments and extinguishments		(2.8	)		(1.5	)		(2.8	)		(1.5	)
Other income, net		4.3			4.6			5.7			6.7
Total other expense		(29.8	)		(30.3	)		(63.1	)		(60.6	)
Income before income taxes		204.2			144.0			195.5			95.5
Income tax expense		62.5			43.6			58.9			29.4
Net income	$	141.7		$	100.4		$	136.6		$	66.1
Less: Net income attributable to noncontrolling interests		1.4			1.2			2.0			1.5
Net income attributable to Cinemark USA, Inc.	$	140.3		$	99.2		$	134.6		$	64.6

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 INCOME

(in millions, unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	141.7		$	100.4		$	136.6		$	66.1
Other comprehensive income, net of tax
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements		1.2			(1.9	)		2.9			(5.1	)
Foreign currency translation adjustments		0.5			8.5			2.2			24.5
Total other comprehensive income, net of tax	$	1.7		$	6.6		$	5.1		$	19.4
Total comprehensive income, net of tax		143.4			107.0			141.7			85.5
Comprehensive income attributable to noncontrolling interests		(1.4	)		(1.2	)		(2.0	)		(1.5	)
Comprehensive income attributable to Cinemark USA, Inc.	$	142.0		$	105.8		$	139.7		$	84.0

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 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 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		—	$	—		0.2	$	49.5	$	(24.2	)	$	1,579.0	$	(773.9	)	$	(386.5	)	$	443.9		$	8.6		$	452.5
Share-based awards compensation expense		—		—		—		—		—			8.3		—			—			8.3			—			8.3
Distributions to parent (see Note 16)		—		—		—		—		—			—		(37.0	)		—			(37.0	)		—			(37.0	)
Net income		—		—		—		—		—			—		140.3			—			140.3			1.4			141.7
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		—		—		—		—		—			—		—			1.7			1.7			—			1.7
Balance at June 30, 2026		—	$	—		0.2	$	49.5	$	(24.2	)	$	1,587.3	$	(670.6	)	$	(383.9	)	$	558.1		$	9.4		$	567.5

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY, Continued

(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, 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
Share-based awards compensation expense		—		—		—		—		—			6.9		—			—			6.9			—			6.9
Net income		—		—		—		—		—			—		99.2			—			99.2			1.2			100.4
Distributions to noncontrolling interests		—		—		—		—		—			—		—			—			—			(0.4	)		(0.4	)
Amortization of accumulated losses for amended swap agreements		—		—		—		—		—			—		—			0.9			0.9			—			0.9
Other comprehensive income		—		—		—		—		—			—		—			6.6			6.6			—			6.6
Balance at June 30, 2025		—	$	—		0.2	$	49.5	$	(24.2	)	$	1,550.0	$	(185.1	)	$	(398.3	)	$	991.9		$	9.2		$	1,001.1

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)


	Six Months Ended June 30,
	2026			2025
Operating activities
Net income	$	136.6		$	66.1
Adjustments to reconcile net income to cash flow provided by operating activities
Depreciation		103.2			98.7
Amortization of intangible and other assets		—			0.2
Loss on debt amendments and extinguishments		2.8			1.5
Amortization of original issue discount and debt issuance costs		2.5			2.6
Interest accrued on NCM screen advertising advances		10.4			10.7
Amortization of NCM screen advertising advances		(16.2	)		(16.3	)
Amortization of accumulated losses for amended swap agreements		1.8			1.8
Impairment of long-lived and other assets		—			1.6
Share-based awards compensation expense		16.9			15.1
Loss (gain) on disposal of assets and other		6.5			(3.1	)
Net loss on investment in NCMI		0.4			7.8
Non-cash rent expense		(5.6	)		(5.6	)
Equity in income of affiliates		(3.2	)		(3.5	)
Deferred income tax expense (benefit)		34.4			(1.0	)
Distributions from equity investees		4.3			6.7
Changes in assets and liabilities and other		45.2			(18.9	)
Net cash provided by operating activities		340.0			164.4

Investing activities
Additions to theater properties and equipment		(99.3	)		(52.2	)
Proceeds from sale of theater properties and equipment and other		0.2			7.0
Net cash used for investing activities		(99.1	)		(45.2	)

Financing activities
Distributions paid to parent		(47.5	)		—
Payment of debt issuance costs		(0.6	)		(0.8	)
Payment of fees for debt amendments and extinguishments		(0.3	)		(0.2	)
Repayments of long-term debt		(3.2	)		(3.2	)
Restricted stock withholdings for payroll taxes		(20.5	)		(17.4	)
Payments on finance leases		(8.1	)		(7.6	)
Other financing activities		(2.2	)		1.6
Net cash used for financing activities		(82.4	)		(27.6	)

Effect of exchange rate changes on cash and cash equivalents		0.1			9.0

Increase in cash and cash equivalents		158.6			100.6

Cash and cash equivalents:
Beginning of period		344.1			827.4
End of period	$	502.7		$	928.0

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 June 30, 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 and six months ended June 30, 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

adoption of the amendments in ASU 2025-11 is not expected to have a significant impact on the Company’s consolidated financial statements and disclosures.

Lease Accounting

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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
Lease Cost	Classification	2026		2025		2026		2025
Operating lease costs
Equipment (1)	Utilities and other, General and administrative	$	1.2	$	1.2	$	2.2	$	2.1
Real Estate (1)	Facility lease expense, General and administrative		91.0		84.9		173.6		164.7
Total operating lease costs		$	92.2	$	86.1	$	175.8	$	166.8

Finance lease costs
Amortization of leased assets	Depreciation and amortization	$	3.6	$	3.6	$	7.2	$	7.2
Interest on lease liabilities	Interest expense		1.4		1.7		2.9		3.4
Total finance lease costs		$	5.0	$	5.3	$	10.1	$	10.6

(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				Six Months Ended
		June 30,				June 30,
Lease Cost	Classification	2026		2025		2026		2025
Operating lease costs
Equipment - Short-term and variable lease payments	Utilities and other	$	1.1	$	1.1	$	2.1	$	1.9
Real Estate - Variable lease payments (1)	Facility lease expense	$	21.0	$	16.8	$	33.8	$	29.5
Office and equipment leases	General and administrative	$	0.4	$	0.3	$	0.8	$	0.7

(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.


	Six Months Ended
	June 30,
Other Information	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Cash outflows for operating leases	$	139.9	$	135.4
Cash outflows for finance leases - operating activities	$	2.9	$	3.4
Cash outflows for finance leases - financing activities	$	8.1	$	7.6
Non-cash amount of right-of-use assets obtained in exchange for:
Operating lease liability additions, net	$	88.4	$	103.1

As of June 30, 2026, the Company had signed lease agreements with total non-cancelable lease payments of approximately $53.2 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 June 30, 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 June 30, 2026 and December 31, 2025 included approximately $37.5 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 six months ended June 30, 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						Six Months Ended
	June 30, 2026						June 30, 2026
	U.S.		International				U.S.		International
	Reportable		Reportable				Reportable		Reportable
	Segment (1)		Segment		Consolidated		Segment (1)		Segment		Consolidated
Admissions revenue	$	434.4	$	105.6	$	540.0	$	688.2	$	163.2	$	851.4
Concession revenue		348.9		84.4		433.3		555.7		132.8		688.5
Screen advertising, screen rental and promotional revenue		25.8		19.1		44.9		48.1		30.4		78.5
Other revenue		50.9		17.3		68.2		82.7		28.4		111.1
Total revenue	$	860.0	$	226.4	$	1,086.4	$	1,374.7	$	354.8	$	1,729.5


	Three Months Ended						Six Months Ended
	June 30, 2025						June 30, 2025
	U.S.		International				U.S.		International
	Reportable		Reportable				Reportable		Reportable
	Segment (1)		Segment		Consolidated		Segment (1)		Segment		Consolidated
Admissions revenue	$	383.4	$	83.7	$	467.1	$	591.0	$	140.2	$	731.2
Concession revenue		307.6		70.1		377.7		472.0		116.1		588.1
Screen advertising, screen rental and promotional revenue		24.6		14.5		39.1		45.5		26.0		71.5
Other revenue		43.7		12.9		56.6		67.9		22.5		90.4
Total revenue	$	759.3	$	181.2	$	940.5	$	1,176.4	$	304.8	$	1,481.2

(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.

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						Six Months Ended
	June 30, 2026						June 30, 2026
	U.S.		International				U.S.		International
	Reportable		Reportable				Reportable		Reportable
	Segment (1)		Segment		Consolidated		Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	828.2	$	200.4	$	1,028.6	$	1,316.2	$	312.1	$	1,628.3
Goods and services transferred over time		31.8		26.0		57.8		58.5		42.7		101.2
Total	$	860.0	$	226.4	$	1,086.4	$	1,374.7	$	354.8	$	1,729.5


	Three Months Ended						Six Months Ended
	June 30, 2025						June 30, 2025
	U.S.		International				U.S.		International
	Reportable		Reportable				Reportable		Reportable
	Segment (1)		Segment		Consolidated		Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	730.9	$	162.2	$	893.1	$	1,125.4	$	270.3	$	1,395.7
Goods and services transferred over time		28.4		19.0		47.4		51.0		34.5		85.5
Total	$	759.3	$	181.2	$	940.5	$	1,176.4	$	304.8	$	1,481.2

(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.

NCM Screen Advertising Advances and Other Deferred Revenue

The following table presents changes in the Company’s deferred revenue for the six months ended June 30, 2026.


	NCM screen advertising advances			Other deferred revenue (1)
Balance at January 1, 2026	$	307.2		$	265.5
Amounts recognized as accounts receivable		—			3.7
Annual common unit adjustment (2)		(0.5	)		—
Cash received from customers in advance		—			195.2
Interest accrued related to significant financing component		10.4			—
Revenue recognized during period		(16.2	)		(203.8	)
Foreign currency translation adjustments		—			0.5
Balance at June 30, 2026	$	300.9		$	261.1

(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.

(2)

Represents amount paid to NCM pursuant to the 2025 common unit adjustment under the Common Unit Agreement.

The table below summarizes the aggregate amount of the performance obligations that are unsatisfied as of June 30, 2026 and when the Company expects to recognize this deferred revenue.


	Twelve Months Ended June 30,
	2027		2028		2029		2030		2031		Thereafter		Total
NCM screen advertising advances (1)	$	12.4	$	13.2	$	14.2	$	15.2	$	16.2	$	229.7	$	300.9
Other deferred revenue		230.9		30.2		—		—		—		—		261.1
Total	$	243.3	$	43.4	$	14.2	$	15.2	$	16.2	$	229.7	$	562.0

(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.

Earnings Per Share

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Numerator:
Net income attributable to Cinemark Holdings, Inc.	$	139.4		$	93.5		$	133.0		$	54.6
Income allocated to participating share-based awards (1)		(1.4	)		(1.2	)		(1.2	)		(0.6	)
Basic net income attributable to common stockholders	$	138.0		$	92.3		$	131.8		$	54.0
Add: Interest expense on convertible notes, net of tax		—			1.8			—			5.4
Diluted net income attributable to common stockholders	$	138.0		$	94.1		$	131.8		$	59.4

Denominator:
Basic weighted average shares outstanding		115.2			113.5			115.0			116.4
Common equivalent shares for performance stock units		1.2			1.8			1.6			2.0
Common equivalent shares for restricted stock units		—			—			—			0.1
Common equivalent shares for convertible notes (2)		—			25.0			—			28.6
Common equivalent shares for warrants (3)		—			8.8			—			7.9
Diluted weighted average shares outstanding		116.4			149.1			116.6			155.0

Basic earnings per share attributable to common stockholders	$	1.20		$	0.81		$	1.14		$	0.46
Diluted earnings per share attributable to common stockholders	$	1.19		$	0.63		$	1.13		$	0.38

(1)

For the three months ended June 30, 2026 and 2025, a weighted average of approximately 1.17 shares and 1.48 shares of restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2026 and 2025, a weighted average of approximately 1.00 shares and 1.34 shares of restricted stock, respectively, were considered participating securities.

(2)

For the three and six months ended June 30, 2025, diluted earnings per share excludes the convertible note hedge transactions, as they were anti-dilutive. The 4.50% Convertible Notes matured August 15, 2025.

(3)

For the three and six months ended June 30, 2025, diluted earnings per share excludes the warrants, as they were anti-dilutive since the strike price exceeded the average price of Holdings’ common stock during the relevant periods. 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 earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings 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 and six months ended June 30, 2026 and 2025, diluted earnings 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 six months ended June 30, 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
5/14/2026	5/28/2026	6/11/2026		0.09		10.7
		Total	$	0.18	$	21.5

2/18/2025	3/5/2025	3/19/2025	$	0.08	$	10.1
5/15/2025	5/29/2025	6/12/2025		0.08		9.4
		Total	$	0.16	$	19.5

(1)

Of the total dividends recorded during the three and six months ended June 30, 2026, $0.2 and $0.5, respectively, relate to outstanding performance and restricted stock units and are not paid until such units vest. Of the total dividends recorded during the three and six months ended June 30, 2025, $0.2 and $0.4, 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:


	June 30,		December 31,
	2026		2025
Cinemark USA, Inc. term loan due May 2030	$	629.1	$	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	$	1,894.1	$	1,897.3
Less: Current portion, net of unamortized debt issuance costs		6.3		6.4
Less: Debt issuance costs and original issue discount, net of accumulated amortization		17.3		21.7
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,870.5	$	1,869.2

Senior Secured Credit Facility

On May 12, 2026, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to reduce the rate at which the term loan bears interest by 0.25% and reset the 101% soft call for another six months. CUSA incurred a total of approximately $0.9 in debt issuance costs in connection with the amendment, which are reflected in the condensed consolidated financial statements as follows: (i) $0.6 in debt issuance costs were capitalized and are reflected as a reduction of “Long-term debt, less current portion” on the Company’s condensed consolidated balance sheet, and (ii) $0.3 of legal and other fees are included in “Loss on debt amendments and extinguishments” in the Company’s condensed consolidated statement of income for the three and six months ended June 30, 2026. As a result of the amendment, CUSA also wrote-off $2.5 of unamortized debt issuance costs and original issue discount associated with exiting lenders of the amended Credit Agreement, which is reflected in “Loss on debt amendments and extinguishments” in the Company’s condensed consolidated statement of income for the three and six months ended June 30, 2026.

As of June 30, 2026, there was $629.1 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 June 30, 2026 was approximately 5.3% 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 June 30, 2026:


Notional					Estimated
Amount		Pay Rate	Receive Rate	Expiration Date	Fair Value (1)
$	137.5	3.23%	1-Month Term SOFR	December 31, 2027	$	1.5
$	137.5	3.17%	1-Month Term SOFR	December 31, 2027		1.7
$	175.0	3.23%	1-Month Term SOFR	December 31, 2027		1.9
				Total	$	5.1

(1)

Approximately $3.3 of the total is included in “Prepaid expenses and other” and $1.8 is included in “Deferred charges and other assets” on the condensed consolidated balance sheet as of June 30, 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 $1,906.0 and $1,920.0 as of June 30, 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 six months ended June 30, 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		—			(10.4	)
Annual common unit adjustment (2)		—			0.5
Unrealized loss on fair market value adjustment of investment in NCMI		(0.4	)		—
Amortization of screen advertising advances		—			16.2
Balance at June 30, 2026	$	16.6		$	(300.9	)

(1)

See “NCM Screen Advertising Advances and Other Deferred Revenue” in Note 4 for the remaining maturity of NCM screen advertising advances as of June 30, 2026.

(2)

Represents amount paid to NCM pursuant to the 2025 common unit adjustment under the Common Unit Agreement.

The Company accounts for its investment in NCMI under the fair value method. The Company recognized unrealized gains (losses) of $3.3 and $(0.4) on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2026, respectively. The Company recognized unrealized losses of $4.3 and $7.8 on its investment in NCMI in the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2025, respectively.

The Company received cash distributions of $1.3 and $1.4 from NCMI during the six months ended June 30, 2026 and 2025, respectively, including cash receipts pursuant to a tax receivable agreement.

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 six months ended June 30, 2026 and 2025, the Company recognized screen rental revenue under the ESA of $13.0 and $10.5, 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 $3.2 and $4.2, respectively. As of June 30, 2026 and December 31, 2025, the Company had a receivable from NCM of $5.0 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 income. As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $16.2 and $10.4, respectively, during the six months ended June 30, 2026 and incremental screen rental revenue and interest expense of $16.3 and $10.7, respectively, during the six months ended June 30, 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 six months ended June 30, 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			0.2		0.6			3.2
Cash distributions received		(2.3	)		—		(2.0	)		(4.3	)
Balance at June 30, 2026	$	3.9		$	3.7	$	15.2		$	22.8

Below is a summary of transactions with each of the Company’s other affiliates for the three and six months ended June 30, 2026 and 2025:


		Three Months Ended				Six Months Ended
Investee	Transactions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
AC JV, LLC	Event fees paid (1)	$	1.8	$	9.0	$	6.0	$	11.7
DCDC	Content delivery fees paid (1)	$	0.1	$	0.2	$	0.3	$	0.3

(1)

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

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 six months ended June 30, 2026:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2026		34.37	$	539.8
Repurchases of common stock (1)		0.95		25.3
Restricted stock withholdings (2)		0.78		20.5
Restricted stock forfeitures (3)		0.03		—
Balance at June 30, 2026		36.13	$	585.6

(1)

Holdings repurchased outstanding common shares under a share repurchase program. See Share Repurchase Program below.

(2)

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 $33.80 per share.

(3)

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

As of June 30, 2026, Holdings had no plans to retire any shares of treasury stock.

Share Repurchase Program

On October 30, 2025, Holdings’ Board of Directors approved a share repurchase program authorizing repurchases of up to $300.0 of Holdings’ outstanding stock, before direct costs. The program commenced on November 7, 2025 and will continue until the authorized repurchase amount is reached, or the Board of Directors suspends or terminates the program, whichever occurs first. During the six months ended June 30, 2026, we repurchased $25.3 of Holdings’ common stock under the program. As of June 30, 2026, $199.7 remained available for future repurchases under the $300.0 share repurchase program. Repurchases under the program were funded using cash on hand.

Restricted Stock

Below is a summary of restricted stock activity for the six months ended June 30, 2026:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2026		1.48		$	19.76
Granted		0.64			27.05
Vested		(0.88	)		17.70
Forfeited		(0.02	)		22.87
Outstanding and unvested at June 30, 2026		1.22		$	25.02

During the six months ended June 30, 2026, Holdings granted 0.64 shares of its restricted stock to its directors and 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 ranged from $26.49 to $32.17 per share. The Company assumed forfeiture rates ranging from 0.0% to 8.0% for the restricted stock awards granted during the six months ended June 30, 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.


	Six Months Ended June 30,
	2026		2025
Compensation expense recognized during the period:
CUSA employees (1), (2)	$	7.9	$	7.8
Holdings directors		0.7		0.7
Total recognized by Holdings (1), (2)	$	8.6	$	8.5

Fair value of restricted stock that vested during the period:
CUSA employees	$	22.0	$	36.1
Holdings directors		1.4		2.4
Holdings total	$	23.4	$	38.5

Income tax benefit recognized upon vesting of restricted stock awards held by:
CUSA employees	$	4.3	$	6.6
Holdings directors		0.3		0.5
Holdings total income tax benefit	$	4.6	$	7.1

(1)

Compensation expense for the six months ended June 30, 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 six months ended June 30, 2026 and 2025 includes approximately $0.3 and $0.6, 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 June 30, 2026, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:


	Estimated
	Remaining
	Expense
CUSA employees (1)	$	21.7
Holdings directors		1.7
Total remaining - Holdings (1)	$	23.4

(1)

The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.7 years.

Restricted Stock Units

During the six months ended June 30, 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:


	Six Months Ended June 30,
	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	$	1.1	$	0.6
Income tax benefit related to restricted stock units	$	0.2	$	—

As of June 30, 2026, the estimated remaining unrecognized compensation expense related to outstanding restricted stock units was $3.3. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.9 years. As of June 30, 2026, Holdings had RSUs outstanding that represented a total of approximately 0.20 hypothetical shares of common stock, net of estimated forfeitures.

Performance Stock Units

During the six months ended June 30, 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:


	Six Months Ended June 30,
	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	$	—
Compensation expense recognized during the period (1)	$	7.9	$	6.7
Income tax benefit related to performance stock units	$	6.2	$	3.0

(1)

Compensation expense for the three and six months ended June 30, 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 June 30, 2026, the estimated remaining unrecognized compensation expense related to outstanding performance stock units was $21.5. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.3 years. As of June 30, 2026, Holdings had performance stock units outstanding that represented a total of approximately 2.0 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. Reportable Segment		International Reportable Segment		Total
Balance at January 1, 2026 (1)	$	1,182.9	$	62.9	$	1,245.8
Foreign currency translation adjustments		—		2.6		2.6
Balance at June 30, 2026 (1)	$	1,182.9	$	65.5	$	1,248.4

(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 June 30, 2026 at Note 11.

There were no changes in the Company’s intangible assets during the six months ended June 30, 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, as of June 30, 2026. As a result of the qualitative assessment, the Company noted no impairment indicators related to these assets as of June 30, 2026.

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 for the three and six months ended June 30, 2026. We recorded impairment charges for long-lived assets in our international reportable segment of $1.6 for the three and six months ended June 30, 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 June 30, 2026 and December 31, 2025.


		Carrying		Fair Value Hierarchy
Description	As of	Value		Level 1		Level 2		Level 3
Interest rate swap assets (1)	June 30, 2026	$	5.1	$	—	$	5.1	$	—
Investment in NCMI (2)	June 30, 2026	$	16.6	$	16.6	$	—	$	—

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 six months ended June 30, 2026.

13.

Foreign Currency Translation

The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $381.1 and $388.0 and CUSA’s stockholder's equity of $383.9 and $390.8 as of June 30, 2026 and December 31, 2025, respectively, primarily includes cumulative net foreign currency losses of $391.0 and $393.2 as of June 30, 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 June 30, 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. For the six months ended June 30, 2026 and 2025, the Company recorded foreign currency exchange losses of $0.9 and $3.7, respectively, due to the translation of Argentina's financial results to U.S. dollars.

Below is a summary of the impact of translating the June 30, 2026 and June 30, 2025 financial statements of the Company’s international subsidiaries:


					Other comprehensive income, for the
	Exchange Rate as of				six months ended
Country	June 30, 2026		December 31, 2025		June 30, 2026			June 30, 2025
Brazil		5.18		5.49	$	5.3		$	15.3
Colombia		3,447.96		3,765.42		2.3			1.6
Bolivia (1)		9.76		6.96		(3.6	)		—
Chile		922.86		901.62		(2.4	)		4.9
All other						0.6			2.7
					$	2.2		$	24.5

(1)

In June 2026, the Bolivian government announced that Bolivia had transitioned from a fixed exchange-rate regime to a flexible exchange-rate system. As a result, the exchange rates for Bolivia as of June 30, 2026 differed from the exchange rate historically used.

14.

Supplemental Cash Flow Information

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


	Six Months Ended
	June 30,
	2026			2025
Cash paid for interest by Holdings (1)	$	57.0		$	73.0
Cash paid for interest by CUSA	$	57.0		$	62.6
Cash paid for income taxes, net	$	12.9		$	19.2
Noncash operating activities:
Interest expense - NCM (see Note 8)	$	(10.4	)	$	(10.7	)
Noncash investing activities:
Change in accounts payable and accrued expenses for the acquisition of theater properties and equipment (2)	$	0.5		$	13.2
Theater properties and other assets acquired under finance leases	$	—		$	1.0
Dividends accrued on unvested performance and restricted stock unit awards	$	0.5		$	0.4

(1)

Includes the cash interest paid by CUSA. Cash paid for interest for the six months ended June 30, 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 June 30, 2026 and December 31, 2025 were $21.9 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 June 30, 2026								Six Months Ended June 30, 2026
	U.S. Reportable Segment			International Reportable Segment		Consolidated			U.S. Reportable Segment			International Reportable Segment		Consolidated
Revenue	$	864.4		$	226.4	$	1,090.8		$	1,381.4		$	354.8	$	1,736.2
Elimination of intersegment revenue		(4.4	)		—		(4.4	)		(6.7	)		—		(6.7	)
Total Revenue		860.0			226.4		1,086.4			1,374.7			354.8		1,729.5
Less:
Film rentals and advertising		258.4			53.5		311.9			399.3			82.3		481.6
Concession supplies		62.6			19.4		82.0			100.4			30.1		130.5
Salaries and wages		95.0			21.6		116.6			172.2			38.8		211.0
Facility lease expense		63.5			25.5		89.0			125.8			44.1		169.9
Utilities and other (1)		104.5			32.2		136.7			193.3			58.1		251.4
General and administrative		48.6			14.2		62.8			91.5			27.4		118.9
Other segment items (2)		(6.6	)	—			(6.6	)		(16.5	)		0.2		(16.3	)
Adjusted EBITDA (3)	$	234.0		$	60.0	$	294.0		$	308.7		$	73.8	$	382.5


	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	U.S. Reportable Segment			International Reportable Segment		Consolidated			U.S. Reportable Segment			International Reportable Segment		Consolidated
Revenue	$	762.9		$	181.2	$	944.1		$	1,182.2		$	304.8	$	1,487.0
Elimination of intersegment revenue		(3.6	)		—		(3.6	)		(5.8	)		—		(5.8	)
Total Revenue		759.3			181.2		940.5			1,176.4			304.8		1,481.2
Less:
Film rentals and advertising		227.7			43.1		270.8			340.9			71.3		412.2
Concession supplies		57.0			16.1		73.1			90.8			26.6		117.4
Salaries and wages		90.9			18.5		109.4			165.5			34.2		199.7
Facility lease expense		62.2			20.7		82.9			122.4			38.8		161.2
Utilities and other (1)		97.7			27.0		124.7			179.5			50.9		230.4
General and administrative		42.4			11.7		54.1			86.1			22.5		108.6
Other segment items (2)		(6.7	)		—		(6.7	)		(16.9	)		—		(16.9	)
Adjusted EBITDA (3)	$	188.1		$	44.1	$	232.2		$	208.1		$	60.5	$	268.6

(1)

Utilities and other for the International reportable segment is shown net of intersegment expenses of $4.4 and $3.6 for the three months ended June 30, 2026 and 2025, respectively. Utilities and other for the International reportable segment is shown net of intersegment expenses of $6.7 and $5.8 for the six months ended June 30, 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 income to Adjusted EBITDA.

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Net income	$	140.8		$	94.7		$	135.0		$	56.1
Add (deduct):
Income tax expense		62.4			42.5			58.4			27.8
Interest expense (1)		31.3			39.4			66.0			77.9
Other income, net		(4.3	)		(4.6	)		(5.7	)		(9.0	)
Cash distributions from equity investees (2)		0.4			1.9			4.3			6.7
Depreciation and amortization		51.6			49.4			103.2			98.9
Impairment of long-lived and other assets		—			1.6			—			1.6
Gain on disposal of assets and other		2.8			1.0			6.5			(3.1	)
Loss on debt amendments and extinguishments		2.8			1.5			2.8			1.5
Non-cash rent expense		(2.7	)		(2.8	)		(5.6	)		(5.6	)
Share-based awards compensation expense (3)		8.9			7.6			17.6			15.8
Adjusted EBITDA	$	294.0		$	232.2		$	382.5		$	268.6

(1)

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

(2)

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.

(3)

Non-cash expense included in general and administrative expenses.

Capital Expenditures by Reportable Segment

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Capital expenditures
U.S.	$	48.7	$	25.0	$	77.6	$	41.9
International		12.9		5.1		21.7		10.3
Total capital expenditures	$	61.6	$	30.1	$	99.3	$	52.2

Financial Information About Geographic Areas

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Revenue	2026			2025			2026			2025
U.S.	$	864.4		$	762.9		$	1,381.4		$	1,182.2
Brazil		80.2			59.6			129.3			108.9
Other international countries		146.2			121.6			225.5			195.9
Eliminations		(4.4	)		(3.6	)		(6.7	)		(5.8	)
Total	$	1,086.4		$	940.5		$	1,729.5		$	1,481.2


	As of		As of
Theater properties and equipment, net	June 30, 2026		December 31, 2025
U.S.	$	979.5	$	993.1
Brazil		59.1		55.3
Other international countries		130.6		127.4
Total	$	1,169.2	$	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 $0.4 and $0.4 of management fee revenue during the six months ended June 30, 2026 and 2025, respectively. All such amounts are included in the condensed consolidated statements of income, with the intercompany amounts eliminated in consolidation. During the six months ended June 30, 2026 and 2025, the Company paid excess cash distributions of $0.4 and $0.4, 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 six months ended June 30, 2026 and 2025, the Company paid total rent of $11.6 and $11.0, 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 $0.03 and $0.03 during the six months ended June 30, 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 $0.03 and $0.03 related to these services during the six months ended June 30, 2026 and 2025, respectively. The Company received cash distributions of $2.0 and $4.0 from FE Concepts during the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026, CUSA paid cash distributions totaling approximately $47.5 to Cinemark Holdings, Inc., primarily to fund the payment of the Company’s shareholder dividends and share repurchases under the Company’s share repurchase program. See Note 6 for further discussion of the Company’s shareholder dividends and Note 9 for further discussion of the Company’s share repurchase program.

In the ordinary course of business, CUSA may pay certain expenses on behalf of Holdings, primarily related to general and administrative expenses and income taxes. Amounts owed to CUSA from Holdings are reflected in “Accounts receivable from parent” on CUSA’s condensed consolidated balance sheet.

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 plaintiff voluntarily dismissed the lawsuit in June 2026.

Lakenya Neal, individually and on behalf of a class of all others similarly situated vs. Cinemark USA, Inc. and Cinemark Holdings, Inc., et al. On May 14, 2026, plaintiff refiled a putative class action lawsuit against the Company in the Superior Court of California, Los Angeles County, alleging violations of the Fair and Accurate Credit Transactions Act. Plaintiffs previously filed a substantially similar action in California state court on December 10, 2021, which plaintiff voluntarily dismissed in March 2023. The current Lakenya Neal action is also substantially similar to the previously disclosed Gerardo Rodriguez action. Both Lakenya Neal actions and the Gerardo Rodriguez actions were filed by the same plaintiffs' counsel, are based on the same alleged conduct and seek to represent substantially the same putative class. The Company intends to vigorously defend the matter. At this time, 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, and the court issued a final judgment dismissing the litigation on March 19, 2026.

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 six months ended June 30, 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 June 30, 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 six months ended June 30, 2026 included new releases The Super Mario Galaxy Movie, Michael, Toy Story 5, Project Hail Mary, Obsession, The Devil Wears Prada 2, Backrooms, and Star Wars: The Mandalorian and Grogu.

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 of Holdings along with each of those items as a percentage of revenue.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Operating data (in millions):
Revenue
Admissions	$	540.0		$	467.1		$	851.4		$	731.2
Concession		433.3			377.7			688.5			588.1
Other		113.1			95.7			189.6			161.9
Total revenue	$	1,086.4		$	940.5		$	1,729.5		$	1,481.2
Cost of operations
Film rentals and advertising		311.9			270.8			481.6			412.2
Concession supplies		82.0			73.1			130.5			117.4
Salaries and wages		116.6			109.4			211.0			199.7
Facility lease expense		89.0			82.9			169.9			161.2
Utilities and other		136.7			124.7			251.4			230.4
General and administrative expenses (1)		62.8			54.1			118.9			108.6
Depreciation and amortization		51.6			49.4			103.2			98.9
Impairment of long-lived and other assets		—			1.6			—			1.6
Loss (gain) on disposal of assets and other		2.8			1.0			6.5			(3.1	)
Total cost of operations (1)		853.4			767.0			1,473.0			1,326.9
Operating income (1)	$	233.0		$	173.5		$	256.5		$	154.3

Operating data as a percentage of total revenue:
Revenue
Admissions		49.7	%		49.6	%		49.2	%		49.4	%
Concession		39.9	%		40.2	%		39.8	%		39.7	%
Other		10.4	%		10.2	%		11.0	%		10.9	%
Total revenue		100.0	%		100.0	%		100.0	%		100.0	%
Cost of operations (2)
Film rentals and advertising (2)		57.8	%		58.0	%		56.6	%		56.4	%
Concession supplies (2)		18.9	%		19.4	%		19.0	%		20.0	%
Salaries and wages		10.7	%		11.6	%		12.2	%		13.5	%
Facility lease expense		8.2	%		8.8	%		9.8	%		10.9	%
Utilities and other		12.6	%		13.3	%		14.5	%		15.6	%
General and administrative expenses		5.8	%		5.8	%		6.9	%		7.3	%
Depreciation and amortization		4.8	%		5.3	%		6.0	%		6.7	%
Impairment of long-lived and other assets		—	%		0.2	%		—	%		0.1	%
Loss (gain) on disposal of assets and other		0.3	%		0.1	%		0.4	%		(0.2	)%
Total cost of operations		78.6	%		81.6	%		85.2	%		89.6	%
Operating income		21.4	%		18.4	%		14.8	%		10.4	%
Average screen count (3)		5,620			5,646			5,625			5,647

(1)

The only difference between components of operating income 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 of CUSA:

        
       Three Months Ended


	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 June 30, 2026 and December 31, 2025	3
		Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025	4
		Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025	5
		Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025	6
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	8
		Cinemark USA, Inc. and Subsidiaries Financial Statements (unaudited)
		Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	9
		Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025	10
		Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025	11
		Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025	12
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	14
		Cinemark Holdings, Inc. and Cinemark USA, Inc. Notes to Condensed Consolidated Financial Statements	15

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

	Item 4.	Controls and Procedures	45

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	46

	Item 1A.	Risk Factors	46

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

	Item 5.	Other Information	47

	Item 6.	Exhibits	53

SIGNATURES			54