Cinemark shares popped Friday as the nation’s third largest theater chain saw sales and profit jump in a June quarter that “launched out of the gate” with A Minecraft Movie followed by “a steady stream of highly compelling new releases week after week” from Superman to The Fantastic Four: First Steps, igniting a surge of summer moviegoing momentum that propelled second quarter North American industry box office to $2.7 billion — up more than 35% year over year, said CEO Shawn Gamble .
“The substantial magnitude of that shifted year-to-date tracking from a 12% deficit versus 2024 at the end of the first quarter to a 14% gain by the end of June,” Gamble noted on a call with analysts. Shares are up 2.3% in a down market.
The Plano, Texas-based company saw revenue jump nearly 30% to $940 million and net income more than double from the year before to $93.5 million in a quarter that flipped the script on moviegoing from a soft Q1. Family films — from Minecraft to Lilo & Stitch to How To Train Your Dragon – are a particularly good fit for Cinemark’s audience.
Admissions revenue rose 28% to $467 million. Concession revenue was up 29% to a record $378 million, passing $300 million for the first time. Attendance rose 15.8% to 57.9 million patrons.
The company’sMovie Club loyalty program saw subscriptions grow 12% year-over-year and 50% versus 2019 to 1.45 million members, who accounted for nearly 30% of domestic box office.
Apple’s F1: The Movie, released by Warner Bros. in late June and very much a player in Q2 and into Q3. Asked for any insight on Apple’s future theatrical plans, Gamble said: “Obviously F1 was a big, big, important film for Apple, and we’re just thrilled with the success that they had releasing that with help from Warner Brothers. It’s just been a fantastic movie and a fantastic result. Where does this lead? We know that they have aspirations of doing more in the theatrical space, and this was one big, key step along the way. So, good things, we think, will come. I don’t have any specifics to share as of this point. I think that’s still being sorted out. But I think this is an encouraging step in terms of what this could lead to for Apple.”
He’s less sanguine on the Netflix front. “Based on their public commentary, it doesn’t appear they have any near-term plans to change their overarching strategy. It’s clearly unfortunate. … There appears to be a big opportunity that’s not being pursued as all the data clearly shows now that theatrical creates a bigger promotional impact, elevates consumers desire to see films, builds bigger brands and cultural moments, delivers longevity and remembrance and value for those assets. So it’s also important to filmmakers and consumers. But it appears that’s not something they’re choosing to elect at this point. We’re still optimistic that at some stage they’ll change course.”
He acknowledged the recent success of Happy Gilmore on the streamer, pointing out that it’s based on a successful theatrical original. “But we don’t have any awareness of their plans to shift gears at this stage.”
