Cinemark operates movie theaters in the U.S. and Latin America, running 496 theaters and 5,637 screens across 14 countries as of year-end 2025. Cinemark's core product is the in-theater moviegoing experience — large screens, high-quality sound, and a communal setting — primarily featuring Hollywood releases alongside a growing slate of alternative content (faith-based, anime, concert, and foreign films). Cinemark generates revenue through three streams: admissions (ticket sales, driven by attendance and average ticket price), concessions (food and beverage, which carry structurally higher margins), and other revenue including in-theater advertising. Film rental fees paid to studios are the largest and most variable cost, rising with blockbuster concentration. The business has significant operating leverage, as a large share of costs are fixed, meaning attendance swings produce outsized margin impact. Cinemark's loyalty programs — paid Movie Club and free Movie Fan — together account for over half of domestic box office, driving repeat attendance. In the U.S., Cinemark ranks first or second in box office in 21 of its top 25 markets. Internationally, Cinemark is the largest exhibitor in Brazil and Argentina. Cinemark's proprietary XD premium large format, with 301 auditoriums globally, is its largest exhibitor-owned premium format and carries no third-party revenue share, unlike IMAX or ScreenX. Growth levers include expanding premium formats, growing Movie Club membership, alternative content programming, new theater builds, M&A, and concession enhancements.