AMC Entertainment is the world's largest movie theater chain, operating 855 theaters with 9,640 screens across the U.S. and Europe. In the U.S., AMC runs 533 theaters across 41 states, holding roughly 24% domestic box office market share — about 50% larger than its nearest competitors, Regal and Cinemark. Internationally, AMC operates primarily under the Odeon brand across the U.K. and continental Europe. AMC generates revenue from two primary sources: box office admissions and food and beverage. Admissions revenue is shared with studios under film licensing agreements, while food and beverage revenue is retained almost entirely by AMC, making it the higher-margin of the two. AMC's business carries significant operating leverage, with roughly two-thirds of incremental revenue flowing to adjusted EBITDA — meaning profitability is highly sensitive to industry-wide box office volume. AMC sells tickets directly through its website, app, and box office, with about 73% of U.S. tickets purchased online. The AMC Stubs loyalty program, with roughly 39 million enrolled U.S. households, drives customer retention and pricing strategy. AMC's forward strategy focuses on expanding premium formats like IMAX, Dolby Cinema, and its house-brand PLF screens, rolling out laser projection across its circuit, growing food and beverage revenue per patron through menu innovation, and building adjacent revenue streams including retail popcorn sold in roughly 11,000 grocery stores and merchandise sales. AMC carries a heavy debt load from pandemic-era borrowing, though it has reduced debt significantly since 2022 and extended maturities to 2029 and beyond.