Business · Fortune Technology
AMC’s A-List members now make up 20% of U.S. attendance. Its $4 billion debt is the harder test
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Fletcher Williams saw six movies at AMC theaters last month.
Key facts
- Williams, 25, is one of more than 1.1 million members of AMC Stubs A-List, the subscription tier that lets moviegoers reserve up to four films a week, including IMAX and Dolby Cinema, for a monthly
- AMC’s revenue fell 77% in 2020, from $5.47 billion to $1.24 billion, as the pandemic shut theaters
- For 2025, it lost $632 million on $4.85 billion in revenue, according to Fortune ’s company data
- In October, AMC completed a $3.97 billion refinancing that pushed almost all of its debt maturities to 2031 and 2033 and, the company said, lowered its cost of capital
Summary
Williams, 25, is one of more than 1.1 million members of AMC Stubs A-List, the subscription tier that lets moviegoers reserve up to four films a week, including IMAX and Dolby Cinema, for a monthly fee of roughly $24 to $30 depending on the state. The open question is whether that loyalty can do what a run of hit movies has not yet done: make AMC consistently profitable while it carries roughly $4 billion in debt. The rebound is real. Admissions brought in $863.1 million, up 13.2%. AMC’s revenue fell 77% in 2020, from $5.47 billion to $1.24 billion, as the pandemic shut theaters.