National CineMedia (NCM), operator of the largest cinema advertising network in the U.S., reported stronger-than-expected third-quarter results—proof that brands are once again betting big on the big screen.
For the quarter ended September 25, 2025, NCM’s total revenue rose 1.6% year over year to $63.4 million, while net income reached $1.6 million, a sharp turnaround from a $3.6 million loss in the same quarter last year. The company also trimmed its operating loss to $1.8 million, down from $7.5 million in Q3 2024, with adjusted OIBDA climbing to $10.2 million.
CEO Tom Lesinski credited the gains to renewed advertiser confidence and the company’s improved sales performance. “We achieved our highest third-quarter national advertising revenue per attendee in the last five years,” he said. “With advertiser demand outpacing box office trends and a slate of blockbuster releases ahead, we’re positioned for a strong fourth quarter.”
Box Office Headwinds, Advertising Tailwinds
Despite a slower year at the box office, NCM’s rebound highlights an emerging trend: cinema advertising is proving more resilient than ticket sales. While year-to-date revenue slipped 2.9% to $150 million, NCM managed to narrow its nine-month net loss to $39.9 million, compared to $47 million in 2024.
The results underscore how brands continue to see value in premium, high-attention environments—even as overall theater attendance remains uneven. NCM’s pre-show network, anchored by its Noovie® platform, now spans 17,500 screens across 1,350 theaters nationwide, including AMC, Cinemark, and Regal.
Dividend and Outlook
Investors received more good news with the announcement of a $0.03 per-share dividend, payable November 26, 2025. Looking ahead, the company forecasts Q4 revenue between $91 million and $98 million, and adjusted OIBDA between $30 million and $35 million—a strong signal that momentum is building heading into 2026.
Cinema Advertising’s New Act
NCM’s revival comes as the advertising industry reevaluates in-cinema media as a high-impact complement to connected TV (CTV) and other digital formats. As marketers grow wary of fragmented streaming audiences, cinema’s immersive environment and young, diverse viewership offer a premium alternative for full-funnel storytelling.
Having emerged from restructuring and streamlined its operations, NCM now faces the challenge of turning profitability into consistency. But with renewed demand, improved efficiency, and a steadier advertising market, the company seems ready for its next act—this time, with fewer plot twists.
