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Marcus (MCS) Q3 2026 Earnings Report
MCS Q3 2026 EPS Results
- Actual EPS
- $0.60
- Consensus EPS
- $0.60
- Beat/Miss
- Beat by +$0.00
- One Year Ago EPS
- $0.52
MCS Q3 2026 Revenue Results
- Actual Revenue
- $237.75M
- Expected Revenue
- $235.65M
- Beat/Miss
- Beat by +$2.10M
- YoY Revenue Growth
- +13.13%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MCS Upcoming Earnings
Marcus's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MCS Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by record company-wide revenue, robust theatre attendance and profitability, record summer and hotel performance, healthy hotel booking pace, and a strong balance sheet. The company also described favorable fourth-quarter and 2027 film prospects and continued investment opportunities. Offsetting issues included theatre admissions growth trailing reported national box office growth, softer hotel group demand and occupancy, a 5.7 percentage-point hotel RevPAR gap versus the national upper-upscale industry, the Grand Geneva storm impact, and travel-cost uncertainty. Overall, the highlights significantly outweighed the lowlights.
Company Guidance
The company continues to expect capital expenditures for fiscal 2026 of $45 million to $50 million and said it expects to get to the range disclosed on CapEx, with a lot of CapEx to be spent in the fourth quarter; it remains on track to deliver very strong free cash flow in 2026. The fourth quarter is off to a good start, with October up, November likely down year-over-year, and December being up pretty meaningfully. Group room revenue bookings for 2026 are running approximately 5% of where we were at this time last year, group room pace for 2027 is running approximately 10% ahead of where we were at this time last year, banquet and catering pace for the remainder of 2026 is running in line with where we were at last year at this time, and is running approximately 14% ahead for 2027.
- Record Consolidated Revenue and EarningsThe company reported its highest quarterly revenue in history. Consolidated revenue was $238 million, up 13.1% year over year; operating income was $30.3 million, up $7.6 million or 33%; Adjusted EBITDA was $49.1 million, up 21%; and net earnings were $18.8 million, or $0.60 per share, compared with $13.2 million, or $0.42 per share, in the prior-year quarter, excluding the prior-year $3 million property insurance settlement gain.
- Record Theatre Revenue and Summer SeasonTheatre revenue was $145 million, up approximately 21%, driven primarily by Spider-Man: Brand New Day, The Odyssey, and stronger carryover films from the second quarter. The summer moviegoing season delivered the highest attendance since 2019 and record total revenue, box office, concessions, food and beverage, merchandise sales, per-capita admissions revenue, and per-capita concession, merchandise, and food and beverage spend in Marcus Theatres' history.
- Strong Theatre Attendance and Per-Capita MetricsComparable theatre admission revenue increased 21.8%, comparable attendance increased 16.8%, average admission price increased 4.3%, and comparable concession, food, and beverage revenue per person increased 3.8%, driven by movie-themed merchandise sales and menu pricing.
- Theatre Adjusted EBITDA GrowthTheatre division Adjusted EBITDA was $46.3 million, an increase of over 46% from the prior-year quarter, primarily due to higher attendance volumes.
- Strong Blockbuster and Premium-Format PerformanceSpider-Man: Brand New Day and The Odyssey broke opening weekend records and held strongly through the summer. Spider-Man: Brand New Day generated 49% of its box office from premium large-format screens over its full run, and management said Marcus believes it has the industry's highest percentage of PLF penetration.
- Broad Film Slate and Positive Industry TrendsThe third quarter had 32 wide releases versus 30 in the prior-year quarter, with blockbuster, family, and horror films contributing to performance. The domestic box office exceeded $1 billion in each month from May through August, and management described long-term theatrical trends as very positive.
- Positive Fourth-Quarter and 2027 Theatre OutlookManagement said the fourth quarter was off to a good start, with domestic box office growth in October and strong advanced ticket sales for Avengers: Doomsday. The slate also includes Dune: Part Three and other releases, while the 2027 slate includes Shrek 5, Star Wars: Starfighter, Minecraft 2, Frozen 3, Sonic the Hedgehog 4, Spider-Man: Beyond the Spider-Verse, Man of Tomorrow, The Legend of Zelda, and Avengers: Secret Wars. Management said 2027 looks more favorable for the company's geographies and films that play well in its markets.
- Record Hotel Revenue and RevPAR GrowthHotel and resorts revenue before cost reimbursements was $82 million, up 2% year over year, marking the third consecutive year of record third-quarter hotel revenue. Owned-hotel RevPAR increased 2.1%, supported by a 3.3% increase in ADR, while comparable owned-hotel RevPAR increased 7.4%.
- Hotel Outperformance Versus Comparable MarketsComparable competitive hotels in the company's markets increased RevPAR by 6.2%, meaning the company's comparable hotels outperformed their competitive set by 1.2 percentage points. Management attributed the performance primarily to strong transient demand and slightly improved business travel.
- Strength in Chicago and Leisure TravelChicago benefited from an increase in citywide events and convention business, which drove very high occupancy and rates. Overall rooms demand remained steady, the travel environment was described as healthy, and stronger transient leisure and business travel grew as a percentage of the rooms mix.
- Hotel Booking MomentumGroup room revenue bookings for the rest of 2026 were running approximately 5% ahead of the same point last year. Group room pace for 2027 was approximately 10% ahead, and banquet and catering pace was in line with last year for the remainder of 2026 and approximately 14% ahead for 2027.
- Positive Fourth-Quarter Hotel StartThe hotel division was off to a strong start in October and benefited from the Milwaukee Brewers' run to the World Series, hosting visiting teams and fans, international media, and Brewers VIPs.
- Strong Balance Sheet and LiquidityThe company ended the quarter with approximately $60 million in cash and over $219 million in total liquidity, a debt-to-capitalization ratio of 24%, and net leverage of 0.8 times. Management said the balance sheet supports continued growth investments and quarterly dividends.
- Capital Allocation and Free Cash Flow PositionThe company said it remains on track to deliver very strong free cash flow in 2026 and is building cash as dry powder for future growth investments. Fiscal 2026 capital expenditures remain expected to be $45 million to $50 million, with third-quarter CapEx of $10 million versus $20.9 million in the prior-year quarter.
- Renovation Returns and Hotel Investment OpportunitiesManagement said the three recently renovated core hotel assets are in great condition, with renovation returns generally in line with expectations. The company is evaluating joint-venture structures to deploy smaller amounts of capital across more opportunities and is beginning a planning exercise to identify further return-generating investments at Grand Geneva.
- Loyalty Program ProgressThe company saw a meaningful uptick in loyalty members and an increase in the percentage of attendance involving Marcus Movie Club redemptions during the quarter. Management said the program is growing slowly and steadily, consistent with expectations, with continued goals for next year.
- Longer Theatrical Windows and Younger Audience EngagementManagement said the industry is moving toward longer transactional video-on-demand and streaming windows. Research cited on the call indicated that younger audiences' preference for seeing movies in theatres versus at home has returned to the pre-pandemic relationship, which management described as encouraging for long-term theatrical demand.
- Premium Amenity ExpansionMarcus has added three ScreenX locations after being pleased with initial results from its first location. Management said ScreenX appeals strongly to a specific customer segment, and D-BOX testing is underway to evaluate a premium seating experience with greater showtime flexibility.
MCS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | 0.23- | 0.19 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.600.60 | 0.52 | 15.38% (+0.08) | |
| Jul 30, 2026 | 2026 (Q2) | 0.350.51 | 0.23 | 121.74% (+0.28) | |
| Apr 30, 2026 | 2026 (Q1) | -0.52-0.51 | -0.54 | 5.56% (+0.03) | |
| Feb 26, 2026 | 2025 (Q4) | 0.060.19 | 0.03 | 533.33% (+0.16) | |
| Oct 31, 2025 | 2025 (Q3) | 0.430.52 | 0.73 | -28.77% (-0.21) | |
| Aug 01, 2025 | 2025 (Q2) | 0.200.23 | -0.64 | 135.94% (+0.87) | |
| May 06, 2025 | 2025 (Q1) | -0.52-0.54 | -0.38 | -42.11% (-0.16) | |
| Feb 27, 2025 | 2024 (Q4) | 0.050.03 | -0.05 | 160.00% (+0.08) | |
| Oct 31, 2024 | 2024 (Q3) | 0.460.73 | 0.32 | 128.13% (+0.41) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
