0001193125-26-219502 | 10-Q | XBRL Viewer

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Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 0.0	$ 0.0
Effective tax rate	0.00%	0.00%
Deferred income tax expense, net of valuation allowance	$ 0.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Apr. 02, 2026	Mar. 27, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (28.6)	$ (30.7)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Cash dividends declared per share	$ 0.03	$ 0.03

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025	Jan. 01, 2026
Other Commitments [Line Items]
Operating lease, right-of-use asset	$ 8,500,000		$ 8,800,000
Short-term lease liability	1,500,000		1,500,000
Long-term lease liabilities	$ 8,800,000		9,300,000
Weighted average remaining lease term	7 years 3 months 18 days
Weighted average discount rate	3.70%
Lease not yet commenced, term of contract	11 years
Operating Lease, Lease Income, Lease Payments	$ 500,000	$ 500,000
Maximum potential payment	291,500,000
Additional amount accrued related to minimum guarantees	300,000		1,100,000
Amortization of intangible assets	8,000,000	9,300,000
ESAs and Network Affiliate Agreements
Other Commitments [Line Items]
Amortization of intangible assets	$ 4,200,000	$ 5,700,000
NCM, LLC.
Other Commitments [Line Items]
Term of increase in payment percentage per theater patron	5 years
NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Liabilities recorded for related party obligations	$ 0		$ 0
Minimum
Other Commitments [Line Items]
Affiliates agreement, term	2 years
Minimum \| NCM, LLC.
Other Commitments [Line Items]
Percentage of increase in payment per theatre patron	2.00%
Minimum \| NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Aggregate percentage of theater access fee paid	12.00%
Maximum
Other Commitments [Line Items]
Affiliates agreement, term	15 years
Maximum \| NCM, LLC.
Other Commitments [Line Items]
Percentage of increase in payment per theatre patron	8.00%

Business Combination

3 Months Ended

Apr. 02, 2026

Business Combination [Line Items]

Business Combination

4. BUSINESS COMBINATION

Acquisition of Spotlight Cinema Networks

On November 14, 2025, NCM LLC entered into the MIPA with Spotlight, a niche cinema advertising company, whereby the Company acquired 100.0% of Spotlight in exchange for cash consideration as outlined below. The acquisition of Spotlight adds high-scale luxury screens and exhibitors that offer unique and engaging customer experiences to the Company’s platform, unlocking new advertising and preshow entertainment inventory.

The following table summarizes the consideration transferred to acquire Spotlight (in millions):


Fair Value of consideration transferred:
Cash	$	7.1
Contingent consideration		1.3
Less: Expected working capital adjustments		(0.2	)
Total	$	8.2

The contingent consideration was placed in an escrow account as of the acquisition date and will be released over the next three years as the required contract renewals are obtained for specified exhibitor agreements with upcoming expiration dates or as the exhibitors remain on the Spotlight Cinema Network for specified time periods. The fair value of the consideration and contingently returnable consideration are calculated utilizing the present value of payments by exhibitor probability weighted based on the respective estimated likelihood of renewal. The undiscounted maximum amount of contingent consideration is $1.6 million. Each

period, the Company will revalue the contingently returnable consideration to its fair value and record the related changes in the Consolidated Statement of Income. Changes in the contingently returnable consideration result from changes in assumptions regarding probabilities of successful achievement of exhibitor renewals, the estimated timing in which renewals are achieved and the discount rate used to estimate the fair value of the asset.

In connection with the acquisition of Spotlight Cinema Networks, the Company entered into transition agreements with various employees, transitional independent contractor agreements, and a transition services agreement with one of the sellers. The expense related to these agreements is recognized as the underlying services are performed. For the three months ended April 2, 2026, $0.1 million was included within ‘Network operating costs,’ $0.1 million was included within ‘Selling and marketing costs’ and $0.1 million was included within ‘Administrative and other costs’ as presented on the unaudited Condensed Consolidated Statement of Operations based upon the nature of the work being performed.

The following table summarizes the fair value of Spotlight and provisional fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions). The provisional allocation of the purchase price was based upon a preliminary valuation, and the Company's estimates and assumptions are subject to change as valuations are finalized within the measurement period, which cannot extend beyond one year from the acquisition date.


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	1.2
Receivables, net (1)		2.9
Prepaid expenses and other current assets		0.1
Property and equipment, net		2.0
Fair value of intangible assets		5.4
Goodwill (2)		0.5
Total assets acquired		12.1
Fair value of liabilities assumed:
Accrued expenses		0.4
Accounts payable		2.4
Deferred revenue		1.1
Total liabilities assumed		3.9
Purchase Price	$	8.2

(1)


Receivables acquired:	Fair value of trade receivables acquired:	Contract value of receivables acquired:	Amount of contractual cash flows not expected to be collected:
Trade Receivables	$2.9	$2.9	$0.0

(2) The Goodwill balance recognized of $0.5 million is primarily related to the value of the assembled workforce which does not qualify for separate recognition as an intangible asset.

The acquired business contributed revenues of $1.6 million and net loss of $0.6 million to the Company for the three months ended April 2, 2026.

Pro Forma Financial Information (Unaudited) - Spotlight Cinema Network

The following represents the pro forma Consolidated Statement of Operations as if the Spotlight acquisition had been included in the consolidated results of the Company for the entire period for the quarter ended March 27, 2025.


	Quarter Ended
	27-Mar-25
Revenue	$	37.4
Net Loss	$	(31.0	)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Combination (Tables) - Spotlight Cinema Networks

3 Months Ended

Apr. 02, 2026

Business Combination [Line Items]

Summary of Consideration Transferred to Acquire Spotlight

The following table summarizes the consideration transferred to acquire Spotlight (in millions):


Fair Value of consideration transferred:
Cash	$	7.1
Contingent consideration		1.3
Less: Expected working capital adjustments		(0.2	)
Total	$	8.2

Summary of Assets Acquired and Liablilities Assumed


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	1.2
Receivables, net (1)		2.9
Prepaid expenses and other current assets		0.1
Property and equipment, net		2.0
Fair value of intangible assets		5.4
Goodwill (2)		0.5
Total assets acquired		12.1
Fair value of liabilities assumed:
Accrued expenses		0.4
Accounts payable		2.4
Deferred revenue		1.1
Total liabilities assumed		3.9
Purchase Price	$	8.2

(1)


Receivables acquired:	Fair value of trade receivables acquired:	Contract value of receivables acquired:	Amount of contractual cash flows not expected to be collected:
Trade Receivables	$2.9	$2.9	$0.0

(2) The Goodwill balance recognized of $0.5 million is primarily related to the value of the assembled workforce which does not qualify for separate recognition as an intangible asset.

Summary of Pro Forma Financial Information


	Quarter Ended
	27-Mar-25
Revenue	$	37.4
Net Loss	$	(31.0	)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

The Company - Additional Information (Details)								3 Months Ended		12 Months Ended	25 Months Ended
The Company - Additional Information (Details)	Apr. 02, 2026 USD ($) Screen Area Theater $ / shares shares	Mar. 31, 2026	Nov. 14, 2025 USD ($)	Apr. 17, 2025	Mar. 27, 2025	Mar. 06, 2025	Jan. 24, 2025 USD ($)	Apr. 02, 2026 USD ($) Segnent Screen Area Theater Customer $ / shares shares	Mar. 27, 2025 USD ($) Customer shares	Jan. 01, 2026 USD ($) $ / shares shares	Apr. 02, 2026 USD ($) Screen Area Theater $ / shares shares	Nov. 30, 2025 Screen Theater	Mar. 18, 2024 USD ($)
General Company Information [Line Items]
Remaining term (in years)								15 years 4 months 24 days
Repayment of line of credit								$ 0	$ 10,000,000
Number of reportable segment \| Segnent								1
Number of operating segments \| Segnent								1
Number of shares of restricted stock and stock units vested \| shares								400,000	600,000
Number of customers more than ten percentage of revenue \| Customer								0	0
Customer with revenue in excess of ten percent of Accounts Payable	1.00%							1.00%		0.00%	1.00%
Asset impairment charges								$ 0	$ 0
Common stock, par value (in usd per share) \| $ / shares	$ 0.01							$ 0.01		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares) \| shares	93,566,330							93,566,330		93,353,604	93,566,330
Restricted cash	$ 3,000,000							$ 3,000,000		$ 3,000,000	$ 3,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period \| shares								1,400,000	200,000
Share-based compensation expense/capitalized								$ 1,700,000	$ 2,700,000
Stock repurchase program, period								3 years
Number of shares, repurchased \| shares								200,000	1,500,000		6,800,000
Reduction to retained earnings								$ 800,000	$ 9,000,000
Share-based compensation expense/capitalized								1,700,000	2,700,000
Capital expenditures								300,000	$ 700,000
2026 Transformation Initiative
General Company Information [Line Items]
Number of positions eliminated		9.30%
Accrual of estimated termination fees	$ 2,600,000							$ 2,600,000			$ 2,600,000
Customer One
General Company Information [Line Items]
Customer Percentage of Accounts Receivable	14.20%							14.20%		10.00%	14.20%
Revenue \| Customer Concentration Risk \| Customer One
General Company Information [Line Items]
Customer ten percent of revenue								10.00%	10.00%
NCMI Spotlight Cinema Networks, LLC
General Company Information [Line Items]
Increases market share in percentage			6.00%
Expansion of theater presence			30.00%
Paid for purchase consideration			$ 8,200,000
Purchase consideration in percentage			100.00%
NCM, LLC.
General Company Information [Line Items]
Weighted average term, ESA and affiliate (in years)								11 years 7 months 6 days
Outstanding borrowings	$ 12,000,000							$ 12,000,000		$ 12,000,000	$ 12,000,000
AMC \| 2025 AMC Agreement
General Company Information [Line Items]
Date of agreement				Apr. 17, 2025
Agreement extended term				5 years
Payable amount										24,800,000
Reversed amount										10,600,000
Maximum
General Company Information [Line Items]
Stock repurchase program, authorized amount													$ 100,000,000
2025 Credit Facility \| NCM, LLC.
General Company Information [Line Items]
Borrowing amount of credit facility	45,000,000						$ 45,000,000	45,000,000			45,000,000
Maturity date							Jan. 24, 2028
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]						us-gaap:SecuredOvernightFinancingRateSofrMember
Outstanding borrowings	$ 12,000,000							$ 12,000,000		$ 12,000,000	$ 12,000,000
Debt instrument, floor rate					0.00%	0.00%
Basis spread on variable rate, percent	2.00%					2.00%
Additional interest rate upon event of default						2.00%
Revolving Credit Facility 2023
General Company Information [Line Items]
Prepayment fee percentage on commitment amount							1.00%
Revolving Credit Facility 2023 \| NCM, LLC.
General Company Information [Line Items]
Repayment of line of credit							$ 10,000,000
National Cine Media Inc [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding								100.00%
Number of theaters NCM show is presented \| Theater	41							41			41
Number of theaters advertising NCM cinema \| Theater	1,400							1,400			1,400
Number of screens advertising NCM cinema \| Screen	17,500							17,500			17,500
Number of designated market areas advertising NCM cinema \| Area	185							185			185
National Cine Media Inc [Member] \| NCMI Spotlight Cinema Networks, LLC
General Company Information [Line Items]
Number of theaters NCM show is presented \| Theater												110
Number of theaters advertising NCM cinema \| Theater	1,650							1,650			1,650	200
Number of screens advertising NCM cinema \| Screen	18,500							18,500			18,500	1,200
Cinemark
General Company Information [Line Items]
Common membership units issued \| shares								0	0

Intangible Assets - Summary of Intangible Assets And Net of Accumulated Amortization (Details) - USD ($) $ in Millions	Apr. 02, 2026	Jan. 01, 2026
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	$ 394.4	$ 394.9
Intangible assets, Accumulated amortization	(94.1)	(86.1)
Intangible assets, Net	$ 300.3	$ 308.8
Founding Members
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	14 years 10 months 24 days	15 years 1 month 6 days
Intangible assets, Gross carrying amount	$ 223.6	$ 224.0
Intangible assets, Accumulated amortization	(43.4)	(40.3)
Intangible assets, Net	$ 180.2	$ 183.7
Network Affiliates
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	13 years 4 months 24 days	13 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 75.0	$ 75.0
Intangible assets, Accumulated amortization	(12.4)	(11.2)
Intangible assets, Net	$ 62.6	$ 63.8
Customer Relations
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	3 years 4 months 24 days	3 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 75.0	$ 75.0
Intangible assets, Accumulated amortization	(33.0)	(29.9)
Intangible assets, Net	$ 42.0	$ 45.1
Trademark
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	5 years 4 months 24 days	5 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 15.0	$ 15.0
Intangible assets, Accumulated amortization	(5.0)	(4.5)
Intangible assets, Net	$ 10.0	$ 10.5
Datasets
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	1 year 6 months	1 year 9 months 18 days
Intangible assets, Gross carrying amount	$ 0.4	$ 0.4
Intangible assets, Accumulated amortization	(0.2)	(0.1)
Intangible assets, Net	$ 0.2	$ 0.3
Spotlight Exhibitors
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	11 years 7 months 6 days	11 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 4.7	$ 4.8
Intangible assets, Accumulated amortization	(0.1)	(0.1)
Intangible assets, Net	$ 4.6	$ 4.7
Noncompetition Agreements
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	4 years 7 months 6 days	4 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 0.4	$ 0.4
Intangible assets, Accumulated amortization	0.0	0.0
Intangible assets, Net	$ 0.4	$ 0.4
Trade Name - Spotlight
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining life	7 years 7 months 6 days	7 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 0.3	$ 0.3
Intangible assets, Accumulated amortization	0.0	0.0
Intangible assets, Net	$ 0.3	$ 0.3

Loss Per Share - Schedule of Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Earnings Per Share [Abstract]
Net Income (Loss)	$ (28.6)	$ (30.7)
Weighted average shares outstanding:
Basic (in shares)	93,209,273	95,385,062
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units (in shares)	0	0
Diluted (in shares)	93,209,273	95,385,062
Loss per NCM, Inc. share:
Basic (in usd per share)	$ (0.31)	$ (0.32)
Diluted (in usd per share)	$ (0.31)	$ (0.32)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Business Combination - Summary of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Millions	Apr. 02, 2026	Jan. 01, 2026	Nov. 14, 2025
Business Combination [Line Items]
Goodwill balance recognized	$ 0.5	$ 0.5
Spotlight Cinema Networks
Business Combination [Line Items]
Fair value of trade receivables acquired			$ 2.9
Contract value of receivables acquired			2.9
Amount of contractual cash flows not expected to be collected			0.0
Goodwill balance recognized			$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Business Combination - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 14, 2025	Apr. 02, 2026	Mar. 27, 2025
Business Combination [Line Items]
Network operating costs		$ 4.0	$ 3.1
Selling and marketing costs		9.5	10.7
Administrative and other costs		13.3	$ 12.9
Spotlight Cinema Networks
Business Combination [Line Items]
Acquired business contributed revenue		1.6
Acquired business contributed earnings		0.6
Spotlight Cinema Networks \| Transitional Agreements
Business Combination [Line Items]
Network operating costs		0.1
Selling and marketing costs		0.1
Administrative and other costs		$ 0.1
MIPA \| Spotlight Cinema Networks
Business Combination [Line Items]
Percentage of common membership units outstanding	100.00%
Undiscounted maximum amount of contingent consideration	$ 1.6

Loss Per Share - Additional Information (Details) - shares	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Stock Options And Non-Vested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares	7,897,066	5,347,564
Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares	0	3,265

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 02, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Adoption of 10b5-1 Trading Plans by Our Officers and Directors. The below sets forth written trading plans adopted by certain director and executive officers (as defined in SEC Rule 16a-(f)) during the quarter ended April 2, 2026. All of these plans were intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act ( a “Rule 10b5-1 Plan”) and were adopted during the quarterly trading window under our Insider Trading Policy, with no sales commencing under the plan until the completion of the required cooling off period under Rule 10b5-1. Other than as set forth below, during the three months ended April 2, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K). On March 20, 2026, Ronnie Y. Ng, our Chief Financial Officer, adopted a Rule 10b5-1 Plan to sell up to 20,000 shares, subject to the satisfaction of specific conditions set forth in the plan. The plan expires on November 13, 2026, unless terminated sooner in accordance with its terms. On March 23, 2026, Thomas F. Lesinski, our Chief Executive Officer, adopted a Rule 10b5-1 Plan to sell up to 150,000 shares, subject to the satisfaction of specific conditions set forth in the plan. The plan expires on June 25, 2027, unless terminated sooner in accordance with its terms.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ronnie Y. Ng
Trading Arrangements, by Individual
Name	Ronnie Y. Ng
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 20, 2026
Expiration Date	November 13, 2026
Aggregate Available	20,000
Thomas F. Lesinski
Trading Arrangements, by Individual
Name	Thomas F. Lesinski
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 23, 2026
Expiration Date	June 25, 2027
Aggregate Available	150,000

Revenue from Contracts with Customers and Accounts Receivable - Additional Information (Details) $ in Millions	12 Months Ended
	Jan. 01, 2026 USD ($)	Dec. 26, 2024 USD ($)	Apr. 02, 2026 USD ($) Contract
Revenue from Contract with Customer [Abstract]
Number of significant contract with a customer \| Contract			2
Unbilled accounts receivable	$ 4.2		$ 3.7
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 8.3	$ 9.8

Business Combination - Summary of Pro Forma Financial Information (Unaudited) (Details) - Spotlight Cinema Networks $ in Millions	3 Months Ended
	Mar. 27, 2025 USD ($)
Business Combination [Line Items]
Revenue	$ 37.4
Net Loss	$ (31.0)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Borrowings - Additional Information (Details) - USD ($)					3 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Apr. 02, 2026	Mar. 27, 2025	Mar. 06, 2025	Jan. 24, 2025	Apr. 02, 2026	Mar. 27, 2025	Jan. 01, 2026
Debt Instrument [Line Items]
Repayment of line of credit					$ 0	$ 10,000,000
Loss on debt extinguishment					0	$ 1,800,000
Revolving Credit Facility 2023
Debt Instrument [Line Items]
Prepayment fee percentage on commitment amount				1.00%
NCM, LLC.
Debt Instrument [Line Items]
Outstanding borrowings	$ 12,000,000				12,000,000		$ 12,000,000
Debt instrument currently outstanding loan amount	12,000,000				12,000,000		12,000,000
NCM, LLC. \| Revolving Credit Facility 2023
Debt Instrument [Line Items]
Repayment of line of credit				$ 10,000,000
NCM, LLC. \| Letter of Credit
Debt Instrument [Line Items]
Borrowing amount of credit facility			$ 5,000,000
Line of credit facility, current borrowing capacity	600,000				600,000
Interest rate			2.00%
NCM, LLC. \| 2025 Credit Facility
Debt Instrument [Line Items]
Borrowing amount of credit facility	45,000,000			$ 45,000,000	45,000,000
Outstanding borrowings	12,000,000				12,000,000		$ 12,000,000
Outstanding balance	$ 12,000,000				12,000,000
Basis spread on variable rate, percent	2.00%		2.00%
Line of credit facility, current borrowing capacity	$ 32,400,000				32,400,000
Debt issuance costs, gross	$ 900,000				$ 900,000
Line of credit facility, unused capacity, commitment fee percentage			0.25%
Maturity date				Jan. 24, 2028
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, floor rate		0.00%	0.00%
Additional interest rate upon event of default			2.00%
Line of credit facility, frequency of commitment fee payment			quarterly
Leverage ratio	1		1
Fixed charge coverage ratio			1	1
NCM, LLC. \| 2025 Credit Facility \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1		1.5	1.5
NCM, LLC. \| 2025 Credit Facility \| Maximum
Debt Instrument [Line Items]
Leverage ratio	0.39		2.25
Fixed charge coverage ratio	13.1		2.25

Fair Value Measurements (Tables)

3 Months Ended

Apr. 02, 2026

Fair Value Disclosures [Abstract]

Schedule of Other Investments

Other investments consisted of the following (in millions):


	As of
	April 2, 2026		January 1, 2026
Investment in AC JV, LLC	$	0.8	$	0.8
Investment in MMC LP	$	2.0	$	1.7
Other investments	$	6.1	$	5.6
Total	$	8.9	$	8.1

Loss Per Share (Tables)

3 Months Ended

Apr. 02, 2026

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

The components of basic and diluted loss per NCM, Inc. share are as follows:


	Three Months Ended
	April 2, 2026			March 27, 2025
Net loss attributable to NCM, Inc. (in millions)	$	(28.6	)	$	(30.7	)
Weighted average shares outstanding:
Basic		93,209,273			95,385,062
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			—
Diluted		93,209,273			95,385,062
Loss per NCM, Inc. share:
Basic	$	(0.31	)	$	(0.32	)
Diluted	$	(0.31	)	$	(0.32	)

Business Combination - Summary of Assets Acquired and Liabilities Assumed (Details) - Spotlight Cinema Networks $ in Millions	Nov. 14, 2025 USD ($)
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$ 1.2
Receivables, net	2.9
Prepaid expenses and other current assets	0.1
Property and equipment, net	2.0
Fair value of intangible assets	5.4
Goodwill	0.5
Total assets acquired	12.1
Fair value of liabilities assumed:
Accrued expenses	0.4
Accounts payable	2.4
Deferred revenue	1.1
Total liabilities assumed	3.9
Fair value of NCM LLC	$ 8.2

Fair Value Measurements - Additional Information (Details) - Fair Value, Measurements, Recurring - USD ($)	Apr. 02, 2026	Jan. 01, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0	$ 0
Liabilities, fair value	$ 0	$ 0

Borrowings

3 Months Ended

Apr. 02, 2026

Debt Disclosure [Abstract]

Borrowings

7. BORROWINGS

The following table summarizes total outstanding debt, as of April 2, 2026 and January 1, 2026, and the significant terms of its borrowing arrangements (in millions):


	Outstanding Balance as of
Borrowings	April 2, 2026		January 1, 2026		Maturity Date	Interest Rate
2025 Credit Facility	$	12.0	$	12.0	January 24, 2028		(1	)
Total borrowings		12.0		12.0
Total borrowings, net		12.0		12.0
Carrying value of long-term debt	$	12.0	$	12.0

(1)

The interest rates on the 2025 Credit Facility are described below.

Debt Agreement—On January 24, 2025, NCM LLC, as borrower, entered into a Loan and Security Agreement with U.S. Bank National Association, as lender. The agreement provides for a $45.0 million senior secured revolving credit facility that matures on January 24, 2028. As of April 2, 2026, NCM LLC has an outstanding balance of $12.0 million under the 2025 Credit Facility. Upon execution of the 2025 Credit Facility, NCM LLC recorded $0.9 million of debt issuance costs. As of April 2, 2026, NCM LLC's maximum availability under the $45.0 million 2025 Credit Facility was $32.4 million, net of letters of credit of $0.6 million.

Borrowings under the 2025 Credit Facility may be used for, among other things, working capital and other general corporate purposes of the Company and bear interest at a floating rate equal to term SOFR (subject to a floor of zero) plus an applicable margin of 2.00%, which is subject to increase by an additional 2.00% upon the occurrence of an event of default. A commitment fee of 0.25% is payable quarterly in arrears based on the average daily amount of the undrawn portion of the commitments under the 2025 Credit Facility for the preceding quarter. The 2025 Credit Facility has a $5.0 million sublimit for the issuance of letters of credit. Fees are payable on outstanding letters of credit at a per annum rate equal to 2.00%, plus certain customary fees payable in connection with the issuance, amendment, renewal and extension of letters of credit and the processing of drawings thereunder.

Certain of NCM LLC’s future subsidiaries (collectively, the “Guarantors”) are required to guarantee the repayment of NCM LLC’s obligations under the 2025 Credit Facility. The obligations of NCM LLC and any such Guarantors with respect to the 2025 Credit Facility are and will be secured by a pledge of substantially all assets of NCM LLC and each of the Guarantors, including, without limitation, accounts receivables, deposit accounts, intellectual property, investment property, inventory, equipment and equity interests in their respective subsidiaries.

The 2025 Credit Facility contains affirmative and negative covenants customary for financings of this type, with which NCM LLC was in compliance at April 2, 2026, including limitations on NCM LLC’s and its subsidiaries ability to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, make equity repurchases, pay subordinated indebtedness and enter into affiliate transactions. In addition, the 2025 Credit Facility contains financial covenants requiring NCM LLC to maintain a maximum leverage ratio of no greater than 2.25 to 1.00 and a minimum fixed charge coverage ratio of no less than 1.50 to 1.00, each measured on a quarterly basis. The 2025 Credit Facility also includes events of default customary for facilities of this type and upon the occurrence of such events of default, subject to customary cure rights, all outstanding loans under the 2025 Credit Facility may be accelerated and/or the Company’s commitments terminated. The 2025 Credit Facility also contains representations, warranti

es, and events of defaults customary for this type of facility. As of April 2, 2026, NCM LLC’s fixed charge coverage ratio was 13.1 to 1.0 (versus the required ratio of 1.50 to 1.00) and NCM LLC's maximum leverage ratio was 0.39 to 1.0 (versus the required ratio of 2.25 to 1.0).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025	Jan. 01, 2026	Dec. 31, 2013
Related Party Transaction [Line Items]
ACJV Cash and Accrued Distributions	$ 0.2	$ 0.0
Receivables, net of allowance	70.1		$ 96.5
AC JV, LLC
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage				32.00%
Investment	0.8		0.8
AC JV, LLC \| NCM, LLC.
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage				4.00%
Investment	0.8		0.8
Equity in earnings of non-consolidated entities	$ 0.2	0.1
MMC LP
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage	10.60%
Investment	$ 2.0		1.7
Recognized revenue related to advertising services provided in exchange for equity interests	$ 0.3	$ 0.0
Looking Glass Media
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage	25.00%
Receivables, net of allowance	$ 0.1		$ 0.3
Recognized revenue related to advertising services provided in exchange for equity interests	$ 0.1

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		25 Months Ended
	May 12, 2026	Apr. 02, 2026	Mar. 27, 2025	Apr. 02, 2026
Subsequent Event [Line Items]
Cash dividends declared amount		$ 2.9	$ 2.9
Cash dividends declared per share		$ 0.03	$ 0.03
Number of shares, repurchased		0.2	1.5	6.8
Number of shares, repurchased value		$ 0.6	$ 9.4
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared amount	$ 2.8
Cash dividends declared per share	$ 0.03
Subsequent Event \| 2026 Q1 Dividends
Subsequent Event [Line Items]
Dividends payable, date of record	May 22, 2026
Dividends payable, date to be paid	Jun. 04, 2026

Related Party Transactions

3 Months Ended

Apr. 02, 2026

Related Party Transactions

6. RELATED PARTY TRANSACTIONS

AC JV, LLC Transactions—In December 2013, NCM LLC sold its Fathom Events business to a newly formed limited liability company, AC JV, LLC, owned 32% each by AMC, Cinemark and Regal and 4% by NCM LLC. The Company accounts for its investment in AC JV, LLC under the equity method of accounting in accordance with ASC 323-30, Investments—Equity Method and Joint Ventures (“ASC 323-30”) because AC JV, LLC is a limited liability company with the characteristics of a limited partnership and ASC 323-30 requires the use of equity method accounting unless the Company’s interest is so minor that it would have virtually no influence over partnership operating and financial policies. Although NCM LLC does not have a representative on AC JV, LLC’s Board of Directors or any voting, consent or blocking rights with respect to the governance or operations of AC JV, LLC, the Company concluded that its interest was more than minor under the accounting guidance. The Company’s investment in AC JV, LLC was $0.8 million as of April 2, 2026 and January 1, 2026. During the three months ended April 2, 2026 and March 27, 2025, NCM LLC received cash distributions from AC JV, LLC of $0.2 million and $0.0 million, respectively. Equity in earnings from AC JV, LLC were $0.2 million and $0.1 million for the three months ended April 2, 2026 and March 27, 2025, respectively, and are included in “Other non-operating income, net” in the unaudited Condensed Consolidated Statements of Operations.

Mercurius Media Capital LP. Transactions— In January 2025, the Company entered into an agreement with Mercurius Media Capital LP. (“MMC LP”) whereby NCM will provide advertising services in exchange for ownership interests in the limited partnership. The ownership interests received are part of a fund with annual installments. The ownership of each installment of the fund is determined at the completion of each year. During the three months ended April 2, 2026, the Company determined its

ownership of the 2025 fund, 10.6%, reached an interest that will require the Company to account for the MMC LP investment under ASC 323-30. The Company’s investment in MMC LP was $2.0 million and $1.7 million as of April 2, 2026 and January 1, 2026, respectively. The Company elected, in accordance with ASC 323, to record all activity on a one quarter lag due to the timing of reporting. As such, no equity in earnings was recorded in the three months ended April 2, 2026. The Company recognized revenue related to the advertising services provided in exchange for equity interests of $0.3 million and $0.0 million for the three months ended April 2, 2026 and March 27, 2025, respectively.

Looking Glass Media— As part of the acquisition of Spotlight, the Company acquired a 25.0% ownership of Looking Glass Media, a local sales organization specializing in cinema advertising. Looking Glass Media sells local advertising on Spotlight's behalf. The Company recognized revenue of $0.1 million in the three months ended April 2, 2026. This revenue represents the portion of the proceeds collected by Looking Glass Media remitted to Spotlight for delivering the respective ads on the Spotlight Cinema Network. As of April 2, 2026 and January 1, 2026, respectively, NCM had an accounts receivable balance with Looking Glass Media of $0.1 million and $0.3 million included within “Receivables, net of allowance” on the unaudited Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 02, 2026	May 07, 2026
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5665602
Entity Address, Address Description	6300 S. Syracuse Way, Suite 300
Entity Address, City or Town	Centennial
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	792-3600
Trading Symbol	NCMI
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Period End Date	Apr. 02, 2026
Entity Registrant Name	NATIONAL CINEMEDIA, INC.
Amendment Flag	false
Entity Central Index Key	0001377630
Document Type	10-Q
Entity File Number	001-33296
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,780,289
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 0.4	$ 0.6
Variable lease cost	0.1	0.1
Total lease cost	$ 0.5	$ 0.7

Commitments and Contingencies

3 Months Ended

Apr. 02, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Legal Actions—The Company is subject to claims and legal actions in the ordinary course of business. The Company believes such claims will not have a material adverse effect individually or in the aggregate on its financial position, results of operations or cash flows.

Operating Commitments—Facilities—The Company has entered into operating lease agreements for its corporate headquarters and other regional offices. The Company has right-of-use (“ROU”) assets of $8.5 million and short-term and long-term lease liabilities of $1.5 million and $8.8 million, respectively, on the balance sheet as of April 2, 2026, for all material leases with terms longer than twelve months. As of January 1, 2026, the Company had ROU assets of $8.8 million and short-term and long-term lease liabilities of $1.5 million and $9.3 million, respectively, for all material leases with terms longer than twelve months. These balances are included within ‘Other assets’, ‘Other current liabilities’ and ‘Long-term lease liabilities’, respectively, on the unaudited Condensed Consolidated Balance Sheets. As of April 2, 2026, the Company had a weighted average remaining lease term of 7.3 years on these leases. When measuring the ROU assets and lease liabilities recorded, the Company utilized its incremental borrowing rate in order to determine the present value of the lease payments as the leases do not provide an implicit rate. The Company used the rate of interest that it would have paid to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. As of April 2, 2026, the Company’s weighted average annual discount rate used to establish the ROU assets and lease liabilities was 3.7%.

On December 8, 2025, the Company entered into a lease modification with the landlord for the Company's headquarter office space in Centennial, Colorado. The commencement of the new leased asset and the termination of the current leased asset are contingent upon landlord-controlled construction and the associated timing of completion is uncertain as of April 2, 2026. Once complete, the Company will lease the new premises for a term of 11 years and will vacate the current premises prior to the original end date of June 2028.

During the three months ended April 2, 2026 and March 27, 2025, the Company recognized the following components of total lease cost (in millions). These costs are presented within ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations depending upon the nature of the use of the facility.


	Three Months Ended
	April 2, 2026		March 27, 2025
Operating lease cost	$	0.4	$	0.6
Variable lease cost		0.1		0.1
Total lease cost	$	0.5	$	0.7

The Company made total lease payments of $0.5 million during the three months ended April 2, 2026 and March 27, 2025. These payments are included within cash flows from operating activities within the unaudited Condensed Consolidated Statement of Cash Flows.

Operating Commitments—ESAs and Affiliate Agreements—The Company has entered into long-term ESAs and multi-year agreements with third-party theater circuits. The ESAs and network affiliate agreements grant NCM LLC exclusive rights in their theaters to sell advertising, subject to limited exceptions. The Company recognized the intangibles upon the reconsolidation of NCM LLC on August 7, 2023. Additions to the intangible assets may be recognized upon issuance of membership units to Cinemark in accordance with NCM LLC’s Common Unit Adjustment Agreement and upfront cash payments to the affiliates for the contractual rights to provide the Company’s services within their theaters as further discussed within Note 5—Intangible Assets. These ESAs and network affiliate agreements are considered leases under ASC 842—Leases (“ASC 842”) once the asset is identified and the period of control is determined upon the scheduling of the showtimes by the exhibitors, typically one week prior to the showtime. As such, the leases are considered short-term in nature, specifically less than one month. Under ASC 842, leases with terms of less than one month are exempt from the majority of the accounting and disclosure requirements, including disclosure of short-term lease expense. No

ROU assets or lease liabilities were recognized for these agreements and no change to the balance sheet presentation of the intangible assets was necessary. However, the amortization of these intangible assets is considered lease expense and is presented within ‘Amortization expense’ within the unaudited Condensed Consolidated Statement of Operations. The Company recorded $4.2 million and $5.7 million in amortization of these intangible assets in the three months ended April 2, 2026 and March 27, 2025, respectively.

In consideration for NCM LLC’s access to the ESA Parties’ and network affiliate's theater attendees for on-screen advertising and use of lobbies and other space within the exhibitors’ theaters for the LEN and lobby promotions, the ESA Parties and network affiliates receive payments based either upon number of attendees (pre or post-showtime), a revenue share, a fee per screen or digital screen or a combination, including a minimum revenue guarantee per attendee. Many of these agreements contain increases annually or every five years to the respective fee structures or guaranteed minimums, either per patron, per theater and/or per digital screen in a range from 2% to 8% depending upon the underlying agreement. The theater access fee paid in the aggregate to Cinemark cannot be less than 12% of NCM LLC’s aggregate advertising revenue (as defined in the ESA), or it will be adjusted upward to reach this minimum payment. As of April 2, 2026 and January 1, 2026, the Company had no liabilities recorded for the minimum payment, as the theater access fee was in excess of the minimum. The Company does not owe any theater access fees or revenue share when the theaters are not displaying the Company's pre-show or when the Company does not have access to the theaters. The digital screen fee is calculated based upon average screens in use during each month. As part of the AMC 2025 Agreement, the Company will modernize certain lobbies within AMC's theaters, which will require the Company to expend refurbishment costs in connection with equipment upgrades.

As part of the network affiliate agreements entered into in the ordinary course of business under which the Company sells advertising for display in various network affiliate theater chains, the Company has agreed to certain minimum revenue guarantees on a per attendee basis. If a network affiliate achieves the attendance set forth in their respective agreement, the Company has guaranteed minimum revenue for the network affiliate per attendee if the amount paid under the revenue share arrangement is less than the guaranteed amount. As of April 2, 2026, the maximum potential amount of future payments the Company could be required to make pursuant to the minimum revenue guarantees is $291.5 million over the remaining terms of the network affiliate agreements, contingent upon the achievement of network affiliate minimum attendance thresholds. These minimum guarantees apply to various affiliate agreements ranging in term from two years to fifteen years, prior to any renewal periods of which some are at the option of the Company. The Company accrued $0.3 million and $1.1 million related to affiliate agreements with guaranteed minimums in excess of the revenue share agreement as of April 2, 2026 and January 1, 2026, respectively, within ‘Accounts payable’ in the unaudited Condensed Consolidated Balance Sheet. As the guaranteed minimums are based upon agreed upon minimum attendance or affiliate revenue levels, the Company will not incur minimum revenue share fees if the minimum theater attendance or revenue levels are not met by the affiliate.

Fair Value Measurements - Schedule of Other Investments (Details) - USD ($) $ in Millions	Apr. 02, 2026	Jan. 01, 2026
Fair Value, Separate Account Investment [Line Items]
Other investments	$ 6.1	$ 5.6
Total other investments	8.9	8.1
AC JV, LLC
Fair Value, Separate Account Investment [Line Items]
Investment	0.8	0.8
MMC LP
Fair Value, Separate Account Investment [Line Items]
Investment	$ 2.0	$ 1.7

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Cost of the investment.

+ References

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+ Details

Revenue from Contracts with Customers and Accounts Receivable (Tables)

3 Months Ended

Apr. 02, 2026

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three months ended April 2, 2026 and March 27, 2025 (in millions):


	Three Months Ended
	April 2, 2026		March 27, 2025
National advertising revenue	$	27.5	$	27.4
Local and regional advertising revenue		4.4		4.9
ESA advertising revenue from beverage concessionaire agreements		2.1		2.6
Total revenue	$	34.0	$	34.9

Schedule of Allowance for Credit Losses

The changes within the allowance for credit losses balances for the three months ended April 2, 2026 and March 27, 2025, respectively, were as follows (in millions):


	Three Months Ended
	April 2, 2026						March 27, 2025
	Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables			Allowance for National Customer Receivables		Allowance for Local/ Regional Customer Receivables
Balance at beginning of period	$	0.3		$	0.8		$	0.1	$	1.2
Provision for bad debt		(0.1	)		(0.1	)		—		(0.1	)
Write-offs, net		—			—			—		—
Balance at end of period	$	0.2		$	0.7		$	0.1	$	1.1

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025	Jan. 01, 2026
Finite-Lived Intangible Assets [Line Items]
Common unit revenue recognised	$ (26.6)	$ (38.7)
Intangible assets, net of accumulated amortization	$ 300.3		$ 308.8
Intangible assets, period of extension	5 years
Accumulated amortization, intangible assets	$ 94.1		$ 86.1
Accumulated amortization, intangible assets, remainder of fiscal 2026	23.9
Accumulated amortization, intangible assets, 2027	31.8
Accumulated amortization, intangible assets, 2028	31.7
Accumulated amortization, intangible assets, 2029	26.7
Accumulated amortization, intangible assets, 2030	19.2
AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Accrued integration payments	10.6
AMC \| 2025 AMC Agreement
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net	(0.0)	(0.2)
AMC \| AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Integration and other encumbered payments, related parties - operating activities	0.0	0.3
Cinemark
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net	$ (0.5)	$ (0.1)
Common membership units issued	0	0

Borrowings - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Jan. 01, 2026
Debt Instrument [Line Items]
Carrying value of long-term debt	$ 12.0	$ 12.0
NCM, LLC.
Debt Instrument [Line Items]
Outstanding borrowings	12.0	12.0
Long-term Debt	12.0	12.0
Carrying value of long-term debt	12.0	12.0
NCM, LLC. \| 2025 Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 12.0	$ 12.0
Debt Instrument, Maturity Date	Jan. 24, 2028

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Fair Value Measurements

3 Months Ended

Apr. 02, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

10. FAIR VALUE MEASUREMENTS

All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Non-Recurring Measurements—Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets include long-lived assets, intangible assets, other investments, notes receivable and borrowings.

Long-Lived Assets, Intangible Assets and Other Investments—The Company regularly reviews long-lived assets (primarily property, plant and equipment), intangible assets and investments accounted for under the cost or equity method for impairment whenever certain qualitative factors, events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. When the estimated fair value is determined to be lower than the carrying value of the asset, an impairment charge is recorded to write the asset down to its estimated fair value.

Other investments consisted of the following (in millions):


	As of
	April 2, 2026		January 1, 2026
Investment in AC JV, LLC	$	0.8	$	0.8
Investment in MMC LP	$	2.0	$	1.7
Other investments	$	6.1	$	5.6
Total	$	8.9	$	8.1

The investment in AC JV, LLC was initially valued using comparative market multiples. The investment in MMC LP was initially valued at the fair value of the services provided or to be provided in exchange for investment. The other investments were also recorded based upon the fair value of the services provided or to be provided in exchange for the investment. As the inputs to the determination of fair value are based upon non-identical assets and use significant unobservable inputs, they have been classified as Level 3 in the fair value hierarchy. The increase in the Investment in MMC LP and Other investments is due to the advertising services performed in exchange for equity in various companies during the three months ended April 2, 2026. During the three months ended April 2, 2026 and March 27, 2025, no observable price changes or impairments have been recorded as a result of the Company’s qualitative assessment of identified events or changes in the circumstances of the remaining investments.

Borrowings—The carrying amount of the Revolving Credit Facility 2023, as of December 26, 2024, was considered a reasonable estimate of fair value due to the respective floating-rate terms.

Recurring Measurements—All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. The Company had no assets and liabilities measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures as of April 2, 2026 and January 1, 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Revenue from Contracts with Customers and Accounts Receivable - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 34.0	$ 34.9
National advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	27.5	27.4
Local and regional advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	4.4	4.9
ESA advertising revenue from beverage concessionaire agreements
Disaggregation of Revenue [Line Items]
Revenue	$ 2.1	$ 2.6

- Definition

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+ Details

Revenue from Contracts with Customers and Accounts Receivable

3 Months Ended

Apr. 02, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers and Accounts Receivable

2. REVENUE FROM CONTRACTS WITH CUSTOMERS AND ACCOUNTS RECEIVABLE

Revenue Recognition

The Company derives revenue principally from the sale of advertising to national, regional and local businesses in the Noovie® show, the Company’s cinema advertising and entertainment pre-show. The Company also sells advertising through the LEN, a series of strategically placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater

lobbies. In addition, the Company sells data and digital advertising through the NCMx™ suite of products, NCM Boost℠, Boomerang℠, Bullseye℠ and Blueprint℠, as well as advertising in a variety of complementary out-of-home venues. The Company also has a long-term agreement to exhibit up to 90 seconds of advertising to satisfy the ESA Parties’ on-screen advertising commitments under their beverage concessionaire agreements at contractual rates outlined within the ESAs.

The Company makes contractual guarantees to deliver a specified number of impressions to view the customers’ advertising. If the contracted number of impressions are not delivered, the Company will run additional advertising to deliver the contracted impressions at a later date. The deferred portion of the revenue associated with undelivered impressions is referred to as a make-good provision. The Company defers the revenue associated with the make-good provision until the advertising airs to the audience specified in the advertising contract or the make-good period expires.

The Company has two significant customer contracts with a term in excess of one year that are noncancellable as of April 2, 2026. The remaining performance obligation under these contracts is $3.3 million as of April 2, 2026 and represents commitments for future advertising services for which work has not been performed and revenues are to be recorded in future periods. The Company expects to recognize all of its remaining performance obligation under these contracts within the next two years. Agreements with a duration of less than one year or a duration of longer than one year that are cancellable are not considered within unsatisfied performance obligations as the Company elected to use the practical expedient in ASC 606-10-50-14 for those contracts.

Disaggregation of Revenue

The Company disaggregates revenue into the categories of national; local and regional and beverage concessionaire based upon a combination of multiple factors including the type of customer, the products included within a contract and the geographic scope. This method of disaggregation is in alignment with how revenue is reviewed by management and discussed with and historically disclosed to investors.

The following table summarizes revenue from contracts with customers for the three months ended April 2, 2026 and March 27, 2025 (in millions):


	Three Months Ended
	April 2, 2026		March 27, 2025
National advertising revenue	$	27.5	$	27.4
Local and regional advertising revenue		4.4		4.9
ESA advertising revenue from beverage concessionaire agreements		2.1		2.6
Total revenue	$	34.0	$	34.9

Deferred Revenue and Unbilled Accounts Receivable

The deferred revenue balance increases upon issuance of invoices to customers and decreases upon delivery of services and the resulting recognition of revenue. Revenue recognized in the three months ended April 2, 2026 that was included within the ‘Deferred revenue’ balance as of January 1, 2026, was $8.3 million. Revenue recognized in the three months ended March 27, 2025 that was included within the ‘Deferred revenue’ balance as of December 26, 2024, was $9.8 million. Unbilled accounts receivable is classified as a current asset as it is expected to be billed within the next twelve months. As of April 2, 2026 and January 1, 2026, the Company had $3.7 million and $4.2 million in unbilled accounts receivable, respectively, within ‘Receivables, net of allowance’ within the unaudited Condensed Balance Sheets.

Allowance for Credit Losses

The allowance for credit losses balance is determined separately for each pool of the Company’s receivables with similar risk characteristics. The Company has determined that the use of two pools, national customers and local/regional customers, is appropriate. The changes within the allowance for credit losses balances for the three months ended April 2, 2026 and March 27, 2025, respectively, were as follows (in millions):


	Three Months Ended
	April 2, 2026						March 27, 2025
	Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables			Allowance for National Customer Receivables		Allowance for Local/ Regional Customer Receivables
Balance at beginning of period	$	0.3		$	0.8		$	0.1	$	1.2
Provision for bad debt		(0.1	)		(0.1	)		—		(0.1	)
Write-offs, net		—			—			—		—
Balance at end of period	$	0.2		$	0.7		$	0.1	$	1.1

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 02, 2026	Jan. 01, 2026
CURRENT ASSETS:
Cash and cash equivalents	$ 48.6	$ 34.6
Restricted cash	3.0	3.0
Receivables, net of allowance of $0.9 and $1.1, respectively	70.1	96.5
Prepaid expenses and other current assets	4.1	4.0
Total current assets	125.8	138.1
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $9.9 and $8.4, respectively	18.3	19.4
Intangible assets, net of accumulated amortization of $94.1 and $86.1, respectively	300.3	308.8
Goodwill	0.5	0.5
Other investments	8.9	8.1
Debt issuance costs, net	0.6	0.7
Other assets	14.3	15.0
Total non-current assets	342.9	352.5
TOTAL ASSETS	468.7	490.6
CURRENT LIABILITIES:
Amounts due to ESA Parties, net	4.4	6.8
Payable under the TRA	2.9	2.9
Accrued expenses	1.6	1.9
Accrued payroll and related expenses	6.5	12.1
Accounts payable	26.1	26.1
Deferred revenue	26.3	10.8
Other current liabilities	1.5	1.5
Total current liabilities	69.3	62.1
NON-CURRENT LIABILITIES:
Long-term debt	12.0	12.0
Payable under the TRA	32.8	30.9
Long-term lease liabilities	8.8	9.3
Other long-term liabilities	1.0	0.9
Total non-current liabilities	54.6	53.1
Total liabilities	123.9	115.2
COMMITMENTS AND CONTINGENCIES (NOTE 9)
NCM, Inc. Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 50 issued and outstanding	0.0	0.0
Common stock, $0.01 par value; 260,000,000 shares authorized, 93,566,330 and 93,353,604 issued and outstanding, respectively	2.5	2.5
Additional paid in capital	138.0	136.5
Retained earnings	204.3	236.4
Total NCM, Inc. stockholders’ equity	344.8	375.4
Noncontrolling interests	0.0	0.0
Total equity	344.8	375.4
TOTAL LIABILITIES AND EQUITY	$ 468.7	$ 490.6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
REVENUE (including revenue from related parties of $0.4 and $0.0, respectively)	$ 34.0	$ 34.9
OPERATING EXPENSES:
Network operating costs	4.0	3.1
Theater exhibition fees	24.6	21.7
Selling and marketing costs	9.5	10.7
Administrative and other costs	13.3	12.9
Depreciation expense	1.5	1.1
Amortization expense	8.0	9.3
Total	60.9	58.8
OPERATING LOSS	(26.9)	(23.9)
NON-OPERATING EXPENSE (INCOME):
Interest on borrowings	0.2	0.2
Interest income	(0.2)	(0.6)
Loss on re-measurement of the payable under the tax receivable agreement	1.9	5.5
Loss on debt extinguishment	0.0	1.8
Other non-operating income, net	(0.2)	(0.1)
Total	1.7	6.8
LOSS BEFORE INCOME TAXES	(28.6)	(30.7)
Income tax expense	0.0	0.0
CONSOLIDATED NET LOSS	(28.6)	(30.7)
Less: Net loss attributable to noncontrolling interests	0.0	0.0
NET LOSS ATTRIBUTABLE TO NCM, INC.	(28.6)	(30.7)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NCM, INC.	$ (28.6)	$ (30.7)
NET LOSS PER NCM, INC. COMMON SHARE:
Basic (in usd per share)	$ (0.31)	$ (0.32)
Diluted (in usd per share)	$ (0.31)	$ (0.32)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	93,209,273	95,385,062
Diluted (in shares)	93,209,273	95,385,062

Intangible Assets

3 Months Ended

Apr. 02, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. INTANGIBLE ASSETS

The Company’s intangible assets consist of contractual rights to provide its services within the theaters under the ESAs and network affiliates agreements, customer relationships developed and maintained by the Company’s sales force, trademarks held and used by the Company, noncompete agreements acquired and datasets acquired and used by the Company. The intangible assets are stated at their estimated fair values upon the reconsolidation of NCM LLC on August 7, 2023, net of accumulated amortization. Subsequently acquired intangible assets are recorded at cost, or in the case of acquisitions, their estimated fair value. The Company records amortization using the straight-line method over the contractual life of the intangibles, corresponding to the term of the ESAs,

the average renewable term of the contract with the network affiliates, industry standard lives for customer relationships and trademarks, the contract length for noncompete agreements and for the datasets, the shorter of the use rights outlined in the contract under which they were acquired and the estimated rate of obsolescence of the datasets' usefulness. In accordance with ASC 360—Property, Plant and Equipment, the Company continuously monitors the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed.

Upon entering into the 2025 AMC Agreement, the Company determined that there was a triggering event for the Company’s intangible asset group, including the amount related to AMC, under ASC 360—Impairment and Disposal of Long-Lived Assets during the quarter ended June 26, 2025. Management estimated future undiscounted cash flows, including the impacts of the new fee structure under the 2025 AMC Agreement, which has been adjusted to be based on the attendance, the operating screens and the revenue generated by the Company through the advertising displayed in AMC's theaters beginning on July 1, 2025, and the increase in the useful life due to the five year extension. The estimated future cash flows calculated within the analysis were well in excess of the net book value of the Company’s intangible assets and no impairment was recorded in the quarter ended June 26, 2025. Such analysis required management to make estimates and assumptions based on historical data and consideration of future market conditions. Actual results may differ from the estimates and assumptions used, or conditions may change, which could result in impairment charges in the future.

Common Unit Adjustments—In accordance with NCM LLC’s Common Unit Adjustment Agreement, on an annual basis NCM LLC determines the amount of common membership units to be issued to or returned by AMC (through April 17, 2025) and Cinemark based on theater additions, new builds or dispositions during the previous year. In addition, NCM LLC’s Common Unit Adjustment Agreement requires that a Common Unit Adjustment occur for either AMC (through April 17, 2025) or Cinemark if its acquisition or disposition of theaters, in a single transaction or cumulatively since the most recent Common Unit Adjustment, results in an attendance increase or decrease in excess of two percent of the annual total attendance at the prior adjustment date. In the event that an adjustment is negative and either AMC or Cinemark did not have sufficient common membership units to return, the adjustment is satisfied in cash in an amount calculated pursuant to NCM LLC’s Common Unit Adjustment Agreement. Upon the issuance of common membership units, the Company records an addition to the intangible asset related to AMC and Cinemark’s respective ESAs equal to the fair market value of NCM, Inc.’s publicly traded stock as of the date on which the common membership units were issued. NCM LLC common membership units are fully convertible into NCM, Inc.’s common stock. Subsequent to April 17, 2025 and in accordance with the AMC Termination Agreement, AMC is no longer a party to the Common Unit Adjustment Agreement and will no longer receive NCM LLC Common Units.

During the quarter ended April 2, 2026, in accordance with the Common Unit Adjustment Agreement, NCM LLC calculated a reduction of common membership units for Cinemark. As Cinemark held no membership units, the Company recognized a receivable of $0.5 million and corresponding reduction of the intangible asset as of April 2, 2026 to settle the negative common membership unit adjustment.

During the first quarter of 2025, in accordance with the Common Unit Adjustment Agreement, NCM LLC calculated a reduction of common membership units for AMC and Cinemark to be settled on April 2, 2025. Cinemark, who held no membership units, remitted cash to settle the negative common membership unit adjustment. In connection with the Common Unit Adjustment Agreement and the AMC Termination Agreement, AMC returned all of its units and was forgiven any remaining negative common unit adjustment. These transactions resulted in a reduction of the intangible asset of $0.1 million during the year ended January 1, 2026.

Integration Payments and Other Encumbered Theater Payments—If an existing on-screen advertising agreement with an alternative provider is in place with respect to any acquired theaters (“Encumbered Theaters”), the applicable ESA party, AMC (through April 17, 2025) or Cinemark, may elect to receive common membership units related to those Encumbered Theaters in connection with the Common Unit Adjustment. If the ESA party makes this election, then they are required to make payments on a quarterly basis in arrears in accordance with certain run-out provisions pursuant to the ESAs (“integration payments”). Integration payments were calculated based upon the advertising cash flow that the Company would have generated if it had exclusive access to sell advertising in the theaters with pre-existing advertising agreements. The ESAs with AMC and Cinemark additionally entitle NCM LLC to payments related to their on-screen advertising commitments under their beverage concessionaire agreements for Encumbered Theaters. The encumbered beverage payments are also accounted for as a reduction to the intangible asset related to the ESAs. Given that the Carmike Cinemas, Inc. (“Carmike”) theaters acquired by AMC are subject to an existing on-screen advertising agreement with an alternative provider, AMC made integration payments and encumbered beverage payments to NCM LLC prior to the 2025 AMC Agreement. Upon the effectiveness of the 2025 AMC Agreement, and assuming the opt out provision is not exercised, AMC is no longer required to make integration payments, and the $10.6 million in accrued integration payments owed by AMC was forgiven. The Company recorded the forgiveness of the receivable as an increase to the ESA Party intangible asset, during the year ended January 1, 2026, in accordance with the lease modification guidance outlined in ASC 842—Leases. During the three months ended April 2, 2026 and March 27, 2025, and prior to the effectiveness of the 2025 AMC Agreement, the Company recorded a reduction to net intangible assets of $0.0 million and $0.2 million, respectively, related to integration and other Encumbered Theater payments.

During the three months ended April 2, 2026 and March 27, 2025, AMC and Cinemark paid a total of $0.0 million and $0.3 million, respectively, in integration and Encumbered Theater payments.

The following tables summarizes the Company's intangible assets and net of accumulated amortization as of April 2, 2026 and January 1, 2026, and the weighted average remaining lives:


	As of April 2, 2026
	Useful Life	Gross		Accumulated Amortization			Net
	(Years)			(in millions)
Intangible assets subject to amortization
ESA Party Agreements	14.9	$	223.6	$	(43.4	)	$	180.2
Network Affiliates	13.4		75.0		(12.4	)		62.6
Customer Relationships	3.4		75.0		(33.0	)		42.0
Trademark	5.4		15.0		(5.0	)		10.0
Datasets	1.5		0.4		(0.2	)		0.2
Spotlight Exhibitors	11.6		4.7		(0.1	)		4.6
Noncompetition Agreements	4.6		0.4		—			0.4
Trade Name - Spotlight	7.6		0.3		—			0.3
Total		$	394.4	$	(94.1	)	$	300.3


	As of January 1, 2026
	Useful Life	Gross		Accumulated Amortization			Net
	(Years)			(in millions)
Intangible assets subject to amortization
ESA Party Agreements	15.1	$	224.0	$	(40.3	)	$	183.7
Network Affiliates	13.6		75.0		(11.2	)		63.8
Customer Relationships	3.6		75.0		(29.9	)		45.1
Trademark	5.6		15.0		(4.5	)		10.5
Datasets	1.8		0.4		(0.1	)		0.3
Spotlight Exhibitors	11.9		4.8		(0.1	)		4.7
Noncompetition Agreements	4.9		0.4		—			0.4
Trade Name - Spotlight	7.9		0.3		—			0.3
Total		$	394.9	$	(86.1	)	$	308.8

The estimated aggregate amortization expense for the remainder of fiscal 2026 is $23.9 million, $31.8 million for fiscal year 2027, $31.7 million for fiscal year 2028, $26.7 million for fiscal year 2029, and $19.2 million for fiscal year 2030.

Loss Per Share

3 Months Ended

Apr. 02, 2026

Earnings Per Share [Abstract]

Loss Per Share

3. LOSS PER SHARE

Basic loss per share is computed on the basis of the weighted average number of shares of common stock outstanding. Diluted loss per share is computed on the basis of the weighted average number of shares of common stock outstanding plus the effect of potentially dilutive common stock options, restricted stock and restricted stock units using the treasury stock method. The components of basic and diluted loss per NCM, Inc. share are as follows:


	Three Months Ended
	April 2, 2026			March 27, 2025
Net loss attributable to NCM, Inc. (in millions)	$	(28.6	)	$	(30.7	)
Weighted average shares outstanding:
Basic		93,209,273			95,385,062
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			—
Diluted		93,209,273			95,385,062
Loss per NCM, Inc. share:
Basic	$	(0.31	)	$	(0.32	)
Diluted	$	(0.31	)	$	(0.32	)

The effect of the 3,265 weighted average exchangeable NCM LLC common units held by AMC for the three months ended March 27, 2025 have been excluded from the calculation of diluted weighted average shares and loss per NCM, Inc. share as they were anti-dilutive. There were no exchangeable NCM LLC common units outstanding for the three months ended April 2, 2026. NCM LLC common units do not participate in dividends paid on NCM, Inc.'s common stock. In addition, 7,897,066 and 5,347,564 stock options and non-vested restricted stock units for the three months ended April 2, 2026 and March 27, 2025, respectively, were excluded from the calculation as they were anti-dilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest.

The Company (Policies)	3 Months Ended
The Company (Policies)	Apr. 02, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the unaudited Condensed Consolidated Financial Statements and related notes of NCM, Inc. in accordance with GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in an annual report have been condensed or omitted for this quarterly report. The balance sheet as of January 1, 2026 is derived from the audited financial statements of NCM, Inc. Therefore, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s annual report on Form 10-K filed for the fiscal year ended January 1, 2026. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented have been made and all intercompany accounts have been eliminated in consolidation. The Company has reclassified certain historical amounts on the unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows to conform to current period presentation. Historically, the Company’s business has been seasonal and for this and other reasons operating results for interim periods have not been indicative of the Company’s full year results or future performance. As a result of the related party agreements discussed in Note 6—Related Party Transactions, the operating results as presented are not necessarily indicative of the results that might have occurred if all agreements were with non-related third parties.
Estimates	Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to undiscounted cash flows utilized in assessing whether there are impairment indicators for the Company's intangible assets, the reserve for uncollectible accounts receivable, share-based compensation and income taxes. Actual results could differ from estimates.
Debt Agreement	On January 24, 2025, NCM LLC, as borrower, entered into a Loan and Security Agreement with U.S. Bank National Association, as lender (the “2025 Credit Facility”). The agreement provided for a $45.0 million senior secured revolving credit facility that matures on January 24, 2028. In connection with entering into the 2025 Credit Facility, NCM LLC repaid in full the $10.0 million balance outstanding and terminated all commitments under its Revolving Credit Facility 2023, and in connection with this termination, paid a prepayment fee equal to 1% of the total commitment. The 2025 Credit Facility has reduced the Company's overall interest expense, extends the maturity date to 2028 and is a cash flow-based revolving loan compared to the asset-based revolving loan of the Revolving Credit Facility 2023. As of April 2, 2026, NCM LLC has an outstanding balance of $12.0 million under the 2025 Credit Facility. Borrowings under the 2025 Credit Facility may be used for, among other things, working capital and other general corporate purposes of the Company and bear interest at a floating rate equal to term SOFR (subject to a floor of zero) plus an applicable margin of 2.00%, which is subject to increase by an additional 2.00% upon the occurrence of an event of default.
Revenue Recognition	Revenue Recognition—The Company derives revenue principally from the sale of advertising to national, regional and local businesses in Noovie®, our cinema advertising and entertainment show seen on movie screens across the U.S., as well as on our lobby network (“LEN”), a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising, promotions and experiences in theater lobbies. In addition, the Company sells data and digital advertising, including through the NCMx™ suite of products, NCM Boost℠, Boomerang℠, Bullseye℠ and Blueprint℠, as well as advertising in a variety of complementary out-of-home venues. The Company also has a long-term agreement to exhibit the advertising of the ESA Parties’ beverage suppliers. Revenue is recognized over time as the customer receives the benefits provided by NCM LLC’s advertising services and the Company has the right to payment for performance to date. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers—The risk of credit loss related to the Company’s trade receivables and unbilled receivables balances is accounted for through the allowance for credit losses, a contra asset account which reduces the net receivables balance. The allowance for credit losses balance is determined by pooling the Company’s receivables with similar risk characteristics, specifically by type of customer (national or local/regional) and then age of receivable and applying historical write off percentages to these pools in order to determine the amount of expected credit losses as of the balance sheet date. National receivables are with large advertising agencies with strong reputations in the advertising industry and clients with stable financial positions and good credit ratings, represent larger receivables balances per customer and have significantly lower historical and expected credit loss patterns. Local and regional receivables are with smaller companies, sometimes with less credit history, represent smaller receivable balances per customer and have higher historical and expected credit loss patterns. The Company has smaller contracts with many local clients that are not individually significant. The Company also considers current economic conditions and trends to determine whether adjustments to historical loss rates are necessary. The Company also reserves for specific receivable balances that it expects to write off based on known concerns regarding the financial health of the customer. Receivables are written off when management determines amounts are uncollectible. The Company had one agency through which it sourced advertising revenue that accounted for 14.2% of the Company’s gross outstanding receivable balance, as of April 2, 2026 and did not have any agencies with advertising revenue that accounted for more than 10% of the Company's gross receivables as of January 1, 2026. During the three months ended April 2, 2026, and the three months ended March 27, 2025, the Company had no customers that accounted for more than 10.0% of the Company's revenue.
Long-lived Assets	Long-lived Assets—The Company assesses impairment of long-lived assets pursuant to ASC 360—Property, Plant and Equipment. This includes determining whether certain triggering events have occurred that could affect the value of an asset. The Company did not record losses related to long-lived assets during the three months ended April 2, 2026 and March 27, 2025, respectively.
Share-Based Compensation	Share-Based Compensation—The Company has issued stock options and restricted stock units to certain employees and its independent directors. The restricted stock unit and option grants for Company management vest upon the achievement of Company performance measures, market conditions and/or service conditions, while non-management grants vest only upon the achievement of service conditions. Compensation expense of restricted stock units that vest upon the achievement of Company performance measures is based on management’s financial projections and the probability of achieving the projections, which require considerable judgment. A cumulative adjustment is recorded to share-based compensation expense if management changes its estimate of the number of restricted stock units expected to vest in a specific period. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Compensation expense of restricted stock units and options that vest upon achievement of certain market conditions is based on an estimate of the fair value of the granted restricted stock units or options on the grant date, which requires considerable judgment. The fair value of the granted restricted stock units or options is expensed over an estimated derived service period, which also requires considerable judgment. In accordance with ASC 718—Stock Compensation, the Company does not adjust the expense recognized to reflect the actual vested shares or options following the resolution of the market condition. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. During the three months ended April 2, 2026 and March 27, 2025, 1.4 million, and 0.2 million restricted stock units were granted, respectively. During the three months ended April 2, 2026 and March 27, 2025, 0.4 million, and 0.6 million restricted stock units vested, respectively. Additionally, the Company recorded $1.7 million and $2.7 million in share-based compensation expense during the three months ended April 2, 2026 and March 27, 2025, respectively, within ‘Network operating costs,’ ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations or have been capitalized within ‘Property and equipment, net’ within the unaudited Condensed Balance Sheets.
Share Repurchase Program	Share Repurchase Program—On March 18, 2024, the Board of Directors of the Company approved a stock repurchase program under which the Company is authorized to use assets of the Company to repurchase up to $100.0 million of shares of the Company’s Common Stock, exclusive of any fees, commissions or other expenses related to such repurchases, from time to time over a period of three years. Shares may be repurchased under the program through open market purchases, block trades, or accelerated or other structured share repurchase programs. There were 0.2 million and 1.5 million shares repurchased on the open market during the three months ended April 2, 2026 and March 27, 2025, respectively. As the Company elected to retire the shares, in accordance with ASC 505 —Equity, upon their retirement, any excess over par value paid, inclusive of direct costs, was recorded as a reduction to retained earnings of $0.8 million and $9.0 million for the three months ended April 2, 2026 and March 27, 2025, respectively. As of April 2, 2026, 6.8 million shares have been repurchased on the open market since the program's inception.
Segment Reporting	Segment Reporting—Advertising is the principal business activity of the Company and is the Company’s only operating and reportable segment under the requirements of ASC 280—Segment Reporting. The Company’s Chief Executive Officer is the chief operating decision maker who reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The accounting policies of the one operating and reportable segment are the same as those described in the summary of significant accounting policies. All segment revenues relate to services performed within the United States. The Company’s segment assets are generated and domiciled within the United States. The chief operating decision maker assesses performance for the one operating and reportable segment and decides how to allocate resources using consolidated net loss, as presented on the unaudited Condensed Consolidated Statements of Operations as ‘Consolidated net loss,’ among other measures. Consolidated net loss is presented herein as the primary measure as it most closely aligns with US GAAP. The chief operating decision maker uses consolidated net loss to decide whether to utilize profits to invest in the Company or to recommend actions to the Board of Directors such as stock repurchases or future dividends. Consolidated net loss is also utilized to monitor actual results as compared to budgeted expectations to assess the performance of the one operating and reportable segment and in establishing management’s compensation. The Company’s significant segment expenses are consistent with the operating expense financial statement line items as presented within the unaudited Condensed Consolidated Statements of Operations. The Company’s other segment items are consistent with the non-operating income and expense financial statement line items as presented within the unaudited Condensed Consolidated Statements of Operations. The measure of segment assets used to allocate resources is total assets as reported on the unaudited Condensed Consolidated Balance Sheets, inclusive of cash and cash equivalents as well as accounts receivable as reported on the unaudited Condensed Consolidated Balance Sheets as ‘Cash and cash equivalents’ and ‘Receivables, net of allowance,’ respectively.
Capital Expenditures	Capital Expenditures—Capital expenditures include digital applications being developed primarily by the Company’s programmers and outside consultants, capitalized software development or upgrades for the Company’s Digital Content Software, audience targeting and data management systems, cinema advertising management system, equipment required for the Company’s Customer Experience Center and content production and post-production facilities, office leasehold improvements, desktop equipment for use by employees, and in certain cases, the costs necessary to install equipment at or digitize all or a portion of a network affiliate’s theaters when they are added to the Company’s network. Capital expenditures, for the three months ended April 2, 2026 and March 27, 2025, were $0.3 million and $0.7 million, respectively.
Consolidation	Consolidation—NCM, Inc. consolidates the accounts of NCM LLC, a variable interest entity wherein NCM, Inc. is the primary beneficiary, under the provisions of ASC 810—Consolidation. Upon NCM LLC’s emergence from bankruptcy, it was determined that NCM, Inc. holds the current rights that give it power to direct activities of NCM LLC that most significantly impact NCM LLC’s economic performance and that NCM, Inc. has the rights to receive the significant benefits or the obligations to absorb potentially significant losses, resulting in NCM, Inc. having a controlling financial interest in NCM LLC. As a result, NCM, Inc. was deemed to be the primary beneficiary of NCM LLC and the Company has consolidated NCM LLC under the variable interest entity provisions of ASC 810—Consolidation. There were no changes in NCM, Inc.’s equity resulting from net income attributable to NCM, Inc. and transfers to or from noncontrolling interests for the three months ended April 2, 2026 and March 27, 2025.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the three months ended April 2, 2026.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”), which expands the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. Under the new guidance, entities must disclose additional information about certain costs and expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This guidance is effective for issuances on and after December 15, 2026. The Company is still evaluating the expected impact this will have on the Company’s Consolidated Financial Statements, but does not believe this will have a material impact on the Company’s Consolidated Financial Statements. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internally developed software costs. Under the new guidance, the accounting will better align with how software is developed and eliminates the stage-based rules by establishing a principles-based framework consistent with modern software development practices. This guidance is effective for issuances on and after December 15, 2027. The Company is still evaluating the expected impact this will have on the Company’s Consolidated Financial Statements, but does not believe this will have a material impact on the Company’s Consolidated Financial Statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its unaudited Condensed Consolidated Financial Statements or notes thereto.

Business Combination - Summary of Consideration Transferred to Acquire Spotlight (Details) - Spotlight Cinema Networks $ in Millions	Nov. 14, 2025 USD ($)
Business Combination [Line Items]
Cash	$ 7.1
Contingent consideration	1.3
Less: Expected working capital adjustments	(0.2)
Total	$ 8.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue from Contracts with Customers and Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
National advertising revenue
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Customer Receivables, Beginning Balance	$ 0.3	$ 0.1
Allowance for Customer Receivables, Provision for bad debt	(0.1)	0.0
Allowance for Customer Receivables, Write-offs, net	0.0	0.0
Allowance for Customer Receivables, Ending Balance	0.2	0.1
Local and Regional Advertising Revenue
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Customer Receivables, Beginning Balance	0.8	1.2
Allowance for Customer Receivables, Provision for bad debt	(0.1)	(0.1)
Allowance for Customer Receivables, Write-offs, net	0.0	0.0
Allowance for Customer Receivables, Ending Balance	$ 0.7	$ 1.1

The Company

3 Months Ended

Apr. 02, 2026

Accounting Policies [Abstract]

The Company

1. THE COMPANY

Description of Business

National CineMedia, Inc., a Delaware corporation (“NCM, Inc.”), is a holding company with the sole purpose of becoming a member and sole manager of National CineMedia, LLC (“NCM LLC”), a Delaware limited liability company. NCM, Inc. currently owns 100.0% of NCM LLC. The terms “NCM”, “the Company” or “we” shall, unless the context otherwise requires, be deemed to reference the consolidated entity.

National CineMedia is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances advertisers’ ability to measure and drive results. NCM’s Noovie® Show is presented exclusively in 41 leading national and regional theater circuits including the only three national chains, Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. (“Cinemark”), American Multi-Cinema, Inc., a wholly owned subsidiary of AMC Entertainment, Inc. (“AMC”) and Regal Cinemas, Inc., a wholly owned subsidiary of Cineworld Group plc and Regal Entertainment Group (“Regal”). NCM’s cinema advertising platform consists of more than 17,500 screens in over 1,400 theaters. In November 2025, NCM extended its reach by acquiring Spotlight and the Spotlight Cinema Network, a U.S. cinema advertising company dedicated to serving art house, luxury and dine-in exhibitors. Spotlight and the Spotlight Cinema Network presents the CineLife® Show exclusively in 110 leading national and regional theater circuits consisting of more than 1,200 screens in over 200 theaters. In total, NCM’s cinema advertising platform, inclusive of Spotlight, consists of more than 18,500 screens in over 1,650 theaters in 185 Designated Market Areas® (“DMA®”), including all of the top 50.

The Company has long-term exhibitor service agreements (“ESAs”) with Cinemark and AMC and long-term agreements with certain network affiliates, including Regal, which grant the Company the exclusive right in their respective theaters to sell advertising, subject to limited exceptions. As of April 2, 2026, the weighted average remaining term of the ESAs with Cinemark and AMC was approximately 15.4 years. The network affiliate agreements expire at various dates between June 1, 2026 and July 13, 2033, with our largest affiliate agreement expiring on July 13, 2033. The weighted average remaining term of the ESAs and the network affiliate agreements together is 11.6 years as of April 2, 2026.

Other Developments

On March 31, 2026, the Company introduced a transformation initiative to increase operational efficiencies and allow for the ultimate automation of certain functions (the “2026 Transformation Initiative”). The Company eliminated the positions of 9.3% of its workforce and is in the process of transitioning the positions of an additional portion of its workforce to an outsourced service provider. The 2026 Transformation Initiative is expected to be completed in the third quarter of 2026. In conjunction with this initiative, the Company reviewed all vendor relationships and is in the process of terminating its relationship with certain vendors resulting in an accrual of estimated termination fees of $2.6 million as of April 2, 2026.

On November 14, 2025, NCM LLC entered into the Membership Interest Purchase Agreement (“MIPA”) with Spotlight Cinema Networks (“Spotlight”), the only U.S. cinema advertising company dedicated to serving art house, luxury and dine-in exhibitors. The acquisition of Spotlight adds high-scale luxury screens and exhibitors that offer unique and engaging customer experiences to our platform, unlocking new advertising and preshow entertainment inventory across theaters nationwide. Spotlight’s exhibitor partners, including Cinépolis Luxury Cinema, Landmark Theatres, Flix Brewhouse and LOOK Dine-In Cinemas, complement NCM’s national theater network and extend NCM’s reach among culturally engaged premium audiences. The addition of Spotlight’s footprint increases NCM’s national market share by more than 6.0% and expands its theater presence by approximately 30.0% in the critical New York and Los Angeles markets. The Company paid $8.2 million of purchase consideration to acquire 100.0% of the ownership of Spotlight. Spotlight was consolidated within the Company's financial statements as of November 15, 2025.

On April 17, 2025, the Company and AMC entered into the Second Amended and Restated Exhibitor Services Agreement (the “2025 AMC Agreement”) and a separate termination agreement (the “AMC Termination Agreement”) by and among NCM LLC, NCM, Inc. and AMC. The 2025 AMC Agreement extended the term of the ESA by five years and more closely aligns the program distributed by NCM LLC in AMC theaters to the predominant pre-feature program show structure distributed in the rest of NCM LLC's advertising network and adjusted the consideration paid by NCM LLC. The AMC Termination Agreement waived AMC’s rights under certain agreements entered into at the time of the Company's IPO. The agreements were accounted for in accordance with the lease modification guidance within ASC 842—Leases, as the amended ESA contains a short-term operating lease of AMC’s screens. The agreements were considered combined as they were entered into contemporaneously by the same parties. As a result of the agreements, in the year ended January 1, 2026, NCM LLC released $24.8 million of the 'Payable under the TRA' and reversed the receivable of $10.6 million from AMC, related to unpaid integration payments and the receivable under the Common Unit Adjustment Agreement within 'Prepaid expenses and other assets' on the Company's unaudited Condensed Consolidated Balance Sheet. NCM will no longer have an obligation to make TRA payments to AMC, provide common units as a part of the Common Unit Adjustment

Agreement or distribute NCM LLC's available cash to AMC, and the Company received the benefits of the revised ESA, including enhancements related to the pre-feature show structure and NCM's exclusive right to advertise in AMC's theaters. The net impact of these reversals was recorded to the 'Intangible Assets, net of amortization' as AMC's forfeiture of this net payable was considered akin to a lease incentive. The reduction in the intangible asset for the ESAs will result in reduced amortization expense, as it is considered akin to lease expense, for the remainder of the contract term. Refer to Note 5—Intangible Assets, Note 8—Income Taxes, and Note 9—Commitments and Contingencies and the Company’s Form 8-K filed with the SEC on April 23, 2025 for additional detail surrounding these agreements.

On January 24, 2025, NCM LLC, as borrower, entered into a Loan and Security Agreement with U.S. Bank National Association, as lender (the “2025 Credit Facility”). The agreement provided for a $45.0 million senior secured revolving credit facility that matures on January 24, 2028. In connection with entering into the 2025 Credit Facility, NCM LLC repaid in full the $10.0 million balance outstanding and terminated all commitments under its Revolving Credit Facility 2023, and in connection with this termination, paid a prepayment fee equal to 1% of the total commitment. The 2025 Credit Facility has reduced the Company's overall interest expense, extends the maturity date to 2028 and is a cash flow-based revolving loan compared to the asset-based revolving loan of the Revolving Credit Facility 2023. As of April 2, 2026, NCM LLC has an outstanding balance of $12.0 million under the 2025 Credit Facility. Borrowings under the 2025 Credit Facility may be used for, among other things, working capital and other general corporate purposes of the Company and bear interest at a floating rate equal to term SOFR (subject to a floor of zero) plus an applicable margin of 2.00%, which is subject to increase by an additional 2.00% upon the occurrence of an event of default.

Basis of Presentation

The Company has prepared the unaudited Condensed Consolidated Financial Statements and related notes of NCM, Inc. in accordance with GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in an annual report have been condensed or omitted for this quarterly report. The balance sheet as of January 1, 2026 is derived from the audited financial statements of NCM, Inc. Therefore, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s annual report on Form 10-K filed for the fiscal year ended January 1, 2026.

In the opinion of management, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented have been made and all intercompany accounts have been eliminated in consolidation. The Company has reclassified certain historical amounts on the unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows to conform to current period presentation. Historically, the Company’s business has been seasonal and for this and other reasons operating results for interim periods have not been indicative of the Company’s full year results or future performance. As a result of the related party agreements discussed in Note 6—Related Party Transactions, the operating results as presented are not necessarily indicative of the results that might have occurred if all agreements were with non-related third parties.

Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to undiscounted cash flows utilized in assessing whether there are impairment indicators for the Company's intangible assets, the reserve for uncollectible accounts receivable, share-based compensation and income taxes. Actual results could differ from estimates.

Significant Accounting Policies

The Company’s annual financial statements included in its Form 10-K, filed for the fiscal year ended January 1, 2026, contain a complete discussion of the Company’s significant accounting policies. The following is additional information related to the Company’s accounting policies.

Revenue Recognition—The Company derives revenue principally from the sale of advertising to national, regional and local businesses in Noovie®, our cinema advertising and entertainment show seen on movie screens across the U.S., as well as on our lobby network (“LEN”), a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising, promotions and experiences in theater lobbies. In addition, the Company sells data and digital advertising, including through the NCMx™ suite of products, NCM Boost℠, Boomerang℠, Bullseye℠ and Blueprint℠, as well as advertising in a variety of complementary out-of-home venues. The Company also has a long-term agreement to exhibit the advertising of the ESA Parties’ beverage suppliers. Revenue is recognized over time as the customer receives the benefits provided by NCM LLC’s advertising services and the Company has the right to payment for performance to date. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.

Concentration of Credit Risk and Significant Customers—The risk of credit loss related to the Company’s trade receivables and unbilled receivables balances is accounted for through the allowance for credit losses, a contra asset account which reduces the net

receivables balance. The allowance for credit losses balance is determined by pooling the Company’s receivables with similar risk characteristics, specifically by type of customer (national or local/regional) and then age of receivable and applying historical write off percentages to these pools in order to determine the amount of expected credit losses as of the balance sheet date. National receivables are with large advertising agencies with strong reputations in the advertising industry and clients with stable financial positions and good credit ratings, represent larger receivables balances per customer and have significantly lower historical and expected credit loss patterns. Local and regional receivables are with smaller companies, sometimes with less credit history, represent smaller receivable balances per customer and have higher historical and expected credit loss patterns. The Company has smaller contracts with many local clients that are not individually significant. The Company also considers current economic conditions and trends to determine whether adjustments to historical loss rates are necessary. The Company also reserves for specific receivable balances that it expects to write off based on known concerns regarding the financial health of the customer. Receivables are written off when management determines amounts are uncollectible.

The Company had one agency through which it sourced advertising revenue that accounted for 14.2% of the Company’s gross outstanding receivable balance, as of April 2, 2026 and did not have any agencies with advertising revenue that accounted for more than 10% of the Company's gross receivables as of January 1, 2026. During the three months ended April 2, 2026, and the three months ended March 27, 2025, the Company had no customers that accounted for more than 10.0% of the Company's revenue.

Long-lived Assets—The Company assesses impairment of long-lived assets pursuant to ASC 360—Property, Plant and Equipment. This includes determining whether certain triggering events have occurred that could affect the value of an asset. The Company did not record losses related to long-lived assets during the three months ended April 2, 2026 and March 27, 2025, respectively.

Share-Based Compensation—The Company has issued stock options and restricted stock units to certain employees and its independent directors. The restricted stock unit and option grants for Company management vest upon the achievement of Company performance measures, market conditions and/or service conditions, while non-management grants vest only upon the achievement of service conditions. Compensation expense of restricted stock units that vest upon the achievement of Company performance measures is based on management’s financial projections and the probability of achieving the projections, which require considerable judgment. A cumulative adjustment is recorded to share-based compensation expense if management changes its estimate of the number of restricted stock units expected to vest in a specific period. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Compensation expense of restricted stock units and options that vest upon achievement of certain market conditions is based on an estimate of the fair value of the granted restricted stock units or options on the grant date, which requires considerable judgment. The fair value of the granted restricted stock units or options is expensed over an estimated derived service period, which also requires considerable judgment. In accordance with ASC 718—Stock Compensation, the Company does not adjust the expense recognized to reflect the actual vested shares or options following the resolution of the market condition. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. During the three months ended April 2, 2026 and March 27, 2025, 1.4 million, and 0.2 million restricted stock units were granted, respectively. During the three months ended April 2, 2026 and March 27, 2025, 0.4 million, and 0.6 million restricted stock units vested, respectively. Additionally, the Company recorded $1.7 million and $2.7 million in share-based compensation expense during the three months ended April 2, 2026 and March 27, 2025, respectively, within ‘Network operating costs,’ ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations or have been capitalized within ‘Property and equipment, net’ within the unaudited Condensed Balance Sheets.

Share Repurchase Program—On March 18, 2024, the Board of Directors of the Company approved a stock repurchase program under which the Company is authorized to use assets of the Company to repurchase up to $100.0 million of shares of the Company’s Common Stock, exclusive of any fees, commissions or other expenses related to such repurchases, from time to time over a period of three years. Shares may be repurchased under the program through open market purchases, block trades, or accelerated or other structured share repurchase programs. There were 0.2 million and 1.5 million shares repurchased on the open market during the three months ended April 2, 2026 and March 27, 2025, respectively. As the Company elected to retire the shares, in accordance with ASC 505 —Equity, upon their retirement, any excess over par value paid, inclusive of direct costs, was recorded as a reduction to retained earnings of $0.8 million and $9.0 million for the three months ended April 2, 2026 and March 27, 2025, respectively. As of April 2, 2026, 6.8 million shares have been repurchased on the open market since the program's inception.

Segment Reporting—Advertising is the principal business activity of the Company and is the Company’s only operating and reportable segment under the requirements of ASC 280—Segment Reporting. The Company’s Chief Executive Officer is the chief operating decision maker who reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The accounting policies of the one operating and reportable segment are the same as those described in the summary of significant accounting policies. All segment revenues relate to services performed within the United States. The Company’s segment assets are generated and domiciled within the United States.

The chief operating decision maker assesses performance for the one operating and reportable segment and decides how to allocate resources using consolidated net loss, as presented on the unaudited Condensed Consolidated Statements of Operations as ‘Consolidated net loss,’ among other measures. Consolidated net loss is presented herein as the primary measure as it most closely aligns with US GAAP. The chief operating decision maker uses consolidated net loss to decide whether to utilize profits to invest in the Company or to recommend actions to the Board of Directors such as stock repurchases or future dividends. Consolidated net loss is also utilized to monitor actual results as compared to budgeted expectations to assess the performance of the one operating and reportable segment and in establishing management’s compensation. The Company’s significant segment expenses are consistent with the operating expense financial statement line items as presented within the unaudited Condensed Consolidated Statements of Operations. The Company’s other segment items are consistent with the non-operating income and expense financial statement line items as presented within the unaudited Condensed Consolidated Statements of Operations.

The measure of segment assets used to allocate resources is total assets as reported on the unaudited Condensed Consolidated Balance Sheets, inclusive of cash and cash equivalents as well as accounts receivable as reported on the unaudited Condensed Consolidated Balance Sheets as ‘Cash and cash equivalents’ and ‘Receivables, net of allowance,’ respectively.

Capital Expenditures—Capital expenditures include digital applications being developed primarily by the Company’s programmers and outside consultants, capitalized software development or upgrades for the Company’s Digital Content Software, audience targeting and data management systems, cinema advertising management system, equipment required for the Company’s Customer Experience Center and content production and post-production facilities, office leasehold improvements, desktop equipment for use by employees, and in certain cases, the costs necessary to install equipment at or digitize all or a portion of a network affiliate’s theaters when they are added to the Company’s network. Capital expenditures, for the three months ended April 2, 2026 and March 27, 2025, were $0.3 million and $0.7 million, respectively.

Consolidation—NCM, Inc. consolidates the accounts of NCM LLC, a variable interest entity wherein NCM, Inc. is the primary beneficiary, under the provisions of ASC 810—Consolidation. Upon NCM LLC’s emergence from bankruptcy, it was determined that NCM, Inc. holds the current rights that give it power to direct activities of NCM LLC that most significantly impact NCM LLC’s economic performance and that NCM, Inc. has the rights to receive the significant benefits or the obligations to absorb potentially significant losses, resulting in NCM, Inc. having a controlling financial interest in NCM LLC. As a result, NCM, Inc. was deemed to be the primary beneficiary of NCM LLC and the Company has consolidated NCM LLC under the variable interest entity provisions of ASC 810—Consolidation. There were no changes in NCM, Inc.’s equity resulting from net income attributable to NCM, Inc. and transfers to or from noncontrolling interests for the three months ended April 2, 2026 and March 27, 2025.

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the three months ended April 2, 2026.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”), which expands the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. Under the new guidance, entities must disclose additional information about certain costs and expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This guidance is effective for issuances on and after December 15, 2026. The Company is still evaluating the expected impact this will have on the Company’s Consolidated Financial Statements, but does not believe this will have a material impact on the Company’s Consolidated Financial Statements.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internally developed software costs. Under the new guidance, the accounting will better align with how software is developed and eliminates the stage-based rules by establishing a principles-based framework consistent with modern software development practices. This guidance is effective for issuances on and after December 15, 2027. The Company is still evaluating the expected impact this will have on the Company’s Consolidated Financial Statements, but does not believe this will have a material impact on the Company’s Consolidated Financial Statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its unaudited Condensed Consolidated Financial Statements or notes thereto.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Preferred Stock	Additional Paid in Capital	Retained Earnings	Non-controlling Interest
Balance at Dec. 26, 2024	$ 411.2	$ 2.5	$ 0.0	$ 127.8	$ 280.9	$ 0.0
Balance (in shares) at Dec. 26, 2024		95,755,491	50
Purchases of NCM, Inc.'s common stock	$ (9.4)	$ 0.0			(9.4)
Purchases of NCM, Inc.'s common stock, shares	(1,500,000)	(1,455,668)
Comprehensive loss, net of tax	$ (30.7)				(30.7)
Share-based compensation issued, net of tax	(0.1)			(0.1)
Share-based compensation issued, net of tax (in shares)		563,648
Share-based compensation expense/capitalized	2.7			2.7
Cash dividends declared	(2.9)			0.0	(2.9)
Balance at Mar. 27, 2025	370.8	$ 2.5	$ 0.0	130.4	237.9	0.0
Balance (in shares) at Mar. 27, 2025		94,863,471	50
Balance at Jan. 01, 2026	375.4	$ 2.5	$ 0.0	136.5	236.4	0.0
Balance (in shares) at Jan. 01, 2026		93,353,604	50
Purchases of NCM, Inc.'s common stock	$ (0.6)				(0.6)
Purchases of NCM, Inc.'s common stock, shares	(200,000)	(209,757)
Comprehensive loss, net of tax	$ (28.6)				(28.6)
Share-based compensation issued, net of tax	(0.2)			(0.2)
Share-based compensation issued, net of tax (in shares)		422,483
Share-based compensation expense/capitalized	1.7			1.7
Cash dividends declared	(2.9)				(2.9)
Balance at Apr. 02, 2026	$ 344.8	$ 2.5	$ 0.0	$ 138.0	$ 204.3	$ 0.0
Balance (in shares) at Apr. 02, 2026		93,566,330	50

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net loss	$ (28.6)	$ (30.7)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation expense	1.5	1.1
Amortization expense	8.0	9.3
Non-cash share-based compensation	1.7	2.7
Loss on debt extinguishment	0.0	1.8
Non-cash loss on re-measurement of the payable under the tax receivable agreement	1.9	5.5
Non-cash consideration received for advertising services	(0.9)	0.0
Other	(0.3)	0.0
Other cash flows from operating activities	0.0	0.4
Changes in operating assets and liabilities:
Receivables, net	26.6	38.7
Accounts payable and accrued expenses	(5.8)	(16.8)
ESA amounts due to/from, net	(2.4)	(0.8)
Prepaid expenses	0.4	0.0
Deferred revenue	15.8	(5.2)
Other, net	0.2	0.0
Net cash provided by operating activities	18.1	6.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(0.3)	(0.7)
Proceeds received from equity method investment	0.2	0.0
Net cash used in investing activities	(0.1)	(0.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(2.8)	0.0
Purchases of NCM, Inc.'s common stock	(1.0)	(8.8)
Repayment of revolving credit facility	0.0	(10.0)
Payment of debt issuance costs	0.0	(1.5)
Repurchase of stock for restricted stock tax withholding	(0.2)	(0.1)
Net cash used in financing activities	(4.0)	(20.4)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	14.0	(15.1)
Cash, cash equivalents and restricted cash at beginning of period	37.6	78.1
Cash, cash equivalents and restricted cash at end of period	51.6	63.0
Supplemental disclosure of non-cash financing and investing activity:
Accrued purchases of property and equipment	0.1	0.1
Increase in dividend equivalent accrual not requiring cash in the period	0.1	2.9
Supplemental disclosure of cash flow information:
Cash paid for interest	0.3	0.1
Cash paid for income taxes	$ 0.0	$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Apr. 02, 2026	Jan. 01, 2026
Allowance for doubtful accounts receivable	$ 0.9	$ 1.1
Accumulated depreciation, property and equipment	9.9	8.4
Accumulated amortization, intangible assets	$ 94.1	$ 86.1
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	50	50
Preferred stock, shares outstanding (in shares)	50	50
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	260,000,000	260,000,000
Common stock, shares issued (in shares)	93,566,330	93,353,604
Common stock, shares outstanding (in shares)	93,566,330	93,353,604

Commitments and Contingencies (Tables)

3 Months Ended

Apr. 02, 2026

Commitments and Contingencies Disclosure [Abstract]

Lease Cost


	Three Months Ended
	April 2, 2026		March 27, 2025
Operating lease cost	$	0.4	$	0.6
Variable lease cost		0.1		0.1
Total lease cost	$	0.5	$	0.7

Intangible Assets (Tables)

3 Months Ended

Apr. 02, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets And Net of Accumulated Amortization

The following tables summarizes the Company's intangible assets and net of accumulated amortization as of April 2, 2026 and January 1, 2026, and the weighted average remaining lives:


	As of April 2, 2026
	Useful Life	Gross		Accumulated Amortization			Net
	(Years)			(in millions)
Intangible assets subject to amortization
ESA Party Agreements	14.9	$	223.6	$	(43.4	)	$	180.2
Network Affiliates	13.4		75.0		(12.4	)		62.6
Customer Relationships	3.4		75.0		(33.0	)		42.0
Trademark	5.4		15.0		(5.0	)		10.0
Datasets	1.5		0.4		(0.2	)		0.2
Spotlight Exhibitors	11.6		4.7		(0.1	)		4.6
Noncompetition Agreements	4.6		0.4		—			0.4
Trade Name - Spotlight	7.6		0.3		—			0.3
Total		$	394.4	$	(94.1	)	$	300.3


	As of January 1, 2026
	Useful Life	Gross		Accumulated Amortization			Net
	(Years)			(in millions)
Intangible assets subject to amortization
ESA Party Agreements	15.1	$	224.0	$	(40.3	)	$	183.7
Network Affiliates	13.6		75.0		(11.2	)		63.8
Customer Relationships	3.6		75.0		(29.9	)		45.1
Trademark	5.6		15.0		(4.5	)		10.5
Datasets	1.8		0.4		(0.1	)		0.3
Spotlight Exhibitors	11.9		4.8		(0.1	)		4.7
Noncompetition Agreements	4.9		0.4		—			0.4
Trade Name - Spotlight	7.9		0.3		—			0.3
Total		$	394.9	$	(86.1	)	$	308.8

Income Taxes	3 Months Ended
Income Taxes	Apr. 02, 2026
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES Changes in the Company’s Effective Tax Rate—The Company recorded income tax expense of $0.0 million for the three months ended April 2, 2026 and for the three months ended March 27, 2025, resulting in an effective tax rate of 0.0% for these periods. The Company held a full valuation allowance on its net deferred tax assets as of January 1, 2026 following the determination it was more-likely-than-not that the Company will not be able to realize the benefit of those assets. The Company maintained a full valuation allowance as of April 2, 2026, resulting in deferred tax expense of $0.0 million for the three months ended April 2, 2026 and the Company’s effective tax rate of 0.0%.

- Definition

The entire disclosure for income tax.

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+ Details

Borrowings (Tables)

3 Months Ended

Apr. 02, 2026

NCM, LLC.

Schedule of Outstanding Debt

The following table summarizes total outstanding debt, as of April 2, 2026 and January 1, 2026, and the significant terms of its borrowing arrangements (in millions):


	Outstanding Balance as of
Borrowings	April 2, 2026		January 1, 2026		Maturity Date	Interest Rate
2025 Credit Facility	$	12.0	$	12.0	January 24, 2028		(1	)
Total borrowings		12.0		12.0
Total borrowings, net		12.0		12.0
Carrying value of long-term debt	$	12.0	$	12.0

(1)

The interest rates on the 2025 Credit Facility are described below.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (PARENTHETICAL) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2026	Mar. 27, 2025
Revenue	$ 34.0	$ 34.9
Founding Members
Revenue	$ 0.4	$ 0.0

- Definition

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+ Details

Revenue from Contracts with Customers and Accounts Receivable - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-03 $ in Millions	Apr. 02, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3.3
Revenue from contract, payment due period from the customer	2 years

Subsequent Events

3 Months Ended

Apr. 02, 2026

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

Dividend—On May 12, 2026, the Company declared a cash dividend of $0.03 per share (approximately $2.8 million in the aggregate) on each share of the Company’s common stock (not including outstanding restricted stock units which will accrue dividends until the shares vest) to stockholders of record on May 22, 2026 to be paid on June 4, 2026.