10-Q · May 12, 2026
National CineMedia, Inc. reported Q1 2026 revenue of $34.0 million, a 2.6% decrease from $34.9 million in Q1 2025, with a diluted EPS of -$0.31 versus -$0.32 in the prior year. Despite a slight revenue miss against…
Earnings analysis · 10-Q
NCMI earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
National CineMedia reported Q2 2026 revenue of $58.4 million, a substantial sequential recovery from $34.0 million in Q1 and growth from $52.0 million in the prior-year quarter, although diluted EPS of negative $0.10…
Read full summary
National CineMedia reported Q2 2026 revenue of $58.4 million, a substantial sequential recovery from $34.0 million in Q1 and growth from $52.0 million in the prior-year quarter, although diluted EPS of negative $0.10 remained below the prior-year negative $0.11. The quarter’s revenue was within the previously disclosed $57.0 million to $63.0 million outlook, but the provided filing text does not disclose current-quarter margins, free cash flow, segment results, or new guidance. Balance-sheet risk remains centered on $12.0 million of floating-rate debt, while the filing reported no material changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.1
What stood out
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Strong sequential revenue recovery
Revenue was $58.4 million, up approximately 71.8% from $34.0 million in Q1 2026 and approximately 12.3% from $52.0 million in Q2 2025. The reported result was within the previously disclosed Q2 outlook of $57.0 million to $63.0 million.
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Sequential EPS improvement
Diluted EPS was negative $0.10, improving from negative $0.31 in Q1 2026 but declining from negative $0.11 in Q2 2025.
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Debt remains below facility capacity
NCM LLC had $12.0 million outstanding under the 2025 Credit Facility as of July 2, 2026, against maximum facility capacity of $45.0 million.
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Share repurchases continued
The company repurchased 62,856 shares during the quarter at an average price of $3.10 per share, with $63.7 million remaining under the repurchase authorization.
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Controls assessed as effective
Management concluded that disclosure controls and procedures were effective as of July 2, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect financial reporting.
What to watch
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Floating-rate debt exposure
The 2025 Credit Facility carries a floating rate of term SOFR plus a 2.00% margin, with the margin subject to an additional 2.00% increase upon an event of default. At the full $45.0 million facility capacity, a 100-basis-point rate move would change annual cash interest expense by approximately $0.5 million.
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Liquidity and refinancing risk
The company reported a $12.0 million outstanding balance under the 2025 Credit Facility as of July 2, 2026, creating refinancing and liquidity exposure despite $33.0 million of undrawn capacity relative to the $45.0 million maximum.
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Potential insider-sale overhang
The Chief Legal Officer adopted a Rule 10b5-1 plan to sell up to 72,635 shares, expiring June 30, 2027 unless terminated earlier, which could increase market supply and create an overhang for the stock.
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No material risk-factor update
The filing states there were no material changes to risk factors previously disclosed in the May 12, 2026 10-Q and February 26, 2026 10-K. Accordingly, no newly added or removed material risk factor was identified in this quarter.
Management's outlook
No new quantitative guidance or outlook was disclosed in the provided 10-Q text. The previously disclosed Q2 2026 revenue outlook of $57.0 million to $63.0 million was exceeded at the midpoint, with reported revenue of $58.4 million.
Earlier filings 4
10-K · February 26, 2026
National CineMedia, Inc. reported a modest 1% revenue increase to $243.2 million for the fiscal year ending January 1, 2026, with significant improvements in national advertising revenue driven by added utilization from…
10-Q · October 30, 2025
National CineMedia reported modest revenue growth in Q3 2025, with total revenue increasing 1.6% to $63.4 million compared to the prior year, bolstered by a rise in national advertising revenue despite a decline in…
10-Q · August 5, 2025
National CineMedia's Q2 2025 results showed a revenue decline of 5.3% YoY to $51.8 million, with a gross margin of 93.8%. The net loss per share increased to -$0.11, missing EPS estimates. Despite some operational cost…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.