Filing Flows › National CineMedia (NCMI) › Q3 2025
National CineMedia (NCMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
National CineMedia (NCMI) reported revenue of $63.4M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +22% from the quarter before. Operating margin was -2.8%, net earnings $1.6M (2.5% of revenue).
National CineMedia, Q3 2025: revenue $63.4M (+2% year over year), operating margin -2.8%, net earnings $1.6M, operating cash flow −$1.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $63.4M | +22% | +2% |
| Operating profit | −$1.8M | — | — |
| Net earnings | $1.6M | — | — |
| Operating cash flow | −$1.0M | — | — |
What changed
Revenue was $63.4M in Q3 2025, up 2% year over year and up 22% from the previous quarter. National Advertising Revenue was the largest line at 79% of revenue. National Advertising Revenue added $3.1M year over year (up 7%), 310% of the total change. Local Advertising Revenue declined 16%.
Operating costs exceeded revenue by $1.8M, an operating margin of -2.8%. Total costs fell 7% while revenue rose 2%. Net earnings were $1.6M. The effective tax rate was 0.0%. Non-operating items added $3.4M, 212% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.0M. Non-cash charges added back $1.7M of share-based compensation. Working capital and other items used $4.3M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$2.0M.
Questions
What was National CineMedia's revenue in the third quarter 2025?
National CineMedia (NCMI) reported revenue of $63.4M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +22% from the quarter before.
Was National CineMedia profitable in the third quarter 2025?
Operating loss was $1.8M (-2.8% of revenue) and net earnings $1.6M.
Source: National CineMedia 10-Q on SEC EDGAR.