National CineMedia Q2 Revenue Up 12.7% Ahead of Captivate Deal
2026-08-20 · via invidis
National CineMedia (NCM) reported second-quarter revenue of $58.4 million, up from $51.8 million a year earlier, as cinema attendance and advertising sales both grew. For an operator or media buyer watching the cinema advertising segment, the numbers point to a network still recovering volume while it prepares to become something considerably larger through acquisition.
Attendance across NCM's network reached 137.6 million for the quarter, up from 115.3 million in the same period last year, according to the company. National advertising revenue rose to $44.9 million from $41.2 million, and local and regional advertising revenue jumped to $9.5 million from $6.4 million, a proportionally larger increase that suggests smaller and regional advertisers are buying more cinema inventory.
The company's digital screen count grew to 18,925 at quarter-end, up from 17,832 a year earlier, giving some sense of the physical footprint behind those sales figures.
Profitability told a mixed story. NCM posted an operating loss of $12.8 million, slightly wider than the $12 million loss a year earlier, but net loss narrowed to $9.9 million from $10.7 million. Adjusted OIBDA, the metric NCM highlights as a proxy for cash operating performance, rose to $2.1 million from $700,000. The gap between a widening operating loss and improving adjusted OIBDA points to non-cash items or one-off costs affecting the GAAP figures, though the release does not break that out.
Captivate deal looms over outlook
The quarter's results arrive against the backdrop of NCM's agreement to acquire Captivate for $275 million, a deal invidis has previously reported on. That acquisition would push NCM well beyond cinema screens into office and residential building displays, a different DOOH environment with different audience patterns and buying cycles.
NCM says the combined company would operate more than 48,000 screens across 185 US markets, roughly two and a half times its current cinema screen count. The company also expects more than $3.5 million in annual run-rate cost savings within the first year after closing, though it gives no detail on where those savings would come from.
The deal is expected to close in the second half of 2026, pending regulatory approval and other customary conditions. In the meantime, NCM has suspended its quarterly dividend and is not issuing forward guidance while the transaction is pending, leaving advertisers and screen partners with limited visibility into what the combined network's commercial terms or programming approach will look like once it closes.
The announcement in full
Reproduced from invidis for reference. Digital Signage Magazine did not write the text below.
National CineMedia reported second-quarter revenue of $58.4 million, up 12.7% year over year as cinema attendance increased.
National CineMedia (NCM) reported second-quarter revenue of (all figures USD) $58.4 million, from $51.8 million a year earlier, supported by higher cinema attendance and growth in its advertising business.
Attendance across NCM’s network reached 137.6 million during the quarter, up from 115.3 million in the comparable period in 2025. National advertising revenue increased to $44.9 million from $41.2 million, while local and regional advertising revenue climbed to $9.5 million from $6.4 million.
NCM posted an operating loss of $12.8 million, compared with $12 million a year earlier. Its net loss narrowed to $9.9 million from $10.7 million. Adjusted OIBDA increased to $2.1 million from $700,000.
The company’s cinema advertising network included 18,925 digital screens at quarter-end, up from 17,832 a year earlier.
The results follow NCM’s agreement to acquire Captivate for $275 million, as reported by invidis , extending the company’s reach beyond cinemas into digital advertising screens in office and residential buildings.
The combined NCM and Captivate platform is expected to encompass more than 48,000 screens across 185 US markets. NCM expects more than $3.5 million in annual run-rate cost savings within the first year after the acquisition closes.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary conditions. NCM has paused its quarterly dividend program in connection with the acquisition and is not providing a forward outlook while the transaction is pending.