Marcus Corporation Reports Third Quarter 2026 Results

Marcus Corporation reports highest quarterly revenue in company history thanks to record third quarter revenue from both Marcus Theatres and Marcus Hotels & Resorts

MILWAUKEE--(BUSINESS WIRE)--The Marcus Corporation (NYSE: MCS) today reported results for the third quarter 2026 ended September 30, 2026.

“Record third quarter revenue in both divisions drove the highest total revenue for any quarter in company history,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “In our theatre business, the successes continued with Marcus Theatres’ record third quarter revenue, powered by the blockbuster hits of Spider-Man: Brand New Day and The Odyssey, along with a strong slate of other appealing films, including several family friendly titles that played well in our markets. Marcus Hotels & Resorts also achieved record third quarter revenue as the busy summer season drew healthy leisure demand. Looking to the remainder of the year, there are even more exciting films ahead, with the holiday movie slate featuring several franchise-driven tentpole films that are expected to appeal to a wide range of audiences. The historic World Series run for the Milwaukee Brewers, along with upcoming holiday travel and events, also bode well for our hotels business as we round out the year.”

Third Quarter 2026 Highlights

• Total revenues for the third quarter of 2026 were $237.8 million, a 13.1% increase from total revenues of $210.2 million for the third quarter of fiscal 2025.
• Operating income was $30.3 million for the third quarter of 2026, a 33.2% improvement from operating income of $22.7 million for the third quarter of fiscal 2025.
• Net earnings were $18.8 million for the third quarter of 2026, a 15.6% increase compared to net earnings of $16.2 million for the third quarter of fiscal 2025. Net earnings for the third quarter of fiscal 2025 were favorably impacted by a $3.0 million, or $0.10 per share, gain from a property insurance settlement, net of tax.
• Net earnings per diluted common share was $0.60 for the third quarter of 2026, a 15.4% increase compared to net earnings per diluted common share of $0.52 for the third quarter of fiscal 2025.
• Adjusted EBITDA was $49.1 million for the third quarter of 2026, a 21.5% increase from Adjusted EBITDA of $40.4 million for the third quarter of fiscal 2025.

First Three Quarters 2026 Highlights

• Total revenues for the first three quarters of 2026 were $623.9 million, a 10.4% increase from total revenues of $565.0 million for the first three quarters of fiscal 2025.
• Operating income was $38.1 million for the first three quarters of 2026, a 148.5% increase from operating income of $15.3 million for the first three quarters of fiscal 2025.
• Net earnings were $19.2 million for the first three quarters of 2026, a 185.8% increase from net earnings of $6.7 million for the first three quarters of fiscal 2025. Net earnings for the first three quarters of fiscal 2025 were favorably impacted by a $3.0 million, or $0.10 per share, gain from a property insurance settlement, net of tax.
• Net earnings per diluted common share was $0.62 for the first three quarters of 2026, a 195.2% increase compared to net earnings per diluted common share of $0.21 for the first three quarters of fiscal 2025.
• Adjusted EBITDA was $97.9 million for the first three quarters of 2026, a 35.1% increase from Adjusted EBITDA of $72.5 million for the first three quarters of fiscal 2025.

The increases in operating results for the first nine months of 2026 were despite having five fewer operating days than the first nine months of fiscal 2025 due to the transition in the Company’s fiscal year in the first quarter of 2025. See Fiscal Year Change section below for further discussion. First nine month year-over-year comparisons herein are on an as-reported basis and include the impact of five fewer operating days in the first nine months of 2026, unless otherwise noted.

Marcus Theatres^®

Total Theatre revenues were $145.0 million for the third quarter of 2026, a 20.9% increase over the third quarter of fiscal 2025 and a record for any third quarter. Division operating income was a record $22.2 million for the third quarter of 2026, a $9.9 million improvement compared to the third quarter of fiscal 2025. Adjusted EBITDA was $32.3 million for the third quarter of 2026, a 46.3% increase over the third quarter of fiscal 2025.

Same store admission revenues for the third quarter of 2026 increased 21.8% compared to the prior year quarter. When compared to reported national box office growth, Marcus Theatres’ admission revenue growth during the quarter was negatively impacted by 2.8 percentage points due to box office grosses for films not reported to Comscore by certain streaming content providers that Marcus Theatres played with admission revenues in the third quarter of fiscal 2025. Same store attendance increased 16.8% in the third quarter of 2026, while average ticket prices increased 4.3% compared to the prior year quarter primarily due to pricing changes. Average concession revenues per person increased 3.8% during the third quarter of 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales and price optimization.

“The box office continued to soar in the third quarter, with the best summer movie season in company history driving our record-breaking quarterly results,” said Jeffry F. Tomachek, president of Marcus Theatres. “The huge successes of Spider-Man: Brand New Day, which became the top performing domestic film of all time, and The Odyssey, along with a strong slate of other diverse films, drove impressive attendance growth throughout the quarter. The momentum that has been building all year continues as we head deeper into the fourth quarter, with several franchise favorites on the horizon, including The Hunger Games: Sunrise on the Reaping, Dune: Part Three, and Avengers: Doomsday, which is already experiencing strong pre-sales. The holiday movie season is sure to deliver more cinematic delights, continuing what has already been a tremendous year for moviegoing.”

During the third quarter of 2026, Marcus Theatres’ top five highest-performing films were Spider-Man: Brand New Day, The Odyssey, Toy Story 5, Minions & Monsters, and Moana. Films performing well so far in the fourth quarter of 2026 include Verity, Other Mommy, and Street Fighter, with an exciting film slate scheduled for the remainder of the year, including The Cat in the Hat, Godzilla Minus Zero, Hunger Games: Sunrise on the Reaping, I Play Rocky, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3, and Jumanji: Open World. While film schedule changes may occur, new films planned to be released during 2027 that have the potential to perform very well include: Ice Age: Boiling Point, Narnia: The Magician’s Nephew, Gatto, The Thomas Crown Affair, The Chosen: The Crucifixion, Sonic the Hedgehog 4, Godzilla x Kong: Supernova, Not Alone, Spaceballs: The New One, The Legend of Zelda, Star Wars: Starfighter, How to Train Your Dragon 2, Spider-Man: Beyond the Spider-Verse, Shrek 5, Man of Tomorrow, A Minecraft Movie: Squared, A Quiet Place Part 3, The Bluey Movie, Teenage Mutant Ninja Turtles: Mutant Mayhem 2, The New Simpsons Movie, The Conjuring: First Communion, The Great Beyond, Margie Claus, Frozen 3, Avengers: Secret Wars, The Housemaid’s Secret, and The Lord of the Rings: The Hunt for Gollum.

Marcus^® Hotels & Resorts

During the third quarter of 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $82.0 million, a $1.6 million or 2.0% increase over the prior year quarter and a record for any third quarter. Division operating income was $15.3 million during the third quarter of 2026, a $1.0 million decrease compared to the third quarter of fiscal 2025. Adjusted EBITDA was $22.6 million in the third quarter of 2026, a $0.6 million decrease compared to the prior year quarter. Operating income and Adjusted EBITDA were negatively impacted by increased repair expenses and lost revenue due to severe storm damage at one property.

Revenue per available room, or RevPAR, at owned hotels increased 2.1% in the third quarter of 2026, driven by higher average daily rates. During the third quarter of 2026, RevPAR growth at comparable owned hotels (excluding The Marc which opened in the first quarter of 2026) outperformed its competitive sets by approximately 1.2 percentage points, driven by strong leisure demand.

“The peak summer travel season contributed to another record revenue quarter for Marcus Hotels & Resorts,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Strong leisure travel, especially at our renovated hotels and resorts, combined with improved business demand across our portfolio, drove positive room rate and RevPAR growth. The fourth quarter is off to a good start, with our Milwaukee hotels benefiting from strong demand related to the Milwaukee Brewers playoff run. Looking forward to the end of the year and into 2027, our upper upscale properties continue to be well positioned within the markets in which we compete.”

In October, three Marcus Hotels & Resorts’ properties were recognized with top honors by Condé Nast Traveler 2026 Readers’ Choice Awards. For the first time, The Pfister Hotel in Milwaukee was recognized as the No. 24 of the 50 Best Hotels in the World and claimed the title of the No. 1 top hotel in the Midwest. In addition, Grand Geneva Resort & Spa in Lake Geneva, Wisconsin was honored as the No. 2 top resort in the Midwest and Kimpton Hotel Monaco Pittsburgh was recognized as the No. 11 top hotel in the Mid-Atlantic by readers of Condé Nast Traveler. The awards are recognized as the travel industry’s most prestigious and longest-running recognitions.

Fiscal Year Change

The first three quarters of 2026 was comprised of five fewer operating days than the first three quarters of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During fiscal 2025 the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first three quarters of fiscal 2025 consisted of the nine month period beginning December 27, 2024 and ended on September 30, 2025 (comprised of five operating days between December 27-31, 2024, plus 273 operating days in the calendar first three quarters of 2025).

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, October 29, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company's website: investors.marcuscorp.com or dialing 1-626-884-3620 and entering the meeting ID 600793939. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

A replay of the conference call will be archived on the company’s website until its next earnings release.

Non-GAAP Financial Measure

Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About The Marcus Corporation

Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres^®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern^® by Marcus and BistroPlex^® brands. The company’s hospitality division, Marcus^® Hotels & Resorts, owns and/or manages 18 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION   Consolidated Statements of Operations (Unaudited) (in thousands, except per share data)
	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenues:
Theatre admissions	$	70,120		$	57,714		$	187,502		$	160,993
Rooms		40,692			39,875			94,860			88,782
Theatre concessions		61,922			51,244			166,751			146,855
Food and beverage		23,810			24,137			63,779			63,257
Other revenues		29,462			26,546			77,830			74,210
		226,006			199,516			590,722			534,097
Cost reimbursements		11,748			10,635			33,180			30,863
Total revenues		237,754			210,151			623,902			564,960
Costs and expenses:
Theatre operations		69,719			59,327			190,973			173,169
Rooms		12,426			12,102			34,529			33,094
Theatre concessions		24,484			20,962			67,834			61,750
Food and beverage		17,495			17,280			49,248			47,565
Advertising and marketing		6,607			7,177			19,116			19,065
Administrative		25,041			22,913			74,043			70,601
Depreciation and amortization		17,131			16,835			52,316			52,276
Rent		6,456			6,304			19,001			18,875
Property taxes		4,767			3,888			13,104			12,625
Other operating expenses		11,304			10,069			31,982			31,007
Loss (gain) on disposition of property, equipment and other assets		110			(72	)		304			(1,256	)
Impairment charges		183			—			183			—
Reimbursed costs		11,748			10,635			33,180			30,863
Total costs and expenses		207,471			187,420			585,813			549,634
Operating income		30,283			22,731			38,089			15,326
Other income (expense):
Investment income		363			(19	)		449			464
Interest expense		(2,529	)		(2,766	)		(7,893	)		(8,569	)
Other income (expense)		(342	)		4,187			(1,182	)		3,300
Equity earnings (losses) from unconsolidated joint ventures		92			57			(597	)		(438	)
		(2,416	)		1,459			(9,223	)		(5,243	)
Earnings before income taxes		27,867			24,190			28,866			10,083
Income tax expense		9,109			7,960			9,617			3,348
Net earnings	$	18,758		$	16,230			19,249			6,735
Net earnings per common share - diluted	$	0.60		$	0.52		$	0.62		$	0.21
Weighted average shares outstanding - diluted		31,504			31,175			31,143			31,449

THE MARCUS CORPORATION   Condensed Consolidated Balance Sheets (Unaudited) (In thousands)
	September 30, 2026		December 31, 2025
Assets:
Cash and cash equivalents	$	60,229	$	23,448
Restricted cash		4,820		3,134
Accounts receivable		20,680		19,082
Other current assets		18,463		18,912
Property and equipment, net		675,200		697,712
Operating lease right-of-use assets		140,329		142,115
Other assets		103,935		110,129
Total Assets	$	1,023,656	$	1,014,532
Liabilities and Shareholders' Equity:
Accounts payable	$	30,040	$	44,523
Income taxes		794		—
Taxes other than income taxes		17,456		18,482
Other current liabilities		88,172		81,390
Current portion of finance lease obligations		2,481		2,827
Current portion of operating lease obligations		17,184		16,219
Finance lease obligations		7,272		8,452
Operating lease obligations		144,398		148,977
Long-term debt		149,170		159,007
Deferred income taxes		38,228		30,905
Other long-term obligations		48,042		46,372
Equity		480,419		457,378
Total Liabilities and Shareholders' Equity	$	1,023,656	$	1,014,532

THE MARCUS CORPORATION   Business Segment Information (Unaudited) (In thousands)
	Theatres		Hotels/ Resorts		Corporate Items			Total
Three months ended September 30, 2026
Revenues	$	145,011	$	92,667	$	76		$	237,754
Operating income (loss)		22,181		15,339		(7,237	)		30,283
Depreciation and amortization		9,715		7,025		391			17,131
Adjusted EBITDA		32,347		22,590		(5,807	)		49,130
Three Months Ended September 30, 2025
Revenues	$	119,941	$	90,129	$	81		$	210,151
Operating income (loss)		12,331		16,356		(5,956	)		22,731
Depreciation and amortization		10,155		6,285		395			16,835
Adjusted EBITDA		22,106		23,144		(4,804	)		40,446
Nine Months Ended September 30, 2026
Revenues	$	388,587	$	235,054	$	261		$	623,902
Operating income (loss)		46,026		14,110		(22,047	)		38,089
Depreciation and amortization		29,678		21,480		1,158			52,316
Adjusted EBITDA		76,670		37,023		(15,811	)		97,882
Nine Months Ended September 30, 2025
Revenues	$	338,948	$	225,733	$	279		$	564,960
Operating income (loss)		21,750		14,506		(20,930	)		15,326
Depreciation and amortization		31,316		19,767		1,193			52,276
Adjusted EBITDA		52,346		35,381		(15,273	)		72,454

Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

Supplemental Data (Unaudited) (In thousands)
	Three Months Ended						Nine Months Ended
Consolidated	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net cash flow provided by (used in) operating activities	$	38,448		$	39,089		$	77,190		$	35,400
Net cash flow provided by (used in) investing activities		(6,852	)		(15,061	)		(23,327	)		(46,606	)
Net cash flow provided by (used in) financing activities		2,466			(30,246	)		(15,396	)		(22,892	)
Capital expenditures		(10,002	)		(20,894	)		(26,651	)		(60,809	)

THE MARCUS CORPORATION   Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands)
	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net earnings	$	18,758		$	16,230		$	19,249		$	6,735
Add (deduct):
Investment (income) loss		(363	)		19			(449	)		(464	)
Interest expense		2,529			2,766			7,893			8,569
Other (income) expense (a)		342			(4,187	)		1,182			(3,300	)
Loss (gain) on disposition of property, equipment and other assets		110			(72	)		304			(1,256	)
Equity (earnings) losses from unconsolidated joint ventures		(92	)		(57	)		597			438
Income tax expense (benefit)		9,109			7,960			9,617			3,348
Depreciation and amortization		17,131			16,835			52,316			52,276
Share-based compensation (b)		1,556			1,230			7,006			6,216
Impairment charges (c)		183			—			183			—
Theatre exit costs (d)		—			—			—			135
Insured losses (recoveries) (e)		(133	)		(278	)		(133	)		(243	)
Other non-recurring (f)		—			—			117			—
Adjusted EBITDA	$	49,130		$	40,446		$	97,882		$	72,454

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands)
	Three months ended September 30, 2026											Nine Months Ended September 30, 2026
	Theatres		Hotels & Resorts			Corp. Items			Total			Theatres			Hotels & Resorts			Corp. Items			Total
Operating income (loss)	$	22,182	$	15,336		$	(7,235	)	$	30,283		$	46,026		$	14,110		$	(22,047	)	$	38,089
Depreciation and amortization		9,715		7,025			391			17,131			29,678			21,480			1,158			52,316
Loss (gain) on disposition of property, equipment and other assets		67		43			—			110			(153	)		468			(11	)		304
Share-based compensation (b)		200		319			1,037			1,556			936			981			5,089			7,006
Impairment charges (c)		183		—			—			183			183			—			—			183
Insured losses (recoveries) (e)		—		(133	)		—			(133	)		—			(133	)		—			(133	)
Other non-recurring (f)		—		—			—			—			—			117			—			117
Adjusted EBITDA	$	32,347	$	22,590		$	(5,807	)	$	49,130		$	76,670		$	37,023		$	(15,811	)	$	97,882

	Three Months Ended September 30, 2025											Nine Months Ended September 30, 2025
	Theatres			Hotels & Resorts		Corp. Items			Total			Theatres			Hotels & Resorts		Corp. Items			Total
Operating income (loss)	$	12,331		$	16,356	$	(5,956	)	$	22,731		$	21,750		$	14,506	$	(20,930	)	$	15,326
Depreciation and amortization		10,155			6,285		395			16,835			31,316			19,767		1,193			52,276
Loss (gain) on disposition of property, equipment and other assets		(280	)		225		(17	)		(72	)		(1,473	)		234		(17	)		(1,256	)
Share-based compensation (b)		178			278		774			1,230			861			874		4,481			6,216
Theatre exit costs (d)		—			—		—			—			135			—		—			135
Insured losses (recoveries) (e)		(278	)		—		—			(278	)		(243	)		—		—			(243	)
Adjusted EBITDA	$	22,106		$	23,144	$	(4,804	)	$	40,446		$	52,346		$	35,381	$	(15,273	)	$	72,454

(a)	Includes a gain from an insurance settlement of $4.5M related to insured property damage at one theatre location in the third quarter of fiscal 2025.
(b)	Non-cash expense related to share-based compensation programs.
(c)	Non-cash impairment charges in third quarter of 2026 related to one operating theatre.
(d)	Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.
(e)	Repair costs and insurance recoveries related to insured property damage at one hotel property during the third quarter of 2026, and one theatre location during fiscal 2025.
(f)	Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.