NCMI earnings analysis
What we found in NCMI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.1
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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