MARCUS CORPORATION REPORTS SECOND QUARTER FISCAL 2026 RESULTS Marcus Corporation reports strong net earnings and highest revenue and Adjusted EBITDA in a second quarter since the pandemic; Marcus Theatres and Marcus Hotels & Resorts outperformed their respective industries; Marcus Hotels & Resorts reports strong operating income and record second quarter revenue and Adjusted EBITDA
Milwaukee, July 30, 2026 … The Marcus Corporation (NYSE: MCS) today reported results for the second quarter fiscal 2026 ended June 30, 2026.
“Our second quarter fiscal 2026 results reflected strong contributions from both divisions, with Marcus Theatres and Marcus Hotels & Resorts each significantly outperforming their respective industries,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Marcus Theatres delivered the highest admission revenue growth among the top theatre circuits during the second quarter of fiscal 2026, powered by a diverse slate of high-quality films that performed well in our markets, including a favorable mix of family friendly movies. In our hotels and resorts division, healthy leisure demand drove both occupancy and rate growth that propelled performance and set a record second quarter revenue and Adjusted EBITDA for Marcus Hotels & Resorts. Each division has a lot to look forward to as we head into the second half of the year. In Marcus Theatres, the film slate for the third and fourth quarters of fiscal 2026 is impressive, starting with the recent epic opening of The Odyssey and this weekend’s eagerly awaited release of Spider-Man: Brand New Day, followed by many great titles through the end of the year, including the highly anticipated Avengers: Doomsday and Dune: Part Three. In Marcus Hotels & Resorts, leisure travelers and groups continue to prioritize travel and events, which bodes well for our primarily upper-upscale and luxury hotels and resorts across the nation.”
Second Quarter Fiscal 2026 Highlights
•Total revenues for the second quarter of fiscal 2026 were $231.7 million, a 12.5% increase from total revenues of $206.0 million for the second quarter of fiscal 2025.
•Operating income was $27.1 million for the second quarter of fiscal 2026, a 108.1% improvement from operating income of $13.0 million for the second quarter of fiscal 2025.
•Net earnings was $15.8 million for the second quarter of fiscal 2026, a 116.4% increase compared to net earnings of $7.3 million for the second quarter of fiscal 2025.
•Net earnings per diluted common share was $0.51 for the second quarter of fiscal 2026, a 121.7% increase compared to net earnings per diluted common share of $0.23 for the second quarter of fiscal 2025.
•Adjusted EBITDA was $46.2 million for the second quarter of fiscal 2026, a 43.0% increase from Adjusted EBITDA of $32.3 million for the second quarter of fiscal 2025.
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First Half Fiscal 2026 Highlights
•Total revenues for the first half of fiscal 2026 were $386.1 million, an 8.8% increase from total revenues of $354.8 million for the first half of fiscal 2025.
•Operating income was $7.8 million for the first half of fiscal 2026, an improvement from operating loss of $7.4 million for the first half of fiscal 2025.
•Net earnings was $0.5 million for the first half of fiscal 2026, compared to net loss of $9.5 million for the first half of fiscal 2025.
•Net earnings per diluted common share was $0.02 for the first half of fiscal 2026, compared to net loss per diluted common share of $0.31 for the first half of fiscal 2025.
•Adjusted EBITDA was $48.8 million for the first half of fiscal 2026, a 52.3% increase from Adjusted EBITDA of $32.0 million for the first half of fiscal 2025.
The significant increases in operating results for the first half of 2026 were despite the first half of fiscal 2026 being comprised of five fewer operating days than the first half of fiscal 2025 due to the transition in the Company’s fiscal year in the first quarter of 2025. See Fiscal Year Change section below for further discussion. First half year-over-year comparisons herein are on an as-reported basis and include the impact of five fewer operating days in the first half of fiscal 2026, unless otherwise noted.
Marcus Theatres®
Total Theatre revenues were $150.6 million for the second quarter of fiscal 2026, a 14.4% increase over the second quarter of fiscal 2025. Division operating income was $26.7 million for the second quarter of fiscal 2026, an $11.0 million, or 69.8%, improvement compared to the second quarter of fiscal 2025. Adjusted EBITDA was $36.3 million for the second quarter of fiscal 2026, a 36.8% increase over the second quarter of fiscal 2025.
Same store admission revenues for the second quarter of fiscal 2026 increased 16.6% compared to the prior year quarter, which outperformed the industry by 5.1 percentage points, according to data received from Comscore.
Same store attendance increased 10.9% in the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. Average ticket prices increased 5.2% compared to the prior year quarter. Average concession revenues per person increased 2.4% during the second quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, price optimization, and an increase in average transactions per customer.
“It is a great time to be a moviegoer, with a steady slate of compelling films bringing audiences of all ages together at the movies,” said Jeffry F. Tomachek, president of Marcus Theatres. “Building on the momentum from the first quarter, the second quarter of fiscal 2026 featured record-breaking performances from The Super Mario Galaxy Movie and Michael, high-interest sequels like The Devil Wears Prada 2, surprise hits Obsession and Backrooms, and the debut of Toy Story 5, which delivered the highest total revenue for a June opening weekend in Marcus Theatres history. The third quarter of fiscal 2026 is off to a similarly strong start, led by the massive success of The Odyssey; strong pre-sales for Spider-Man: Brand New Day; continued carry-over excitement for Toy Story 5; and additional family-friendly films such as Minions & Monsters and Moana. With many more highly anticipated films expected through the end of the year, 2026 is shaping up to be a memorable year for moviegoing.”
During the second quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were The Super Mario Galaxy Movie, Michael, Toy Story 5, Obsession and Backrooms. Films performing well so far in the third quarter of fiscal 2026 include The Odyssey, Minions & Monsters, and Moana with an exciting film slate scheduled for the remainder of the year, including Spider-Man: Brand New Day, Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity,
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Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla Minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.
Marcus® Hotels & Resorts
During the second quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $70.8 million, a 9.6% increase over the prior year quarter and a record for any second quarter. Operating income was $6.7 million during the second quarter of fiscal 2026, a 59.8% increase over the second quarter of fiscal 2025. Adjusted EBITDA was $14.7 million, a 31.1% increase compared to the prior year quarter and a record for any second quarter.
Revenue per available room, or RevPAR, increased 13.9% at company-owned hotels during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. During the second quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 8.2 percentage points and outperformed its competitive sets by 6.1 percentage points. This outperformance was partially driven by the favorable impact of the Hilton Milwaukee being fully operational during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025 when the hotel was undergoing renovations. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, the division outperformed its competitive sets by 1.1 percentage points during the second quarter of fiscal 2026.
“Congratulations to our associates for delivering a record second quarter and outperforming both the industry and our competitive sets,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Strong leisure demand positively contributed to room rate and RevPAR growth during the quarter, with group pace running ahead of the same period last year. Our strategic focus on investing in our high-quality assets, combined with our commitment to operational excellence and passion for extraordinary guest experiences, drives our performance and positions us well as we head into the remainder of the year.”
Grand Geneva Resort & Spa in Lake Geneva, Wisconsin opened its new short-course golf course, Wee Nip, earlier this May with positive reviews from golfers and golf critics alike. The new 11-hole course, along with the resort’s two championship courses, positively influenced golf revenue growth during the second quarter of fiscal 2026.
Fiscal Year Change
The first half of fiscal 2026 was comprised of five fewer operating days than the first half of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During fiscal 2025 the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first half of fiscal 2025 consisted of the six month period beginning December 27, 2024 and ended on June 30, 2025 (comprised of five operating days between December 27-31, 2024, plus 181 operating days in the calendar first half of 2025).
Conference Call and Webcast
Marcus Corporation management will hold a conference call today, Thursday, July 30, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com or dialing 1-626-884-3620 and entering the passcode 108546692. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.
A replay of the conference call will be archived on the company’s website until its next earnings release.
For additional information, contact:
Investors: Chad Paris
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(414) 905-1100
investors@marcuscorp.com
Media: Megan Hakes
Megan.Hakes@hprstrategies.com
Non-GAAP Financial Measure
Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.
Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.
Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.
About The Marcus Corporation
Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern® by Marcus and BistroPlex® brands. The company’s hospitality division, Marcus® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as
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we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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THE MARCUS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenues:
Theatre admissions
$
72,557
$
62,348
$
117,382
$
103,279
Rooms
33,706
29,632
54,168
48,907
Theatre concessions
65,264
57,611
104,829
95,611
Food and beverage
22,509
21,291
39,969
39,120
Other revenues
26,674
24,790
48,368
47,664
220,710
195,672
364,716
334,581
Cost reimbursements
11,034
10,371
21,432
20,228
Total revenues
231,744
206,043
386,148
354,809
Costs and expenses:
Theatre operations
70,525
64,172
121,254
113,842
Rooms
11,785
11,086
22,103
20,992
Theatre concessions
26,180
23,337
43,350
40,788
Food and beverage
16,697
15,656
31,753
30,285
Advertising and marketing
6,774
6,644
12,509
11,888
Administrative
23,691
22,972
49,002
47,688
Depreciation and amortization
17,350
17,603
35,185
35,441
Rent
6,358
6,354
12,545
12,571
Property taxes
4,055
4,328
8,337
8,737
Other operating expenses
10,115
10,332
20,678
20,938
Loss (gain) on disposition of property, equipment and other assets
113
181
194
(1,184)
Reimbursed costs
11,034
10,371
21,432
20,228
Total costs and expenses
204,677
193,036
378,342
362,214
Operating income (loss)
27,067
13,007
7,806
(7,405)
Other income (expense):
Investment income
66
409
86
483
Interest expense
(2,734)
(2,981)
(5,364)
(5,803)
Other income (expense)
(393)
(443)
(840)
(887)
Equity earnings (losses) from unconsolidated joint ventures
(15)
75
(689)
(495)
(3,076)
(2,940)
(6,807)
(6,702)
Earnings (loss) before income taxes
23,991
10,067
999
(14,107)
Income tax expense (benefit)
8,147
2,746
508
(4,612)
Net earnings (loss)
$
15,844
$
7,321
491
(9,495)
Net earnings (loss) per common share - diluted
$
0.51
$
0.23
$
0.02
$
(0.31)
Weighted average shares outstanding - diluted
31,049
31,431
30,951
31,453
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THE MARCUS CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
June 30, 2026
December 31, 2025
Assets:
Cash and cash equivalents
$
26,345
$
23,448
Restricted cash
4,642
3,134
Accounts receivable
19,780
19,082
Other current assets
20,951
18,912
Property and equipment, net
681,799
697,712
Operating lease right-of-use assets
139,148
142,115
Other assets
106,884
110,129
Total Assets
$
999,549
$
1,014,532
Liabilities and Shareholders' Equity:
Accounts payable
$
42,957
$
44,523
Income taxes
836
—
Taxes other than income taxes
18,597
18,482
Other current liabilities
83,386
81,390
Current portion of finance lease obligations
2,471
2,827
Current portion of operating lease obligations
16,501
16,219
Finance lease obligations
7,499
8,452
Operating lease obligations
144,394
148,977
Long-term debt
149,116
159,007
Deferred income taxes
32,295
30,905
Other long-term obligations
44,613
46,372
Equity
456,884
457,378
Total Liabilities and Shareholders' Equity
$
999,549
$
1,014,532
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THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)
Theatres
Hotels/ Resorts
Corporate Items
Total
Three Months Ended June 30, 2026
Revenues
$
150,648
$
80,984
$
112
$
231,744
Operating income (loss)
26,655
6,704
(6,292)
27,067
Depreciation and amortization
9,699
7,268
383
17,350
Adjusted EBITDA
36,305
14,716
(4,865)
46,156
Three Months Ended June 30, 2025
Revenues
$
131,650
$
74,282
$
111
$
206,043
Operating income (loss)
15,700
4,194
(6,887)
13,007
Depreciation and amortization
10,455
6,746
402
17,603
Adjusted EBITDA
26,546
11,226
(5,505)
32,267
Six Months Ended June 30, 2026
Revenues
$
243,576
$
142,387
$
185
$
386,148
Operating income (loss)
23,844
(1,226)
(14,812)
7,806
Depreciation and amortization
19,963
14,455
767
35,185
Adjusted EBITDA
44,323
14,433
(10,004)
48,752
Six Months Ended June 30, 2025
Revenues
$
219,007
$
135,604
$
198
$
354,809
Operating income (loss)
9,419
(1,850)
(14,974)
(7,405)
Depreciation and amortization
21,161
13,482
798
35,441
Adjusted EBITDA
30,240
12,237
(10,469)
32,008
Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.
Supplemental Data
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
Consolidated
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net cash flow provided by (used in) operating activities
$
53,963
$
31,640
$
38,742
$
(3,689)
Net cash flow provided by (used in) investing activities
(9,846)
(8,766)
(16,475)
(31,545)
Net cash flow provided by (used in) financing activities
(27,484)
(21,898)
(17,862)
7,354
Capital expenditures
(10,001)
(16,910)
(16,649)
(39,915)
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THE MARCUS CORPORATION
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net earnings (loss)
$
15,844
$
7,321
$
491
$
(9,495)
Add (deduct):
Investment (income) loss
(66)
(409)
(86)
(483)
Interest expense
2,734
2,981
5,364
5,803
Other (income) expense
393
443
840
887
Loss (gain) on disposition of property, equipment and other assets
113
181
194
(1,184)
Equity (earnings) losses from unconsolidated joint ventures
15
(75)
689
495
Income tax expense (benefit)
8,147
2,746
508
(4,612)
Depreciation and amortization
17,350
17,603
35,185
35,441
Share-based compensation (a)
1,626
1,441
5,450
4,986
Theatre exit costs (b)
—
—
—
135
Insured losses (recoveries) (d)
—
35
—
35
Other non-recurring (c)
—
—
117
—
Adjusted EBITDA
$
46,156
$
32,267
$
48,752
$
32,008
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
26,654
$
6,705
$
(6,292)
$
27,067
$
23,844
$
(1,226)
$
(14,812)
$
7,806
Depreciation and amortization
9,700
7,267
383
17,350
19,963
14,455
767
35,185
Loss (gain) on disposition of property, equipment and other assets
(296)
420
(11)
113
(220)
425
(11)
194
Share-based compensation (a)
247
324
1,055
1,626
736
662
4,052
5,450
Other non-recurring (c)
—
—
—
—
—
117
—
117
Adjusted EBITDA
$
36,305
$
14,716
$
(4,865)
$
46,156
$
44,323
$
14,433
$
(10,004)
$
48,752
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
15,700
$
4,194
$
(6,887)
$
13,007
$
9,419
$
(1,850)
$
(14,974)
$
(7,405)
Depreciation and amortization
10,455
6,746
402
17,603
21,161
13,482
798
35,441
Loss (gain) on disposition of property, equipment and other assets
169
12
—
181
(1,193)
9
—
(1,184)
Share-based compensation (a)
187
274
980
1,441
683
596
3,707
4,986
Theatre exit costs (b)
—
—
—
—
135
—
—
135
Insured losses (recoveries) (d)
35
—
—
35
35
—
—
35
Adjusted EBITDA
$
26,546
$
11,226
$
(5,505)
$
32,267
$
30,240
$
12,237
$
(10,469)
$
32,008
(a)Non-cash expense related to share-based compensation programs.
(b)Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.
(c)Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.
(d)Repair costs that are non-operating in nature related to insured property damage at one theatre location.
