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National CineMedia (NCMI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · National CineMedia (NCMI) Q2 2026 earnings results →
Q2 2026 Revenue up 13% year over year to $58.4M · 17¢ of every $1 of revenue lost · operating margin -21.9%
National CineMedia made $58.4M in Q2 2026 (+13% Y/Y): National Advertising Revenue $44.9M, Local Advertising Revenue $9.5M, Founding Member Advertising Revenue From Beverage Concessionaire Agreements $4.0M. Operating margin -21.9%, net loss $9.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $58.4M in Q2 2026, up 13% year over year and up 72% from the previous quarter. National Advertising Revenue was the largest line at 77% of revenue. National Advertising Revenue added $3.7M year over year (up 9%), 56% of the total change. Founding Member Advertising Revenue From Beverage Concessionaire Agreements declined 5%.
Operating costs exceeded revenue by $12.8M, an operating margin of -21.9%. Total costs grew 12% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+17%). The quarter ended with a net loss of $9.9M, narrower than the previous quarter's $28.6M loss. Non-operating items added $2.9M, -29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.5M. Non-cash charges added back $2.3M of share-based compensation. Working capital and other items added $6.1M. Capital expenditures of $700K exceeded it, leaving free cash flow of −$2.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $58.4M | +13% | -21.9% | −$9.9M | −$1.5M |
| Q1 2026 | 10-Q | May 12, 2026 | $34.0M | -3% | -79.1% | −$28.6M | $18.1M |
| Q1 2026 | 10-K | Feb 26, 2026 | $93.2M | +8% | 25.5% | $29.3M | $8.3M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $63.4M | +2% | -2.8% | $1.6M | −$1.0M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $51.8M | -5% | -23.2% | −$10.7M | −$4.9M |
| Q1 2025 | 10-Q | May 6, 2025 | $34.9M | -7% | -68.5% | −$30.7M | $6.0M |
| Q4 2024 | 10-K | Mar 6, 2025 | $86.3M | -5% | 23.1% | $24.7M | $30.5M |
Charts
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About National CineMedia
National CineMedia, Inc. (NCM, NASDAQ:NCMI ) is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers' ability to measure and drive results. NCM’s Noovie® Show is presented exclusively in 44 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). NCM’s cinema advertising platform, including Spotlight, consists of approximately 22,000 total theater and lobby screens in over 1,750 theaters in 183 Designated Market Areas® (98 of the top 100).
In its own words, from its 8-K, filed Aug 11, 2026.
National CineMedia against its Services-Advertising peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +8%. Operating margin: -21.9% against the peers' median -0.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NCMI National CineMedia | Q2 2026 | $58.4M | +13% | -21.9% |
| CCO Clear Channel Outdoor Holdings | Q2 2026 | $438M | +9% | 20.3% |
| ANGI Angi | Q3 2026 | $242M | -9% | 6.4% |
| THRY Thryv Holdings | Q2 2026 | $151M | -28% | -0.8% |
| IBTA Ibotta | Q3 2026 | $97.8M | +18% | 4.8% |
| MNTN Mntn | Q3 2026 | $80.3M | +15% | 10.9% |
| FLNT Fluent | Q2 2026 | $48.4M | +8% | -10.2% |
| TZOO Travelzoo | Q3 2026 | $22.9M | +3% | -11.2% |
| DRCT Direct Digital Holdings | Q2 2026 | $7.8M | -23% | -37.4% |
Source: National CineMedia 10-Q on SEC EDGAR · CIK 1377630 · Services-Advertising
13F: who owns NCMI and who is buying
More on NCMI
History
Every quarter: Q2 2026 results · Q1 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- National CineMedia free cash flow by quarter
- National CineMedia capital expenditures by quarter
- National CineMedia National Advertising Revenue revenue by quarter
- National CineMedia Local Advertising Revenue revenue by quarter
- National CineMedia Founding Member Advertising Revenue From Beverage Concessionaire Agreements revenue by quarter