National CineMedia, Inc (NCMI) Income Statement
NCMI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNCMI revenue and net income
Where NCMI's revenue goes
2025Each bar shows an amount and its share of revenue. NCMI kept −4.4% of revenue as net income.
NCMI profit margins
NCMI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.0% | −0.8% | +21.9% | −5.9% |
| Gross profit | +1.4% | −17.5% | +9.5% | −13.8% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −700.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCMI quarterly EPS vs estimates
National CineMedia beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.03).
NCMI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $243.2M | $240.8M | $165.2M | $249.2M | $114.6M | $90.4M | $444.8M | $441.4M | $426.1M | $447.6M |
| Cost of revenue | $169.4M | $168.0M | $80.1M | $117.9M | $76.9M | $43.5M | $134.5M | $132.4M | $124.7M | $122.2M |
| Gross profit | $73.8M | $72.8M | $85.1M | $131.3M | $37.7M | $46.9M | $310.3M | $309.0M | $301.4M | $325.4M |
| Research & development | — | $3.3M | $3.0M | $4.6M | $1.7M | $1.9M | $3.6M | $1.7M | $3.6M | $3.4M |
| Sales, general & admin | $87.7M | $50.7M | $86.9M | $87.1M | $70.7M | $68.5M | $108.7M | $114.8M | $109.9M | $113.0M |
| Total operating expenses | $87.7M | $92.3M | $112.4M | $124.4M | $106.3M | $107.9M | $149.0M | $154.7M | $147.5M | $152.4M |
| Operating income | −$13.9M | −$19.5M | −$27.3M | $6.9M | −$68.6M | −$61.0M | $161.3M | $154.3M | $153.9M | $173.0M |
| Interest income | $1.4M | $2.4M | $100,000 | $100,000 | $100,000 | $600,000 | $2.1M | $1.5M | $1.2M | $1.5M |
| Interest expense | $600,000 | $1.7M | $27.9M | $79.7M | $64.8M | $55.8M | $58.0M | $55.4M | $52.8M | $54.0M |
| Income before taxes | −$10.6M | −$22.1M | $696.7M | −$66.2M | −$118.4M | $35.9M | $99.1M | $103.7M | $294.8M | $108.9M |
| Income taxes | — | $200,000 | −$8.5M | −$37.6M | −$4.9M | $162.2M | $12.4M | $23.5M | $180.3M | $14.4M |
| Net income | −$10.6M | −$22.3M | $705.2M | −$28.7M | −$48.7M | −$65.4M | $36.1M | $29.8M | $58.3M | $32.9M |
| EBITDA | $27.9M | $22.0M | $750.1M | $45.0M | −$18.0M | $129.4M | $197.4M | $199.0M | $385.2M | $198.9M |
| EPS (diluted) | −$0.06 | $0.01 | −$2.14 | −$3.37 | −$7.25 | −$4.52 | $2.53 | $2.08 | $3.40 | $2.14 |
| Gross margin | 30.3% | 30.2% | 51.5% | 52.7% | 32.9% | 51.9% | 69.8% | 70.0% | 70.7% | 72.7% |
| Operating margin | −5.7% | −8.1% | −16.5% | 2.8% | −59.9% | −67.5% | 36.3% | 35.0% | 36.1% | 38.7% |
| Net margin | −4.4% | −9.3% | 426.9% | −11.5% | −42.5% | −72.3% | 8.1% | 6.8% | 13.7% | 7.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $58.4M | $34.0M | $93.2M | $63.4M | $51.8M | $34.9M | $86.3M | $62.4M | $54.7M | $37.4M | $90.8M | $24.7M |
| Cost of revenue | $3.7M | $38.1M | $37.2M | $35.5M | $43.4M | $24.8M | $32.9M | $36.2M | $41.0M | $36.6M | $30.4M | $23.4M |
| Gross profit | $54.7M | −$4.1M | $56.0M | $27.9M | $8.4M | $10.1M | $53.4M | $26.2M | $13.7M | $800,000 | $60.4M | $1.3M |
| Research & development | — | — | — | — | — | — | $3.3M | — | — | — | $3.0M | — |
| Sales, general & admin | $30.0M | $22.8M | $23.1M | $20.7M | $20.4M | $23.6M | $22.9M | $23.0M | $23.0M | $23.5M | $29.4M | $13.6M |
| Total operating expenses | $67.5M | $22.8M | $32.2M | $29.7M | $20.4M | $34.0M | $33.5M | $33.7M | $23.0M | $23.5M | $40.0M | $13.6M |
| Operating income | −$12.8M | −$26.9M | $23.8M | −$1.8M | −$12.0M | −$23.9M | $19.9M | −$7.5M | −$9.3M | −$22.7M | $20.4M | −$12.3M |
| Interest income | $300,000 | $200,000 | $200,000 | $300,000 | $400,000 | $600,000 | $700,000 | $700,000 | $700,000 | $300,000 | — | $0 |
| Interest expense | $200,000 | $200,000 | $200,000 | $100,000 | $100,000 | $200,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $300,000 |
| Income before taxes | −$9.9M | −$28.6M | $29.3M | $1.6M | −$10.7M | −$30.7M | $24.9M | −$3.6M | −$8.7M | −$34.7M | $23.7M | $181.8M |
| Income taxes | — | — | — | — | — | — | $200,000 | — | — | $10.5M | $10.6M | $700,000 |
| Net income | −$9.9M | −$28.6M | $29.3M | $1.6M | −$10.7M | −$30.7M | $24.7M | −$3.6M | −$8.7M | −$34.7M | $23.7M | $181.8M |
| EBITDA | −$400,000 | −$18.9M | $38.6M | $10.7M | −$1.3M | −$20.1M | $35.9M | $7.5M | $2.3M | −$23.8M | $34.7M | $188.4M |
| EPS (diluted) | −$0.10 | −$0.31 | $0.28 | $0.02 | −$0.12 | −$0.24 | $0.27 | −$0.01 | −$0.06 | −$0.19 | $0.24 | $2.08 |
| Gross margin | 93.7% | −12.1% | 60.1% | 44.0% | 16.2% | 28.9% | 61.9% | 42.0% | 25.0% | 2.1% | 66.5% | 5.3% |
| Operating margin | −21.9% | −79.1% | 25.5% | −2.8% | −23.2% | −68.5% | 23.1% | −12.0% | −17.0% | −60.7% | 22.5% | −49.8% |
| Net margin | −17.0% | −84.1% | 31.4% | 2.5% | −20.7% | −88.0% | 28.6% | −5.8% | −15.9% | −92.8% | 26.1% | 736.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NCMI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCMI financial results
In fiscal year 2025 (ended December 31, 2025), National CineMedia reported revenue of $243.2 million, up 1.0% from the year before. It had a net loss of $10.6 million, a net profit margin of −4.4%. Diluted earnings per share came to −$0.06. Over five years revenue grew at an average rate of 21.9% a year.
See the NCMI stock overview for the latest quote and news, or the NCMI chart for price history and technical indicators.
NCMI income statement FAQ
What is National CineMedia's annual revenue?
National CineMedia reported total revenue of $243.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.0% from $240.8 million the previous year.
Is National CineMedia profitable?
No. National CineMedia reported a net loss of $10.6 million in fiscal 2025, a net profit margin of −4.4%; its operating margin was −5.7%.
What is National CineMedia's gross margin?
National CineMedia's gross margin was 30.3% in fiscal 2025: for every $100 of revenue, National CineMedia kept $30 after the direct cost of its products and services.
How fast is National CineMedia growing?
Revenue grew 21.9% a year on average over the last five fiscal years, from $90.4 million to $243.2 million.
What are National CineMedia's earnings per share?
National CineMedia earned $-0.06 per diluted share in fiscal 2025, compared with $0.01 a year earlier.
When will National CineMedia report its next earnings?
National CineMedia is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does National CineMedia's fiscal year end?
National CineMedia's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.