What is National CineMedia's operating income?

National CineMedia's total operating income in 2025 was -$13.90 million, based on the following breakdown: Total Gross Profit: $230.20 million Total Operating Expenses: $244.10 million

National CineMedia (NCMI) Financials

$3.77 +0.04 (+1.07%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$3.77 0.00 (0.00%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for National CineMedia

This table shows National CineMedia's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/29/2016	12/28/2017	12/27/2018	12/26/2019	12/31/2020	12/30/2021	12/29/2022	12/28/2023	12/26/2024	1/1/2026
Net Income / (Loss) Attributable to Common Shareholders	11	33	58	30	36	-65	-49	-29	705	-22	-11
Consolidated Net Income / (Loss)	160	95	540	523	165	-126	-118	-66	697	-22	-11
Net Income / (Loss) Continuing Operations	60	95	115	80	87	-126	-118	-66	697	-22	-11
Total Pre-Tax Income	179	109	295	104	99	36	-118	-66	697	-22	-11
Total Operating Income	148	173	154	154	161	-61	-69	6.90	-27	-20	-14
Total Gross Profit	374	418	819	846	430	80	89	214	155	227	230
Total Revenue	447	448	853	889	468	90	115	249	165	241	243
Operating Revenue	447	448	853	889	468	90	115	249	165	241	243
Total Cost of Revenue	73	30	34	42	38	10	26	36	11	14	13
Operating Cost of Revenue	73	30	34	42	38	10	26	36	11	14	13
Total Operating Expenses	226	245	240	250	190	141	158	207	182	247	244
Selling, General & Admin Expense	39	44	38	48	44	31	36	44	57	51	46
Marketing Expense	72	73	72	67	65	38	35	43	30	42	42
Depreciation Expense	32	36	11	13	14	13	11	6.50	3.10	4.60	4.60
Amortization Expense	-	-	27	27	53	49	25	25	22	38	33
Other Operating Expenses / (Income)	49	92	92	95	14	8.60	51	82	70	112	119
Total Other Income / (Expense), net	31	-64	141	-51	-62	97	-50	-73	724	-2.60	3.30
Interest Expense	52	64	53	56	64	56	65	80	28	1.70	2.40
Interest & Investment Income	1.60	1.50	1.20	1.50	2.10	0.60	0.00	0.00	0.10	2.40	1.40
Other Income / (Expense), net	82	-1.20	193	4.00	-0.70	153	15	6.60	752	-3.30	4.30
Income Tax Expense	20	14	180	24	12	162	0.00	0.00	0.00	0.20	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	48	62	56	50	51	-61	-70	-38	-8.50	0.00	0.00
Basic Earnings per Share	$0.19	$0.55	$0.89	$0.39	$0.47	($0.84)	($0.61)	($3.50)	$14.73	($0.23)	($0.11)
Weighted Average Basic Shares Outstanding	58.98M	59.79M	65.23M	76.86M	77.35M	77.96M	79.87M	8.20M	47.88M	95.87M	94.18M
Diluted Earnings per Share	$0.19	$0.54	$0.48	$0.37	$0.46	($0.84)	($0.61)	($3.50)	$14.34	($0.23)	($0.11)
Weighted Average Diluted Shares Outstanding	59.59M	60.61M	151.07M	157.40M	77.78M	77.96M	79.87M	8.20M	48.57M	95.87M	94.18M
Weighted Average Basic & Diluted Shares Outstanding	59.20M	-255M	65.50M	79.75M	79.75M	81.14M	81.14M	174.06M	97.02M	95.21M	93.14M
Cash Dividends to Common per Share	$0.88	$0.88	$0.88	$0.68	$0.68	$0.40	$0.20	$0.11	-	-	$0.12

This table shows National CineMedia's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/28/2023	12/28/2023	3/28/2024	6/27/2024	9/26/2024	12/26/2024	3/27/2025	6/26/2025	9/25/2025	1/1/2026	4/2/2026
Net Income / (Loss) Attributable to Common Shareholders	182	24	-35	-8.70	-3.60	25	-31	-11	1.60	29	-29
Consolidated Net Income / (Loss)	182	24	-35	-8.70	-3.60	25	-31	-11	1.60	29	-29
Net Income / (Loss) Continuing Operations	191	14	-35	-8.70	-3.60	25	-31	-11	1.60	29	-29
Total Pre-Tax Income	182	24	-35	-8.70	-3.60	25	-31	-11	1.60	29	-29
Total Operating Income	-12	21	-23	-9.30	-7.50	20	-24	-12	-1.80	24	-27
Total Gross Profit	22	87	34	51	59	83	32	49	60	90	30
Total Revenue	25	91	37	55	62	86	35	52	63	93	34
Operating Revenue	25	91	37	55	62	86	35	52	63	93	34
Total Cost of Revenue	2.60	3.60	3.60	3.70	3.30	3.10	3.10	3.20	3.20	3.50	4.00
Operating Cost of Revenue	2.60	3.60	3.60	3.70	3.30	3.10	3.10	3.20	3.20	3.50	4.00
Total Operating Expenses	34	67	57	60	67	63	56	61	62	66	57
Selling, General & Admin Expense	7.30	17	14	13	13	11	13	11	11	12	13
Marketing Expense	6.30	13	10	9.60	10	12	11	9.80	10	11	9.50
Depreciation Expense	0.60	1.00	1.00	1.10	1.20	1.30	1.10	1.10	1.10	1.30	1.50
Amortization Expense	5.70	9.60	9.50	9.50	9.50	9.30	9.30	8.20	7.90	7.90	8.00
Other Operating Expenses / (Income)	15	27	23	27	33	30	22	31	32	34	25
Total Other Income / (Expense), net	194	3.10	-12	0.60	3.90	4.90	-6.80	1.30	3.40	5.40	-1.70
Interest Expense	0.30	0.50	0.40	0.40	0.40	0.50	2.00	0.10	0.10	0.20	0.20
Interest & Investment Income	0.00	-558	0.30	0.70	0.70	1.00	0.60	0.40	0.30	0.10	0.20
Other Income / (Expense), net	204	552	-12	0.30	3.60	4.40	-5.40	1.00	3.20	5.50	-1.70
Income Tax Expense	0.00	-	0.00	0.00	0.00	0.20	0.00	0.00	0.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	$2.89	$0.49	($0.36)	($0.09)	($0.04)	$0.26	($0.32)	($0.11)	$0.02	$0.30	($0.31)
Weighted Average Basic Shares Outstanding	62.77M	47.88M	96.92M	96.41M	95.22M	95.87M	95.39M	93.98M	93.70M	94.18M	93.21M
Diluted Earnings per Share	$2.89	$0.49	($0.36)	($0.09)	($0.04)	$0.26	($0.32)	($0.11)	$0.02	$0.30	($0.31)
Weighted Average Diluted Shares Outstanding	62.80M	48.57M	96.92M	96.41M	95.22M	95.87M	95.39M	93.98M	94.31M	94.18M	93.21M
Weighted Average Basic & Diluted Shares Outstanding	96.78M	97.02M	96.57M	95.32M	94.92M	95.21M	94.30M	93.71M	93.83M	93.14M	93.78M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.03	$0.03	$0.03	-	$0.03

This table details how cash moves in and out of National CineMedia's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/29/2016	12/28/2017	12/27/2018	12/26/2019	12/31/2020	12/30/2021	12/29/2022	12/28/2023	12/26/2024	1/1/2026
Net Change in Cash & Equivalents	18	-8.70	7.20	28	55	177	-79	-95	-26	41	-41
Net Cash From Operating Activities	105	134	176	168	184	98	-62	-47	-6.70	60	8.40
Net Cash From Continuing Operating Activities	105	134	139	150	144	55	-95	-47	-6.70	60	8.40
Net Income / (Loss) Continuing Operations	60	95	115	80	87	-126	-118	-66	697	-22	-11
Consolidated Net Income / (Loss)	60	95	115	80	87	-126	-	-66	697	-22	-11
Depreciation Expense	32	36	11	13	14	13	11	6.50	3.10	4.60	4.60
Amortization Expense	4.20	2.60	29	30	56	52	54	34	26	39	34
Non-Cash Adjustments To Reconcile Net Income	11	2.60	-199	-3.40	0.70	-136	8.30	12	-747	20	7.90
Changes in Operating Assets and Liabilities, net	-2.10	-2.00	183	31	-2.80	295	-16	-33	14	19	-27
Net Cash From Investing Activities	1.40	-4.30	8.50	-16	1.60	16	-5.40	-0.40	33	-5.70	-15
Net Cash From Continuing Investing Activities	1.40	-4.30	8.50	-16	1.60	16	-5.40	-0.40	33	-5.70	-15
Purchase of Property, Plant & Equipment	-13	-13	-12	-14	-14	-8.00	-5.70	-2.90	-3.30	-5.80	-5.60
Acquisitions	-2.70	-2.30	-2.10	-0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchase of Investments	-71	-55	-34	-37	-25	-8.20	0.00	-	0.00	-1.00	-2.00
Sale and/or Maturity of Investments	87	66	57	35	40	32	0.30	0.30	-	1.20	0.00
Other Investing Activities, net	-	0.00	0.10	-	0.00	0.00	-	0.00	-14	-0.10	-7.80
Net Cash From Financing Activities	-88	-138	-140	-123	-131	63	22	-47	-52	-14	-34
Net Cash From Continuing Financing Activities	-88	-138	-140	-123	-131	54	22	10	-52	-14	-34
Repayment of Debt	-171	-390	-83	-470	-573	-87	-9.60	9.60	-2.00	-0.70	-22
Repurchase of Common Equity	-	-	-	-	-	-	-	-	0.00	-13	-22
Payment of Dividends	-135	-122	-146	-137	-126	-69	-17	-9.50	-0.50	-0.30	-11
Issuance of Debt	215	376	80	463	569	210	50	-50	0.00	0.00	22
Other Financing Activities, net	2.60	-2.00	8.80	20	-1.30	8.80	-2.00	2.60	-50	0.00	0.00
Cash Interest Paid	50	53	50	54	54	55	59	67	13	0.90	0.20
Cash Income Taxes Paid	-2.70	0.50	-1.70	0.30	0.10	0.50	-0.10	0.10	0.00	0.08	0.01

This table details how cash moves in and out of National CineMedia's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/28/2023	12/28/2023	3/28/2024	6/27/2024	9/26/2024	12/26/2024	3/27/2025	6/26/2025	9/25/2025	1/1/2026	4/2/2026
Net Change in Cash & Equivalents	7.50	15	23	-3.90	-4.40	26	-15	-23	-7.40	4.70	14
Net Cash From Operating Activities	-27	16	24	7.70	-2.00	31	6.00	-4.90	-1.00	8.30	18
Net Cash From Continuing Operating Activities	-27	16	24	6.90	-2.00	31	6.00	-4.90	-1.00	8.30	18
Net Income / (Loss) Continuing Operations	182	24	-35	-8.70	-3.60	25	-31	-11	1.50	29	-29
Consolidated Net Income / (Loss)	182	24	-35	-8.70	-3.60	25	-31	-11	1.50	29	-29
Depreciation Expense	0.60	1.00	1.00	1.20	1.20	1.20	1.10	1.10	1.10	1.30	1.50
Amortization Expense	5.80	9.80	9.70	9.60	9.70	9.60	9.30	8.40	8.00	7.90	8.00
Non-Cash Adjustments To Reconcile Net Income	-200	3.60	13	1.50	0.20	3.30	9.20	2.10	-2.70	-0.90	0.00
Changes in Operating Assets and Liabilities, net	-15	-23	35	3.30	-9.50	-8.30	17	-5.80	-8.90	-29	37
Net Cash From Investing Activities	34	-1.00	-1.30	-1.10	-0.50	-2.80	-0.70	-1.70	-3.40	-9.60	-0.10
Net Cash From Continuing Investing Activities	34	-1.00	-1.30	-0.90	-0.50	-2.80	-0.70	-1.70	-3.40	-9.60	-0.10
Purchase of Property, Plant & Equipment	-0.60	-1.60	-1.50	-1.30	-0.60	-2.40	-0.70	-1.70	-1.00	-2.20	-0.30
Sale and/or Maturity of Investments	-	-	0.20	-	-	-	0.00	-	-	-	0.20
Net Cash From Financing Activities	-0.10	-	-0.30	-9.90	-1.90	-2.00	-20	-16	-3.00	6.00	-4.00
Net Cash From Continuing Financing Activities	-0.10	-	-0.30	-9.90	-1.90	-2.00	-20	-16	-3.00	6.00	-4.00
Repayment of Debt	-	-	0.00	-	-	-	-12	-10	-10	-0.40	0.00
Repurchase of Preferred Equity	-	-	0.00	-	-	-	-0.10	-0.50	-	-	-0.20
Repurchase of Common Equity	-	-	0.00	-	-1.90	-2.00	-8.80	-9.90	-	-3.30	-1.00
Payment of Dividends	-0.10	-	-0.30	-	-	-	0.00	-5.70	-2.80	-2.90	-2.80
Cash Interest Paid	-	0.30	0.20	0.30	0.20	0.20	0.10	-	0.10	-	0.30
Cash Income Taxes Paid	-0.20	0.10	0.10	-0.20	-	0.18	0.00	-	-	0.01	0.00

This table presents National CineMedia's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/29/2016	12/28/2017	12/27/2018	12/26/2019	12/31/2020	12/30/2021	12/29/2022	12/28/2023	12/26/2024	1/1/2026
Total Assets	1,074	1,143	1,173	1,142	1,130	886	817	792	568	569	491
Total Current Assets	204	221	213	231	254	200	158	164	144	178	138
Cash & Equivalents	32	23	30	41	56	180	101	62	35	75	35
Restricted Cash	-	-	-	-	-	-	-	2.10	3.00	3.00	3.00
Accounts Receivable	149	161	161	156	177	16	53	92	97	85	97
Prepaid Expenses	2.80	3.10	-	-	-	-	-	-	4.20	3.90	4.00
Plant, Property, & Equipment, net	25	30	31	34	33	28	21	13	16	16	19
Total Noncurrent Assets	845	892	930	877	843	667	638	615	408	374	333
Long-Term Investments	46	26	20	13	8.50	1.20	1.80	0.30	0.70	3.80	8.10
Goodwill	-	-	-	-	-	-	-	-	-	0.00	0.50
Intangible Assets	567	561	717	685	644	628	606	587	394	351	309
Other Noncurrent Operating Assets	2.80	2.60	2.80	5.70	28	29	30	27	13	20	16
Total Liabilities & Shareholders' Equity	1,074	1,143	1,173	1,142	1,130	886	817	792	568	569	491
Total Liabilities	1,245	1,259	1,248	1,231	1,251	1,155	1,201	1,256	133	157	115
Total Current Liabilities	125	121	110	111	120	50	70	1,203	58	74	62
Accounts Payable	50	60	52	48	58	16	28	25	22	23	26
Accrued Expenses	20	20	20	22	22	19	13	18	1.60	1.60	1.90
Current Deferred Revenue	10	10	7.10	7.30	7.60	5.10	15	0.00	9.80	24	11
Current Deferred & Payable Income Tax Liabilities	26	18	20	16	14	0.90	0.00	0.30	0.00	4.10	2.90
Current Employee Benefit Liabilities	18	12	11	15	14	4.80	7.90	8.30	18	16	12
Other Current Liabilities	-	-	-	0.00	1.60	1.80	2.20	0.00	7.60	5.60	8.30
Total Noncurrent Liabilities	1,121	1,139	1,138	1,121	1,132	1,105	1,131	35	75	84	53
Long-Term Debt	925	924	923	921	924	1,050	1,094	0.00	10	10	12
Other Noncurrent Operating Liabilities	140	212	215	200	208	55	37	35	65	74	41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-172	-117	-75	-89	-121	-269	-384	-464	435	411	375
Total Preferred & Common Equity	-407	-358	-363	-368	-380	-473	-527	-515	435	411	375
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-407	-358	-363	-368	-380	-473	-527	-515	435	411	375
Common Stock	0.60	0.60	0.80	0.80	0.80	0.80	0.80	1.30	2.60	2.50	2.50
Retained Earnings	-186	-248	-130	-154	-171	-266	-332	-370	317	281	236
Other Equity Adjustments	-222	-111	-233	-215	-209	-208	-196	-146	115	128	137
Noncontrolling Interest	235	242	288	279	258	205	143	51	0.00	0.00	0.00

This table presents National CineMedia's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/29/2022	3/30/2023	6/29/2023	9/28/2023	3/28/2024	6/27/2024	9/26/2024	3/27/2025	6/26/2025	9/25/2025	4/2/2026
Total Assets	775	740	43	539	539	527	526	504	462	452	469
Total Current Assets	137	122	24	103	117	116	126	124	101	96	126
Cash & Equivalents	74	69	16	17	57	54	49	60	37	30	49
Restricted Cash	-	2.10	0.00	5.80	3.00	3.00	3.00	3.30	3.10	3.00	3.00
Accounts Receivable	59	39	0.20	69	49	51	63	47	57	59	70
Prepaid Expenses	4.70	11	7.10	11	8.70	8.90	3.60	3.80	3.60	3.70	4.10
Plant, Property, & Equipment, net	13	12	0.00	15	16	16	15	16	17	17	18
Total Noncurrent Assets	626	606	7.70	422	406	395	385	364	344	339	325
Long-Term Investments	1.80	0.30	7.70	0.90	1.00	1.00	1.30	3.90	4.30	7.10	8.90
Goodwill	-	-	-	-	-	-	-	-	-	-	0.50
Intangible Assets	597	581	0.00	409	385	375	364	341	322	314	300
Other Noncurrent Operating Assets	27	24	0.00	11	20	19	20	19	18	18	15
Total Liabilities & Shareholders' Equity	775	740	43	539	539	527	526	504	462	452	469
Total Liabilities	1,229	1,272	63	130	136	139	141	133	112	101	124
Total Current Liabilities	290	1,205	9.80	52	43	48	51	54	58	51	69
Accounts Payable	18	24	2.40	19	16	16	16	20	19	21	26
Accrued Expenses	16	27	0.80	1.50	1.70	1.70	1.90	1.60	1.90	2.20	1.60
Current Deferred Revenue	9.60	9.20	3.80	9.30	13	13	15	18	19	9.60	26
Current Deferred & Payable Income Tax Liabilities	0.40	0.30	1.10	0.60	0.00	-	-	4.10	4.40	4.10	2.90
Current Employee Benefit Liabilities	9.60	6.00	1.70	14	5.40	10	12	5.40	7.30	8.40	6.50
Other Current Liabilities	16	18	0.00	8.10	6.20	6.80	6.20	5.00	6.30	5.40	5.90
Total Noncurrent Liabilities	939	67	53	78	94	92	90	79	54	51	55
Long-Term Debt	901	0.00	0.00	10	10	10	10	0.00	0.00	0.00	12
Other Noncurrent Operating Liabilities	38	67	53	68	84	82	80	79	54	51	43
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-454	-532	-19	409	402	388	386	371	350	351	345
Total Preferred & Common Equity	-565	-532	-19	409	402	388	386	371	350	351	345
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-565	-532	-19	409	402	388	386	371	350	351	345
Common Stock	0.80	1.70	1.70	2.50	2.50	2.50	2.50	2.50	2.50	2.50	2.50
Retained Earnings	-377	-416	111	293	282	264	258	238	215	214	204
Other Equity Adjustments	-189	-118	-132	114	118	122	125	130	133	135	138
Noncontrolling Interest	111	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from National CineMedia's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/29/2016	12/28/2017	12/27/2018	12/26/2019	12/31/2020	12/30/2021	12/29/2022	12/28/2023	12/26/2024	1/1/2026
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.32%	0.25%	90.57%	4.19%	-47.36%	-80.68%	26.77%	117.45%	-33.71%	45.76%	1.00%
EBITDA Growth	55.22%	-21.04%	83.92%	-48.06%	14.64%	-32.10%	-93.09%	399.07%	1,297.77%	-97.29%	40.69%
EBIT Growth	81.95%	-25.24%	101.63%	-54.30%	1.45%	-43.03%	-158.58%	125.19%	5,266.67%	-103.15%	57.89%
NOPAT Growth	0.07%	13.82%	-60.18%	99.64%	18.25%	52.08%	-122.38%	110.06%	-665.22%	50.00%	28.72%
Net Income Growth	143.45%	-40.83%	471.43%	-3.24%	-68.36%	-176.41%	6.25%	44.09%	1,152.42%	-103.20%	52.47%
EPS Growth	-17.39%	184.21%	-11.11%	-22.92%	24.32%	-282.61%	27.38%	44.09%	509.71%	-101.60%	52.17%
Operating Cash Flow Growth	-10.69%	26.78%	31.99%	-4.94%	10.09%	-46.69%	-162.87%	23.46%	85.84%	1,000.00%	-86.07%
Free Cash Flow Firm Growth	-63.55%	50.34%	-91.86%	2,166.81%	16.36%	93.87%	-116.90%	69.25%	1,241.96%	-73.26%	-122.78%
Invested Capital Growth	13.37%	10.47%	7.26%	-3.78%	-4.27%	-16.81%	1.46%	3.65%	-35.83%	-16.49%	0.71%
Revenue Q/Q Growth	3.07%	1.38%	99.35%	1.96%	-46.98%	-63.09%	71.56%	12.76%	-0.54%	-1.83%	2.88%
EBITDA Q/Q Growth	61.43%	-25.78%	87.67%	-50.01%	20.15%	56.61%	-91.15%	-19.07%	254.54%	85.45%	11.67%
EBIT Q/Q Growth	82.53%	-30.16%	108.80%	-56.05%	8.51%	177.27%	-193.87%	743.75%	292.68%	29.19%	32.39%
NOPAT Q/Q Growth	8.77%	0.52%	-56.32%	104.34%	9.16%	843.32%	29.57%	152.67%	-37.88%	-2.63%	21.47%
Net Income Q/Q Growth	153.90%	-43.88%	435.71%	-2.19%	-68.48%	-345.72%	32.73%	8.44%	1.98%	4.70%	29.80%
EPS Q/Q Growth	-34.48%	157.14%	-26.15%	2.78%	6.98%	-500.00%	46.96%	8.44%	30.84%	8.00%	31.25%
Operating Cash Flow Q/Q Growth	13.35%	-0.60%	20.19%	-11.47%	12.37%	-37.27%	22.85%	-688.33%	79.64%	20.60%	-72.55%
Free Cash Flow Firm Q/Q Growth	-49.47%	-11.14%	-28.97%	54.28%	-1.51%	200.32%	-18.42%	-2,168.83%	13.03%	29.18%	-164.49%
Invested Capital Q/Q Growth	8.80%	9.66%	-1.24%	-0.18%	1.84%	-3.11%	1.61%	6.82%	2.50%	-0.73%	10.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.76%	93.30%	96.04%	95.23%	91.81%	88.61%	77.49%	85.71%	93.58%	94.31%	94.65%
EBITDA Margin	59.62%	46.96%	45.32%	22.59%	49.21%	172.90%	9.42%	21.63%	456.05%	8.47%	11.80%
Operating Margin	33.15%	38.65%	18.04%	17.36%	34.48%	-67.48%	-59.86%	2.77%	-16.53%	-8.10%	-5.72%
EBIT Margin	51.47%	38.38%	40.61%	17.81%	34.33%	101.22%	-46.77%	5.42%	438.56%	-9.47%	-3.95%
Profit (Net Income) Margin	35.77%	21.11%	63.31%	58.79%	35.34%	-139.71%	-103.32%	-26.57%	421.73%	-9.26%	-4.36%
Tax Burden Percent	89.12%	86.78%	183.18%	503.86%	166.80%	-351.81%	100.00%	100.00%	100.00%	100.91%	100.00%
Interest Burden Percent	77.98%	63.39%	85.10%	65.51%	61.71%	39.24%	220.90%	-490.37%	96.16%	96.93%	110.42%
Effective Tax Rate	10.88%	13.22%	61.16%	22.66%	12.51%	451.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	21.14%	21.52%	7.88%	15.48%	19.08%	32.38%	-7.92%	0.78%	-5.25%	-3.66%	-2.86%
ROIC Less NNEP Spread (ROIC-NNEP)	24.56%	14.91%	64.07%	62.77%	21.94%	-7.37%	-15.47%	-6.02%	130.24%	13.59%	-1.21%
Return on Net Nonoperating Assets (RNNOA)	-105.11%	-87.05%	-571.85%	-652.68%	-176.21%	32.42%	44.23%	14.85%	-4,718.14%	-1.61%	0.16%
Return on Equity (ROE)	-83.96%	-65.53%	-563.97%	-637.20%	-157.13%	64.80%	36.31%	15.62%	-4,723.39%	-5.27%	-2.70%
Cash Return on Invested Capital (CROIC)	8.61%	11.57%	0.87%	19.34%	23.45%	50.73%	-9.37%	-2.81%	38.39%	14.31%	-3.56%
Operating Return on Assets (OROA)	22.26%	15.50%	29.92%	13.68%	14.14%	9.08%	-6.29%	1.68%	106.54%	-4.01%	-1.81%
Return on Assets (ROA)	15.47%	8.53%	46.64%	45.14%	14.55%	-12.53%	-13.90%	-8.22%	102.45%	-3.93%	-2.00%
Return on Common Equity (ROCE)	-179.94%	-173.88%	-2,122.47%	-2,838.24%	-558.24%	141.74%	55.68%	19.21%	-12,937.28%	-5.27%	-2.70%
Return on Equity Simple (ROE_SIMPLE)	-39.24%	-26.38%	-148.97%	-141.98%	-43.56%	26.70%	22.48%	12.85%	160.35%	-5.42%	0.00%
Net Operating Profit after Tax (NOPAT)	132	150	60	119	141	215	-48	4.83	-27	-14	-9.73
NOPAT Margin	29.54%	33.54%	7.01%	13.43%	30.17%	237.39%	-41.90%	1.94%	-16.53%	-5.67%	-4.00%
Net Nonoperating Expense Percent (NNEP)	-3.42%	6.61%	-56.19%	-47.28%	-2.86%	39.75%	7.55%	6.79%	-135.49%	-17.25%	-1.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-6.14%	-3.24%	-2.51%
Cost of Revenue to Revenue	16.24%	6.70%	3.96%	4.77%	8.19%	11.39%	22.51%	14.29%	6.42%	5.69%	5.35%
SG&A Expenses to Revenue	8.65%	9.79%	4.44%	5.43%	9.36%	34.18%	31.41%	17.78%	34.69%	21.05%	18.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.62%	54.65%	28.11%	28.10%	40.53%	156.08%	137.43%	82.95%	110.11%	102.41%	100.37%
Earnings before Interest and Taxes (EBIT)	230	172	346	158	161	92	-54	14	725	-23	-9.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	266	210	387	201	230	156	11	54	753	20	29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.96	1.56	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.40	10.59	5.52
Price to Revenue (P/Rev)	1.21	1.22	0.42	0.41	0.99	2.92	1.82	0.08	2.53	2.66	1.50
Price to Earnings (P/E)	47.93	16.53	6.12	12.33	12.83	0.00	0.00	0.00	0.59	0.00	0.00
Dividend Yield	9.99%	10.10%	19.36%	14.61%	11.63%	12.06%	7.73%	67.28%	0.00%	0.00%	3.08%
Earnings Yield	2.09%	6.05%	16.34%	8.11%	7.79%	0.00%	0.00%	0.00%	168.66%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.43	2.23	1.92	1.97	2.16	2.22	2.20	1.78	0.96	1.67	0.97
Enterprise Value to Revenue (EV/Rev)	3.61	3.65	1.76	1.68	3.35	14.81	11.74	4.52	2.36	2.36	1.36
Enterprise Value to EBITDA (EV/EBITDA)	6.05	7.78	3.89	7.43	6.80	8.57	124.62	20.91	0.52	27.83	11.54
Enterprise Value to EBIT (EV/EBIT)	7.01	9.51	4.34	9.42	9.75	14.63	0.00	83.49	0.54	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.22	10.89	25.18	12.50	11.10	6.24	0.00	233.35	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.30	12.24	8.54	8.90	8.49	13.62	0.00	0.00	0.00	9.42	39.44
Enterprise Value to Free Cash Flow (EV/FCFF)	30.01	20.25	228.89	10.01	9.03	3.98	0.00	0.00	1.95	10.64	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.39	-7.92	-12.34	-10.35	-7.65	-3.92	-2.86	-2.42	0.02	0.02	0.03
Long-Term Debt to Equity	-5.39	-7.92	-12.34	-10.32	-7.62	-3.91	-2.85	0.00	0.02	0.02	0.03
Financial Leverage	-4.28	-5.84	-8.93	-10.40	-8.03	-4.40	-2.86	-2.47	-36.23	-0.12	-0.13
Leverage Ratio	-5.43	-7.68	-12.09	-14.12	-10.80	-5.17	-2.61	-1.90	-46.11	1.34	1.35
Compound Leverage Factor	-4.23	-4.87	-10.29	-9.25	-6.66	-2.03	-5.77	9.31	-44.34	1.30	1.49
Debt to Total Capital	122.78%	114.45%	108.82%	110.69%	115.05%	134.27%	153.71%	170.61%	2.25%	2.37%	3.10%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.32%	0.34%	0.34%	0.45%	170.61%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	122.78%	114.45%	108.82%	110.37%	114.71%	133.93%	153.26%	0.00%	2.25%	2.37%	3.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	31.22%	29.90%	33.91%	33.41%	32.07%	26.09%	20.06%	7.81%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-54.00%	-44.35%	-42.72%	-44.10%	-47.12%	-60.37%	-73.77%	-78.42%	97.75%	97.63%	96.90%
Debt to EBITDA	3.48	4.40	2.39	4.60	4.03	6.73	101.62	20.80	0.01	0.49	0.42
Net Debt to EBITDA	3.14	4.04	2.23	4.21	3.67	5.57	92.06	19.60	-0.04	-3.53	-1.17
Long-Term Debt to EBITDA	3.48	4.40	2.39	4.59	4.01	6.72	101.32	0.00	0.01	0.49	0.42
Debt to NOPAT	7.02	6.16	15.45	7.74	6.57	4.90	-22.86	232.11	-0.37	-0.73	-1.23
Net Debt to NOPAT	6.33	5.66	14.39	7.08	5.99	4.06	-20.70	218.70	1.04	5.27	3.46
Long-Term Debt to NOPAT	7.02	6.16	15.45	7.72	6.55	4.89	-22.79	0.00	-0.37	-0.73	-1.23
Altman Z-Score	1.23	0.95	1.82	1.35	1.04	0.36	-0.41	-1.85	7.35	3.64	3.19
Noncontrolling Interest Sharing Ratio	-114.30%	-165.33%	-276.34%	-345.43%	-255.28%	-118.73%	-53.32%	-22.95%	-173.90%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.63	1.83	1.94	2.09	2.13	4.00	2.27	0.14	2.46	2.42	2.22
Quick Ratio	1.59	1.78	1.90	2.05	2.10	3.94	2.21	0.13	2.25	2.18	2.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	54	81	6.57	149	173	336	-57	-17	200	53	-12
Operating Cash Flow to CapEx	835.71%	1,034.88%	1,518.97%	1,179.58%	1,317.14%	1,228.75%	-1,084.21%	-6,757.14%	-223.33%	1,039.66%	150.00%
Free Cash Flow to Firm to Interest Expense	1.03	1.25	0.12	2.66	2.73	5.98	-0.88	-0.22	7.15	31.38	-5.05
Operating Cash Flow to Interest Expense	2.02	2.07	3.34	2.99	2.90	1.75	-0.95	-0.59	-0.24	35.47	3.50
Operating Cash Flow Less CapEx to Interest Expense	1.78	1.87	3.12	2.73	2.68	1.61	-1.04	-0.60	-0.35	32.06	1.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.40	0.74	0.77	0.41	0.09	0.13	0.31	0.24	0.42	0.46
Accounts Receivable Turnover	3.36	2.89	5.31	5.62	2.81	0.93	3.31	3.44	1.75	2.65	2.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	18.80	16.37	28.29	27.64	14.01	2.98	4.70	14.53	11.47	14.96	13.59
Accounts Payable Turnover	1.47	0.54	0.60	0.85	0.73	0.28	1.18	1.34	0.45	0.61	0.53
Days Sales Outstanding (DSO)	108.48	126.15	68.70	64.95	129.95	390.84	110.20	106.19	208.35	137.86	136.42
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	248.20	672.21	605.27	430.42	502.71	1,296.99	309.83	272.21	804.03	595.46	689.29
Cash Conversion Cycle (CCC)	-139.72	-546.06	-536.57	-365.47	-372.76	-906.15	-199.62	-166.02	-595.68	-457.60	-552.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	663	732	786	756	724	602	611	633	406	339	342
Invested Capital Turnover	0.72	0.64	1.12	1.15	0.63	0.14	0.19	0.40	0.32	0.65	0.71
Increase / (Decrease) in Invested Capital	78	69	53	-30	-32	-122	8.80	22	-227	-67	2.40
Enterprise Value (EV)	1,611	1,634	1,505	1,491	1,566	1,339	1,346	1,127	390	568	331
Market Capitalization	542	544	357	367	463	264	208	19	418	640	365
Book Value per Share	($6.62)	($5.74)	($4.62)	($4.66)	($4.79)	($5.94)	($6.54)	($62.87)	$4.49	$4.33	$4.00
Tangible Book Value per Share	($15.83)	($14.72)	($13.75)	($13.33)	($12.91)	($13.83)	($14.07)	($134.44)	$0.42	$0.64	$0.70
Total Capital	754	808	849	834	805	784	714	657	445	421	387
Total Debt	925	924	923	924	927	1,052	1,098	1,121	10	10	12
Total Long-Term Debt	925	924	923	921	924	1,050	1,094	0.00	10	10	12
Net Debt	835	849	860	845	845	871	994	1,056	-28	-72	-34
Capital Expenditures (CapEx)	13	13	12	14	14	8.00	5.70	0.70	3.00	5.80	5.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	51	60	58	64	-28	-9.70	18	48	26	38
Debt-free Net Working Capital (DFNWC)	79	101	103	123	138	153	92	82	85	104	76
Net Working Capital (NWC)	79	101	103	120	135	150	89	-1,039	85	104	76
Net Nonoperating Expense (NNE)	-28	56	-480	-403	-24	341	70	71	-724	8.65	0.87
Net Nonoperating Obligations (NNO)	835	849	860	845	845	871	994	1,097	-28	-72	-34
Total Depreciation and Amortization (D&A)	36	38	40	43	70	65	64	40	29	43	38
Debt-free, Cash-free Net Working Capital to Revenue	7.61%	11.48%	6.99%	6.49%	13.70%	-30.97%	-8.46%	7.18%	28.93%	10.88%	15.79%
Debt-free Net Working Capital to Revenue	17.67%	22.45%	12.06%	13.85%	29.39%	168.81%	80.10%	33.07%	51.69%	43.36%	31.25%
Net Working Capital to Revenue	17.67%	22.45%	12.06%	13.55%	28.82%	165.82%	77.31%	-416.81%	51.69%	43.36%	31.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.60	$4.20	$0.40	$3.90	$4.70	($8.40)	($6.10)	($3.50)	$14.73	($0.23)	($0.11)
Adjusted Weighted Average Basic Shares Outstanding	5.90M	5.98M	6.52M	7.69M	7.73M	7.80M	7.99M	8.20M	47.88M	95.87M	94.18M
Adjusted Diluted Earnings per Share	$2.60	$4.20	$0.20	$3.70	$4.60	($8.40)	($6.10)	($3.50)	$14.34	($0.23)	($0.11)
Adjusted Weighted Average Diluted Shares Outstanding	5.96M	6.06M	15.11M	15.74M	7.78M	7.80M	7.99M	8.20M	48.57M	95.87M	94.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$4.20	$0.00	$3.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.27M	6.30M	7.91M	7.86M	7.98M	7.97M	8.11M	17.41M	97.02M	95.21M	93.14M
Normalized Net Operating Profit after Tax (NOPAT)	162	150	108	119	141	-42	-48	8.89	-19	-14	-9.73
Normalized NOPAT Margin	36.39%	33.54%	12.63%	13.43%	30.17%	-45.92%	-41.90%	3.57%	-11.57%	-5.67%	-4.00%
Pre Tax Income Margin	40.13%	24.33%	34.56%	11.67%	21.18%	39.71%	-103.32%	-26.57%	421.73%	-9.18%	-4.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.40	2.67	6.56	2.82	2.53	1.63	-0.83	0.17	25.97	-13.41	-4.00
NOPAT to Interest Expense	2.53	2.33	1.13	2.13	2.22	3.82	-0.74	0.06	-0.98	-8.03	-4.05
EBIT Less CapEx to Interest Expense	4.16	2.47	6.34	2.57	2.31	1.49	-0.92	0.16	25.86	-16.82	-6.33
NOPAT Less CapEx to Interest Expense	2.29	2.13	0.91	1.87	2.00	3.68	-0.83	0.05	-1.09	-11.44	-6.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	84.53%	129.31%	27.04%	26.12%	75.92%	-54.47%	-14.27%	-14.35%	0.07%	-1.35%	-107.55%
Augmented Payout Ratio	84.53%	129.31%	27.04%	26.12%	75.92%	-54.47%	-14.27%	-14.35%	0.07%	-60.09%	-315.09%

This table displays calculated financial ratios and metrics derived from National CineMedia's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/28/2023	12/28/2023	3/28/2024	6/27/2024	9/26/2024	12/26/2024	3/27/2025	6/26/2025	9/25/2025	1/1/2026	4/2/2026
DEI Shares Outstanding	-	-	-	-	-	-	95,209,712.00	94,304,388.00	93,710,120.00	-	93,143,847.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	95,209,712.00	94,304,388.00	93,710,120.00	-	93,143,847.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.32	-0.11	0.02	-	-0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-54.68%	-0.98%	7.16%	269.59%	152.63%	-4.96%	-6.68%	-5.30%	1.60%	7.88%	-2.58%
EBITDA Growth	2,312.20%	1,278.72%	-19.19%	123.08%	-96.46%	-93.96%	20.92%	-183.33%	50.00%	8.45%	-1.06%
EBIT Growth	10,173.68%	1,666.67%	-14.33%	3.23%	-102.04%	-95.74%	15.32%	-22.22%	135.90%	18.62%	2.39%
NOPAT Growth	-318.37%	-26.79%	25.82%	-32.86%	57.32%	-3.22%	-5.29%	-29.03%	65.71%	19.96%	-12.55%
Net Income Growth	937.79%	133.66%	35.74%	-101.60%	-101.98%	4.66%	11.53%	-22.99%	144.44%	18.22%	6.84%
EPS Growth	365.14%	-33.78%	88.50%	-100.29%	-101.38%	-46.94%	11.11%	-22.22%	150.00%	15.38%	3.13%
Operating Cash Flow Growth	-824.32%	247.17%	131.73%	230.51%	92.54%	95.51%	-75.10%	-163.64%	50.00%	-72.79%	201.67%
Free Cash Flow Firm Growth	3,269.96%	4,238.60%	96.50%	-896.06%	-73.18%	-64.89%	-78.73%	106.54%	-40.43%	-75.33%	-135.78%
Invested Capital Growth	-33.13%	-35.83%	-31.88%	713.90%	-13.78%	-16.49%	-13.74%	-10.20%	-9.13%	0.71%	-2.47%
Revenue Q/Q Growth	66.89%	267.61%	-58.81%	46.26%	14.08%	38.30%	-59.56%	48.42%	22.39%	46.85%	-63.48%
EBITDA Q/Q Growth	2,635.90%	194.84%	-109.87%	107.63%	288.89%	402.86%	-153.24%	92.02%	800.00%	266.67%	-149.61%
EBIT Q/Q Growth	2,158.06%	199.06%	-115.02%	73.76%	56.67%	725.64%	-218.62%	62.46%	112.73%	1,992.86%	-197.61%
NOPAT Q/Q Growth	-151.02%	266.67%	-177.51%	59.03%	19.35%	477.89%	-184.33%	49.79%	78.57%	1,422.22%	-179.12%
Net Income Q/Q Growth	-66.66%	-87.02%	-115.24%	74.93%	58.62%	786.11%	-224.29%	65.15%	114.95%	1,725.00%	-197.95%
EPS Q/Q Growth	-90.78%	-83.05%	-173.47%	75.00%	55.56%	750.00%	-223.08%	65.63%	118.18%	1,400.00%	-203.33%
Operating Cash Flow Q/Q Growth	-354.24%	158.21%	19.31%	-68.05%	-125.97%	1,625.00%	-80.33%	-181.67%	79.59%	930.00%	118.07%
Free Cash Flow Firm Q/Q Growth	264.36%	34.40%	-39.79%	-369.97%	112.28%	75.97%	-63.49%	-16.96%	11.79%	-27.21%	-152.94%
Invested Capital Q/Q Growth	815.34%	2.50%	-13.29%	-3.44%	0.47%	-0.73%	-10.46%	0.53%	1.67%	10.05%	-13.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.47%	96.04%	90.37%	93.24%	94.71%	96.41%	91.12%	93.82%	94.95%	96.24%	88.24%
EBITDA Margin	800.81%	642.29%	-63.10%	3.29%	11.22%	40.79%	-54.15%	-2.90%	16.56%	41.35%	-56.18%
Operating Margin	-49.80%	22.58%	-60.70%	-17.00%	-12.02%	23.18%	-68.48%	-23.17%	-2.84%	25.56%	-79.12%
EBIT Margin	774.90%	630.40%	-91.71%	-16.45%	-6.25%	28.27%	-83.95%	-21.24%	2.21%	31.47%	-84.12%
Profit (Net Income) Margin	736.03%	25.99%	-92.78%	-15.90%	-5.77%	28.62%	-87.97%	-20.66%	2.52%	31.36%	-84.12%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	99.20%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	94.98%	4.12%	101.17%	96.67%	92.31%	102.05%	104.78%	97.27%	114.29%	99.66%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-16.73%	7.18%	-16.39%	-17.36%	-5.59%	14.85%	-34.83%	-11.83%	-2.06%	18.26%	-44.72%
ROIC Less NNEP Spread (ROIC-NNEP)	20.84%	7.76%	-20.16%	-12.14%	-11.40%	5.16%	-10.97%	-6.85%	-10.17%	8.03%	-27.81%
Return on Net Nonoperating Assets (RNNOA)	-483.88%	-281.06%	155.48%	2.76%	0.81%	-0.61%	1.66%	0.86%	1.16%	-1.08%	4.49%
Return on Equity (ROE)	-500.61%	-273.88%	139.09%	-14.59%	-4.78%	14.24%	-33.17%	-10.97%	-0.90%	17.18%	-40.24%
Cash Return on Invested Capital (CROIC)	35.70%	38.39%	33.46%	-123.29%	11.19%	14.31%	10.34%	5.68%	5.77%	-3.56%	-1.44%
Operating Return on Assets (OROA)	195.85%	153.14%	-24.05%	-11.97%	-2.88%	11.98%	-38.39%	-10.11%	1.07%	14.45%	-41.92%
Return on Assets (ROA)	186.02%	6.31%	-24.33%	-11.57%	-2.66%	12.13%	-40.22%	-9.83%	1.22%	14.40%	-41.92%
Return on Common Equity (ROCE)	-1,749.33%	-750.15%	139.09%	-14.59%	-4.78%	14.24%	-33.17%	-10.97%	-0.90%	17.18%	-40.24%
Return on Equity Simple (ROE_SIMPLE)	166.92%	0.00%	177.98%	41.76%	-6.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	21	-16	-6.51	-5.25	20	-17	-8.40	-1.80	24	-19
NOPAT Margin	-49.80%	22.58%	-42.49%	-11.90%	-8.41%	22.99%	-47.94%	-16.22%	-2.84%	25.56%	-55.38%
Net Nonoperating Expense Percent (NNEP)	-37.57%	-0.58%	3.77%	-5.22%	5.81%	9.69%	-23.86%	-4.98%	8.11%	10.23%	-16.92%
Return On Investment Capital (ROIC_SIMPLE)	-	4.61%	-	-	-	4.71%	-4.51%	-2.40%	-0.51%	6.14%	-5.28%
Cost of Revenue to Revenue	10.53%	3.96%	9.63%	6.76%	5.29%	3.59%	8.88%	6.18%	5.05%	3.76%	11.76%
SG&A Expenses to Revenue	29.55%	18.39%	36.10%	24.50%	20.67%	12.63%	36.96%	20.46%	16.72%	12.89%	39.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	139.27%	73.46%	151.07%	110.24%	106.73%	73.23%	159.60%	116.99%	97.79%	70.68%	167.35%
Earnings before Interest and Taxes (EBIT)	191	572	-34	-9.00	-3.90	24	-29	-11	1.40	29	-29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	198	583	-24	1.80	7.00	35	-19	-1.50	11	39	-19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.19	0.96	1.24	1.06	1.73	1.56	1.51	1.32	1.24	0.97	0.81
Price to Tangible Book Value (P/TBV)	193.65	10.40	28.23	31.82	31.67	10.59	18.84	16.47	12.07	5.52	6.35
Price to Revenue (P/Rev)	0.47	2.53	2.98	1.98	2.72	2.66	2.35	1.96	1.84	1.50	1.15
Price to Earnings (P/E)	0.11	0.59	0.70	2.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	1.23%	1.94%	3.08%	5.00%
Earnings Yield	887.82%	168.66%	143.29%	39.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.16	0.96	1.27	1.07	1.83	1.67	1.62	1.36	1.27	0.97	0.78
Enterprise Value to Revenue (EV/Rev)	0.38	2.36	2.67	1.75	2.55	2.36	2.07	1.77	1.67	1.36	0.95
Enterprise Value to EBITDA (EV/EBITDA)	0.30	0.52	2.33	1.80	56.76	27.83	19.39	18.76	15.40	11.54	8.10
Enterprise Value to EBIT (EV/EBIT)	0.34	0.54	2.76	2.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	38.67	14.39	12.49	9.42	11.67	14.07	12.93	39.44	11.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.36	1.95	3.09	0.00	15.12	10.64	14.53	22.74	21.04	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.02	0.02	0.03	0.03	0.02	0.00	0.00	0.00	0.03	0.03
Long-Term Debt to Equity	0.02	0.02	0.02	0.03	0.03	0.02	0.00	0.00	0.00	0.03	0.03
Financial Leverage	-23.22	-36.23	-7.71	-0.23	-0.07	-0.12	-0.15	-0.13	-0.11	-0.13	-0.16
Leverage Ratio	-29.54	-46.11	-9.87	1.55	1.34	1.34	1.35	1.34	1.33	1.35	1.36
Compound Leverage Factor	-28.06	-1.90	-9.99	1.50	1.24	1.37	1.41	1.30	1.52	1.34	1.36
Debt to Total Capital	2.38%	2.25%	2.43%	2.51%	2.53%	2.37%	0.00%	0.00%	0.00%	3.10%	3.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.38%	2.25%	2.43%	2.51%	2.53%	2.37%	0.00%	0.00%	0.00%	3.10%	3.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	97.62%	97.75%	97.57%	97.49%	97.47%	97.63%	100.00%	100.00%	100.00%	96.90%	96.64%
Debt to EBITDA	0.05	0.01	0.05	0.05	0.91	0.49	0.00	0.00	0.00	0.42	0.42
Net Debt to EBITDA	-0.07	-0.04	-0.27	-0.24	-3.98	-3.53	0.00	0.00	0.00	-1.17	-1.70
Long-Term Debt to EBITDA	0.05	0.01	0.05	0.05	0.91	0.49	0.00	0.00	0.00	0.42	0.42
Debt to NOPAT	-0.51	-0.37	-0.52	-0.42	-0.75	-0.73	0.00	0.00	0.00	-1.23	-1.01
Net Debt to NOPAT	0.70	1.04	2.63	2.01	3.29	5.27	0.00	0.00	0.00	3.46	4.10
Long-Term Debt to NOPAT	-0.51	-0.37	-0.52	-0.42	-0.75	-0.73	0.00	0.00	0.00	-1.23	-1.01
Altman Z-Score	2.71	6.46	3.20	2.96	4.15	3.92	3.63	3.66	3.89	3.45	2.42
Noncontrolling Interest Sharing Ratio	-249.44%	-173.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.00	2.46	2.76	2.45	2.46	2.42	2.29	1.74	1.90	2.22	1.82
Quick Ratio	1.67	2.25	2.49	2.20	2.20	2.18	1.96	1.63	1.76	2.11	1.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	184	247	149	-402	49	87	32	26	29	21	-11
Operating Cash Flow to CapEx	-4,466.67%	975.00%	1,606.67%	592.31%	-333.33%	1,270.83%	857.14%	-288.24%	-100.00%	377.27%	6,033.33%
Free Cash Flow to Firm to Interest Expense	613.33	494.60	372.28	-1,005.03	123.38	173.68	15.84	263.00	294.00	107.00	-56.65
Operating Cash Flow to Interest Expense	-89.33	31.20	60.25	19.25	-5.00	61.00	3.00	-49.00	-10.00	41.50	90.50
Operating Cash Flow Less CapEx to Interest Expense	-91.33	28.00	56.50	16.00	-6.50	56.20	2.65	-66.00	-20.00	30.50	89.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.24	0.26	0.73	0.46	0.42	0.46	0.48	0.48	0.46	0.50
Accounts Receivable Turnover	2.59	1.75	3.82	8.16	3.71	2.65	5.00	4.37	3.88	2.68	4.15
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.17	11.47	11.94	0.00	16.41	14.96	14.89	14.49	14.59	13.59	14.09
Accounts Payable Turnover	1.26	0.45	1.51	3.59	1.96	0.61	0.73	0.71	0.68	0.53	0.61
Days Sales Outstanding (DSO)	140.75	208.35	95.55	44.75	98.28	137.86	72.98	83.57	94.11	136.42	87.97
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	290.59	804.03	241.33	101.57	186.22	595.46	497.73	513.01	535.91	689.29	602.64
Cash Conversion Cycle (CCC)	-149.84	-595.68	-145.78	-56.82	-87.94	-457.60	-424.74	-429.44	-441.81	-552.86	-514.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	396	406	352	340	342	339	304	305	311	342	296
Invested Capital Turnover	0.34	0.32	0.39	1.46	0.66	0.65	0.73	0.73	0.72	0.71	0.81
Increase / (Decrease) in Invested Capital	-196	-227	-165	396	-55	-67	-48	-35	-31	2.40	-7.50
Enterprise Value (EV)	64	390	449	363	624	568	493	417	396	331	231
Market Capitalization	77	418	500	410	668	640	560	461	436	365	279
Book Value per Share	$2.35	$4.49	$4.15	$4.02	$4.04	$4.33	$3.89	$3.71	$3.74	$4.00	$3.70
Tangible Book Value per Share	$0.00	$0.42	$0.18	$0.13	$0.22	$0.64	$0.31	$0.30	$0.39	$0.70	$0.47
Total Capital	419	445	412	398	396	421	371	350	351	387	357
Total Debt	10	10	10	10	10	10	0.00	0.00	0.00	12	12
Total Long-Term Debt	10	10	10	10	10	10	0.00	0.00	0.00	12	12
Net Debt	-14	-28	-51	-48	-44	-72	-67	-45	-40	-34	-49
Capital Expenditures (CapEx)	0.60	1.60	1.50	1.30	0.60	2.40	0.70	1.70	1.00	2.20	0.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	29	48	15	12	22	26	6.80	2.80	12	38	4.90
Debt-free Net Working Capital (DFNWC)	52	85	75	69	75	104	70	43	45	76	57
Net Working Capital (NWC)	52	85	75	69	75	104	70	43	45	76	57
Net Nonoperating Expense (NNE)	-194	-3.10	19	2.19	-1.65	-4.86	14	2.30	-3.40	-5.40	9.77
Net Nonoperating Obligations (NNO)	-13	-28	-50	-48	-44	-72	-67	-45	-40	-34	-49
Total Depreciation and Amortization (D&A)	6.40	11	11	11	11	11	10	9.50	9.10	9.20	9.50
Debt-free, Cash-free Net Working Capital to Revenue	17.22%	28.93%	8.83%	5.83%	8.97%	10.88%	2.85%	1.19%	5.20%	15.79%	2.02%
Debt-free Net Working Capital to Revenue	31.07%	51.69%	44.66%	33.19%	30.37%	43.36%	29.33%	18.31%	19.12%	31.25%	23.32%
Net Working Capital to Revenue	31.07%	51.69%	44.66%	33.19%	30.37%	43.36%	29.33%	18.31%	19.12%	31.25%	23.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.89	$0.49	($0.36)	($0.09)	($0.04)	$0.26	($0.32)	($0.11)	$0.02	$0.30	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	62.77M	47.88M	96.92M	96.41M	95.22M	95.87M	95.39M	93.98M	93.70M	94.18M	93.21M
Adjusted Diluted Earnings per Share	$2.89	$0.49	($0.36)	($0.09)	($0.04)	$0.26	($0.32)	($0.11)	$0.02	$0.30	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	62.80M	48.57M	96.92M	96.41M	95.22M	95.87M	95.39M	93.98M	94.31M	94.18M	93.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.49	$0.00	$0.00	$0.00	$0.26	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.78M	97.02M	96.57M	95.32M	94.92M	95.21M	94.30M	93.71M	93.83M	93.14M	93.78M
Normalized Net Operating Profit after Tax (NOPAT)	-8.61	14	-16	-6.51	-5.25	20	-17	-8.40	-1.26	17	-19
Normalized NOPAT Margin	-34.86%	15.80%	-42.49%	-11.90%	-8.41%	22.99%	-47.94%	-16.22%	-1.99%	17.89%	-55.38%
Pre Tax Income Margin	736.03%	25.99%	-92.78%	-15.90%	-5.77%	28.85%	-87.97%	-20.66%	2.52%	31.36%	-84.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	638.00	1,144.80	-85.75	-22.50	-9.75	48.80	-14.65	-110.00	14.00	146.50	-143.00
NOPAT to Interest Expense	-41.00	41.00	-39.73	-16.28	-13.13	39.68	-8.37	-84.00	-18.00	119.00	-94.15
EBIT Less CapEx to Interest Expense	636.00	1,141.60	-89.50	-25.75	-11.25	44.00	-15.00	-127.00	4.00	135.50	-144.50
NOPAT Less CapEx to Interest Expense	-43.00	37.80	-43.48	-19.53	-14.63	34.88	-8.72	-101.00	-28.00	108.00	-95.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.07%	0.07%	0.06%	0.25%	-1.28%	-1.35%	0.00%	-28.08%	-56.29%	-107.55%	-167.06%
Augmented Payout Ratio	0.07%	0.07%	0.06%	0.25%	-1.28%	-60.09%	-119.67%	-139.41%	-193.38%	-315.09%	-334.12%

Financials Breakdown Chart

Key Financial Trends

National CineMedia (NASDAQ: NCMI) has shown a sharp turnaround in profitability and cash generation over the last year, but the latest quarter also highlights how dependent results still are on large swings in working capital and a capital-light but volatile business model.

In Q1 2026, NCMI reported revenue of $34.0 million, down from $93.1 million in Q4 2025 and $37.4 million in Q1 2025. The company posted a net loss of $28.6 million, compared with a profit of $29.3 million in the prior quarter and a loss of $30.7 million a year ago. The quarter also produced operating cash flow of $18.1 million, helped by a large positive swing in operating assets and liabilities. That means cash generation remains better than accounting earnings, but the underlying business is still uneven quarter to quarter.

Looking back over the past four years, NCMI’s financial story has been highly cyclical. The company went from large losses in 2022 and early 2023, to a major recovery in 2024 and late 2025, and then back to a loss in Q1 2026. Revenue has generally improved versus the 2023 low point, but profitability remains sensitive to advertising demand, marketing spending, and sizable amortization and other operating costs.

Operating cash flow turned positive in Q1 2026, with $18.1 million generated from operations despite a net loss.
Cash and equivalents increased to $48.6 million at the end of Q1 2026, up from $29.9 million in Q3 2025.
Total equity remained strong at $344.8 million, giving the company a sizable book-value cushion.
Debt stayed relatively low in Q1 2026, with long-term debt at just $12.0 million versus $468.7 million in total assets.
Q4 2025 showed the company can be meaningfully profitable, with net income of $29.2 million and operating income of $23.8 million.
Revenue remains highly seasonal and volatile, moving from $34.0 million in Q1 2026 to $93.1 million in Q4 2025.
Accounts receivable are large at $70.1 million in Q1 2026, which is typical for a media/advertising business but still worth monitoring.
Intangible assets are very large at $300.3 million, so the balance sheet depends heavily on non-physical assets.
Q1 2026 net income was a loss of $28.6 million, a sharp reversal from the prior quarter’s profit.
Operating income in Q1 2026 was negative $26.9 million, showing that core operations were not covering expenses.
Q1 2026 revenue fell sharply sequentially from $93.1 million in Q4 2025 to $34.0 million.
Long-term debt and other liabilities have been reduced, but obligations are still meaningful, with total liabilities of $123.9 million in Q1 2026.

Across the full period, one of the biggest positives is that NCMI has moved away from the extreme stress seen in 2022 and early 2023, when it carried much heavier leverage and posted large losses. Since then, the balance sheet has improved materially: debt has come down, cash has been rebuilt, and common equity has expanded. That is a much healthier setup than the company had two to three years ago.

The main concern is sustainability. The business can produce strong quarters, but margins are still inconsistent and the company still relies on swings in deferred revenue, receivables, and other working-capital items to boost cash flow. For retail investors, that means NCMI looks more stable than it did in 2023, but it is still a high-variance turnaround story rather than a consistently steady compounder.

07/26/26 12:23 PM ETAI Generated. May Contain Errors.

National CineMedia Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National CineMedia's financial year ends in January. Their financial year 2026 ended on January 1, 2026.

National CineMedia's net income appears to be on a downward trend, with a most recent value of -$10.60 million in 2025, falling from $159.70 million in 2015. The previous period was -$22.30 million in 2024. See National CineMedia's forecast for analyst expectations on what's next for the company.

National CineMedia's total operating income in 2025 was -$13.90 million, based on the following breakdown:

Total Gross Profit: $230.20 million
Total Operating Expenses: $244.10 million

Over the last 10 years, National CineMedia's total revenue changed from $446.50 million in 2015 to $243.20 million in 2025, a change of -45.5%.

National CineMedia's total liabilities were at $115.20 million at the end of 2025, a 26.8% decrease from 2024, and a 90.7% decrease since 2015.

In the past 10 years, National CineMedia's cash and equivalents has ranged from $23 million in 2016 to $180.30 million in 2020, and is currently $34.60 million as of their latest financial filing in 2025.

Over the last 10 years, National CineMedia's book value per share changed from -6.62 in 2015 to 4.00 in 2025, a change of -160.5%.

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Financial statements for NASDAQ:NCMI last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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National CineMedia (NCMI) Financials

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National CineMedia (NCMI) Financials

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