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Goodwill And Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended					6 Months Ended	9 Months Ended		12 Months Ended
	Oct. 01, 2026	Apr. 02, 2026	Sep. 25, 2025	Jun. 26, 2025	Mar. 27, 2025	Jul. 02, 2026	Oct. 01, 2026	Sep. 25, 2025	Jan. 01, 2026	Sep. 18, 2026	Nov. 14, 2025
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 109,300,000						$ 109,300,000		$ 500,000
Goodwill impairment	600,000		$ 0				$ 600,000	$ 0
Intangible assets, period of extension							5 years
Impairment of intangible assets	0			$ 0
Integration and other encumbered payments, related parties - operating activities							$ 0	700,000
Accumulated amortization, intangible assets, remainder of fiscal 2026	14,400,000						14,400,000
Accumulated amortization, intangible assets, 2027	57,400,000						57,400,000
Accumulated amortization, intangible assets, 2028	57,000,000						57,000,000
Accumulated amortization, intangible assets, 2029	48,700,000						48,700,000
Accumulated amortization, intangible assets, 2030	32,600,000						32,600,000
Spotlight Cinema Networks
Finite-Lived Intangible Assets [Line Items]
Goodwill									600,000		$ 600,000
Captivate
Finite-Lived Intangible Assets [Line Items]
Goodwill	109,300,000						109,300,000			$ 109,300,000
Goodwill impairment	0
AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Accrued integration payments	10,600,000						10,600,000
AMC \| 2025 AMC Agreement
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net	(0)		(0)				(0)	(600,000)
AMC \| AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Integration and other encumbered payments, related parties - operating activities	0		$ 200,000				$ 0	$ 700,000
NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 600,000
Cinemark
Finite-Lived Intangible Assets [Line Items]
Common membership units issued		0			0
Increase (decrease) in intangible assets, net						$ (500,000)			$ (100,000)

Business Combinations - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 18, 2026	Nov. 14, 2025
Captivate
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$ 1.3
Receivables	17.5
Prepaid expenses and other current assets	5.9
Property and equipment	13.8
Fair value of intangible assets	183.3
Goodwill	109.3
Other long-term assets	1.0
Total assets acquired	332.1
Fair value of liabilities assumed:
Accrued expenses	0.8
Accrued payroll and related expenses	2.4
Accounts payable	7.2
Deferred revenue	0.6
Other current liabilities	0.7
Long-term liabilities	0.3
Deferred tax liabilities	47.7
Total liabilities assumed	59.7
Purchase price	$ 272.4
Spotlight Cinema Networks
Fair value of assets acquired:
Cash, cash equivalents and restricted cash		$ 1.2
Receivables		2.8
Prepaid expenses and other current assets		0.1
Property and equipment		2.0
Fair value of intangible assets		5.4
Goodwill		0.6
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

The Company

9 Months Ended

Oct. 01, 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, NCM Holdings, LLC (“NCM Holdings”) and Captivate Holdings, LLC (“Captivate”). The terms “NCM”, “the Company” or “we” shall, unless the context otherwise requires, be deemed to reference the consolidated entity.

NCM, Inc. is the leading premium video and digital out-of-home advertising platform in the U.S. With unparalleled reach and scale, NCM, Inc.'s national network connects advertisers, through its two brands NCM® and Captivate®, to hard-to-reach, young, diverse and affluent audiences utilizing the power of high attention environments, including theaters, elevators and building lobbies. A premium video, full-funnel marketing solution for advertisers, NCM, Inc. enhances advertisers’ ability to measure and drive results. NCM, LLC's Noovie® Show is presented exclusively in 38 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 LLC’s cinema advertising platform consists of more than 17,600 screens in over 1,300 theaters. In November 2025, NCM, Inc. 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 96 leading national and regional theater circuits consisting of more than 850 screens in over 170 theaters. In September 2026, NCM, Inc. acquired Captivate, the leading operator of digital video elevator and lobby advertising in North America with over 27,000 digital video screens across more than 11,000 office and residential buildings. In total, NCM, Inc.’s advertising platform, including NCM LLC, Spotlight and Captivate, consists of approximately 48,000 total digital screens across theaters, office buildings and residential properties in 185 Designated Market Areas® (“DMA®”), including all of the top 100.

NCM LLC has long-term exhibitor service agreements (“ESAs”) with Cinemark and AMC and long-term agreements with certain cinema affiliates, including Regal, which grant the Company the exclusive right in their respective theaters to sell advertising, subject to limited exceptions. As of October 1, 2026, the weighted average remaining term of the cinema affiliate agreements, including the ESAs, is 11.1, expiring at various dates between December 31, 2026 and February 13, 2042. Captivate has agreements with office and residential buildings, which grant the Company the exclusive right in their respective lobbies and elevators to sell advertising subject to limited exceptions. As of October 1, 2026, the annual revenue retention rate for the building agreements is 98.0%.

Other Developments

On August 10, 2026, the Company entered into a Securities Purchase Agreement and Plan of Merger (the “Purchase Agreement”) with Captivate. This acquisition closed on September 18, 2026 and combined NCM LLC’s established leadership in cinema advertising with Captivate’s unrivaled office and residential footprint, creating the leading premium video and digital out-of-home advertising platform. The combination of the NCM® and Captivate® networks brought together three complementary premium audiences coveted by advertisers: NCM LLC’s young, diverse moviegoing audience and Captivate’s affluent professional audience in both Class A office buildings and residential properties. Together, the combined platform provides advertisers with a single premium media partner capable of reaching consumers and business decision makers in high-attention environments. The Company paid $272.4 million of purchase consideration to acquire 100.0% of the ownership of Captivate (the “Captivate Acquisition”). Additionally, the Company incurred $8.9 million in legal and professional fees related to the acquisition within 'Administrative and other costs' on the unaudited Condensed Consolidated Statements of Operations in the three and nine months ended October 1, 2026. Captivate was consolidated within the Company's financial statements as of September 18, 2026.

Concurrently with the closing of the Captivate Acquisition, NCM Holdings entered into a credit agreement (the “2026 Credit Agreement”) with Crestline Direct Finance, L.P. as administrative agent and collateral agent, whereby NCM Holdings borrowed, in the form of a senior secured first lien term loan, an original aggregate principal amount of $275.0 million (the “2026 Term Loan Facility”) and established a $25.0 million senior secured revolving credit facility (the “2026 Revolving Facility,”). As of September 18, 2026, the 2026 Term Loan Facility was fully funded, the Company borrowed $10.0 million under the 2026 Revolving Facility and the Company recognized $8.6 million in debt issuance costs with $0.6 million within 'Other assets' and $7.9 million within 'Term Loan Facility, net' on the unaudited Condensed Consolidated Balance Sheet. Additionally, on September 18, 2026, NCM LLC repaid the full amount outstanding under the 2025 Credit Facility, as defined below, and terminated the agreement. Borrowings under the 2026 Revolving Facility may be used for, among other things, working capital and other general corporate purposes of NCM Holdings, NCM LLC and Captivate. The 2026 Credit Agreement matures on September 18, 2031 and bears interest at a margin over a reference rate selected at the option of the borrower. The margin for the 2026 Credit Agreement is 7.00% per annum for SOFR borrowings and 6.00% per annum for base rate borrowings.

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 approximately 10.0% of its workforce and transitioned the positions of an additional portion of its workforce to an outsourced service provider. The 2026 Transformation Initiative was 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 termination fees of $0.3 million and $3.4 million for the three and nine months ended October 1, 2026, respectively.

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 added 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 LLC’s national theater network and extend NCM LLC’s reach among culturally engaged premium audiences. The addition of Spotlight’s footprint increased NCM LLC’s national market share by more than 6.0% and expanded 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, more closely aligned 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 initial public offering. The agreements were accounted for in accordance with the lease modification guidance within Accounting Standards Codification (“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 LLC no longer has 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 previous revolving credit facility, and in connection with this termination, paid a prepayment fee equal to 1% of the total commitment. The 2025 Credit Facility reduced the Company's overall interest expense, extended the maturity date to 2028 and was a cash flow-based revolving loan compared to the asset-based revolving loan of the previous revolving credit facility. On September 18, 2026, the Company repaid the full amount outstanding under the 2025 Credit Facility, terminated the agreement, and recorded a loss of $0.5 million within 'Loss on debt extinguishment' on the unaudited Condensed Consolidated Statements of Income.

Basis of Presentation

The Company has prepared the unaudited Condensed Consolidated Financial Statements and related notes of NCM, Inc. in accordance with generally accepted accounting principles (“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 valuation of acquired businesses, discounted cash flows utilized in assessing impairment indicators for the Company's goodwill, 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 within the NCM Network across the U.S., the CineLife® Show seen within the Spotlight Cinema Network, through Captivate's digital screen network in office and residential buildings, within the lobby entertainment 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, NCM LLC 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. The Company, through Captivate, also derives revenue through subscription agreements with certain office and residential buildings to provide content within the buildings. Captivate also, at times, produces and delivers building specific content for a fee. Certain revenue share payments owed to the buildings are recorded as a reduction to revenue in accordance with GAAP.

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 advertisers, local/regional advertisers and building subscribers) 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 advertiser 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 advertiser 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 cinema advertiser clients that are not individually significant. Building subscriber receivables are with building owners and building management companies and represent much smaller receivable balances per customer and have higher historical and expected credit loss patterns. 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 no customers through which it sourced advertising revenue that accounted for more than 10% of the Company's gross outstanding receivable balance as of October 1, 2026 and January 1, 2026. During the three and nine months ended October 1, 2026, and the three and nine months ended September 25, 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 recorded $0.1 million, $0.0 million, $0.1 million and $0.0 million in write-offs related to long-lived assets during the three months ended October 1, 2026 and September 25, 2025, or the nine months ended October 1, 2026 and September 25, 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 and nine months ended October 1, 2026 and September 25, 2025, 0.0 million, 0.0 million, 1.7 million and 1.5 million restricted stock units were granted, respectively. During the three and nine months ended October 1, 2026 and September 25, 2025, 0.4 million, 0.3 million, 1.3 million and 1.3 million restricted stock units vested, respectively. Additionally, the Company recorded $2.4 million, $1.7 million, $6.4 million and $7.3 million in share-based compensation expense during the three and nine months ended October 1, 2026 and September 25, 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 Consolidated Balance Sheets. Certain awards were modified resulting in incremental share-based compensation expense of $0.0 million, $0.0 million, $0.0 million and $0.4 million during the three and nine months ended October 1, 2026 and September 25, 2025, respectively.

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 0.0 million, 0.0 million, 0.3 million and 3.3 million shares repurchased on the open market during the three and nine months ended October 1, 2026 and September 25, 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 $0.0 million, $0.0 million, $0.8 million and $18.8 million for the three and nine months ended October 1, 2026 and September 25, 2025, respectively. As of October 1, 2026, 6.9 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 described in the summary of significant accounting policies included in the Company's Form 10-K filed for the fiscal year ended January 1, 2026. The majority of segment revenues relate to services performed within the United States, with a minority performed in Canada. The Company’s segment assets are primarily generated and domiciled within the United States, with a small amount generated and domiciled in Canada.

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 within the three and nine months ended October 1, 2026 and September 25, 2025 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 and nine months ended October 1, 2026 and September 25, 2025, were $0.4 million, $1.0 million, $1.4 million and $3.4 million, respectively.

Foreign Currency Transactions—Results of operations for Captivate’s Canadian subsidiary where the Canadian dollar is the functional currency are translated into U.S. dollars each month using the average monthly exchange rate. Assets and liabilities from each subsidiary are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. The related translation adjustments are recorded in other comprehensive income.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company recognized foreign currency transaction losses of $0.0 million since September 18, 2026, for the three and nine months ended October 1, 2026. This balance is presented within 'Other non-operating income, net' within the unaudited Condensed Consolidated Statements of Operations.

Comprehensive Income—Components of comprehensive income are reported directly in the unaudited Condensed Consolidated Statements of Operations and relate to foreign currency translation adjustments.

Consolidation—NCM, Inc. consolidates the accounts of NCM LLC 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. NCM, Inc. consolidates the accounts of Captivate under the provisions of ASC 810—Consolidation as a voting interest entity, as NCM, Inc. acquired 100% of the voting interests in Captivate on September 18, 2026. 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 and nine months ended October 1, 2026 and September 25, 2025.

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the three and nine months ended October 1, 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 relating to periods beginning 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 01, 2026
Trading Arrangements, by Individual
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

Borrowings (Tables)

9 Months Ended

Oct. 01, 2026

NCM, LLC.

Schedule of Outstanding Debt

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


	Outstanding Balance as of
Borrowings	October 1, 2026			January 1, 2026		Maturity Date	Interest Rate
2025 Credit Facility	$	—		$	12.0	January 24, 2028		(1	)
2026 Revolving Credit Facility		10.0			—	September 18, 2031		(2	)
2026 Term Loan Facility		275.0			—	September 18, 2031		(2	)
Total borrowings		285.0			12.0
Less: debt issuance costs and debt discounts related to term loans		(7.9	)		—
Total borrowings, net		277.1			12.0
Less: current portion of debt		(5.2	)		—
Carrying value of long-term debt	$	271.9		$	12.0

(1)

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

(2)

The interest rates on the 2026 Credit Agreement are described below.

Business Combinations (Tables)

9 Months Ended

Oct. 01, 2026

Captivate

Business Combination [Line Items]

Summary of Consideration Transferred to Acquire

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


Fair Value of consideration transferred:
Cash	$	267.7
Escrow (1)		5.0
Less: Expected working capital adjustments		(0.3	)
Total	$	272.4

(1) The escrow is expected to be released within approximately 90 days of the close of the acquisition of Captivate.

Summary of Assets Acquired and Liablilities Assumed

The following table summarizes the fair value of Captivate 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	$	1.3
Receivables (1)		17.5
Prepaid expenses and other current assets		5.9
Property and equipment		13.8
Fair value of intangible assets		183.3
Goodwill (2)		109.3
Other long-term assets		1.0
Total assets acquired		332.1
Fair value of liabilities assumed:
Accrued expenses		0.8
Accrued payroll and related expenses		2.4
Accounts payable		7.2
Deferred revenue		0.6
Other current liabilities		0.7
Long-term liabilities		0.3
Deferred tax liabilities		47.7
Total liabilities assumed		59.7
Purchase price	$	272.4

(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	$	17.5	$	17.5	$	—

(2) The Goodwill balance recognized of $109.3 million is partially related to the value of the assembled workforce which does not qualify for separate recognition as an intangible asset, as well as expected synergies from combining operations and projected growth of the acquired entity.

Summary of Intangible Assets Acquired

The provisional identifiable intangible assets of $183.3 million are subject to amortization. The following table summarizes the major classes of intangible assets acquired and their respective weighted-average estimated useful lives.


	Useful Life	Fair Value
	(Years)	(in millions)
Intangible assets subject to amortization
Developed technology	3	$	35.8
Customer relationships	6		40.9
Installed base	17		91.5
Trade name - Captivate	14		15.1
Total intangible assets		$	183.3

Spotlight Cinema Networks

Business Combination [Line Items]

Summary of Consideration Transferred to Acquire

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

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 (1)(3)		2.8
Prepaid expenses and other current assets		0.1
Property and equipment		2.0
Fair value of intangible assets		5.4
Goodwill (2)(3)		0.6
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 $0.6 million is primarily related to the value of the assembled workforce which does not qualify for separate recognition as an intangible asset. This goodwill was fully impaired in the three months ended October 1, 2026.

(3) Includes a working capital adjustment recorded during the three months ended July 2, 2026 that decreased accounts receivable, net by $0.1 million and increased goodwill by $0.1 million.

Summary of Pro Forma Financial Information

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 three and nine months ended September 25, 2025, as well as the pro forma financial information as if the Captivate Acquisition had been included in the consolidated results of the Company for the entire period for the three and nine months ended October 1, 2026 and September 25, 2025. The unaudited financials are presented for informational purposes only and are not necessarily indicative of future operations or results had the Spotlight acquisition been completed as of December 29, 2023 and the Captivate Acquisition been completed as of December 26, 2024.


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	October 1, 2026			October 1, 2026			September 25, 2025			September 25, 2025
Net revenue	$	74.5		$	196.0		$	78.9		$	198.6
Net loss	$	(36.1	)	$	(74.0	)	$	(11.2	)	$	(78.9	)

- 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

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+ Details

- Definition

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

+ References + Details

Business Combinations - Summary of Consideration Transferred to Acquire (Details) - USD ($) $ in Millions			9 Months Ended
	Sep. 18, 2026	Nov. 14, 2025	Oct. 01, 2026	Sep. 25, 2025
Business Combination [Line Items]
Cash			$ 271.1	$ 0.0
Captivate
Business Combination [Line Items]
Cash	$ 267.7
Escrow	5.0
Less: Expected working capital adjustments	(0.3)
Total	$ 272.4
Spotlight Cinema Networks
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

Income Taxes - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 18, 2026	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025	Jan. 01, 2026
Income Taxes [Line Items]
Income tax benefit		$ (42.3)	$ (0.0)	$ (42.3)	$ (0.0)
Effective tax rate		71.30%	0.00%	43.10%	0.00%
Deferred tax liability, net		$ 5.3		$ 5.3		$ 0.0
Gain on remeasurement of payable to founding members under TRA		$ 36.4		$ 36.1
Captivate
Income Taxes [Line Items]
Deferred tax liabilities	$ 47.7
Deferred tax liability	182.4
Valuation allowance	140.0
Deferred tax liability, net	5.3
Net deferred tax liability	$ 5.3
Effective tax rate valuation allowance	0.00%

Revenue from Contracts with Customers and Accounts Receivable

9 Months Ended

Oct. 01, 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 seen on movie screens within the NCM® Network,

the CineLife® Show seen within the Spotlight Cinema Network and through the Captivate® digital screen network in office and residential buildings. 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 ESA. The Company, through Captivate, also derives revenue through subscription agreements with certain office and residential buildings to provide content within the buildings. Captivate also, at times, produces and delivers building specific content for a fee. Certain revenue share payments owed to the buildings are recorded as a reduction to revenue in accordance with GAAP.

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 cinema advertising customer contracts with a term in excess of one year that are noncancellable as of October 1, 2026. The remaining performance obligation under these contracts is $2.3 million as of October 1, 2026 and represents commitments for future advertising services for which work has not been performed and revenues that 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. The Company has multiple building subscription contracts with a term in excess of one year that are noncancellable as of October 1, 2026. The remaining performance obligations under these contracts is $1.6 million as of October 1, 2026 and represents the expected subscription fees remaining under the agreements and revenues that are to be recorded in future periods. The Company expects to recognize all of its remaining performance obligation under these contracts which have a weighted average remaining term of 3.8 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 cinema advertising and office/residential advertising as well as other revenue based on the venue where advertising is shown as well as the type of customer and the products and services included within a contract. This method of disaggregation is in alignment with how revenue is reviewed by management and reflects how revenue will be discussed with and disclosed to investors, subsequent to the Captivate Acquisition.

The following table summarizes revenue from contracts with customers for the three and nine months ended October 1, 2026 and September 25, 2025 (in millions):


	Three Months Ended				Nine Months Ended
	October 1, 2026		September 25, 2025		October 1, 2026		September 25, 2025
Cinema advertising revenue	$	55.3	$	59.5	$	141.5	$	139.3
Office/residential advertising revenue		2.2		—		2.2		—
Other revenue		3.9		3.9		10.1		10.7
Total net revenue	$	61.4	$	63.4	$	153.8	$	150.0

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 nine months ended October 1, 2026 that was included within the ‘Deferred revenue’ balance as of January 1, 2026, was $9.6 million. Revenue recognized in the nine months ended September 25, 2025 that was included within the ‘Deferred revenue’ balance as of December 26, 2024, was $22.7 million. Unbilled accounts receivable is classified as a current asset as it is expected to be billed within the next twelve months. As of October 1, 2026 and January 1, 2026, the Company had $3.9 million and $4.2 million in unbilled accounts receivable, respectively, within ‘Receivables, net of allowance’ within the unaudited Condensed Consolidated 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 three pools, national advertisers, local/regional advertisers and building

subscribers, is appropriate. The changes within the allowance for credit losses balances for the nine months ended October 1, 2026 and September 25, 2025, respectively, were as follows (in millions):


	Nine Months Ended
	October 1, 2026							September 25, 2025
	Allowance for National Advertiser Receivables		Allowance for Local/ Regional Advertiser Receivables			Allowance for Building Subscription Receivables		Allowance for National Advertiser Receivables			Allowance for Local/ Regional Advertiser Receivables
Balance at beginning of period	$	0.3	$	0.8		$	—	$	0.2		$	1.0
Provision for bad debt (1)		0.3		0.2			1.1		(0.1	)		0.3
Write-offs, net		—		(0.1	)		—		—			(0.3	)
Balance at end of period	$	0.6	$	0.9		$	1.1	$	0.1		$	1.0

(1) The 'Provision for bad debt' balance within the 'Allowance for National Advertiser Receivables' and the 'Allowance for Building Subscription Receivables' pools includes the addition of the allowance for credit losses balance for Captivate's acquired receivables as of the acquisition date of September 18, 2026 through the quarter ended October 1, 2026.

- 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

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+ Details

Goodwill And Intangible Assets - Summary of Intangible Assets, Accumulated Amortization and Weighted Average Remaining Lives (Details) - USD ($) $ in Millions	Oct. 01, 2026	Jan. 01, 2026
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets, Gross carrying amount	$ 578.2	$ 394.9
Intangible assets, Accumulated amortization	(111.0)	(86.1)
Intangible assets, Net	$ 467.2	$ 308.8
ESA Party Agreements
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	14 years 4 months 24 days	15 years 1 month 6 days
Intangible assets, Gross carrying amount	$ 223.5	$ 224.0
Intangible assets, Accumulated amortization	(49.4)	(40.3)
Intangible assets, Net	$ 174.1	$ 183.7
Cinema Network Affiliates
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	12 years 10 months 24 days	13 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 75.0	$ 75.0
Intangible assets, Accumulated amortization	(14.7)	(11.2)
Intangible assets, Net	$ 60.3	$ 63.8
Customer Relationships \| Captivate
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	6 years
Intangible assets, Gross carrying amount	$ 40.9
Intangible assets, Accumulated amortization	(0.2)
Intangible assets, Net	$ 40.7
Customer Relationships \| NCM, LLC.
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	2 years 10 months 24 days	3 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 75.0	$ 75.0
Intangible assets, Accumulated amortization	(39.3)	(29.9)
Intangible assets, Net	$ 35.7	$ 45.1
Trademark \| NCM, LLC.
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	4 years 10 months 24 days	5 years 7 months 6 days
Intangible assets, Gross carrying amount	$ 15.0	$ 15.0
Intangible assets, Accumulated amortization	(5.9)	(4.5)
Intangible assets, Net	$ 9.1	$ 10.5
Datasets
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	1 year	1 year 9 months 18 days
Intangible assets, Gross carrying amount	$ 0.8	$ 0.4
Intangible assets, Accumulated amortization	(0.3)	(0.1)
Intangible assets, Net	$ 0.5	$ 0.3
Spotlight Cinema Exhibitors
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	11 years 1 month 6 days	11 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 4.9	$ 4.8
Intangible assets, Accumulated amortization	(0.4)	(0.1)
Intangible assets, Net	$ 4.5	$ 4.7
Noncompetition Agreements \| Spotlight Cinema Networks
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	4 years 1 month 6 days	4 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 0.4	$ 0.4
Intangible assets, Accumulated amortization	(0.1)	0.0
Intangible assets, Net	$ 0.3	$ 0.4
Trade Name \| Spotlight Cinema Networks
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	7 years 1 month 6 days	7 years 10 months 24 days
Intangible assets, Gross carrying amount	$ 0.3	$ 0.3
Intangible assets, Accumulated amortization	(0.1)	0.0
Intangible assets, Net	$ 0.2	$ 0.3
Trade Name \| Captivate
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	14 years
Intangible assets, Gross carrying amount	$ 15.1
Intangible assets, Accumulated amortization	0.0
Intangible assets, Net	$ 15.1
Developed Technology \| Captivate
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	3 years
Intangible assets, Gross carrying amount	$ 35.8
Intangible assets, Accumulated amortization	(0.4)
Intangible assets, Net	$ 35.4
Installed Base \| Captivate
Indefinite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	17 years
Intangible assets, Gross carrying amount	$ 91.5
Intangible assets, Accumulated amortization	(0.2)
Intangible assets, Net	$ 91.3

Related Party Transactions

9 Months Ended

Oct. 01, 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 $1.0 million and $0.8 million as of October 1, 2026 and January 1, 2026, respectively. During the three and nine months ended October 1, 2026 and September 25, 2025, NCM LLC received cash distributions from AC JV, LLC of $0.2 million, $0.4 million, $0.5 million and $0.5 million, respectively. Equity in earnings from AC JV, LLC were $0.2 million, $0.1 million, $0.8 million and $0.4 million, for the three and nine months ended October 1, 2026 and September 25, 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 LLC 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 investment in the 2025 fund of MMC LP in accordance with ASC 323-30. The Company’s equity method investment in the 2025 fund of MMC LP was $1.8 million and $1.7 million as of October 1, 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 the availability of necessary reporting from MMC LP. Equity in earnings from MMC LP were $0.0 million and $0.1 million for the three and nine months ended October 1, 2026, respectively.

The Company’s cost method investment in the 2026 fund of MMC LP was $0.6 million and $0.0 million as of October 1, 2026 and January 1, 2026, respectively. The Company recognized revenue related to the advertising services provided in exchange for equity interests in the cost method investment related to the 2026 fund of $0.3 million and $0.6 million for the three and nine months ended October 1, 2026, 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 cinema advertising on Spotlight's behalf. The Company recognized revenue of $0.0 million and $0.2 million in the three and nine months ended October 1, 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 October 1, 2026 and January 1, 2026, respectively, the Company 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

+ Details

Borrowings

9 Months Ended

Oct. 01, 2026

Debt Disclosure [Abstract]

Borrowings

7. BORROWINGS

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


	Outstanding Balance as of
Borrowings	October 1, 2026			January 1, 2026		Maturity Date	Interest Rate
2025 Credit Facility	$	—		$	12.0	January 24, 2028		(1	)
2026 Revolving Credit Facility		10.0			—	September 18, 2031		(2	)
2026 Term Loan Facility		275.0			—	September 18, 2031		(2	)
Total borrowings		285.0			12.0
Less: debt issuance costs and debt discounts related to term loans		(7.9	)		—
Total borrowings, net		277.1			12.0
Less: current portion of debt		(5.2	)		—
Carrying value of long-term debt	$	271.9		$	12.0

(1)

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

(2)

The interest rates on the 2026 Credit Agreement are described below.

2026 Credit Agreement—On September 18, 2026, NCM Holdings, together with NCM LLC and Captivate, as borrowers, entered into the 2026 Credit Agreement with Crestline Direct Finance, L.P. as administrative agent and collateral agent, whereby NCM Holdings borrowed, under the 2026 Term Loan Facility, an original aggregate principal amount equal to $275.0 million and established the 2026 Revolving Credit Facility with a maximum availability of $25.0 million. As of October 1, 2026, NCM LLC had an outstanding balance of $275.0 million under the 2026 Term Loan Facility and $10.0 million under the 2026 Revolving Facility. Upon execution of the 2026 Credit Agreement, the Company recorded $8.6 million of debt issuance costs. As of October 1, 2026, NCM Holdings' maximum availability under the $25.0 million 2026 Revolving Facility was $14.3 million, net of letters of credit of $0.7 million and the outstanding balance of $10.0 million.

Borrowings under the 2026 Credit Agreement were used to (i) finance all or a portion of the Captivate Acquisition (including to repay or otherwise satisfy certain indebtedness of Captivate), (ii) refinance NCM LLC’s existing credit agreement with U.S. Bank

National Association and (iii) pay fees and expenses in connection with the Captivate Acquisition, any refinancing and the incurrence of the 2026 Credit Agreement. Going forward, the 2026 Revolving Facility may be used for working capital, capital expenditures and other general corporate purposes. The 2026 Revolving Facility also has a $5.0 million sublimit for the issuance of letters of credit.

The 2026 Credit Agreement matures on September 18, 2031. Outstanding loans under the 2026 Credit Agreement will bear interest at a margin over a reference rate selected at the option of the borrower. The margin for the 2026 Credit Agreement will be 7.00% per annum for SOFR borrowings and 6.00% per annum for base rate borrowings. The provisions of the 2026 Term Loan Facility provide that, from and after September 18, 2026 until the second anniversary of September 18, 2026, the Company may elect to pay a portion of the margin (for any interest period ending prior to the second anniversary of the closing date) not exceeding 2.00% as paid-in-kind interest (the “PIK Election”), and to the extent the Company shall have made such PIK Election, the margin with respect to the 2026 Term Loan Facility will be 7.50% per annum for SOFR borrowings and 6.50% per annum for base rate borrowings. A commitment fee of 0.50% is payable quarterly in arrears based on the average daily amount of the undrawn portion of the 2026 Revolving Facility. The 2026 Term Loan Facility will amortize in equal quarterly installments in aggregate annual amounts equal to 2.50% of the original principal amount in each of the first three years of the 2026 Term Loan Facility, and 5.00% of the original principal amount in each of the last two years of the 2026 Term Loan Facility. The 2026 Credit Agreement also provides for mandatory prepayments from the net proceeds of certain asset dispositions, debt issuances and casualty and condemnation events, and from a percentage of excess cash flow, subject to certain reinvestment rights and other exceptions. If NCM Holdings makes certain voluntary prepayments of the 2026 Term Loan Facility prior to the third anniversary of September 18, 2026, the principal amount prepaid is subject to a prepayment premium of (i) 3.00% during the first year following the September 18, 2026, (ii) 2.00% during the second year following the September 18, 2026 and (iii) 1.00% during the third year following the September 18, 2026.

NCM Holdings' existing and future subsidiaries are required to guarantee the repayment of obligations under the 2026 Credit Agreement. The obligations of NCM Holdings under the 2026 Credit Agreement are secured by a pledge of substantially all of the assets of NCM Holdings, subject to certain customary exclusions. The 2026 Credit Agreement is subject to a financial covenant permitting a maximum Total Net Leverage Ratio of 5.00:1.00, with (i) a step-down to 4.75:1.00 as of the end of the fiscal quarter ending June 30, 2028, and (ii) a step-down to 4.50:1.00 as of the end of the fiscal quarter ending December 31, 2029. As of October 1, 2026, NCM Holdings’ total net leverage ratio was 4.38 to 1.0 (versus the required ratio of less than 5.00 to 1.00). The 2026 Credit Agreement is subject to customary affirmative and negative covenants for financings of this type, including limitations on incurring additional debt, granting or permitting additional liens, making investments and acquisitions, merging or consolidating with others, disposing of assets, paying dividends and distributions, paying subordinated indebtedness and entering into affiliate transactions. The 2026 Credit Agreement also includes events of default customary for facilities of this type, including, among other things, payment defaults, material inaccuracy of representations, covenant defaults, cross defaults to material indebtedness, bankruptcy events, material judgments and change of control. Upon the occurrence of such events of default, subject to customary cure rights (including an equity cure right), all outstanding loans under the 2026 Credit Agreement may be accelerated and/or the Lenders’ commitments may be terminated.

The 2026 Credit Agreement also contains representations and warranties of NCM Holdings customary for financings of this type, with which NCM Holdings was in compliance as of October 1, 2026. These representations and warranties have been made solely for the benefit of the lenders and such representations and warranties should not be relied on by any other person, including investors. In addition, such representations and warranties (i) have been qualified by disclosures made to the lenders in connection with the 2026 Credit Agreement, (ii) are subject to the materiality standards contained in the 2026 Credit Agreement, which may differ from what may be viewed as material by investors, (iii) were made only as of the date of the 2026 Credit Agreement or such other date as is specified in the 2026 Credit Agreement and (iv) will be secured by a pledge of substantially all assets of NCM Holdings, including, without limitation, accounts receivables, deposit accounts, intellectual property, investment property, inventory, equipment and equity interests in their respective subsidiaries.

2025 Credit Facility—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 provided for a $45.0 million senior secured revolving credit facility that matured on January 24, 2028. On September 18, 2026, NCM LLC repaid the full $12.0 million outstanding under the 2025 Credit Facility, terminated the agreement and recorded a loss on debt extinguishment of $0.5 million within the three months ended October 1, 2026.

Borrowings under the 2025 Credit Facility could be used for, among other things, working capital and other general corporate purposes of NCM LLC and bore interest at a floating rate equal to term SOFR (subject to a floor of zero) plus an applicable margin of 2.00%, which was subject to increase by an additional 2.00% upon the occurrence of an event of default. A commitment fee of 0.25% was 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 had a $5.0 million sublimit for the issuance of letters of credit. Fees were 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”) were 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 were 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 contained affirmative and negative covenants customary for financings of this type, with which NCM LLC was in compliance at termination, 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 contained 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 included 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 could be accelerated and/or the Company’s commitments terminated. The 2025 Credit Facility also contained representations, warranties and events of defaults customary for this type of facility.

- 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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Subparagraph (a)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Borrowings - Schedule of Outstanding Debt (Details) - NCM, LLC. - USD ($)
$ in Millions

9 Months Ended

Oct. 01, 2026

Sep. 18, 2026

Jan. 01, 2026

Debt Instrument [Line Items]

Outstanding borrowings

$ 285.0

$ 12.0

Less: debt issuance costs and debt discounts related to term loans and senior notes

(7.9)

0.0

Long-term Debt

277.1

12.0

Less: current portion of debt

(5.2)

0.0

Carrying value of long-term debt

271.9

12.0

2025 Credit Facility

Debt Instrument [Line Items]

Outstanding borrowings

^[1]

$ 0.0

12.0

Debt instrument, maturity date

Jan. 24, 2028

2026 Revolving Credit Facility

Debt Instrument [Line Items]

Outstanding borrowings

^[2]

$ 10.0

0.0

Debt instrument, maturity date

Sep. 18, 2031

2026 Term Loan Facility

Debt Instrument [Line Items]

Outstanding borrowings

$ 275.0

^[2]

$ 275.0

$ 0.0

^[2]

Debt instrument, maturity date

Sep. 18, 2031

[1]	The interest rates on the 2025 Credit Facility are described below.
[2]	The interest rates on the 2026 Credit Agreement are described below.

Income Taxes

9 Months Ended

Oct. 01, 2026

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

Acquisition of Captivate—On September 18, 2026, the Company completed the Captivate Acquisition through the acquisition of the equity interests in three blocker entities (Captivate Network Holdings, Inc., Captivate Network Holdings II, Inc., and Captivate Network Holdings III, Inc., collectively referred to as the “Blocker Entities”) and the direct purchase of Class A common units. Upon the acquisition of Captivate, the Company recognized a deferred tax liability of $47.7 million related to the excess of the book basis over the tax basis in the Company's investment in Captivate and a corresponding increase to 'Goodwill' on the unaudited Condensed Consolidated Balance Sheet. The deferred tax liability was partially offset by deferred tax assets of $182.4 million net of a valuation allowance of $140.0 million, resulting in $5.3 million presented within 'Deferred tax liability, net' on the unaudited Condensed Consolidated Balance Sheet. The Company maintained a full valuation allowance against the portion of the deferred tax assets not supported by taxable temporary differences, as it remains more-likely-than-not that those benefits will not be realized.

The Company is continuing to evaluate the tax attributes acquired in the transaction, including the final determination of the outside basis differences and any potential limitations under IRC Section 382. Any material adjustments to the provisional amounts recorded in conjunction with the purchase accounting will be reflected within the one year measurement-period allotted under ASC 805.

For the three and nine months ended October 1, 2026, the tax receivable agreement (“TRA”) liability increased $36.4 million and $36.1 million, respectively, driven primarily by incorporating estimated taxable income projections of the acquired Captivate business and from extending the NCM, Inc. taxable-income projections for the full remaining term of the TRA, based on the Company's current long-term forecasts, including increased box office consistency and cinema business stabilization as well as the growth profile of the Captivate business. The methodology used to determine the TRA liability incorporated management estimates, including estimates of the Company's future cash flows and was calculated utilizing industry standard methodology based on the expected utilization of tax attributes over the TRA term using current tax forecasts.

Changes in the Company’s Effective Tax Rate—The Company recorded income tax benefit of $42.3 million for the three and nine months ended October 1, 2026 associated with the Captivate Acquisition, and $0.0 million for the three and nine months ended September 25, 2025, resulting in an effective tax rate of 71.3%, 43.1%, 0.0% and 0.0% for these periods, respectively. The Captivate Acquisition did not result in the recognition of current tax expense in the three or nine months ended October 1, 2026. The Company’s effective tax rate remained at 0.0%, reflecting the continued full valuation allowance on the Company’s remaining net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Borrowings - Additional Information (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 18, 2026

Mar. 06, 2025

Jan. 24, 2025

Oct. 01, 2026

Sep. 25, 2025

Oct. 01, 2026

Sep. 25, 2025

Jan. 01, 2026

Debt Instrument [Line Items]

Repayment of line of credit

$ 12.0

$ 20.0

Loss on debt extinguishment

$ (0.5)

$ 0.0

$ (0.5)

$ (1.8)

2026 Term Loan Facility | Base Rate

Debt Instrument [Line Items]

Interest rate

6.00%

6.50%

2026 Term Loan Facility | SOFR

Debt Instrument [Line Items]

Interest rate

7.00%

7.50%

2026 Term Loan Facility | Paid-in-Kind Interest

Debt Instrument [Line Items]

Interest rate

2.00%

NCM, LLC.

Debt Instrument [Line Items]

Aggregate principal amount

$ 285.0

$ 12.0

NCM, LLC. | 2026 Term Loan Facility

Debt Instrument [Line Items]

Aggregate principal amount

$ 275.0

275.0

^[1]

275.0

^[1]

0.0

^[1]

Outstanding balance

275.0

NCM, LLC. | 2026 Term Loan Facility | First Three Years of Term Loan Facility

Debt Instrument [Line Items]

Basis spread on variable rate, percent

2.50%

NCM, LLC. | 2026 Term Loan Facility | Last Two Years of Term Loan Facility

Debt Instrument [Line Items]

Basis spread on variable rate, percent

5.00%

NCM, LLC. | 2026 Term Loan Facility | First Year Anniversary

Debt Instrument [Line Items]

Line of credit facility, prepayment premium

3.00%

NCM, LLC. | 2026 Term Loan Facility | Second Year Anniversary

Debt Instrument [Line Items]

Line of credit facility, prepayment premium

2.00%

NCM, LLC. | 2026 Term Loan Facility | Third Year Anniversary

Debt Instrument [Line Items]

Line of credit facility, prepayment premium

1.00%

NCM, LLC. | 2026 Revolving Credit Facility

Debt Instrument [Line Items]

Aggregate principal amount

^[1]

10.0

0.0

Borrowing amount of credit facility

$ 25.0

25.0

Outstanding balance

10.0

Line of credit facility, current borrowing capacity

14.3

Debt issuance costs, gross

$ 8.6

Line of credit facility, unused capacity, commitment fee percentage

0.50%

Maturity date

Sep. 18, 2031

Line of credit facility, frequency of commitment fee payment

quarterly

NCM, LLC. | 2026 Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Total net leverage ratio

1.00%

Total required leverage ratio

1.00%

NCM, LLC. | 2026 Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Total net leverage ratio

5.00%

4.38%

Total required leverage ratio

5.00%

NCM, LLC. | 2026 Revolving Credit Facility | Step-down of Ratio One | Minimum

Debt Instrument [Line Items]

Total net leverage ratio

1.00%

NCM, LLC. | 2026 Revolving Credit Facility | Step-down of Ratio One | Maximum

Debt Instrument [Line Items]

Total net leverage ratio

4.75%

NCM, LLC. | 2026 Revolving Credit Facility | Step-down of Ratio Two | Minimum

Debt Instrument [Line Items]

Total net leverage ratio

1.00%

NCM, LLC. | 2026 Revolving Credit Facility | Step-down of Ratio Two | Maximum

Debt Instrument [Line Items]

Total net leverage ratio

4.50%

NCM, LLC. | Revolving Credit Facility 2023

Debt Instrument [Line Items]

Repayment of line of credit

$ 10.0

NCM, LLC. | Letter of Credit

Debt Instrument [Line Items]

Borrowing amount of credit facility

$ 5.0

Line of credit facility, current borrowing capacity

0.7

Interest rate

2.00%

NCM, LLC. | 2025 Credit Facility

Debt Instrument [Line Items]

Aggregate principal amount

^[2]

0.0

$ 0.0

$ 12.0

Borrowing amount of credit facility

$ 45.0

Basis spread on variable rate, percent

2.00%

Line of credit facility, unused capacity, commitment fee percentage

0.25%

Maturity date

Jan. 24, 2028

Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]

SOFR

Debt instrument, floor rate

0.00%

Additional interest rate upon event of default

2.00%

Repayment of line of credit

$ 12.0

Loss on debt extinguishment

$ (0.5)

$ 0.5

Line of credit facility, frequency of commitment fee payment

quarterly

Leverage ratio

Fixed charge coverage ratio

NCM, LLC. | 2025 Credit Facility | Minimum

Debt Instrument [Line Items]

Fixed charge coverage ratio

1.5

NCM, LLC. | 2025 Credit Facility | Maximum

Debt Instrument [Line Items]

Leverage ratio

2.25

[1]	The interest rates on the 2026 Credit Agreement are described below.
[2]	The interest rates on the 2025 Credit Facility are described below.

Commitments and Contingencies (Tables)

9 Months Ended

Oct. 01, 2026

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

During the three and nine months ended October 1, 2026 and September 25, 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				Nine Months Ended
	October 1, 2026		September 25, 2025		October 1, 2026		September 25, 2025
Operating lease cost	$	0.4	$	0.6	$	1.2	$	1.7
Variable lease cost		—		—		0.2		0.1
Total lease cost	$	0.4	$	0.6	$	1.4	$	1.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net loss	$ (55.8)	$ (39.9)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation expense	4.5	3.3
Amortization expense	24.9	25.5
Goodwill impairment	0.6	0.0
Bad debt expense	1.6	0.3
Income tax benefit	(42.3)	(0.0)
Non-cash share-based compensation	6.4	7.3
Amortization of debt issuance costs	0.3	0.3
Loss on extinguishment of debt	0.5	1.8
Non-cash loss on re-measurement of the payable under the tax receivable agreement	36.1	1.6
Non-cash consideration received for advertising services	(1.7)	(1.3)
Other	(0.9)	(0.3)
ESA integration and other encumbered theater payments	0.0	0.7
Payments to the ESA Parties under the tax receivable agreement	(1.0)	(1.3)
Proceeds received from equity method investment	0.5	0.5
Changes in operating assets and liabilities:
Receivables, net	32.0	25.9
Accounts payable and accrued expenses	9.9	(9.9)
ESA amounts due to/from, net	(2.8)	(0.5)
Prepaid expenses	1.7	0.2
Deferred revenue	(0.5)	(14.0)
Other, net	(0.3)	(0.1)
Net cash provided by operating activities	13.7	0.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1.4)	(3.4)
Purchase of cost method investment	0.0	(2.0)
Purchase of intangible asset	(0.4)	(0.4)
Purchase of a business	(271.1)	0.0
Net cash used in investing activities	(272.9)	(5.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(5.8)	(8.5)
Purchases of NCM, Inc.'s common stock	(1.2)	(18.7)
Proceeds from revolving credit facilities	10.0	10.0
Repayment of revolving credit facilities	(12.0)	(20.0)
Proceeds from term loan facility	275.0	0.0
Payment of debt issuance costs	(8.6)	(1.5)
Repurchase of stock for restricted stock tax withholding	0.0	(0.6)
Other financing activities	0.0	(0.2)
Net cash provided by (used in) financing activities	257.4	(39.5)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1.8)	(45.2)
Cash, cash equivalents and restricted cash at beginning of period	37.6	78.1
Cash, cash equivalents and restricted cash at end of period	35.8	32.9
Supplemental disclosure of non-cash financing and investing activity:
Right of use assets obtained in exchange for lease liabilities	3.1	0.0
Increase in dividend equivalent accrual not requiring cash in the period	0.1	0.3
Cost method investment obtained in exchange for advertising inventory	1.7	1.3
Supplemental disclosure of cash flow information:
Cash paid for interest	0.6	0.2
Cash paid for income taxes	$ 0.0	$ 0.0

(Loss) Income Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 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	7,245,476	6,028,264	7,245,476	6,028,264
Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares	0	0	0	1,160

Fair Value Measurements

9 Months Ended

Oct. 01, 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 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
	October 1, 2026		January 1, 2026
Investment in AC JV, LLC	$	1.0	$	0.8
Investment in MMC LP - 2025 Fund		1.8		1.7
Other investments		7.0		5.6
Total	$	9.8	$	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 the 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 Other investments is due to the advertising services performed in exchange for equity in various companies during the nine months ended October 1, 2026. During the nine months ended October 1, 2026 and September 25, 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 2026 Revolving Credit Facility and 2026 Term Loan Facility as of October 1, 2026 and the 2025 Credit Facility as of January 1, 2026 is considered a reasonable estimate of fair value due to their 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 October 1, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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+ Details

Business Combinations - Summary of Pro Forma Financial Information (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Business Combination [Line Items]
Net revenue	$ 74.5	$ 78.9	$ 196.0	$ 198.6
Net loss	$ (36.1)	$ (11.2)	$ (74.0)	$ (78.9)

- 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

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 0.4	$ 0.6	$ 1.2	$ 1.7
Variable lease cost	0.0	0.0	0.2	0.1
Total lease cost	$ 0.4	$ 0.6	$ 1.4	$ 1.8

Revenue from Contracts with Customers and Accounts Receivable - Additional Information (Details) $ in Millions	12 Months Ended
	Jan. 01, 2026 USD ($)	Dec. 26, 2024 USD ($)	Oct. 01, 2026 USD ($) Contract
Disaggregation of Revenue [Line Items]
Unbilled accounts receivable	$ 4.2		$ 3.9
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 9.6	$ 22.7
Cinema Advertising Customer Contracts
Disaggregation of Revenue [Line Items]
Number of significant contract with a customer \| Contract			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.

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+ Details

Fair Value Measurements - Schedule of Other Investments (Details) - USD ($) $ in Millions	Oct. 01, 2026	Jan. 01, 2026
Fair Value, Separate Account Investment [Line Items]
Other investments	$ 7.0	$ 5.6
Total other investments	9.8	8.1
AC JV, LLC
Fair Value, Separate Account Investment [Line Items]
Investment	1.0	0.8
MMC LP
Fair Value, Separate Account Investment [Line Items]
Investment	$ 1.8	$ 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.

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+ Details

Business Combinations - Summary of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 02, 2026	Oct. 01, 2026	Sep. 25, 2025	Sep. 18, 2026	Jan. 01, 2026	Nov. 14, 2025
Business Combination [Line Items]
Goodwill balance recognized		$ 109.3			$ 0.5
Decreased accounts receivable, net		32.0	$ 25.9
Captivate
Business Combination [Line Items]
Fair value of trade receivables acquired				$ 17.5
Contract value of receivables acquired				17.5
Amount of contractual cash flows not expected to be collected				0.0
Goodwill balance recognized		$ 109.3		$ 109.3
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					$ 0.6	$ 0.6
Decreased accounts receivable, net	$ 0.1
Increase in goodwill, amount	$ 0.1

- 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

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.

+ References

+ Details

Revenue from Contracts with Customers and Accounts Receivable - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 61.4	$ 63.4	$ 153.8	$ 150.0
Cinema advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	55.3	59.5	141.5	139.3
Office/residential advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	2.2	0.0	2.2	0.0
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 3.9	$ 3.9	$ 10.1	$ 10.7

- 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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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Goodwill And Intangible Assets (Tables)

9 Months Ended

Oct. 01, 2026

Intangible Asset, Goodwill and Other [Abstract]

Summary of Intangible Assets, Accumulated Amortization and Weighted Average Remaining Lives

The following table summarizes the Company's intangible assets, accumulated amortization and remaining useful lives as of October 1, 2026:


	As of October 1, 2026
	Remaining Useful Life		Gross		Accumulated Amortization			Net
	(Years)				(in millions)
Intangible assets subject to amortization
ESA Party agreements	14.4		$	223.5	$	(49.4	)	$	174.1
Cinema network affiliates	12.9			75.0		(14.7	)		60.3
Customer relationships - NCM LLC	2.9			75.0		(39.3	)		35.7
Trademark - NCM LLC	4.9			15.0		(5.9	)		9.1
Datasets		1.0		0.8		(0.3	)		0.5
Spotlight cinema exhibitors	11.1			4.9		(0.4	)		4.5
Noncompetition agreements - Spotlight	4.1			0.4		(0.1	)		0.3
Trade name - Spotlight	7.1			0.3		(0.1	)		0.2
Trade name - Captivate		14.0		15.1		—			15.1
Developed technology - Captivate		3.0		35.8		(0.4	)		35.4
Installed base - Captivate		17.0		91.5		(0.2	)		91.3
Customer relationships - Captivate		6.0		40.9		(0.2	)		40.7
Total			$	578.2	$	(111.0	)	$	467.2

The following table summarizes the Company's intangible assets, accumulated amortization and remaining useful lives as of January 1, 2026:


	As of January 1, 2026
	Remaining 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
Cinema network affiliates	13.6		75.0		(11.2	)		63.8
Customer relationships - NCM LLC	3.6		75.0		(29.9	)		45.1
Trademark - NCM LLC	5.6		15.0		(4.5	)		10.5
Datasets	1.8		0.4		(0.1	)		0.3
Spotlight cinema exhibitors	11.9		4.8		(0.1	)		4.7
Noncompetition agreements - Spotlight	4.9		0.4		—			0.4
Trade name - Spotlight	7.9		0.3		—			0.3
Total		$	394.9	$	(86.1	)	$	308.8

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2026	Jan. 01, 2026
CURRENT ASSETS:
Cash and cash equivalents	$ 27.8	$ 34.6
Restricted cash	8.0	3.0
Receivables, net of allowance of $2.6 and $1.1, respectively	80.4	96.5
Prepaid expenses and other current assets	7.5	4.0
Total current assets	123.7	138.1
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $12.0 and $8.4, respectively	30.4	19.4
Intangible assets, net of accumulated amortization of $111.0 and $86.1, respectively	467.2	308.8
Goodwill	109.3	0.5
Other investments	9.8	8.1
Debt issuance costs, net	0.6	0.7
Other assets	17.8	15.0
Total non-current assets	635.1	352.5
TOTAL ASSETS	758.8	490.6
CURRENT LIABILITIES:
Amounts due to ESA Parties, net	4.0	6.8
Payable under the TRA	1.7	2.9
Accrued expenses	3.1	1.9
Accrued payroll and related expenses	8.2	12.1
Accounts payable	48.2	26.1
Deferred revenue	10.7	10.8
Short-term debt	5.2	0.0
Other current liabilities	1.6	1.5
Total current liabilities	82.7	62.1
NON-CURRENT LIABILITIES:
Payable under the TRA	67.0	30.9
Deferred tax liability, net	5.3	0.0
Long-term lease liabilities	11.6	9.3
Revolving credit facility	10.0	12.0
Term loan facility, net	261.9	0.0
Other long-term liabilities	0.7	0.9
Total non-current liabilities	356.5	53.1
Total liabilities	439.2	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, 94,351,928 and 93,353,604 issued and outstanding, respectively	2.5	2.5
Additional paid in capital	143.0	136.5
Retained earnings	174.1	236.4
Total NCM, Inc. stockholders’ equity	319.6	375.4
Noncontrolling interests	0.0	0.0
Total equity	319.6	375.4
TOTAL LIABILITIES AND EQUITY	$ 758.8	$ 490.6

Business Combinations - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Nov. 14, 2025	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025	Sep. 18, 2026
Business Combination [Line Items]
Network operating costs		$ 3.2	$ 3.2	$ 10.9	$ 9.4
Selling and marketing costs		9.0	10.1	28.3	30.6
Administrative and other costs		19.5	$ 10.6	43.6	$ 34.0
Spotlight Cinema Networks
Business Combination [Line Items]
Acquired business contributed revenues		2.0		6.0
Acquired business contributed net loss		0.4		0.4
Spotlight Cinema Networks \| Transitional Agreements
Business Combination [Line Items]
Network operating costs		0.0		0.0
Selling and marketing costs		0.0		0.0
Administrative and other costs		0.0		0.2
Captivate
Business Combination [Line Items]
Purchase consideration in percentage						100.00%
Intangible assets acquired						$ 183.3
Acquired business contributed revenues		2.5		2.5
Acquired business contributed net loss		1.7		1.7
MIPA \| Spotlight Cinema Networks
Business Combination [Line Items]
Percentage of common membership units outstanding	100.00%
Undiscounted maximum amount of contingent consideration	$ 1.6
Increase in contingently returnable consideration		$ 0.1		$ 0.2

Commitments and Contingencies

9 Months Ended

Oct. 01, 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 $11.3 million and short-term and long-term lease liabilities of $1.6 million and $11.6 million, respectively, on the balance sheet as of October 1, 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 October 1, 2026, the Company had a weighted average remaining lease term of 8.2 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 October 1, 2026, the Company’s weighted average annual discount rate used to establish the ROU assets and lease liabilities was 5.0%.


	Three Months Ended				Nine Months Ended
	October 1, 2026		September 25, 2025		October 1, 2026		September 25, 2025
Operating lease cost	$	0.4	$	0.6	$	1.2	$	1.7
Variable lease cost		—		—		0.2		0.1
Total lease cost	$	0.4	$	0.6	$	1.4	$	1.8

The Company made total lease payments of $0.4 million, $0.6 million, $1.4 million, and $1.6 million during the three and nine months ended October 1, 2026 and September 25, 2025, respectively. These payments are included within cash flows from operating activities within the unaudited Condensed Consolidated Statements 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 Statements of Operations. The Company recorded $4.3 million, $4.3 million, $12.9 million, and $14.6 million in amortization of these intangible assets in the three and nine months ended October 1, 2026 and September 25, 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 October 1, 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 October 1, 2026, the maximum potential amount of future payments the Company could be required to make pursuant to the minimum revenue guarantees is $270.0 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 $1.9 million and $1.1 million related to affiliate agreements with guaranteed minimums in excess of the revenue share agreement as of October 1, 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.

Operating Commitments—Building Agreements—Agreements where Captivate's content and advertising is displayed on third-party screens are considered a lease under ASC 842, whereby the revenue share is considered the fee to obtain access to the screens. Under ASC 842, when a lease contains only variable consideration, no ROU assets or lease liabilities are recognized until the variability is resolved, which in this case, is subsequent to use of the screens. As such, no ROU asset or lease liability is recognized. The revenue share related to these arrangements is considered lease expense and is presented as contra revenue within ‘Net revenue’ within the unaudited Condensed Consolidated Statements of Operations. The Company recorded $0.0 million and $0.0 million in lease expense related to these revenue share arrangements in the three and nine months ended October 1, 2026, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Oct. 01, 2026	Jan. 01, 2026
Allowance for doubtful accounts receivable	$ 2.6	$ 1.1
Accumulated depreciation, property and equipment	12.0	8.4
Accumulated amortization, intangible assets	$ 111.0	$ 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)	94,351,928	93,353,604
Common stock, shares outstanding (in shares)	94,351,928	93,353,604

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Cash dividends declared per share	$ 0.03	$ 0.06	$ 0.09

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
NET REVENUE (including revenue from related parties of $0.3, $0.0, $0.8 and $0.0, respectively)	$ 61.4	$ 63.4	$ 153.8	$ 150.0
OPERATING EXPENSES:
Network operating costs	3.2	3.2	10.9	9.4
Theater exhibition fees	40.2	32.3	102.3	84.9
Selling and marketing costs	9.0	10.1	28.3	30.6
Administrative and other costs	19.5	10.6	43.6	34.0
Depreciation expense	1.6	1.1	4.5	3.3
Amortization expense	8.9	7.9	24.9	25.5
Goodwill impairment	0.6	0.0	0.6	0.0
Total	83.0	65.2	215.1	187.7
OPERATING LOSS	(21.6)	(1.8)	(61.3)	(37.7)
NON-OPERATING EXPENSE (INCOME):
Interest on borrowings	1.5	0.1	2.0	0.4
Interest income	(0.3)	(0.3)	(0.9)	(1.2)
Loss (gain) on re-measurement of the payable under the tax receivable agreement	36.4	(3.1)	36.1	1.6
Loss on extinguishment of debt	0.5	0.0	0.5	1.8
Other non-operating income, net	(0.2)	(0.1)	(0.9)	(0.4)
Total	37.9	(3.4)	36.8	2.2
(LOSS) INCOME BEFORE INCOME TAXES	(59.5)	1.6	(98.1)	(39.9)
Income tax benefit	(42.3)	(0.0)	(42.3)	(0.0)
CONSOLIDATED NET (LOSS) INCOME	(17.2)	1.6	(55.8)	(39.9)
Less: Net (loss) income attributable to noncontrolling interests	0.0	0.0	0.0	0.0
NET (LOSS) INCOME ATTRIBUTABLE TO NCM, INC.	(17.2)	1.6	(55.8)	(39.9)
Foreign currency translation adjustment	0.0	0.0	0.0	0.0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NCM, INC.	$ (17.2)	$ 1.6	$ (55.8)	$ (39.9)
NET (LOSS) INCOME PER NCM, INC. COMMON SHARE:
Basic (in usd per share)	$ (0.18)	$ 0.02	$ (0.6)	$ (0.42)
Diluted (in usd per share)	$ (0.18)	$ 0.02	$ (0.6)	$ (0.42)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	94,051,204	93,701,506	93,652,200	94,354,866
Diluted (in shares)	94,051,204	94,311,340	93,652,200	94,354,866

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025	Jan. 01, 2026
Other Commitments [Line Items]
Operating lease, right-of-use asset	$ 11,300,000		$ 11,300,000		$ 8,800,000
Short-term lease liability	1,600,000		1,600,000		1,500,000
Long-term lease liabilities	$ 11,600,000		$ 11,600,000		9,300,000
Weighted average remaining lease term	8 years 2 months 12 days		8 years 2 months 12 days
Weighted average discount rate	5.00%		5.00%
Operating Lease, Lease Income, Lease Payments	$ 400,000	$ 600,000	$ 1,400,000	$ 1,600,000
Maximum potential payment	270,000,000		270,000,000
Additional amount accrued related to minimum guarantees	1,900,000		1,900,000		1,100,000
Amortization of intangible assets	8,900,000	7,900,000	24,900,000	25,500,000
Revenue	61,400,000	63,400,000	153,800,000	150,000,000
ESAs and Network Affiliate Agreements
Other Commitments [Line Items]
Amortization of intangible assets	4,300,000	$ 4,300,000	12,900,000	$ 14,600,000
Building Agreements
Other Commitments [Line Items]
lease expense	0		$ 0
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		$ 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%		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%

Goodwill And Intangible Assets

9 Months Ended

Oct. 01, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill And Intangible Assets

5. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company's goodwill consists of $109.3 million related to the acquisition of Captivate as of October 1, 2026 and $0.6 million related to the acquisition of Spotlight as of January 1, 2026. Please refer to Note 4—Business Combinations for further information regarding how these Goodwill balances were derived.

During the quarter ended October 1, 2026, the Company identified a triggering event of the Company's goodwill related to the decrease in stock price, under ASC 350-20—Goodwill. Management utilized an independent valuation specialist and industry accepted valuation models when calculating the fair value of the Company's two reporting units, NCM LLC and Captivate. The key assumptions used to derive the estimated fair values of the two reporting units, which include internal cash flow projections and the discount rate, represent Level 3 measurements. The internal cash flow projections include assumptions regarding the growth rate for revenue, attendance, costs and operating margin, which are based on various long-term financial and operational plans. Additionally, the discount rate used in our analysis is based on the weighted average cost of capital, driven by the prevailing interest rates and financing abilities as well as the identified risks and opportunities of the reporting units. The estimated fair value of NCM LLC calculated within the analysis was not in excess of the carrying value and therefore the $0.6 million of goodwill recorded under the NCM LLC reporting unit was fully impaired within the three months ended October 1, 2026. The estimated fair value of Captivate calculated within the analysis was in excess of the carrying value and no impairment of the goodwill within the Captivate reporting unit was recorded in the three months ended October 1, 2026. 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.

Intangible Assets other than Goodwill

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, Captivate's installed base, developed technology, 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, trademarks, trade names, Captivate's installed base and developed technology, 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.

During the quarter ended October 1, 2026, the Company identified a triggering event of the Company's intangible asset group related to the decrease in stock price, under ASC 360—Impairment and Disposal of Long-Lived Assets. Management estimated future undiscounted cash flows for the Company's intangible asset group based on projected attendance, operating screens and the expected useful lives of its intangible assets. The estimated future cash flows calculated within the analysis were in excess of the net book value of the Company’s intangible assets and no impairment was recorded in the quarter ended October 1, 2026. 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.

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 the attendance associated with 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 first quarter of 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 received cash of $0.5 million and a corresponding reduction of the intangible asset during the six months ended July 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 quarter ended

June 26, 2025, in accordance with the lease modification guidance outlined in ASC 842—Leases. Prior to the effectiveness of the 2025 AMC Agreement, during the three and nine months ended September 25, 2025, the Company recorded a reduction to net intangible assets of $0.0 million and 0.6 million, respectively, and AMC and Cinemark paid a total of $0.2 million and $0.7 million, respectively, in integration and Encumbered Theater payments. No reduction to net intangible assets was recorded and no payments were received during the three and nine months ended October 1, 2026.

The following table summarizes the Company's intangible assets, accumulated amortization and remaining useful lives as of October 1, 2026:


	As of October 1, 2026
	Remaining Useful Life		Gross		Accumulated Amortization			Net
	(Years)				(in millions)
Intangible assets subject to amortization
ESA Party agreements	14.4		$	223.5	$	(49.4	)	$	174.1
Cinema network affiliates	12.9			75.0		(14.7	)		60.3
Customer relationships - NCM LLC	2.9			75.0		(39.3	)		35.7
Trademark - NCM LLC	4.9			15.0		(5.9	)		9.1
Datasets		1.0		0.8		(0.3	)		0.5
Spotlight cinema exhibitors	11.1			4.9		(0.4	)		4.5
Noncompetition agreements - Spotlight	4.1			0.4		(0.1	)		0.3
Trade name - Spotlight	7.1			0.3		(0.1	)		0.2
Trade name - Captivate		14.0		15.1		—			15.1
Developed technology - Captivate		3.0		35.8		(0.4	)		35.4
Installed base - Captivate		17.0		91.5		(0.2	)		91.3
Customer relationships - Captivate		6.0		40.9		(0.2	)		40.7
Total			$	578.2	$	(111.0	)	$	467.2

The following table summarizes the Company's intangible assets, accumulated amortization and remaining useful lives as of January 1, 2026:


	As of January 1, 2026
	Remaining 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
Cinema network affiliates	13.6		75.0		(11.2	)		63.8
Customer relationships - NCM LLC	3.6		75.0		(29.9	)		45.1
Trademark - NCM LLC	5.6		15.0		(4.5	)		10.5
Datasets	1.8		0.4		(0.1	)		0.3
Spotlight cinema exhibitors	11.9		4.8		(0.1	)		4.7
Noncompetition agreements - Spotlight	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 $14.4 million, $57.4 million for fiscal year 2027, $57.0 million for fiscal year 2028, $48.7 million for fiscal year 2029 and $32.6 million for fiscal year 2030.

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025	Apr. 02, 2026	Jan. 01, 2026	Dec. 31, 2013
Related Party Transaction [Line Items]
AC JV cash distributions	$ 0.2	$ 0.5	$ 0.4	$ 0.5
Receivables, net of allowance	80.4		80.4			$ 96.5
AC JV, LLC
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage							32.00%
Investment	1.0		1.0			0.8
AC JV, LLC \| NCM, LLC.
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage							4.00%
Investment	1.0		1.0			0.8
Equity in earnings of non-consolidated entities	0.2	$ 0.8	0.1	$ 0.4
MMC LP
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage					10.60%
Investment	1.8		1.8			1.7
Equity in earnings of non-consolidated entities	0.0		0.1
Cost method investment	0.6		0.6			0.0
Recognized revenue related to advertising services provided in exchange for equity interests	$ 0.3		$ 0.6
Looking Glass Media
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage	25.00%		25.00%
Recognized revenue related to advertising services provided in exchange for equity interests	$ 0.0		$ 0.2
Receivables, net of allowance	$ 0.1		$ 0.1			$ 0.3

Revenue from Contracts with Customers and Accounts Receivable - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-02 $ in Millions	Oct. 01, 2026 USD ($)
Cinema Advertising Customer Contracts
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 2.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from contract, payment due period from the customer	2 years
Building Subscription Contracts
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from contract, payment due period from the customer	3 years 9 months 18 days

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 01, 2026	Nov. 05, 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 200
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	Oct. 01, 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	Q3
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		94,387,494
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (PARENTHETICAL) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Revenue	$ 61.4	$ 63.4	$ 153.8	$ 150.0
Related Parties
Revenue	$ 0.3	$ 0.0	$ 0.8	$ 0.0

- Definition

+ References

+ Details

Revenue from Contracts with Customers and Accounts Receivable (Tables)

9 Months Ended

Oct. 01, 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 and nine months ended October 1, 2026 and September 25, 2025 (in millions):


	Three Months Ended				Nine Months Ended
	October 1, 2026		September 25, 2025		October 1, 2026		September 25, 2025
Cinema advertising revenue	$	55.3	$	59.5	$	141.5	$	139.3
Office/residential advertising revenue		2.2		—		2.2		—
Other revenue		3.9		3.9		10.1		10.7
Total net revenue	$	61.4	$	63.4	$	153.8	$	150.0

Schedule of Allowance for Credit Losses

The changes within the allowance for credit losses balances for the nine months ended October 1, 2026 and September 25, 2025, respectively, were as follows (in millions):


	Nine Months Ended
	October 1, 2026							September 25, 2025
	Allowance for National Advertiser Receivables		Allowance for Local/ Regional Advertiser Receivables			Allowance for Building Subscription Receivables		Allowance for National Advertiser Receivables			Allowance for Local/ Regional Advertiser Receivables
Balance at beginning of period	$	0.3	$	0.8		$	—	$	0.2		$	1.0
Provision for bad debt (1)		0.3		0.2			1.1		(0.1	)		0.3
Write-offs, net		—		(0.1	)		—		—			(0.3	)
Balance at end of period	$	0.6	$	0.9		$	1.1	$	0.1		$	1.0

Business Combinations

9 Months Ended

Oct. 01, 2026

Business Combination [Line Items]

Business Combinations

4. BUSINESS COMBINATIONS

Acquisition of Captivate Holdings, LLC and Captivate Network Holdings, Inc.

On September 18, 2026, the Company completed the acquisition of Captivate, the leading operator of digital video elevator and lobby advertising in North America, whereby the Company acquired 100.0% of Captivate in exchange for cash consideration as outlined below. This acquisition combines NCM LLC’s established leadership in cinema advertising with Captivate’s unrivaled office and residential footprint, creating the leading premium video and digital out-of-home advertising platform. The combination of the NCM LLC and Captivate networks brings together three complementary premium audiences coveted by advertisers: NCM LLC’s young, diverse moviegoing audience and Captivate’s affluent professional audience in both Class A office buildings and residential properties. Together, the combined platform provides advertisers with a single premium media partner capable of reaching consumers and business decision makers in high-attention environments.

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


Fair Value of consideration transferred:
Cash	$	267.7
Escrow (1)		5.0
Less: Expected working capital adjustments		(0.3	)
Total	$	272.4

(1) The escrow is expected to be released within approximately 90 days of the close of the acquisition of Captivate.


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	1.3
Receivables (1)		17.5
Prepaid expenses and other current assets		5.9
Property and equipment		13.8
Fair value of intangible assets		183.3
Goodwill (2)		109.3
Other long-term assets		1.0
Total assets acquired		332.1
Fair value of liabilities assumed:
Accrued expenses		0.8
Accrued payroll and related expenses		2.4
Accounts payable		7.2
Deferred revenue		0.6
Other current liabilities		0.7
Long-term liabilities		0.3
Deferred tax liabilities		47.7
Total liabilities assumed		59.7
Purchase price	$	272.4

(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	$	17.5	$	17.5	$	—


	Useful Life	Fair Value
	(Years)	(in millions)
Intangible assets subject to amortization
Developed technology	3	$	35.8
Customer relationships	6		40.9
Installed base	17		91.5
Trade name - Captivate	14		15.1
Total intangible assets		$	183.3

The acquired business contributed revenues of $2.5 million and a net loss of $1.7 million to the Company for the three and nine months ended October 1, 2026, respectively.

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 added 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 unaudited Condensed Consolidated Statement of Operations. During the three and nine months ended October 1, 2026, the Company recorded a $0.1 million and $0.2 million increase, respectively, in the contingently returnable consideration. 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 and nine months ended October 1, 2026, $0.0 million and $0.0 million was included within ‘Network operating costs,’ $0.0 million and $0.0 million was included within ‘Selling and marketing costs’ and $0.0 million and $0.2 million was included within ‘Administrative and other costs,’ respectively, as presented on the unaudited Condensed Consolidated Statements of Operations based upon the nature of the work being performed.


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	1.2
Receivables (1)(3)		2.8
Prepaid expenses and other current assets		0.1
Property and equipment		2.0
Fair value of intangible assets		5.4
Goodwill (2)(3)		0.6
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

(3) Includes a working capital adjustment recorded during the three months ended July 2, 2026 that decreased accounts receivable, net by $0.1 million and increased goodwill by $0.1 million.

The acquired business contributed revenues of $2.0 million and $6.0 million and net loss of $0.4 million and $0.4 million to the Company for the three and nine months ended October 1, 2026, respectively.

Pro Forma Financial Information (Unaudited)


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	October 1, 2026			October 1, 2026			September 25, 2025			September 25, 2025
Net revenue	$	74.5		$	196.0		$	78.9		$	198.6
Net loss	$	(36.1	)	$	(74.0	)	$	(11.2	)	$	(78.9	)

- 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

The entire disclosure for business combination.

+ References

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+ Details

(Loss) Income Per Share (Tables)

9 Months Ended

Oct. 01, 2026

Earnings Per Share [Abstract]

Schedule of (Loss) Income Per Share, Basic and Diluted

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


	Three Months Ended					Nine Months Ended
	October 1, 2026			September 25, 2025		October 1, 2026			September 25, 2025
Net (loss) income attributable to NCM, Inc. (in millions)	$	(17.2	)	$	1.6	$	(55.8	)	$	(39.9	)
Weighted average shares outstanding:
Basic		94,051,204			93,701,506		93,652,200			94,354,866
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			609,834		—			—
Diluted		94,051,204			94,311,340		93,652,200			94,354,866
(Loss) income per NCM, Inc. share:
Basic	$	(0.18	)	$	0.02	$	(0.60	)	$	(0.42	)
Diluted	$	(0.18	)	$	0.02	$	(0.60	)	$	(0.42	)

The Company - Additional Information (Details)
Building in Thousands, shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

21 Months Ended

30 Months Ended

Oct. 01, 2026

USD ($)

Screen

Area

Theater

Sep. 18, 2026

USD ($)

Mar. 31, 2026

Nov. 14, 2025

USD ($)

Apr. 17, 2025

Mar. 06, 2025

Jan. 24, 2025

USD ($)

Oct. 01, 2026

USD ($)

Screen

Area

Theater

Customer

Sep. 25, 2025

USD ($)

Customer

Oct. 01, 2026

USD ($)

Segnent

Screen

Area

Theater

Customer

Sep. 25, 2025

USD ($)

Customer

Oct. 01, 2026

USD ($)

Screen

Area

Theater

Oct. 01, 2026

USD ($)

Screen

Area

Theater

Sep. 30, 2026

Building

Screen

Jan. 01, 2026

USD ($)

Nov. 30, 2025

Screen

Theater

Mar. 18, 2024

USD ($)

General Company Information [Line Items]

Repayment of line of credit

$ 12.0

$ 20.0

Debt issuance costs, net

$ 0.6

0.6

$ 0.6

$ 0.7

Loss on debt extinguishment

$ 0.5

$ 0.0

$ 0.5

$ 1.8

Customer with revenue in excess of ten percent of Accounts Payable

0.00%

Number of customers more than ten percentage of revenue | Customer

Asset impairment charges

$ 0.1

$ 0.0

$ 0.1

$ 0.0

Share-based compensation expense/capitalized

2.4

1.7

6.4

7.3

Incremental share based compensation expense

$ 0.0

$ 0.4

Stock repurchase program, period

3 years

Number of shares, repurchased | shares

0.0

0.3

3.3

6.9

Reduction to retained earnings

$ 0.0

$ 0.8

$ 18.8

Number of operating segments | Segnent

Number of reportable segment | Segnent

Capital expenditures

0.4

$ 1.0

$ 1.4

$ 3.4

Foreign currency transaction losses

$ 0.0

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

$ 8.2

Purchase consideration in percentage

100.00%

Business Combination, Voting Equity Interest Acquired, Percentage

100.00%

Captivate Holdings, LLC

General Company Information [Line Items]

Paid for purchase consideration

$ 272.4

Business combination, legal and professional fees

$ 8.9

Purchase consideration in percentage

100.00%

Annual revenue retention rate for building agreements

98.00%

Business Combination, Voting Equity Interest Acquired, Percentage

100.00%

Customer One

General Company Information [Line Items]

Customer Percentage of Accounts Receivable

10.00%

Revenue | Customer Concentration Risk | Customer One

General Company Information [Line Items]

Customer ten percent of revenue

10.00%

Restricted Stock Units

General Company Information [Line Items]

Number of shares granted | shares

0.0

1.7

1.5

Number of shares vested | shares

0.4

0.3

1.3

NCM, LLC.

General Company Information [Line Items]

Weighted average term, ESA and affiliate (in years)

11 years 1 month 6 days

Outstanding borrowings

$ 285.0

$ 12.0

AMC | 2025 AMC Agreement

General Company Information [Line Items]

Date of agreement

Apr. 17, 2025

Agreement extended term

5 years

Payable amount

24.8

Reversed amount

10.6

Maximum

General Company Information [Line Items]

Stock repurchase program, authorized amount

$ 100.0

2026 Term Loan Facility

General Company Information [Line Items]

Aggregate principal amount

$ 275.0

2026 Revolving Facility

General Company Information [Line Items]

Borrowing amount of credit facility

25.0

Outstanding borrowings

10.0

Debt issuance costs

8.6

2026 Revolving Facility | Location, Statement of Financial Position, Balance [Axis]: us-gaap:DebtIssuanceCostsLineOfCreditArrangementsNet

General Company Information [Line Items]

Debt issuance costs

7.9

2026 Revolving Facility | Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent

General Company Information [Line Items]

Debt issuance costs

0.6

2026 Facilities

General Company Information [Line Items]

Maturity date

Sep. 18, 2031

2026 Facilities | SOFR

General Company Information [Line Items]

Basis spread on variable rate, percent

7.00%

2026 Facilities | Base Rate

General Company Information [Line Items]

Basis spread on variable rate, percent

6.00%

2025 Credit Facility | NCM, LLC.

General Company Information [Line Items]

Borrowing amount of credit facility

$ 45.0

Repayment of line of credit

12.0

Maturity date

Jan. 24, 2028

Outstanding borrowings

^[1]

$ 0.0

0.0

$ 0.0

$ 12.0

Loss on debt extinguishment

$ 0.5

$ (0.5)

Debt instrument, floor rate

0.00%

Basis spread on variable rate, percent

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

$ 10.0

National Cine Media Inc [Member]

General Company Information [Line Items]

Number of screens advertising NCM cinema | Screen

48,000

Number of designated market areas advertising NCM cinema | Area

185

National Cine Media Inc [Member] | NCMI Spotlight Cinema Networks, LLC

General Company Information [Line Items]

Number of theaters NCM show is presented | Theater

Number of theaters advertising NCM cinema | Theater

170

Number of screens advertising NCM cinema | Screen

850

National Cine Media Inc [Member] | Captivate Holdings, LLC

General Company Information [Line Items]

Percentage of common membership units outstanding

100.00%

Number of office and residential buildings advertising NCMs cinema | Building

Number of screens advertising NCM cinema | Screen

27,000

National Cine Media Inc [Member] | NCM, LLC.

General Company Information [Line Items]

Percentage of common membership units outstanding

100.00%

Number of theaters NCM show is presented | Theater

Number of theaters advertising NCM cinema | Theater

1,300

Number of screens advertising NCM cinema | Screen

17,600

National Cine Media Inc [Member] | NCM Holdings, LLC

General Company Information [Line Items]

Percentage of common membership units outstanding

100.00%

2026 Transformation Initiative

General Company Information [Line Items]

Number of positions eliminated

10.00%

Estimated termination fees

$ 0.3

$ 3.4

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

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Jan. 01, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of other long-term investments	$ 0	$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0		$ 0
Liabilities, fair value	$ 0		$ 0

Fair Value Measurements (Tables)

9 Months Ended

Oct. 01, 2026

Fair Value Disclosures [Abstract]

Schedule of Other Investments

Other investments consisted of the following (in millions):


	As of
	October 1, 2026		January 1, 2026
Investment in AC JV, LLC	$	1.0	$	0.8
Investment in MMC LP - 2025 Fund		1.8		1.7
Other investments		7.0		5.6
Total	$	9.8	$	8.1

The Company (Policies)	9 Months Ended
The Company (Policies)	Oct. 01, 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 generally accepted accounting principles (“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 valuation of acquired businesses, discounted cash flows utilized in assessing impairment indicators for the Company's goodwill, 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 previous revolving credit facility, and in connection with this termination, paid a prepayment fee equal to 1% of the total commitment. The 2025 Credit Facility reduced the Company's overall interest expense, extended the maturity date to 2028 and was a cash flow-based revolving loan compared to the asset-based revolving loan of the previous revolving credit facility. On September 18, 2026, the Company repaid the full amount outstanding under the 2025 Credit Facility, terminated the agreement, and recorded a loss of $0.5 million within 'Loss on debt extinguishment' on the unaudited Condensed Consolidated Statements of Income.
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 within the NCM Network across the U.S., the CineLife® Show seen within the Spotlight Cinema Network, through Captivate's digital screen network in office and residential buildings, within the lobby entertainment 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, NCM LLC 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. The Company, through Captivate, also derives revenue through subscription agreements with certain office and residential buildings to provide content within the buildings. Captivate also, at times, produces and delivers building specific content for a fee. Certain revenue share payments owed to the buildings are recorded as a reduction to revenue in accordance with GAAP.
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 advertisers, local/regional advertisers and building subscribers) 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 advertiser 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 advertiser 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 cinema advertiser clients that are not individually significant. Building subscriber receivables are with building owners and building management companies and represent much smaller receivable balances per customer and have higher historical and expected credit loss patterns. 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 no customers through which it sourced advertising revenue that accounted for more than 10% of the Company's gross outstanding receivable balance as of October 1, 2026 and January 1, 2026. During the three and nine months ended October 1, 2026, and the three and nine months ended September 25, 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 recorded $0.1 million, $0.0 million, $0.1 million and $0.0 million in write-offs related to long-lived assets during the three months ended October 1, 2026 and September 25, 2025, or the nine months ended October 1, 2026 and September 25, 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 and nine months ended October 1, 2026 and September 25, 2025, 0.0 million, 0.0 million, 1.7 million and 1.5 million restricted stock units were granted, respectively. During the three and nine months ended October 1, 2026 and September 25, 2025, 0.4 million, 0.3 million, 1.3 million and 1.3 million restricted stock units vested, respectively. Additionally, the Company recorded $2.4 million, $1.7 million, $6.4 million and $7.3 million in share-based compensation expense during the three and nine months ended October 1, 2026 and September 25, 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 Consolidated Balance Sheets. Certain awards were modified resulting in incremental share-based compensation expense of $0.0 million, $0.0 million, $0.0 million and $0.4 million during the three and nine months ended October 1, 2026 and September 25, 2025, respectively.
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 0.0 million, 0.0 million, 0.3 million and 3.3 million shares repurchased on the open market during the three and nine months ended October 1, 2026 and September 25, 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 $0.0 million, $0.0 million, $0.8 million and $18.8 million for the three and nine months ended October 1, 2026 and September 25, 2025, respectively. As of October 1, 2026, 6.9 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 described in the summary of significant accounting policies included in the Company's Form 10-K filed for the fiscal year ended January 1, 2026. The majority of segment revenues relate to services performed within the United States, with a minority performed in Canada. The Company’s segment assets are primarily generated and domiciled within the United States, with a small amount generated and domiciled in Canada. 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 within the three and nine months ended October 1, 2026 and September 25, 2025 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 and nine months ended October 1, 2026 and September 25, 2025, were $0.4 million, $1.0 million, $1.4 million and $3.4 million, respectively.
Foreign Currency Transactions	Foreign Currency Transactions—Results of operations for Captivate’s Canadian subsidiary where the Canadian dollar is the functional currency are translated into U.S. dollars each month using the average monthly exchange rate. Assets and liabilities from each subsidiary are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. The related translation adjustments are recorded in other comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company recognized foreign currency transaction losses of $0.0 million since September 18, 2026, for the three and nine months ended October 1, 2026. This balance is presented within 'Other non-operating income, net' within the unaudited Condensed Consolidated Statements of Operations.
Comprehensive Income	Comprehensive Income—Components of comprehensive income are reported directly in the unaudited Condensed Consolidated Statements of Operations and relate to foreign currency translation adjustments.
Consolidation	Consolidation—NCM, Inc. consolidates the accounts of NCM LLC 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. NCM, Inc. consolidates the accounts of Captivate under the provisions of ASC 810—Consolidation as a voting interest entity, as NCM, Inc. acquired 100% of the voting interests in Captivate on September 18, 2026. 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 and nine months ended October 1, 2026 and September 25, 2025.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the three and nine months ended October 1, 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 relating to periods beginning 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.

(Loss) Income Per Share

9 Months Ended

Oct. 01, 2026

Earnings Per Share [Abstract]

(Loss) Income Per Share

3. (LOSS) INCOME PER SHARE

Basic (loss) income 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 and restricted stock units using the treasury stock method. The components of basic and diluted (loss) income per NCM, Inc. share are as follows:


	Three Months Ended					Nine Months Ended
	October 1, 2026			September 25, 2025		October 1, 2026			September 25, 2025
Net (loss) income attributable to NCM, Inc. (in millions)	$	(17.2	)	$	1.6	$	(55.8	)	$	(39.9	)
Weighted average shares outstanding:
Basic		94,051,204			93,701,506		93,652,200			94,354,866
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			609,834		—			—
Diluted		94,051,204			94,311,340		93,652,200			94,354,866
(Loss) income per NCM, Inc. share:
Basic	$	(0.18	)	$	0.02	$	(0.60	)	$	(0.42	)
Diluted	$	(0.18	)	$	0.02	$	(0.60	)	$	(0.42	)

There were no exchangeable NCM LLC common units outstanding for the three and nine months ended October 1, 2026. The effect of the 0 and 1,160 weighted average exchangeable NCM LLC common units held by AMC, for the three and nine months ended September 25, 2025, respectively, have been excluded from the calculation of diluted weighted average shares and loss per NCM, Inc. share as they were anti-dilutive. NCM LLC common units do not participate in dividends paid on NCM, Inc.'s common stock. In addition, there were 7,245,476, 6,028,264, 7,245,476, and 6,028,264 stock options and non-vested restricted stock units outstanding for the three and nine months ended October 1, 2026 and September 25, 2025, respectively, which 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.

Business Combinations - Summary of Intangible Assets Acquired (Details) - Captivate $ in Millions	Sep. 18, 2026 USD ($)
Business Combination [Line Items]
Fair value	$ 183.3
Developed Technology
Business Combination [Line Items]
Useful life	3 years
Fair value	$ 35.8
Customer Relationships
Business Combination [Line Items]
Useful life	6 years
Fair value	$ 40.9
Installed Base
Business Combination [Line Items]
Useful life	17 years
Fair value	$ 91.5
Trade Name
Business Combination [Line Items]
Useful life	14 years
Fair value	$ 15.1

- 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

(Loss) Income Per Share - Schedule of (Loss) Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2026	Sep. 25, 2025	Oct. 01, 2026	Sep. 25, 2025
Earnings Per Share [Abstract]
Net (loss) income attributable to NCM, Inc. (in millions)	$ (17.2)	$ 1.6	$ (55.8)	$ (39.9)
Weighted average shares outstanding:
Basic (in shares)	94,051,204	93,701,506	93,652,200	94,354,866
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units (in shares)	0	609,834	0	0
Diluted (in shares)	94,051,204	94,311,340	93,652,200	94,354,866
(Loss) income per NCM, Inc. share:
Basic (in usd per share)	$ (0.18)	$ 0.02	$ (0.6)	$ (0.42)
Diluted (in usd per share)	$ (0.18)	$ 0.02	$ (0.6)	$ (0.42)

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Preferred Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interest
Balance at Dec. 26, 2024	$ 411.2	$ 2.5	$ 0.0	$ 127.8	$ 280.9	$ 0.0	$ 0.0
Balance (in shares) at Dec. 26, 2024		95,755,491	50
Purchases of NCM, Inc.'s common stock	$ (18.8)				(18.8)
Purchases of NCM, Inc.'s common stock, shares	(3,300,000)	(3,252,394)
Comprehensive income (loss), net of tax	$ (39.9)				(39.9)
Share-based compensation issued, net of tax	(0.6)			(0.6)
Share-based compensation issued, net of tax (in shares)		1,218,934
Share-based compensation expensed/capitalized	7.3			7.3
Cash dividends declared	(8.7)				(8.7)
Balance at Sep. 25, 2025	350.5	$ 2.5	$ 0.0	134.5	213.5	0.0	0.0
Balance (in shares) at Sep. 25, 2025		93,722,031	50
Balance at Jun. 26, 2025	$ 350.0	$ 2.5	$ 0.0	132.7	214.8	0.0	0.0
Balance (in shares) at Jun. 26, 2025		93,424,020	50
Purchases of NCM, Inc.'s common stock, shares	0
Comprehensive income (loss), net of tax	$ 1.6				1.6
Share-based compensation issued, net of tax	0.1			0.1
Share-based compensation issued, net of tax (in shares)		298,011
Share-based compensation expensed/capitalized	1.7			1.7
Cash dividends declared	(2.9)				(2.9)
Balance at Sep. 25, 2025	350.5	$ 2.5	$ 0.0	134.5	213.5	0.0	0.0
Balance (in shares) at Sep. 25, 2025		93,722,031	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	$ (0.8)				(0.8)
Purchases of NCM, Inc.'s common stock, shares	(300,000)	(272,613)
Comprehensive income (loss), net of tax	$ (55.8)				(55.8)
Share-based compensation issued, net of tax	(0.0)			(0.0)
Share-based compensation issued, net of tax (in shares)		1,270,937
Share-based compensation expensed/capitalized	6.5			6.5
Cash dividends declared	(5.7)				(5.7)
Balance at Oct. 01, 2026	319.6	$ 2.5	$ 0.0	143.0	174.1	0.0	0.0
Balance (in shares) at Oct. 01, 2026		94,351,928	50
Balance at Jul. 02, 2026	$ 334.3	$ 2.5	$ 0.0	140.5	191.3	0.0	0.0
Balance (in shares) at Jul. 02, 2026		93,995,883	50
Purchases of NCM, Inc.'s common stock, shares	0
Comprehensive income (loss), net of tax	$ (17.2)				(17.2)
Share-based compensation issued, net of tax	0.1			0.1
Share-based compensation issued, net of tax (in shares)		356,045
Share-based compensation expensed/capitalized	2.4			2.4
Balance at Oct. 01, 2026	$ 319.6	$ 2.5	$ 0.0	$ 143.0	$ 174.1	$ 0.0	$ 0.0
Balance (in shares) at Oct. 01, 2026		94,351,928	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

Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP).

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- Definition

Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).

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+ Details

- Definition

Number of shares that have been repurchased and retired during the period.

+ References

+ Details

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

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+ Details

- Definition

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

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+ Details

Revenue from Contracts with Customers and Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Millions

9 Months Ended

Oct. 01, 2026

Sep. 25, 2025

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Customer Receivables, Provision for bad debt

$ (1.6)

$ (0.3)

National advertising revenue

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Customer Receivables, Beginning Balance

0.3

^[1]

0.2

Allowance for Customer Receivables, Provision for bad debt

0.3

^[1]

(0.1)

Allowance for Customer Receivables, Write-offs, net

0.0

^[1]

0.0

Allowance for Customer Receivables, Ending Balance

0.6

^[1]

0.1

Local and Regional Advertising Revenue

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Customer Receivables, Beginning Balance

0.8

1.0

Allowance for Customer Receivables, Provision for bad debt

0.2

0.3

Allowance for Customer Receivables, Write-offs, net

(0.1)

(0.3)

Allowance for Customer Receivables, Ending Balance

0.9

$ 1.0

Building Subscription Receivables

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Customer Receivables, Beginning Balance

^[1]

0.0

Allowance for Customer Receivables, Provision for bad debt

^[1]

1.1

Allowance for Customer Receivables, Write-offs, net

^[1]

0.0

Allowance for Customer Receivables, Ending Balance

^[1]

$ 1.1

[1]

- 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