MARCUS CORP, 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 23, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-12604    
Entity Registrant Name MARCUS CORP    
Entity Incorporation, State or Country Code WI    
Entity Tax Identification Number 39-1139844    
Entity Address, Address Line One 111 East Kilbourn Avenue    
Entity Address, Address Line Two Suite 1200    
Entity Address, City or Town Milwaukee    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 53202-6628    
City Area Code 414    
Local Phone Number 905-1000    
Title of 12(b) Security Common stock, $1.00 par value    
Trading Symbol MCS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 300,567,941
Entity Central Index Key 0000062234    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for its 2026 annual meeting of shareholders, which will be filed with the Commission under Regulation 14A within 120 days after the end of our fiscal year, will be incorporated by reference into Part III to the extent indicated therein upon such filing.
    
Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   23,791,814  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   6,984,584  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Milwaukee, Wisconsin
Auditor Firm ID 34
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
CURRENT ASSETS:    
Cash and cash equivalents (Note 1) $ 23,448 $ 40,841
Restricted cash (Note 1) 3,134 3,738
Accounts receivable, net of reserves (Note 4) 19,082 21,457
Assets held for sale (Note 1) 0 1,199
Other current assets (Note 1) 18,912 24,915
Total current assets 64,576 92,150
PROPERTY AND EQUIPMENT, NET (Note 4) 697,712 685,734
OPERATING LEASE RIGHT-OF-USE ASSETS (Note 6) 142,115 159,194
OTHER ASSETS:    
Investments in joint ventures (Note 11) 4,486 5,166
Goodwill (Note 1) 74,996 74,996
Deferred income taxes (Note 9) 6,449 3,956
Other (Note 4) 24,198 23,332
Total other assets 110,129 107,450
Total assets 1,014,532 1,044,528
CURRENT LIABILITIES:    
Accounts payable 44,523 50,690
Taxes other than income taxes 18,482 18,696
Accrued compensation 23,562 24,976
Other accrued liabilities (Note 1) 57,828 53,830
Current portion of finance lease obligations (Note 6) 2,827 2,591
Current portion of operating lease obligations (Note 6) 16,219 15,765
Current maturities of long-term debt (Note 5) 0 10,133
Total current liabilities 163,441 176,681
FINANCE LEASE OBLIGATIONS (Note 6) 8,452 10,360
OPERATING LEASE OBLIGATIONS (Note 6) 148,977 164,776
LONG-TERM DEBT (Note 5) 159,007 149,007
DEFERRED INCOME TAXES (Note 9) 30,905 32,619
OTHER LONG- TERM OBLIGATIONS (Note 8) 46,372 46,219
COMMITMENTS AND LICENSE RIGHTS (Note 10)
Shareholders’ equity attributable to The Marcus Corporation    
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued 0 0
Capital in excess of par 184,002 177,172
Retained earnings 268,561 265,028
Accumulated other comprehensive loss (12) (181)
Stockholders' equity before treasury stock 484,905 474,241
Less cost of Common Stock in treasury (1,713,780 shares at December 31, 2025 and 604,914 shares at December 26, 2024) (27,527) (9,375)
Total equity 457,378 464,866
Total liabilities and shareholders’ equity 1,014,532 1,044,528
Common Stock    
Shareholders’ equity attributable to The Marcus Corporation    
Common stock 25,369 25,237
Class B Common Stock    
Shareholders’ equity attributable to The Marcus Corporation    
Common stock $ 6,985 $ 6,985
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 26, 2024
Preferred stock, par (in dollars per share) $ 1 $ 1
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, issued (in shares) 0 0
Treasury stock (in shares) 1,713,780 604,914
Common Stock    
Common stock, par (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 50,000,000 50,000,000
Common stock, issued (in shares) 25,369,054 25,237,374
Class B Common Stock    
Common stock, par (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 33,000,000 33,000,000
Common stock, issued (in shares) 6,984,584 6,984,584
Common stock, outstanding (in shares) 6,984,584 6,984,584
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
REVENUES:      
Revenues other than cost reimbursements $ 717,758 $ 695,086 $ 692,155
Cost reimbursements 40,700 40,474 37,420
Total revenues 758,458 735,560 729,575
COSTS AND EXPENSES:      
Advertising and marketing 26,077 24,559 22,838
Administrative 92,578 88,958 78,565
Depreciation and amortization 70,191 67,958 67,301
Rent (Note 6) 25,243 25,911 26,154
Property taxes 16,222 14,716 17,871
Other operating expenses 41,391 41,883 38,783
(Gain) loss on disposition of property, equipment and other assets (553) 386 41
Impairment charges (Note 3) 5,172 6,823 1,061
Reimbursed costs 40,700 40,474 37,420
Total costs and expenses 741,394 719,390 695,649
OPERATING INCOME 17,064 16,170 33,926
OTHER INCOME (EXPENSE):      
Investment income 878 2,231 2,426
Interest expense (11,472) (10,972) (12,721)
Other income (expense), net 2,848 (1,513) (1,832)
Debt conversion expense 0 (15,521) 0
Equity losses from unconsolidated joint ventures, net (Note 11) (611) (604) (149)
Nonoperating expense (8,357) (26,379) (12,276)
EARNINGS (LOSS) BEFORE INCOME TAXES 8,707 (10,209) 21,650
INCOME TAX EXPENSE (BENEFIT) (Note 9) (3,984) (2,422) 6,856
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE MARCUS CORPORATION $ 12,691 $ (7,787) $ 14,794
Common Stock      
NET EARNINGS (LOSS) PER SHARE – BASIC:      
Common stock (in dollars per share) $ 0.42 $ (0.25) $ 0.48
NET EARNINGS (LOSS) PER SHARE – DILUTED:      
Common stock (in dollars per share) 0.41 (0.25) 0.46
Class B Common Stock      
NET EARNINGS (LOSS) PER SHARE – BASIC:      
Common stock (in dollars per share) 0.38 (0.23) 0.43
NET EARNINGS (LOSS) PER SHARE – DILUTED:      
Common stock (in dollars per share) $ 0.38 $ (0.23) $ 0.43
Theatre admissions      
REVENUES:      
Revenue from contract with customer $ 220,385 $ 214,421 $ 229,186
Rooms      
REVENUES:      
Revenue from contract with customer 114,544 113,344 106,618
COSTS AND EXPENSES:      
Cost of goods and services sold 43,624 43,425 41,071
Theatre concessions      
REVENUES:      
Revenue from contract with customer 197,856 191,989 197,653
COSTS AND EXPENSES:      
Cost of goods and services sold 82,169 78,406 75,903
Food and beverage      
REVENUES:      
Revenue from contract with customer 84,410 78,102 73,278
COSTS AND EXPENSES:      
Cost of goods and services sold 63,900 60,419 57,871
Other revenues      
REVENUES:      
Revenue from contract with customer 100,563 97,230 85,420
Theatre operations      
COSTS AND EXPENSES:      
Cost of goods and services sold $ 234,680 $ 225,472 $ 230,770
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Statement of Comprehensive Income [Abstract]      
NET EARNINGS (LOSS) $ 12,691 $ (7,787) $ 14,794
OTHER COMPREHENSIVE INCOME (LOSS):      
Pension gain arising during the period, net of tax effect of $65, $425 and $171, respectively (Note 8) 186 1,202 485
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax benefit of $6, $17 and $17, respectively (Note 8) (17) (47) (47)
Fair market value adjustment of interest rate swaps, net of tax benefit of $0, $0 and $8, respectively (Note 5) 0 0 (22)
Reclassification adjustment on interest rate swaps included in interest expense, net of tax benefit of $0, $0 and $20 respectively (Note 5) 0 0 (58)
Other comprehensive income 169 1,155 358
COMPREHENSIVE INCOME (LOSS) $ 12,860 $ (6,632) $ 15,152
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Statement of Comprehensive Income [Abstract]      
Pension gain (loss) arising during the period, tax effect (benefit) $ 65 $ 425 $ 171
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect (benefit) (6) (17) (17)
Fair market value adjustment of interest rate swap, net of tax effect (benefit) 0 0 (8)
Reclassification adjustment on interest rate swaps included in interest expense, tax effect (benefit) $ 0 $ 0 $ (20)
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Class B Common Stock
Shareholders' Equity Attributable to The Marcus Corporation
Shareholders' Equity Attributable to The Marcus Corporation
Class B Common Stock
Common Stock
Common Stock
Class B Common Stock
Capital in Excess of Par
Retained Earnings
Retained Earnings
Class B Common Stock
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-Controlling Interests
Beginning balance at Dec. 29, 2022 $ 456,921   $ 456,097   $ 24,498 $ 7,111 $ 153,794 $ 274,254   $ (1,694) $ (1,866) $ 824
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Cash dividends (5,906) $ (1,543) (5,906) $ (1,543)       (5,906) $ (1,543)      
Exercise of stock options 1,085   1,085       (210)       1,295  
Purchase of treasury stock (1,453)   (1,453)               (1,453)  
Savings and profit-sharing contribution 1,259   1,259   79   1,180          
Reissuance of treasury stock 87   87       (213)       300  
Issuance of non-vested stock 0       82   (303)       221  
Share-based compensation 6,394   6,394       6,394          
Conversions of Class B Common Stock 0       33 (33)            
Distribution to noncontrolling interest (824)                     (824)
Comprehensive income (loss) 15,152   15,152         14,794   358    
Ending balance at Dec. 28, 2023 471,172   471,172   24,692 7,078 160,642 281,599   (1,336) (1,503) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Cash dividends (6,994) (1,790) (6,994) (1,790)       (6,994) (1,790)      
Exercise of stock options 1,984   1,984       52       1,932  
Purchase of treasury stock (10,366)   (10,366)               (10,366)  
Reissuance of treasury stock 68   68   0   (285)       353  
Issuance of non-vested stock 0   0   452   (661)       209  
Share-based compensation 8,206   8,206   0   8,206       0  
Convertible Senior note repurchase (8,423)   (8,423)       (8,423)          
Capped call unwind 17,641     17,641 0 0 17,641          
Conversions of Class B Common Stock 0 (93)     93              
Comprehensive income (loss) (6,632)   (6,632)         (7,787)   1,155    
Ending balance at Dec. 26, 2024 464,866   464,866   25,237 6,985 177,172 265,028   (181) (9,375) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Cash dividends (7,244) $ (1,914) (7,244) $ (1,914)       (7,244) $ (1,914)      
Exercise of stock options 15   15       (1)       16  
Purchase of treasury stock (18,776)   (18,776)       (18)       (18,758)  
Reissuance of treasury stock 69   69       4       65  
Issuance of non-vested stock 0       132   (657)       525  
Share-based compensation 7,502   7,502       7,502          
Comprehensive income (loss) 12,860   12,860         12,691   169    
Ending balance at Dec. 31, 2025 $ 457,378   $ 457,378   $ 25,369 $ 6,985 $ 184,002 $ 268,561   $ (12) $ (27,527) $ 0
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Class B Common Stock      
Common stock, dividends (in dollars per share) $ 0.27 $ 0.28 $ 0.22
Common Stock      
Common stock, dividends (in dollars per share) $ 0.30 $ 0.26 $ 0.24
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
OPERATING ACTIVITIES      
Net earnings (loss) attributable to The Marcus Corporation $ 12,691 $ (7,787) $ 14,794
Adjustments to reconcile net loss to net cash provided by operating activities:      
Losses on investments in joint ventures 611 604 149
Distributions from joint ventures 69 68 200
(Gain) loss on disposition of property, equipment and other assets (553) 386 41
Gain on insurance settlement (4,535) 0 0
Impairment charges 5,172 6,823 1,061
Debt conversion expense 0 15,521 0
Depreciation and amortization 70,191 67,958 67,301
Amortization of debt issuance costs 604 1,080 1,467
Share-based compensation 7,502 8,206 6,394
Deferred income taxes (4,266) (3,981) 5,561
Other long-term obligations 500 1,854 (95)
Contribution of the Company’s stock to savings and profit-sharing plan 0 0 1,259
Changes in operating assets and liabilities:      
Accounts receivable 2,466 (1,754) 1,893
Other assets (3,098) 1,158 (2,662)
Operating leases (2,133) 4,605 (785)
Accounts payable (3,462) 10,434 4,229
Income taxes 37 131 (480)
Taxes other than income taxes (234) 111 637
Accrued compensation (1,414) 2,378 63
Other accrued liabilities 4,052 (3,855) 1,602
Total adjustments 71,509 111,727 87,835
Net cash provided by operating activities 84,200 103,940 102,629
INVESTING ACTIVITIES      
Capital expenditures (83,211) (79,210) (38,774)
Proceeds from disposals of property, equipment and other assets 859 3,121 4,234
Capital contribution in joint venture 0 (5,620) 0
Subscription and sale of joint venture interests 0 1,500 0
Proceeds from sale of trading securities 8,187 178 40
Purchase of trading securities 0 (2,249) (839)
Proceeds from insurance settlement 4,535 0 0
Other investing activities (1,743) 382 (1,410)
Net cash used in investing activities (71,373) (81,898) (36,749)
Debt transactions:      
Proceeds from borrowings on revolving credit facility 213,000 119,000 38,000
Repayment of borrowings on revolving credit facility (203,000) (119,000) (38,000)
Proceeds from issuance of long-term debt 0 100,000 0
Principal payments on long-term debt (10,392) (11,370) (11,433)
Repayment of borrowing on insurance policy 0 0 (6,700)
Repurchase of convertible senior notes 0 (123,526) 0
Proceeds from capped call unwind 0 18,281 0
Principal payments on finance lease obligations (2,742) (2,470) (2,527)
Debt issuance costs 0 (1,119) (1,334)
Equity transactions:      
Treasury stock transactions, except for stock options (18,547) (9,987) (503)
Exercise of stock options 15 1,674 222
Dividends paid (9,158) (8,784) (7,449)
Distributions to noncontrolling interest 0 0 (824)
Net cash used in financing activities (30,824) (37,301) (30,548)
Net increase (decrease) in cash, cash equivalents and restricted cash (17,997) (15,259) 35,332
Cash, cash equivalents and restricted cash at beginning of year 44,579 59,838 24,506
Cash, cash equivalents and restricted cash at end of year 26,582 44,579 59,838
Supplemental Information:      
Interest paid, net of amounts capitalized 10,716 8,683 9,738
Income taxes paid, including interest earned 244 1,428 1,776
Change in accounts payable for additions to property and equipment $ (2,865) $ 2,872 $ 956
v3.25.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies
1. Description of Business and Summary of Significant Accounting Policies
Description of Business - The Marcus Corporation and its subsidiaries (the “Company”) operate principally in two business segments:
Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia and a family entertainment center in Wisconsin.
Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Illinois, Minnesota, Iowa, Nevada, Pennsylvania, California and Nebraska.
Principles of Consolidation - The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries.
Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method.
All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Amounts due from third-party credit card processors for the settlement of debit and credit card transactions are included in cash equivalents as they are generally collected within three business days. Cash equivalents are carried at cost, which approximates fair value.
Restricted Cash - Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves and may include amounts held by a qualified intermediary agent to be used for tax-deferred, like-kind exchange transactions. Restricted cash also includes funds held within the Company's captive insurance entity that are designated to pay expenses related specifically to the captive.
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.
The Company’s assets and liabilities measured at fair value are classified in one of the following categories:
Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 31, 2025 and December 26, 2024, respectively, the Company’s $0 and $8,142 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 31, 2025 and December 26, 2024, the Company had investments in money market funds of $10,000 and $19,002, respectively, that were valued using Level 1 pricing inputs and were included in cash and cash equivalents.
Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At each of December 31, 2025 and December 26, 2024, none of the Company’s recorded assets or liabilities were measured using Level 2 pricing inputs.
Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At each of December 31, 2025 and December 26, 2024, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. Assets and liabilities that are measured on a non-recurring basis are discussed in Note 3.
The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $150,000 of senior notes, valued using Level 2 pricing inputs, is approximately $155,046 at December 31, 2025, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs.
Accounts Receivable - The Company evaluates the collectability of its accounts receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice.
Inventory - Inventories, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $7,028 and $6,971 as of December 31, 2025 and December 26, 2024, respectively, were included in other current assets.
Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of December 31, 2025, there were no assets held for sale. As of December 26, 2024, assets held for sale consisted primarily of land.
Property and Equipment - The Company records property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Included in property and equipment are assets related to finance leases. These assets are depreciated over the shorter of the estimated useful lives or related lease terms.
Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms:
Years
Land improvements
10 - 20
Buildings and improvements
12 - 39
Leasehold improvements
3 - 40
Furniture, fixtures and equipment
2 - 20
Finance lease right-of-use assets
4 - 15
Depreciation expense totaled $70,050, $67,964 and $67,269 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Long-Lived Assets - The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During fiscal 2025, fiscal 2024, and fiscal 2023, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded impairment charges as discussed in Note 3.
Acquisition - The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill.
Goodwill - The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than its carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value.
During fiscal 2025 and fiscal 2024, the Company performed a quantitative analysis for its annual goodwill impairment test as of October 1, 2025 and September 27, 2024, respectively. In order to determine fair value, the Company used assumptions based on information available to it as of the date of the quantitative test, including both market data and forecasted cash flows (Level 3 pricing inputs). The Company determined that the fair value of its goodwill was greater than its carrying value and deemed that no impairment was indicated in either fiscal 2025 or fiscal 2024. At December 31, 2025 and December 26, 2024, the Company’s goodwill balance was $74,996.
Trade Name Intangible Asset – During fiscal 2025, the Company reclassified the Movie Tavern tradename, with a carrying value of $6,900, from an indefinite-lived intangible asset to a definite-lived intangible asset. The change was primarily driven by strategic branding decisions. Prior to the reclassification, the Company tested the tradename for impairment in accordance with U.S generally accepted accounting principles for indefinite-lived intangible assets and concluded that the carrying value was less than its estimated fair value. Following the reclassification, the Company began
amortizing the tradename on a straight-line basis over an estimated useful life of 15 years. Future amortization expense is expected to be $460 each year over the remaining useful life of the asset.
Capitalization of Interest - The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $544, $195 and $43 was capitalized in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Debt Issuance Costs - The Company records debt issuance costs on long-term debt as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility are included in other long-term assets. Debt issuance costs are deferred and amortized over the term of the related debt agreements. Amortization of debt issuance costs totaled $604, $1,080 and $1,467 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively, and were included in interest expense on the consolidated statements of operations.
Leases - The Company follows Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases, (Accounting Standards Codification (ASC) 842), when accounting for leases. See Note 6 - Leases.
Investments – The Company has investments in debt and equity securities. These securities are stated at fair value based on listed market prices, where available, with the change in fair value recorded as investment income or loss within the consolidated statements of operations. The cost of securities sold is based upon the specific identification method.
Revenue Recognition - The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. See Note 2 - Revenue Recognition.
Advertising and Marketing Costs - The Company expenses all advertising and marketing costs as incurred.
Insurance Reserves - The Company uses a combination of insurance and self insurance mechanisms, including participation in captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors.
Income Taxes - The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made.
The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 9 - Income Taxes.
Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units, performance stock units and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion
of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares.
Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends.
The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share, provides a reconciliation of the number of weighted-average basic and diluted shares outstanding, when applicable, and provides the weighted-average number of anti-dilutive shares excluded from the computation of diluted weighted-average shared outstanding:
Year Ended
December 31,
2025		December 26,
2024		December 28,
2023
Net earnings (loss) per share – Basic:
Common Stock$0.42 $(0.25)$0.48 
Class B Common Stock$0.38 $(0.23)$0.43 
Net earnings (loss) per share- Diluted:
Common Stock$0.41 $(0.25)$0.46 
Class B Common Stock$0.38 $(0.23)$0.43 
Numerator:
Net earnings (loss) attributable to The Marcus Corporation$12,691 $(7,787)$14,794 
Denominator (in thousands):
Denominator for basic EPS31,158 31,887 31,658 
Effect of dilutive employee stock options46 — 44 
Effect of restricted stock units75 — — 
Effect of convertible senior notes— — 9,287 
Diluted weighted-average shares outstanding31,279 31,887 40,989 
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options2,069 2,776 2,933 
Restricted stock units— 48 — 
Performance stock units224141 — 
Total2,293 2,965 2,933 
For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, performance stock units, and shares related to the convertible senior notes are excluded from the computation of diluted loss per share as their inclusion would have an anti-dilutive effect. Performance stock units are considered anti-dilutive if the performance targets upon which the issuance of the shares are contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Shares related to the convertible senior notes were excluded from the computation of diluted earnings per share in the periods when the effect had an anti-dilutive effect using the if-converted method.
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
December 31, 2025December 26, 2024
Net unrecognized actuarial loss for pension obligation$(12)$(181)
$(12)$(181)
New Accounting Pronouncements In fiscal 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740: Improvements to Income Tax Disclosures (ASU No. 2023-09), which requires improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. The annual requirements of ASU No. 2023-09 are included in the Company’s Income Taxes footnote (Note 10) and prior year information has been recast to conform to the current year presentation. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements.
On November 4, 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities. ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 is effective for the Company in fiscal 2027. The Company is evaluating the effect the guidance will have on its consolidated financial statement disclosures.
On September 18, 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-50): Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU No. 2025-06 also supersedes the current website development costs guidance and incorporates the recognition requirements for website-specific development costs from ASC 350-50 into ASC 350-40. ASU 2025-06 is effective for the Company in fiscal 2028. The Company is evaluating the effect the guidance will have on its consolidated financial statements.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
2. Revenue Recognition
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance of obligations by transferring the promised services to the customer. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains
control over the promised service. The amount of revenue recognized reflects the consideration entitled to in exchange for those services.
The disaggregation of revenues by business segment for fiscal 2025, fiscal 2024 and fiscal 2023 is as follows:
Fiscal 2025
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$220,385 $— $— $220,385 
Rooms— 114,544 — 114,544 
Theatre concessions197,856 — — 197,856 
Food and beverage— 84,410 — 84,410 
Other revenues(1)
41,449 58,666 448 100,563 
Revenue before cost reimbursements459,690 257,620 448 717,758 
Cost reimbursements3,051 37,649 — 40,700 
Total revenues$462,741 $295,269 $448 $758,458 
Fiscal 2024
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$214,421 $— $— $214,421 
Rooms— 113,344 — 113,344 
Theatre concessions191,989 — — 191,989 
Food and beverage— 78,102 — 78,102 
Other revenues(1)
39,999 56,900 331 97,230 
Revenue before cost reimbursements446,409 248,346 331 695,086 
Cost reimbursements1,314 39,160 — 40,474 
Total revenues$447,723 $287,506 $331 $735,560 
Fiscal 2023
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$229,186 $— $— $229,186 
Rooms— 106,618 — 106,618 
Theatre concessions197,653 — — 197,653 
Food and beverage— 73,278 — 73,278 
Other revenues(1)
31,555 53,519 346 85,420 
Revenue before cost reimbursements458,394 233,415 346 692,155 
Cost reimbursements— 37,420 — 37,420 
Total revenues$458,394 $270,835 $346 $729,575 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered contract revenue from contracts with customers under ASC 606.

The Company recognizes revenue from its rooms as earned on the close of business each day. Revenue from theatre admissions, theatre concessions and food and beverage sales are recognized at the time of sale.
Revenues from advanced ticket and gift card sales are recorded as deferred revenue and are recognized when tickets or gift cards are redeemed. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Gift card breakage income is recorded in other revenues in the consolidated statements of operations.
Other revenues include management fees for theatres and hotels under management agreements. The management fees are recognized as earned based on the terms of the agreements. The management fees include variable consideration that is recognized based on the Company’s right to invoice as the amount invoiced corresponds directly to the value transferred to the customer. Other revenues also include family entertainment center revenues and revenues from Hotels/Resorts outlets such as spa, ski, golf and parking, each of which are recognized at the time of sale. In addition, other revenues include pre-show advertising income in the Company’s theatres. Pre-show advertising revenue includes variable consideration, primarily based on attendance levels, that is allocated to distinct time periods that make up the overall performance obligation.
Cost reimbursements primarily consist of payroll and related expenses at managed properties where the Company is the employer and may include certain operational and administrative costs as provided for in the Company’s contracts with owners. These costs are reimbursed back to the Company. As these costs have no added markup, the revenue and related expense have no impact on operating income (loss) or net earnings (loss).
The timing of the Company’s revenue recognition may differ from the timing of payment by customers. However, the Company typically receives payment within a very short period of time of when the revenue is recognized. The Company records a receivable when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision for the related services, deferred revenue is recorded until the performance obligation is satisfied.
Revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales tax.
The Company had deferred revenue from contracts with customers of $39,475, $36,353 and $38,034 as of December 31, 2025, December 26, 2024 and December 28, 2023, respectively. The Company had no contract assets as of December 31, 2025 and December 26, 2024. During fiscal 2025, the Company recognized revenue of $21,456 that was included in deferred revenues as of December 26, 2024. During fiscal 2024, the Company recognized revenue of $22,488 that was included in deferred revenues as of December 28, 2023. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Company’s loyalty program.
As of December 31, 2025, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,885 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of December 31, 2025, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $15,005 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the tickets and gift cards are redeemed, which is expected to occur within the next two years.
As of December 31, 2025, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,831 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years.
The majority of the Company’s revenue is recognized in less than one year from the original contract.
v3.25.4
Impairment Charges
 12 Months Ended
Dec. 31, 2025
Asset Impairment Charges [Abstract]  
Impairment Charges
3. Impairment Charges
During fiscal 2025, fiscal 2024 and 2023, the Company determined that indicators of impairment were present at certain theatre asset groups. For certain of the theatre asset groups evaluated for impairment, the sum of the estimated undiscounted future cash flows attributable to certain theatre assets was less than their carrying amounts. The Company
evaluated the fair value of these assets, consisting primarily of land, building, leasehold improvements and furniture, fixtures and equipment, and operating lease right-of-use assets less lease obligations, and determined that the fair value, measured using Level 3 pricing inputs (using estimated discounted cash flows over the life of the primary assets, including estimated sale proceeds) was less than their carrying value and recorded impairment losses of $5,172, $6,823 and $1,061 in fiscal 2025, fiscal 2024 and fiscal 2023, respectively, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $24,872 as of December 31, 2025, $16,137 as of December 26, 2024, and $6,429 as of December 28, 2023, excluding any applicable remaining lease obligations.
v3.25.4
Additional Balance Sheet Information
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Additional Balance Sheet Information
4. Additional Balance Sheet Information
The composition of accounts receivable is as follows:
December 31, 2025December 26, 2024
Trade receivables, net of allowances of $209 and $141, respectively
$6,966 $6,900 
Other receivables12,116 14,557 
$19,082 $21,457 
The composition of property and equipment, which is stated at cost, is as follows:
December 31, 2025December 26, 2024
Land and improvements$142,063 $129,991 
Buildings and improvements744,861 736,408 
Leasehold improvements165,646 166,149 
Furniture, fixtures and equipment448,196 424,807 
Finance lease right-of-use assets30,675 29,061 
Construction in progress15,376 15,590 
1,546,817 1,502,006 
Less accumulated depreciation and amortization849,105 816,272 
$697,712 $685,734 
The composition of other assets is as follows:
December 31, 2025December 26, 2024
Intangible assets - trade names$6,785 $6,900 
Cash surrender value of insurance policy9,108 8,709 
Other assets8,305 7,723 
$24,198 $23,332 
Intangible amortization expense in fiscal 2025 was $115.
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
5. Long-Term Debt
Long-term debt is summarized as follows:
December 31, 2025 December 26, 2024
Senior notes$150,000 $160,000 
Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75%
— 78 
Payroll Protection Program loans— 314 
Revolving credit agreement10,000 — 
   Total debt160,000 160,392 
Debt issuance costs(993)(1,252)
   Total debt, net of debt issuance costs159,007 159,140 
Less current maturities, net of issuance costs— 10,133 
Long-term debt$159,007 $149,007 
Scheduled annual principal payments on long-term debt for the years subsequent to December 31, 2025, are as follows:
Fiscal Year 
2026$— 
202762,000 
202827,714 
202917,714 
203017,714 
Thereafter34,858 
$160,000 
Credit Agreement
On January 9, 2020, the Company replaced its then-existing credit agreement with several banks. On April 29, 2020, the Company entered into the First Amendment, on September 15, 2020, the Company entered into the Second Amendment, on July 13, 2021, the Company entered into the Third Amendment, on July 29, 2022, the Company entered into the Fourth Amendment, on February 10, 2023, the Company entered into the Fifth Amendment and on October 16, 2023, the Company entered into the Sixth Amendment (the Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and the Sixth Amendment, hereinafter referred to as the “Credit Agreement”).
The Credit Agreement provides for a five-year revolving credit facility that matures on October 16, 2028 with an initial maximum aggregate amount of availability of $225,000. At December 31, 2025, there were borrowings of $10,000 outstanding on the revolving credit facility, which when borrowed, bear interest at SOFR plus a margin (as discussed further below), effectively 5.52% at December 31, 2025. Availability under the $225,000 revolving credit facility was $209,626 as of December 31, 2025 after taking into consideration outstanding letters of credit that reduce revolver availability.
Borrowings under the Credit Agreement bear interest at a variable rate equal to (i) the term secured overnight financing rate (“SOFR”), plus a credit spread adjustment of 0.10%, subject to a 0% floor, plus a specified margin based upon our net leverage ratio as of the most recent determination date, or (ii) the alternate base rate (“ABR”) (which is the highest of (a) the prime rate, (b) the greater of the federal funds rate and the overnight bank funding rate plus 0.50% or (c) the sum of 1% plus one-month SOFR plus a credit spread adjustment of 0.10%), subject to a 1% floor, plus a specified margin based upon
our net leverage ratio as of the most recent determination date; provided, however, as of the effective date of the Sixth Amendment, in respect of revolving loans, the applicable margin is 1.75% for SOFR borrowings and 0.75% for ABR borrowings. The revolving credit facility also requires an annual facility fee equal to 0.175% to 0.275% of the total revolving commitments depending on our consolidated net leverage ratio.
The Credit Agreement includes, among other restrictions and covenants applicable to the Company, a requirement that our consolidated net leverage ratio not exceed 3.50:1.00, provided that, with some limitations, such ratio may be increased to 4.00:1:00 for the full fiscal quarter in which a material acquisition (in which aggregate consideration equals or exceeds $30,000) is consummated and the three fiscal quarters immediately thereafter, and a requirement that our interest coverage ratio at the end of any fiscal quarter not be less than 3.00:1.00.
In connection with the Credit Agreement: (i) the Company has pledged, subject to certain exceptions, security interests and liens in and on (a) substantially all of its respective personal property assets and (b) certain of its respective real property assets, in each case, to secure the Credit Agreement and related obligations; and (ii) certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Credit Agreement.
The Credit Agreement contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then, among other things, the lenders may declare any outstanding obligations under the Credit Agreement to be immediately due and payable and exercise rights and remedies against the pledged collateral.
Senior Notes
At December 31, 2025, the Company’s $150,000 of senior notes consist of one Note Purchase Agreement and one Master Note Purchase Agreement (collectively the “Senior Notes Agreements”) maturing in 2027 through 2034, which require annual principal payments in varying installments and bear interest payable semi-annually at fixed rates ranging from 4.32% to 7.02%, with a weighted-average fixed rate of 6.07%. At December 26, 2024, the weighted average-fixed rate on the Senior notes agreement was 5.94%.
On July 9, 2024, the Company and certain purchasers entered into a Master Note Purchase Agreement pursuant to which the Company issued and sold $100,000 aggregate principal amount of senior notes in two tranches: (i) $60,000 in aggregate principal amount of 6.89% Series 2024 Senior Notes, Tranche A due July 9, 2031 and (ii) $40,000 in aggregate principal amount of 7.02% Series 2024 Senior Notes, Tranche B due July 9, 2034.
In connection with the Senior Notes Agreements: (i) the Company has pledged, subject to certain exceptions, security interests and liens in and on (a) substantially all of their respective personal property assets and (b) certain of their respective real property assets, in each case, to secure the Senior Notes Agreements and related obligations; and (ii) certain subsidiaries of the Company have guaranteed the Company's obligations under the Senior Notes Agreements. The Senior Notes Agreements rank pari passu in right of payment with all of our other senior secured debt. The Senior Notes Agreements contain covenants and collateral provisions that are consistent with the amended covenants and collateral provisions referenced in the Credit Agreement section above.
The Senior Notes Agreements contain customary events of default. If an event of default under the Senior Notes Agreements occurs and is continuing, then, among other things, all senior notes then outstanding become immediately due and payable and the note holders may exercise their rights and remedies against the pledged collateral.
Convertible Senior Notes
On September 17, 2020, the Company entered into a purchase agreement to issue and sell $100,050 aggregate principal amount of its 5.00% Convertible Senior Notes due 2025 (the “Convertible Notes.”) In connection with the pricing of the Convertible Notes the Company entered into privately negotiated Capped Call Transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”).
During fiscal 2024, the Company entered into separate, privately negotiated purchase agreements (the “Purchase Agreements”) with the holders of the Convertible Notes. Under the terms of the Purchase Agreements, the holders agreed
to exchange $100,050 in aggregate principal amount of Convertible Notes for cash consideration of $121,828 (or $103,547 net of the cash the Company received in connection with the unwind of a portion of the Capped Call Transactions as discussed below) effected over four separate repurchase tranches (the “Convertible Notes Repurchases”). As of December 26, 2024 all of the Convertible Notes were repurchased and retired.
In connection with the Convertible Notes Repurchases, the Company entered into unwind agreements with the Capped Call Counterparties to terminate a portion of the Capped Call Transactions equal to the notional amounts of the Convertible Notes Repurchases, and to receive aggregate cash of $18,281 effected over four separate unwind tranches. As of December 26, 2024 all of the Capped Call Transactions were unwound and settled.
During fiscal 2024, the Company incurred debt conversion expense of $15,521 in connection with the Convertible Notes Repurchases. The unwind of the Capped Call Transactions resulted in a 17,641 increase in capital in excess of par within shareholders’ equity during fiscal 2024.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
6. Leases
The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to accounting guidance ASC 842. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The exercise of lease renewal options is done at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and related right-of-use asset and lease liability. The depreciable life of the asset is limited to the expected term. The Company’s lease agreements do not contain any residual value guarantees or any restrictions or covenants.
Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Total lease cost consists of the following:
Lease CostClassification
Fiscal 2025
Fiscal 2024
Fiscal 2023
Finance lease costs:
Amortization of finance lease assetsDepreciation and amortization$2,386 $2,274 $2,760 
Interest on lease liabilitiesInterest expense587 664 759 
$2,973 $2,938 $3,519 
Operating lease costs:
Operating lease costsRent expense$23,238 $23,953 $24,126 
Variable lease costRent expense1,812 1,724 1,892 
Short-term lease costRent expense193 234 136 
$25,243 $25,911 $26,154 
Additional information related to leases is as follows:
Other Information
Fiscal 2025
Fiscal 2024
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$2,742 $2,470 
Operating cash flows from finance leases587 664 
Operating cash flows from operating leases25,552 25,183 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities1,098 232 
Operating lease liabilities, including from acquisitions2,350 3,394 
December 31, 2025December 26, 2024
Finance leases:
Property and equipment – gross$30,675 $29,061 
Accumulated depreciation and amortization(21,350)(19,078)
Property and equipment - net$9,325 $9,983 
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateDecember 31, 2025December 26, 2024
Weighted-average remaining lease terms:
Finance leases5 years6 years
Operating leases10 years11 years
Weighted-average discount rates:
Finance leases
4.76%
4.69%
Operating leases
4.80%
4.79%
Maturities of lease liabilities as of December 31, 2025 are as follows:
Fiscal YearOperating Leases Finance Leases
2026$23,709$3,295
202723,7572,337
202822,8722,206
202921,3861,762
203018,6331,002
Thereafter100,8452,160
Total lease payments211,20212,762
Less: amount representing interest(46,006)(1,483)
Total lease liabilities$165,196$11,279
Deferred rent payments of approximately $450 for the Company’s operating leases are included in the current operating lease obligations as of December 31, 2025.
Leases
6. Leases
The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to accounting guidance ASC 842. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The exercise of lease renewal options is done at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and related right-of-use asset and lease liability. The depreciable life of the asset is limited to the expected term. The Company’s lease agreements do not contain any residual value guarantees or any restrictions or covenants.
Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Total lease cost consists of the following:
Lease CostClassification
Fiscal 2025
Fiscal 2024
Fiscal 2023
Finance lease costs:
Amortization of finance lease assetsDepreciation and amortization$2,386 $2,274 $2,760 
Interest on lease liabilitiesInterest expense587 664 759 
$2,973 $2,938 $3,519 
Operating lease costs:
Operating lease costsRent expense$23,238 $23,953 $24,126 
Variable lease costRent expense1,812 1,724 1,892 
Short-term lease costRent expense193 234 136 
$25,243 $25,911 $26,154 
Additional information related to leases is as follows:
Other Information
Fiscal 2025
Fiscal 2024
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$2,742 $2,470 
Operating cash flows from finance leases587 664 
Operating cash flows from operating leases25,552 25,183 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities1,098 232 
Operating lease liabilities, including from acquisitions2,350 3,394 
December 31, 2025December 26, 2024
Finance leases:
Property and equipment – gross$30,675 $29,061 
Accumulated depreciation and amortization(21,350)(19,078)
Property and equipment - net$9,325 $9,983 
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateDecember 31, 2025December 26, 2024
Weighted-average remaining lease terms:
Finance leases5 years6 years
Operating leases10 years11 years
Weighted-average discount rates:
Finance leases
4.76%
4.69%
Operating leases
4.80%
4.79%
Maturities of lease liabilities as of December 31, 2025 are as follows:
Fiscal YearOperating Leases Finance Leases
2026$23,709$3,295
202723,7572,337
202822,8722,206
202921,3861,762
203018,6331,002
Thereafter100,8452,160
Total lease payments211,20212,762
Less: amount representing interest(46,006)(1,483)
Total lease liabilities$165,196$11,279
Deferred rent payments of approximately $450 for the Company’s operating leases are included in the current operating lease obligations as of December 31, 2025.
v3.25.4
Shareholders' Equity and Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders’ Equity and Share-Based Compensation
7. Shareholders’ Equity and Share-Based Compensation
Shareholders may convert their shares of Class B Common Stock into shares of Common Stock at any time. Class B Common Stock shareholders are substantially restricted in their ability to transfer their Class B Common Stock. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of the Class B Common Stock. Holders of Class B Common Stock are entitled to ten votes per share while holders of Common Stock are entitled to one vote per share on any matters brought before the shareholders of the Company. Liquidation rights are the same for both classes of stock.
Through December 31, 2025, the Company’s Board of Directors has approved the repurchase of up to 15,687,500 shares of Common Stock to be held in treasury. The Company intends to reissue these shares upon the exercise of stock options and the issuance of restricted stock, restricted stock units and performance stock units. The Company repurchased 1,170,249, 713,456 and 94,508 shares pursuant to these authorizations during fiscal 2025, fiscal 2024 and fiscal 2023, respectively. At December 31, 2025, there were 4,544,433 shares available for repurchase under these authorizations.
In fiscal 2024, the Company discontinued its Associate Stock Purchase Plan and amended its Dividend Reinvestment Plan. Under the amended plan, the Company’s Board of Directors has authorized the issuance of up to 250,000 shares of Common Stock. At December 31, 2025, there were 241,158 shares available under this authorization.
Shareholders of The Marcus Corporation approved the adoption of the Marcus Corporation Omnibus Incentive Plan effective May 7, 2025 and authorized 2,000,000 shares available for issuance under the plan. At December 31, 2025, there were 1,962,548 shares available for grants of various equity awards under the plan, each discussed below.
Total pre-tax share-based compensation expense was $7,502, $8,206 and $6,394 in fiscal 2025, fiscal 2024 and fiscal 2023, respectively. The recognized tax benefit on share-based compensation was $1,877, $1,879 and $1,000 in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Stock Options
Stock options granted under the plans to employees generally become exercisable either 40% after two years, 60% after three years, 80% after four years and 100% after five years of the date of grant, or 50% after two years, 75% after three years and 100% after four years of the date of grant, depending on the date of grant. The options generally expire ten years from the date of grant as long as the optionee is still employed with the Company. The Company ceased issuing stock options beginning in fiscal 2024.
A summary of the Company’s stock option activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024December 28, 2023
OptionsWeighted-
Average
Exercise
Price		OptionsWeighted-
Average
Exercise
Price		OptionsWeighted-
Average
Exercise
Price
Outstanding at beginning of period2,884 $23.22 3,173 $22.69 2,866 $23.76 
Granted— — — — 525 15.96 
Exercised(2)13.61 (129)15.34 (83)13.05 
Forfeited(173)20.79 (160)18.94 (135)25.11 
Outstanding at end of period2,709 23.38 2,884 23.22 3,173 22.69 
Exercisable at end of period2,377 $24.38 2,125 $25.48 1,989 $25.53 
Weighted-average fair value of options granted during the periodn/a
n/a
$7.86 
Exercise prices for options outstanding as of December 31, 2025 ranged from $12.71 to $41.90. The weighted-average remaining contractual life of those options is 4.6 years. The weighted-average remaining contractual life of options currently exercisable is 4.3 years. There were 2,709,110 options outstanding, vested and expected to vest as of December 31, 2025, with a weighted-average exercise price of $23.38 and an intrinsic value of $405. Additional information as of December 31, 2025 related to options outstanding segregated by exercise price range is as follows (shares in thousands):
Exercise Price Range
$12.71 to
$17.05
$17.06 to
$27.00
$27.01 to
$41.90
Options outstanding1,081 792 836 
Weighted-average exercise price of options outstanding$15.97 $23.04 $33.29 
Weighted-average remaining contractual life of options outstanding6.43.73.2
Options exercisable750 791 836 
Weighted-average exercise price of options exercisable$15.83 $23.05 $33.29 
The intrinsic value of options outstanding at December 31, 2025 was $405 and the intrinsic value of options exercisable at December 31, 2025 was $405. The intrinsic value of options exercised was $5, $725 and $171 during fiscal 2025, fiscal 2024 and fiscal 2023, respectively. As of December 31, 2025, total remaining unearned compensation cost related to stock options was $638, which will be amortized to expense over the remaining weighted-average life of 1.09 years.
Restricted Stock
Awarded shares of restricted stock cumulatively vest either 25% after three years of the grant date, 50% after five years of the grant date, 75% after ten years of the grant date and 100% upon retirement, or 50% after two years of the grant date and 100% after four years of the grant date, or 50% after two years of the grant date and 100% after three years of the grant date, depending on the date of grant. A special long-term incentive and retention award of restricted stock with a vesting period of 100% after four years of the grant date, or upon retirement after three years of the grant date, was awarded to certain executives in fiscal 2024. The restricted stock may not be sold, transferred, pledged or assigned, except as provided by the vesting schedule included in the Company’s equity incentive plan. During the period of restriction, the holder of the restricted stock has voting rights and is entitled to receive all dividends and other distributions paid with respect to the stock. Restricted stock awards may be issued from previously acquired treasury shares. The Company expenses the cost of restricted stock awards over the vesting period based on the fair value of the award at the date of grant.
A summary of the Company’s restricted stock activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024December 28, 2023
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period667 $15.54 238 $17.41 212 $21.07 
Granted173 20.33 476 15.18 107 15.68 
Vested(91)16.64 (47)21.37 (81)23.77 
Forfeited— — — — — — 
Outstanding at end of period749 $15.65 667 $15.54 238 $17.41 
As of December 31, 2025, total remaining unearned compensation cost related to restricted stock was $3,652, which will be amortized over the weighted-average remaining service period of 2.2 years.
Restricted Stock Units
Restricted stock units (RSUs) cumulatively vest 50% after two years of the grant date and 100% after three years of the grant date. RSU awards are payable in common stock upon vesting. The Company expenses the cost of RSU awards over the vesting period based on the fair value of the awards at the date of grant.
A summary of the Company’s RSU activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period
47 $14.79 — $— 
Granted35 21.86 52 14.79 
Vested— — (5)14.84 
Forfeited(6)17.24 — — 
Outstanding at end of period
76 $17.83 47 $14.79 
As of December 31, 2025, total remaining unearned compensation cost related to RSUs was $745, which will be amortized over the weighted-average remaining service period of 1.8 years.
Performance Stock Units
Performance stock units (PSUs) vest subject to the Company’s achievement of performance goals expressed in terms of (i) earnings before interest, taxes, depreciation and amortization, or EBITDA, growth rate ranking relative to the Russell 2000 Index with respect to 25% of the total number of performance stock unit awards, and (ii) the Company’s average return on invested capital, or ROIC, ranking relative to the Russell 2000 Index with respect to 75% of the total number of performance stock unit awards. For grants awarded in fiscal 2025, the PSU performance goals relate to the three-year period from fiscal 2025 - 2027. For grants awarded in fiscal 2024, the PSU performance goals relate to the three-year performance period from fiscal 2024-2026. PSU awards are payable at the end of their respective performance period in common stock, and the number of PSUs awarded can range from zero to 150% depending on the Company’s achievement of the relative performance metrics. The grant date fair value of the PSUs was determined based on the Company’s stock price at the time of the grant and the anticipated awards expected to vest. Compensation expense is recorded ratably over
the three year performance period based on the amount of the award that is expected to be earned, adjusted each reporting period based on current information,
A summary of the Company’s PSU activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period
139 $14.84 — $— 
Granted100 21.86 143 14.84 
Vested— — — — 
Forfeited(6)17.24 (4)14.84 
Outstanding at end of period
233 $17.80 139 $14.84 
As of December 31, 2025, total remaining unearned compensation cost related to PSUs was $2,223, which will be amortized over the weighted-average remaining service period of 1.7 years.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
8. Employee Benefit Plans
The Company has a qualified profit-sharing retirement savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. The 401(k) plan is under the trusteeship of management. During fiscal 2024 and fiscal 2023, the first 2% of the matching contribution was made with the Company’s common stock. Retirement savings plan expense was $2,715, $2,326 and $2,179 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans, which are under the trusteeship of management. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit.
The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income.
The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 31, 2025 and December 26, 2024 measurement dates is as follows:
December 31,
2025		December 26,
2024
Change in benefit obligation:  
Benefit obligation at beginning of period$34,983 $36,349 
Service cost201 248 
Interest cost1,854 1,778 
Actuarial gain(251)(1,627)
Benefits paid(1,904)(1,765)
Benefit obligation at end of year$34,883 $34,983 
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)$(2,277)$(2,315)
Noncurrent accrued benefit liability (included in Other long-term obligations)(32,606)(32,668)
Total$(34,883)$(34,983)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss$126 $377 
Prior service credit(110)(132)
Total$16 $245 
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Net periodic pension cost:   
Service cost$201 $248 $487 
Interest cost1,854 1,778 1,811 
Net amortization of prior service cost and actuarial loss(23)(64)(64)
$2,032 $1,962 $2,234 
The $12 loss, net of tax, included in accumulated other comprehensive loss at December 31, 2025, consists of the $93 net actuarial loss, net of tax, and the $81 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $181 loss, net of tax, included in accumulated other comprehensive loss at December 26, 2024, consists of the $279 net actuarial loss, net of tax, and the $98 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost.
The accumulated benefit obligation was $34,686 and $34,480 as of December 31, 2025 and December 26, 2024, respectively.
The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:
Year Ended
December 31, 2025December 26, 2024
Net actuarial gain$(251)(1,627)
Amortization of the prior year service credit2364
Total$(228)(1,563)
The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:
December 31, 2025December 26, 2024
Discount rate
5.50%
5.45%
Rate of compensation increase
4.00%
4.00%
The weighted-average assumptions used to determine net periodic benefit cost were as follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Discount rate
5.45%
5.00%
5.05%
Rate of compensation increase
4.00%
4.00%
4.00%
Benefit payments expected to be paid subsequent to December 31, 2025, are as follows:
Fiscal Year
2026$2,339 
20272,363 
20282,620 
20293,280 
20303,312 
Years 2031 – 203515,523 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
9. Income Taxes
The components of the net deferred tax liability are as follows:
December 31, 2025December 26, 2024
Deferred tax assets
Accrued employee benefits$13,230 $13,171 
Operating lease liabilities43,116 47,121 
Gift card liabilities5,701 6,030 
Net operating loss, disallowed interest & tax credit carryforwards23,150 18,784 
Other135 130 
Total85,332 85,236 
Less valuation allowance(3,594)(3,583)
Deferred tax assets81,738 81,653 
Deferred tax liabilities
Depreciation and amortization(69,102)(68,767)
Operating lease assets(37,092)(41,549)
Deferred tax liabilities(106,194)(110,316)
Net deferred tax liability$(24,456)$(28,663)
Amounts recognized in the consolidated balance sheets consist of:
Deferred income taxes - other assets$6,449 $3,956 
Deferred income taxes - liabilities(30,905)(32,619)
Net amount recognized$(24,456)$(28,663)
As of December 31, 2025 and December 26, 2024, the Company had federal tax credit carryforwards of $9,067 and $3,010, respectively, and state tax credit carryforwards of $3,500 and $0, respectively. In fiscal 2025, the Company generated federal and state historic rehabilitation credits of $5,233 and $3,500, respectively, related to the renovation of the Hilton Milwaukee. In January 2026, the Company entered into a contract to sell the $3,500 state historic rehabilitation credits for $2,975 and recorded a valuation allowance of $525.
As of December 31, 2025 and December 26, 2024, the Company had state net operating loss carryforwards of $188,849 and $200,279, respectively, which will expire primarily in the next 12 to 20 years. As of December 26, 2024, the valuation allowance for a portion of the Company’s state net operating loss carryforwards that were not more likely than not to be realized was $3,583. In fiscal 2025, the Company decreased the valuation allowance for state net operating loss carryforwards by $513 to $3,070. The amount of the state net operating loss carryforwards considered realizable could be adjusted if, among other factors, estimates of future taxable income during the carryforward periods are reduced or increased.
Income tax expense (benefit) consists of the following:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Current:   
Federal$95 $846 $603 
State187 713 692 
Deferred:
Federal(1,759)2,833 3,900 
State(2,507)(6,814)1,661 
$(3,984)$(2,422)$6,856 
The Company’s effective income tax rate was (45.8)%, 23.7% and 31.7% for fiscal 2025, fiscal 2024 and fiscal 2023, respectively. A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
AmountPercentAmountPercentAmountPercent
U.S. federal statutory tax rate$1,828 21.0 %$(2,144)21.0 %$4,547 21.0 %
State income taxes, net of federal income tax effect(1)
   State income taxes926 10.6 753 (7.4)2,472 11.4 
   State valuation allowances(406)(4.7)(6,126)60.0 (817)(3.8)
   State historic rehabilitation credits, net of valuation allowance(2,350)(27.0)— — — — 
Effect of changes in tax laws— — — — — — 
Tax credits
   Employment-related tax credits(813)(9.3)(1,301)12.7 (1,207)(5.6)
   Historic rehabilitation credit(5,233)(60.1)— — — — 
Nontaxable or nondeductible items
   Excess tax benefits on share-based compensation191 2.2 334 (3.3)617 2.8 
   Other compensation & benefits1,707 19.6 1,786 (17.5)1,178 5.4 
   Meals & entertainment305 3.5 261 (2.6)229 1.1 
   Debt conversion— — 3,888 (38.1)— — 
   Section 831(b) exclusion - captive insurance(262)(3.0)(283)2.8 (215)(1.0)
   Other adjustments123 1.4 411 (3.9)53 0.2 
Effective tax rate$(3,984)(45.8)%$(2,422)23.7 %$6,856 31.7 %
(1) State taxes in Wisconsin made up the majority of the tax effect in this category in fiscal 2025, fiscal 2024 and fiscal 2023.
The Company's effective income tax rate during fiscal 2025 was positively impacted by the historic rehabilitation credits of $7,583, net of valuation allowance, and by a $406 release of valuation allowances previously recorded against deferred tax
assets for state net operating loss carryforwards (net of federal benefit). The Company has adopted the flow-through method of accounting for these credits. The Company’s effective income tax rate was negatively impacted by excess compensation subject to deduction limitations.
The Company's effective income tax rate during fiscal 2024 was positively impacted by a $7,755 decrease in the valuation allowance for state net operating loss carryforwards, partially offset by a corresponding decrease in the federal benefit on the valuation allowance of $1,629, and was negatively impacted by a nondeductible debt conversion expense resulting from the Convertible Note Repurchases and related termination of the Capped Call Transactions.
Net income taxes paid in fiscal 2025, 2024, and 2023 were $244, $1,428, and $1,776, respectively. Net income taxes paid by jurisdiction is as follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Federal$— $800 $743 
State244628$1,033 
Total$244 $1,428 $1,776 
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Illinois50417448
Minnesota17*90
Missouri4035*
New York13**
Oklahoma**179
Pennsylvania20*58
Texas1007376
    * Jurisdiction below the threshold for the period presented.
The Company had no unrecognized tax benefits as of December 31, 2025, December 26, 2024 and December 28, 2023. The Company had no accrued interest or penalties at December 31, 2025 or December 26, 2024. The Company classifies interest and penalties relating to income taxes as income tax expense. For the years ended December 31, 2025 and December 26, 2024, no interest income or expense was recognized in the consolidated statement of operations, compared $1 of interest expense for the year ended December 28, 2023.
The Company's federal income tax returns for fiscal 2021 and prior are no longer subject to examination. With certain exceptions, the Company's state income tax returns are no longer subject to examination prior to fiscal 2020. At this time, the Company does not expect the results from any income tax audit or appeal to have a significant impact on the Company's financial statements.
v3.25.4
Commitments and License Rights
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and License Rights
10. Commitments and License Rights
Commitments - The Company has commitments for the completion of construction at various properties totaling approximately $5,002 at December 31, 2025.
License Rights – As of December 31, 2025, the Company had license rights to operate two hotels using the Hilton trademark and two hotels using the Marriott trademark. Under the terms of the licenses, the Company is obligated to pay fees based on defined gross sales.
v3.25.4
Joint Venture Transactions
 12 Months Ended
Dec. 31, 2025
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]  
Joint Venture Transactions
11. Joint Venture Transactions
At December 31, 2025 and December 26, 2024, the Company held investments with aggregate carrying values of $4,486 and $5,166, respectively. Investments at December 31, 2025 and at December 26, 2024 included two joint ventures, both accounted for under the equity method.
In March 2024, the Company formed a joint venture with Hempel Real Estate (“Hempel”) and Robinson Park (“RP”) to acquire the Loews Minneapolis Hotel, a 248 guest room and suite full-service lifestyle hotel located in downtown Minneapolis, Minnesota. The acquired hotel was rebranded as The Lofton Hotel (“Lofton”) under the Tapestry Collection by Hilton flag. The Company invested $5,620 for a 33.3% equity interest in the Lofton joint venture and entered into a management agreement for the hotel. Subsequent to its initial investment in the joint venture, the Company sold an 8.6% interest to a minority investor for $1,500, reducing its equity interest in the Lofton joint venture to 24.7%. The Company accounts for its investment in the Lofton joint venture on the equity method.
A wholly-owned subsidiary of the Lofton joint venture entity, as the borrower, financed the acquisition of and future improvements to the hotel with a mortgage loan. In connection with this mortgage loan, the Company provided an environmental indemnity and a several payment guaranty that provides that the lender can recover losses from the Company, a principal in Hempel, and a principal in RP for certain events of default of the borrower up to $6,200 for the Company. Under the terms of a cross-indemnity agreement among the guarantors, the other two guarantors have fully indemnified the Company under the guarantees for any losses in excess of its proportionate liability under the several payment guaranty and environmental indemnity.
In December 2021, the Company formed a joint venture with Searchlight Capital Partners (“Searchlight”) to acquire the Kimpton Hotel Monaco Pittsburgh (“Monaco”), a 248-room upper upscale hotel in downtown Pittsburgh, Pennsylvania. The Company has a 10% equity interest in the Monaco joint venture and has a management agreement with the hotel. The Monaco joint venture entity, as the borrower, financed the acquisition of Monaco with a non-recourse mortgage loan. In connection with this mortgage loan, the Company provided an environmental indemnity and a “bad boy” guaranty that provides that the lender can recover losses from the Company for certain bad acts of the Monaco joint venture, such as but not limited to fraud, intentional misrepresentation, voluntary incurrence of prohibited debt, prohibited transfers of the collateral, and voluntary bankruptcy of the Monaco joint venture. Under the terms of the Monaco joint venture operating agreement, Searchlight has fully indemnified the Company under the “bad boy” guarantees for any losses other than those attributable to the Company’s own bad acts and has indemnified the Company to its proportionate liability under the environmental liability.
v3.25.4
Business Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information
12. Business Segment Information
The Company’s primary operations are reported in the following two business segments: movie theatres and hotels and resorts. The Marcus Corporation’s chief operating decision maker (CODM) is the Company’s Chief Executive Officer. The measure of segment profit and loss the CODM uses to evaluate performance is operating income of each segment. The CODM uses this measure to evaluate trends and assess segment operating performance as compared to budget, historical periods, the industries each segment operates in and their competition in order to determine how to allocate resources to each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.
Following is a summary of business segment information for fiscal 2025, fiscal 2024 and fiscal 2023:
TheatresHotels/ResortsTotal
Fiscal 2025
Total Revenues$462,741 $295,269 $758,010 
Less: Costs and expenses
Theatre operations234,680 — 234,680 
Rooms— 43,624 43,624 
Theatre concessions82,169 — 82,169 
Food and beverage— 63,900 63,900 
Advertising and marketing6,752 19,080 25,832 
Administrative23,763 44,201 67,964 
Depreciation and amortization41,755 26,873 68,628 
Rent22,946 1,875 24,821 
Property taxes10,561 5,479 16,040 
Impairment charges5,172 — 5,172 
Reimbursed costs3,051 37,649 40,700 
Other segment items (2)
2,455 38,172 40,627 
Total costs and expenses433,304 280,853 714,157 
Operating income $29,437 $14,416 $43,853 
Investment income878 
Interest expense(11,472)
Other income (expense), net2,848 
Equity losses from unconsolidated joint ventures, net(611)
Corporate items (1)
(26,789)
Net earnings before income taxes$8,707 
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$1,015 $1,153 $5,334 $7,502 
Assets606,256 333,922 74,354 1,014,532 
Capital expenditures28,351 51,893 2,967 83,211 
TheatresHotels/ResortsTotal
Fiscal 2024
Total Revenues$447,723 $287,506 $735,229 
Less: Costs and expenses
Theatre operations225,472 — 225,472 
Rooms— 43,425 43,425 
Theatre concessions78,406 — 78,406 
Food and beverage— 60,419 60,419 
Advertising and marketing5,485 18,903 24,388 
Administrative23,304 42,540 65,844 
Depreciation and amortization45,352 21,917 67,269 
Rent23,551 1,899 25,450 
Property taxes9,607 5,029 14,636 
Impairment charges6,823 — 6,823 
Reimbursed costs1,314 39,160 40,474 
Other segment items (2)
6,262 35,737 41,999 
Total costs and expenses425,576 269,029 694,605 
Operating income$22,147 $18,477 $40,624 
Investment income2,231 
Interest expense(10,972)
Other income (expense), net(1,513)
Debt conversion expense(15,521)
Equity losses from unconsolidated joint ventures, net(604)
Corporate items (1)
(24,454)
Net loss before income taxes$(10,209)
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$932 $1,053 $6,221 $8,206 
Assets643,488 310,856 90,184 1,044,528 
Capital expenditures20,961 48,930 9,319 79,210 
TheatresHotels/ResortsTotal
Fiscal 2023
Total Revenues$458,394 $270,835 $729,229 
Less: Costs and expenses
Theatre operations230,770 — 230,770 
Rooms— 41,071 41,071 
Theatre concessions75,903 — 75,903 
Food and beverage— 57,871 57,871 
Advertising and marketing4,277 18,362 22,639 
Administrative23,609 35,423 59,032 
Depreciation and amortization48,378 18,569 66,947 
Rent23,952 1,801 25,753 
Property taxes12,253 5,583 17,836 
Impairment charges1,061 — 1,061 
Reimbursed costs— 37,420 37,420 
Other segment items (2)
2,015 37,222 39,237 
Total costs and expenses422,218 253,322 675,540 
Operating income $36,176 $17,513 $53,689 
Investment income2,426 
Interest expense(12,721)
Other income (expense), net(1,832)
Equity losses from unconsolidated joint ventures, net(149)
Corporate items (1)
(19,763)
Net earnings before income taxes$21,650 
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$900 $979 $4,515 $6,394 
Assets696,128 280,568 88,407 1,065,103 
Capital expenditures15,131 22,890 753 38,774 
(1) Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, furniture, fixtures and equipment, investments and land held for development.
(2) Other segment items includes losses or gains on disposition of property, equipment and other assets, preopening expenses, and other operating expenses.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
In addition to our Cybersecurity Committee, an information security operations team is in place, which monitors the environment for cybersecurity incidents on a continuous basis. We have also established incident response plans to assess and manage cybersecurity incidents. These plans, which are tested at least annually, include escalation procedures based on the nature and severity of the incident. The most critical incidents, which could be material to the company, are escalated to the Cybersecurity Committee. The Cybersecurity Committee, in coordination with internal and external advisors and legal counsel, is responsible for determining the materiality of cybersecurity incidents and coordinating any necessary disclosures. A materiality decision framework, which includes both quantitative and qualitative factors, is in place to guide the materiality decision. Critical cybersecurity incidents which are determined to be material are escalated to the Audit Committee, and when appropriate, to the Board of Directors.
We provide regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective knowledge, tools, and awareness to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. The personnel training occurs at the time of hiring and at least once annually thereafter. The Cybersecurity Committee, along with other members of executive management, practices the incident response process through an annual tabletop exercise facilitated by external consultants.
We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing, disaster recovery testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and the Board of Directors, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.
A third-party risk management program is in place to address the risks posed by third parties. Through this program, the company evaluates the type of data that is shared with the third party and gains an understanding of the third party’s cybersecurity risk profile. Higher risk third parties complete a vendor security self-assessment designed to provide a deeper level of understanding of the third party’s risks and controls. Based on the results of this assessment, the entity may be added to our third-party monitoring solution, which provides updates and alerts related to the company’s externally facing security posture.
Cybersecurity Threats
Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to affect the company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity Governance
We are committed to protecting our intellectual property, customer and employee data, and the information technology systems critical to keeping our customers, employees, contractors and others aligned and allowing our operations to function properly. Our Board of Directors and its committees are involved on an ongoing basis in the oversight of our material enterprise-related risks, including cybersecurity risks. Our processes for oversight of cybersecurity-related risks are fully integrated into our overall enterprise risk management program, which is led by our General Counsel. We assign a member of our executive management team to report material information to our Board of Directors regarding each of our most significant enterprise risks. We have identified a separate risk for enterprise cybersecurity. The Audit Committee, in consultation with the Chief Information Officer, provides primary oversight for cybersecurity risk for the company.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors and its committees are involved on an ongoing basis in the oversight of our material enterprise-related risks, including cybersecurity risks. Our processes for oversight of cybersecurity-related risks are fully integrated into our overall enterprise risk management program, which is led by our General Counsel.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The information security operations team within our information technology function reports to our Chief Information Officer, who regularly updates our Board of Directors and the Audit Committee. The function is governed by various policies on different aspects of cybersecurity. Our Board of Directors and the Audit Committee, as applicable, then reviews such information, including management’s proposed mitigation strategies and plans, to monitor our progress on mitigating the risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The information security operations team within our information technology function reports to our Chief Information Officer, who regularly updates our Board of Directors and the Audit Committee. The function is governed by various policies on different aspects of cybersecurity. Our Board of Directors and the Audit Committee, as applicable, then reviews such information, including management’s proposed mitigation strategies and plans, to monitor our progress on mitigating the risks.
Our Chief Information Officer and General Counsel meet regularly with the Board of Directors and its committees to review relevant areas including:
•Key metrics of the information security/cybersecurity program;
•The purchase of cybersecurity risk insurance to mitigate exposure to the company;
•Monitoring and testing of backup and disaster recovery process;
•Cybersecurity incident response and remediation procedures; and
•Metrics of the company’s training and compliance program on information security and awareness of cyber risk.
In addition, we have a management Cybersecurity Committee, which functions as a steering committee, to provide oversight and strategic direction for the cybersecurity program. The Cybersecurity Committee is comprised of our Chief Information Officer & Theatres Chief Information Technology Officer (“CIO”), Hotels Chief Information Technology Officer, Vice President of Information Security, General Counsel, and Chief Financial Officer. The Cybersecurity Committee meets quarterly to review the cybersecurity program, including risks and the status of key initiatives.
Cybersecurity Risk Role of Management [Text Block]
The information security operations team within our information technology function reports to our Chief Information Officer, who regularly updates our Board of Directors and the Audit Committee. The function is governed by various policies on different aspects of cybersecurity. Our Board of Directors and the Audit Committee, as applicable, then reviews such information, including management’s proposed mitigation strategies and plans, to monitor our progress on mitigating the risks.
Our Chief Information Officer and General Counsel meet regularly with the Board of Directors and its committees to review relevant areas including:
•Key metrics of the information security/cybersecurity program;
•The purchase of cybersecurity risk insurance to mitigate exposure to the company;
•Monitoring and testing of backup and disaster recovery process;
•Cybersecurity incident response and remediation procedures; and
•Metrics of the company’s training and compliance program on information security and awareness of cyber risk.
In addition, we have a management Cybersecurity Committee, which functions as a steering committee, to provide oversight and strategic direction for the cybersecurity program. The Cybersecurity Committee is comprised of our Chief Information Officer & Theatres Chief Information Technology Officer (“CIO”), Hotels Chief Information Technology Officer, Vice President of Information Security, General Counsel, and Chief Financial Officer. The Cybersecurity Committee meets quarterly to review the cybersecurity program, including risks and the status of key initiatives.
Our CIO has served in various roles in information technology for over 35 years. Our Hotels Chief Information Technology Officer holds an undergraduate degree in business administration and a master’s degree in management of information systems and has served in various roles in information technology for over 30 years. Our Vice President of Information Security has served in various roles in information technology and information security for over 15 years. Our General Counsel and Chief Financial Officer each holds undergraduate and graduate degrees in their respective field, and each has significant experience managing risks at the company and at similar companies, including risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The information security operations team within our information technology function reports to our Chief Information Officer, who regularly updates our Board of Directors and the Audit Committee. The function is governed by various policies on different aspects of cybersecurity. Our Board of Directors and the Audit Committee, as applicable, then reviews such information, including management’s proposed mitigation strategies and plans, to monitor our progress on mitigating the risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CIO has served in various roles in information technology for over 35 years. Our Hotels Chief Information Technology Officer holds an undergraduate degree in business administration and a master’s degree in management of information systems and has served in various roles in information technology for over 30 years. Our Vice President of Information Security has served in various roles in information technology and information security for over 15 years. Our General Counsel and Chief Financial Officer each holds undergraduate and graduate degrees in their respective field, and each has significant experience managing risks at the company and at similar companies, including risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] We assign a member of our executive management team to report material information to our Board of Directors regarding each of our most significant enterprise risks. We have identified a separate risk for enterprise cybersecurity. The Audit Committee, in consultation with the Chief Information Officer, provides primary oversight for cybersecurity risk for the company.
The information security operations team within our information technology function reports to our Chief Information Officer, who regularly updates our Board of Directors and the Audit Committee. The function is governed by various policies on different aspects of cybersecurity. Our Board of Directors and the Audit Committee, as applicable, then reviews such information, including management’s proposed mitigation strategies and plans, to monitor our progress on mitigating the risks.
Our Chief Information Officer and General Counsel meet regularly with the Board of Directors and its committees to review relevant areas including:
•Key metrics of the information security/cybersecurity program;
•The purchase of cybersecurity risk insurance to mitigate exposure to the company;
•Monitoring and testing of backup and disaster recovery process;
•Cybersecurity incident response and remediation procedures; and
•Metrics of the company’s training and compliance program on information security and awareness of cyber risk.
In addition, we have a management Cybersecurity Committee, which functions as a steering committee, to provide oversight and strategic direction for the cybersecurity program. The Cybersecurity Committee is comprised of our Chief Information Officer & Theatres Chief Information Technology Officer (“CIO”), Hotels Chief Information Technology Officer, Vice President of Information Security, General Counsel, and Chief Financial Officer. The Cybersecurity Committee meets quarterly to review the cybersecurity program, including risks and the status of key initiatives.
Our CIO has served in various roles in information technology for over 35 years. Our Hotels Chief Information Technology Officer holds an undergraduate degree in business administration and a master’s degree in management of information systems and has served in various roles in information technology for over 30 years. Our Vice President of Information Security has served in various roles in information technology and information security for over 15 years. Our General Counsel and Chief Financial Officer each holds undergraduate and graduate degrees in their respective field, and each has significant experience managing risks at the company and at similar companies, including risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of Business
Description of Business - The Marcus Corporation and its subsidiaries (the “Company”) operate principally in two business segments:
Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia and a family entertainment center in Wisconsin.
Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Illinois, Minnesota, Iowa, Nevada, Pennsylvania, California and Nebraska.
Principles of Consolidation
Principles of Consolidation - The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries.
Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method.
All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents
Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Amounts due from third-party credit card processors for the settlement of debit and credit card transactions are included in cash equivalents as they are generally collected within three business days. Cash equivalents are carried at cost, which approximates fair value.
Restricted Cash
Restricted Cash - Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves and may include amounts held by a qualified intermediary agent to be used for tax-deferred, like-kind exchange transactions. Restricted cash also includes funds held within the Company's captive insurance entity that are designated to pay expenses related specifically to the captive.
Fair Value Measurements
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.
The Company’s assets and liabilities measured at fair value are classified in one of the following categories:
Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 31, 2025 and December 26, 2024, respectively, the Company’s $0 and $8,142 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 31, 2025 and December 26, 2024, the Company had investments in money market funds of $10,000 and $19,002, respectively, that were valued using Level 1 pricing inputs and were included in cash and cash equivalents.
Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At each of December 31, 2025 and December 26, 2024, none of the Company’s recorded assets or liabilities were measured using Level 2 pricing inputs.
Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At each of December 31, 2025 and December 26, 2024, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. Assets and liabilities that are measured on a non-recurring basis are discussed in Note 3.
The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $150,000 of senior notes, valued using Level 2 pricing inputs, is approximately $155,046 at December 31, 2025, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs.
Accounts Receivable
Accounts Receivable - The Company evaluates the collectability of its accounts receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice.
Inventory
Inventory - Inventories, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $7,028 and $6,971 as of December 31, 2025 and December 26, 2024, respectively, were included in other current assets.
Assets Held for Sale
Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of December 31, 2025, there were no assets held for sale. As of December 26, 2024, assets held for sale consisted primarily of land.
Property and Equipment
Property and Equipment - The Company records property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Included in property and equipment are assets related to finance leases. These assets are depreciated over the shorter of the estimated useful lives or related lease terms.
Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms:
Years
Land improvements
10 - 20
Buildings and improvements
12 - 39
Leasehold improvements
3 - 40
Furniture, fixtures and equipment
2 - 20
Finance lease right-of-use assets
4 - 15
Depreciation expense totaled $70,050, $67,964 and $67,269 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Long-Lived Assets
Long-Lived Assets - The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During fiscal 2025, fiscal 2024, and fiscal 2023, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded impairment charges as discussed in Note 3.
Acquisition
Acquisition - The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill.
Goodwill
Goodwill - The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than its carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value.
During fiscal 2025 and fiscal 2024, the Company performed a quantitative analysis for its annual goodwill impairment test as of October 1, 2025 and September 27, 2024, respectively. In order to determine fair value, the Company used assumptions based on information available to it as of the date of the quantitative test, including both market data and forecasted cash flows (Level 3 pricing inputs). The Company determined that the fair value of its goodwill was greater than its carrying value and deemed that no impairment was indicated in either fiscal 2025 or fiscal 2024. At December 31, 2025 and December 26, 2024, the Company’s goodwill balance was $74,996.
Trade Name Intangible Asset
Trade Name Intangible Asset – During fiscal 2025, the Company reclassified the Movie Tavern tradename, with a carrying value of $6,900, from an indefinite-lived intangible asset to a definite-lived intangible asset. The change was primarily driven by strategic branding decisions. Prior to the reclassification, the Company tested the tradename for impairment in accordance with U.S generally accepted accounting principles for indefinite-lived intangible assets and concluded that the carrying value was less than its estimated fair value. Following the reclassification, the Company began
amortizing the tradename on a straight-line basis over an estimated useful life of 15 years. Future amortization expense is expected to be $460 each year over the remaining useful life of the asset.
Capitalization of Interest
Capitalization of Interest - The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $544, $195 and $43 was capitalized in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Debt Issuance Costs
Debt Issuance Costs - The Company records debt issuance costs on long-term debt as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility are included in other long-term assets. Debt issuance costs are deferred and amortized over the term of the related debt agreements. Amortization of debt issuance costs totaled $604, $1,080 and $1,467 for fiscal 2025, fiscal 2024 and fiscal 2023, respectively, and were included in interest expense on the consolidated statements of operations.
Leases Leases - The Company follows Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases, (Accounting Standards Codification (ASC) 842), when accounting for leases.
The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to accounting guidance ASC 842. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The exercise of lease renewal options is done at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and related right-of-use asset and lease liability. The depreciable life of the asset is limited to the expected term. The Company’s lease agreements do not contain any residual value guarantees or any restrictions or covenants.
Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Investments
Investments – The Company has investments in debt and equity securities. These securities are stated at fair value based on listed market prices, where available, with the change in fair value recorded as investment income or loss within the consolidated statements of operations. The cost of securities sold is based upon the specific identification method.
Revenue Recognition Revenue Recognition - The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers.
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance of obligations by transferring the promised services to the customer. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains
control over the promised service. The amount of revenue recognized reflects the consideration entitled to in exchange for those services.
Advertising and Marketing Costs
Advertising and Marketing Costs - The Company expenses all advertising and marketing costs as incurred.
Insurance Reserves
Insurance Reserves - The Company uses a combination of insurance and self insurance mechanisms, including participation in captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors.
Income Taxes
Income Taxes - The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made.
The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements.
Earnings (Loss) Per Share
Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units, performance stock units and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion
of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares.
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
December 31, 2025December 26, 2024
Net unrecognized actuarial loss for pension obligation$(12)$(181)
$(12)$(181)
New Accounting Pronouncements
New Accounting Pronouncements In fiscal 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740: Improvements to Income Tax Disclosures (ASU No. 2023-09), which requires improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. The annual requirements of ASU No. 2023-09 are included in the Company’s Income Taxes footnote (Note 10) and prior year information has been recast to conform to the current year presentation. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements.
On November 4, 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities. ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 is effective for the Company in fiscal 2027. The Company is evaluating the effect the guidance will have on its consolidated financial statement disclosures.
On September 18, 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-50): Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU No. 2025-06 also supersedes the current website development costs guidance and incorporates the recognition requirements for website-specific development costs from ASC 350-50 into ASC 350-40. ASU 2025-06 is effective for the Company in fiscal 2028. The Company is evaluating the effect the guidance will have on its consolidated financial statements.
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule Of Depreciation And Amortization Of Property And Equipment
Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms:
Years
Land improvements
10 - 20
Buildings and improvements
12 - 39
Leasehold improvements
3 - 40
Furniture, fixtures and equipment
2 - 20
Finance lease right-of-use assets
4 - 15
Schedule of Earnings Per Share, Basic and Diluted
The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share, provides a reconciliation of the number of weighted-average basic and diluted shares outstanding, when applicable, and provides the weighted-average number of anti-dilutive shares excluded from the computation of diluted weighted-average shared outstanding:
Year Ended
December 31,
2025		December 26,
2024		December 28,
2023
Net earnings (loss) per share – Basic:
Common Stock$0.42 $(0.25)$0.48 
Class B Common Stock$0.38 $(0.23)$0.43 
Net earnings (loss) per share- Diluted:
Common Stock$0.41 $(0.25)$0.46 
Class B Common Stock$0.38 $(0.23)$0.43 
Numerator:
Net earnings (loss) attributable to The Marcus Corporation$12,691 $(7,787)$14,794 
Denominator (in thousands):
Denominator for basic EPS31,158 31,887 31,658 
Effect of dilutive employee stock options46 — 44 
Effect of restricted stock units75 — — 
Effect of convertible senior notes— — 9,287 
Diluted weighted-average shares outstanding31,279 31,887 40,989 
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options2,069 2,776 2,933 
Restricted stock units— 48 — 
Performance stock units224141 — 
Total2,293 2,965 2,933 
Schedule of Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
December 31, 2025December 26, 2024
Net unrecognized actuarial loss for pension obligation$(12)$(181)
$(12)$(181)
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The disaggregation of revenues by business segment for fiscal 2025, fiscal 2024 and fiscal 2023 is as follows:
Fiscal 2025
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$220,385 $— $— $220,385 
Rooms— 114,544 — 114,544 
Theatre concessions197,856 — — 197,856 
Food and beverage— 84,410 — 84,410 
Other revenues(1)
41,449 58,666 448 100,563 
Revenue before cost reimbursements459,690 257,620 448 717,758 
Cost reimbursements3,051 37,649 — 40,700 
Total revenues$462,741 $295,269 $448 $758,458 
Fiscal 2024
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$214,421 $— $— $214,421 
Rooms— 113,344 — 113,344 
Theatre concessions191,989 — — 191,989 
Food and beverage— 78,102 — 78,102 
Other revenues(1)
39,999 56,900 331 97,230 
Revenue before cost reimbursements446,409 248,346 331 695,086 
Cost reimbursements1,314 39,160 — 40,474 
Total revenues$447,723 $287,506 $331 $735,560 
Fiscal 2023
Reportable Segment
TheatresHotels/ResortsCorporateTotal
Theatre admissions$229,186 $— $— $229,186 
Rooms— 106,618 — 106,618 
Theatre concessions197,653 — — 197,653 
Food and beverage— 73,278 — 73,278 
Other revenues(1)
31,555 53,519 346 85,420 
Revenue before cost reimbursements458,394 233,415 346 692,155 
Cost reimbursements— 37,420 — 37,420 
Total revenues$458,394 $270,835 $346 $729,575 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered contract revenue from contracts with customers under ASC 606.
v3.25.4
Additional Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The composition of accounts receivable is as follows:
December 31, 2025December 26, 2024
Trade receivables, net of allowances of $209 and $141, respectively
$6,966 $6,900 
Other receivables12,116 14,557 
$19,082 $21,457 
Schedule of Property, Plant and Equipment
The composition of property and equipment, which is stated at cost, is as follows:
December 31, 2025December 26, 2024
Land and improvements$142,063 $129,991 
Buildings and improvements744,861 736,408 
Leasehold improvements165,646 166,149 
Furniture, fixtures and equipment448,196 424,807 
Finance lease right-of-use assets30,675 29,061 
Construction in progress15,376 15,590 
1,546,817 1,502,006 
Less accumulated depreciation and amortization849,105 816,272 
$697,712 $685,734 
Schedule of Other Assets
The composition of other assets is as follows:
December 31, 2025December 26, 2024
Intangible assets - trade names$6,785 $6,900 
Cash surrender value of insurance policy9,108 8,709 
Other assets8,305 7,723 
$24,198 $23,332 
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is summarized as follows:
December 31, 2025 December 26, 2024
Senior notes$150,000 $160,000 
Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75%
— 78 
Payroll Protection Program loans— 314 
Revolving credit agreement10,000 — 
   Total debt160,000 160,392 
Debt issuance costs(993)(1,252)
   Total debt, net of debt issuance costs159,007 159,140 
Less current maturities, net of issuance costs— 10,133 
Long-term debt$159,007 $149,007 
Schedule of Maturities of Long-term Debt
Scheduled annual principal payments on long-term debt for the years subsequent to December 31, 2025, are as follows:
Fiscal Year 
2026$— 
202762,000 
202827,714 
202917,714 
203017,714 
Thereafter34,858 
$160,000 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease, Cost
Total lease cost consists of the following:
Lease CostClassification
Fiscal 2025
Fiscal 2024
Fiscal 2023
Finance lease costs:
Amortization of finance lease assetsDepreciation and amortization$2,386 $2,274 $2,760 
Interest on lease liabilitiesInterest expense587 664 759 
$2,973 $2,938 $3,519 
Operating lease costs:
Operating lease costsRent expense$23,238 $23,953 $24,126 
Variable lease costRent expense1,812 1,724 1,892 
Short-term lease costRent expense193 234 136 
$25,243 $25,911 $26,154 
Schedule of Other Information Related to Leases
Additional information related to leases is as follows:
Other Information
Fiscal 2025
Fiscal 2024
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$2,742 $2,470 
Operating cash flows from finance leases587 664 
Operating cash flows from operating leases25,552 25,183 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities1,098 232 
Operating lease liabilities, including from acquisitions2,350 3,394 
December 31, 2025December 26, 2024
Finance leases:
Property and equipment – gross$30,675 $29,061 
Accumulated depreciation and amortization(21,350)(19,078)
Property and equipment - net$9,325 $9,983 
Schedule of Lease Term and Discount Rate
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateDecember 31, 2025December 26, 2024
Weighted-average remaining lease terms:
Finance leases5 years6 years
Operating leases10 years11 years
Weighted-average discount rates:
Finance leases
4.76%
4.69%
Operating leases
4.80%
4.79%
Schedule of Maturities of Operating and Finance Leases Liabilities
Maturities of lease liabilities as of December 31, 2025 are as follows:
Fiscal YearOperating Leases Finance Leases
2026$23,709$3,295
202723,7572,337
202822,8722,206
202921,3861,762
203018,6331,002
Thereafter100,8452,160
Total lease payments211,20212,762
Less: amount representing interest(46,006)(1,483)
Total lease liabilities$165,196$11,279
v3.25.4
Shareholders' Equity and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024December 28, 2023
OptionsWeighted-
Average
Exercise
Price		OptionsWeighted-
Average
Exercise
Price		OptionsWeighted-
Average
Exercise
Price
Outstanding at beginning of period2,884 $23.22 3,173 $22.69 2,866 $23.76 
Granted— — — — 525 15.96 
Exercised(2)13.61 (129)15.34 (83)13.05 
Forfeited(173)20.79 (160)18.94 (135)25.11 
Outstanding at end of period2,709 23.38 2,884 23.22 3,173 22.69 
Exercisable at end of period2,377 $24.38 2,125 $25.48 1,989 $25.53 
Weighted-average fair value of options granted during the periodn/a
n/a
$7.86 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range Additional information as of December 31, 2025 related to options outstanding segregated by exercise price range is as follows (shares in thousands):
Exercise Price Range
$12.71 to
$17.05
$17.06 to
$27.00
$27.01 to
$41.90
Options outstanding1,081 792 836 
Weighted-average exercise price of options outstanding$15.97 $23.04 $33.29 
Weighted-average remaining contractual life of options outstanding6.43.73.2
Options exercisable750 791 836 
Weighted-average exercise price of options exercisable$15.83 $23.05 $33.29 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company’s restricted stock activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024December 28, 2023
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period667 $15.54 238 $17.41 212 $21.07 
Granted173 20.33 476 15.18 107 15.68 
Vested(91)16.64 (47)21.37 (81)23.77 
Forfeited— — — — — — 
Outstanding at end of period749 $15.65 667 $15.54 238 $17.41 
A summary of the Company’s RSU activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period
47 $14.79 — $— 
Granted35 21.86 52 14.79 
Vested— — (5)14.84 
Forfeited(6)17.24 — — 
Outstanding at end of period
76 $17.83 47 $14.79 
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity
A summary of the Company’s PSU activity and related information follows (shares in thousands):
Year Ended
December 31, 2025December 26, 2024
SharesWeighted-
Average
Fair
Value		SharesWeighted-
Average
Fair
Value
Outstanding at beginning of period
139 $14.84 — $— 
Granted100 21.86 143 14.84 
Vested— — — — 
Forfeited(6)17.24 (4)14.84 
Outstanding at end of period
233 $17.80 139 $14.84 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Projected Benefit Obligations
The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 31, 2025 and December 26, 2024 measurement dates is as follows:
December 31,
2025		December 26,
2024
Change in benefit obligation:  
Benefit obligation at beginning of period$34,983 $36,349 
Service cost201 248 
Interest cost1,854 1,778 
Actuarial gain(251)(1,627)
Benefits paid(1,904)(1,765)
Benefit obligation at end of year$34,883 $34,983 
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)$(2,277)$(2,315)
Noncurrent accrued benefit liability (included in Other long-term obligations)(32,606)(32,668)
Total$(34,883)$(34,983)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss$126 $377 
Prior service credit(110)(132)
Total$16 $245 
Schedule of Net Periodic Pension Cost
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Net periodic pension cost:   
Service cost$201 $248 $487 
Interest cost1,854 1,778 1,811 
Net amortization of prior service cost and actuarial loss(23)(64)(64)
$2,032 $1,962 $2,234 
Schedule of Pre-tax Change in the Benefit Obligation
The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:
Year Ended
December 31, 2025December 26, 2024
Net actuarial gain$(251)(1,627)
Amortization of the prior year service credit2364
Total$(228)(1,563)
Schedule of Assumptions Used
The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:
December 31, 2025December 26, 2024
Discount rate
5.50%
5.45%
Rate of compensation increase
4.00%
4.00%
The weighted-average assumptions used to determine net periodic benefit cost were as follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Discount rate
5.45%
5.00%
5.05%
Rate of compensation increase
4.00%
4.00%
4.00%
Schedule of Expected Benefit Payments
Benefit payments expected to be paid subsequent to December 31, 2025, are as follows:
Fiscal Year
2026$2,339 
20272,363 
20282,620 
20293,280 
20303,312 
Years 2031 – 203515,523 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax liability are as follows:
December 31, 2025December 26, 2024
Deferred tax assets
Accrued employee benefits$13,230 $13,171 
Operating lease liabilities43,116 47,121 
Gift card liabilities5,701 6,030 
Net operating loss, disallowed interest & tax credit carryforwards23,150 18,784 
Other135 130 
Total85,332 85,236 
Less valuation allowance(3,594)(3,583)
Deferred tax assets81,738 81,653 
Deferred tax liabilities
Depreciation and amortization(69,102)(68,767)
Operating lease assets(37,092)(41,549)
Deferred tax liabilities(106,194)(110,316)
Net deferred tax liability$(24,456)$(28,663)
Amounts recognized in the consolidated balance sheets consist of:
Deferred income taxes - other assets$6,449 $3,956 
Deferred income taxes - liabilities(30,905)(32,619)
Net amount recognized$(24,456)$(28,663)
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) consists of the following:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Current:   
Federal$95 $846 $603 
State187 713 692 
Deferred:
Federal(1,759)2,833 3,900 
State(2,507)(6,814)1,661 
$(3,984)$(2,422)$6,856 
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
AmountPercentAmountPercentAmountPercent
U.S. federal statutory tax rate$1,828 21.0 %$(2,144)21.0 %$4,547 21.0 %
State income taxes, net of federal income tax effect(1)
   State income taxes926 10.6 753 (7.4)2,472 11.4 
   State valuation allowances(406)(4.7)(6,126)60.0 (817)(3.8)
   State historic rehabilitation credits, net of valuation allowance(2,350)(27.0)— — — — 
Effect of changes in tax laws— — — — — — 
Tax credits
   Employment-related tax credits(813)(9.3)(1,301)12.7 (1,207)(5.6)
   Historic rehabilitation credit(5,233)(60.1)— — — — 
Nontaxable or nondeductible items
   Excess tax benefits on share-based compensation191 2.2 334 (3.3)617 2.8 
   Other compensation & benefits1,707 19.6 1,786 (17.5)1,178 5.4 
   Meals & entertainment305 3.5 261 (2.6)229 1.1 
   Debt conversion— — 3,888 (38.1)— — 
   Section 831(b) exclusion - captive insurance(262)(3.0)(283)2.8 (215)(1.0)
   Other adjustments123 1.4 411 (3.9)53 0.2 
Effective tax rate$(3,984)(45.8)%$(2,422)23.7 %$6,856 31.7 %
(1) State taxes in Wisconsin made up the majority of the tax effect in this category in fiscal 2025, fiscal 2024 and fiscal 2023.
Schedule of Net Income Tax Paid Net income taxes paid by jurisdiction is as follows:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Federal$— $800 $743 
State244628$1,033 
Total$244 $1,428 $1,776 
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:
Year Ended
December 31, 2025December 26, 2024December 28, 2023
Illinois50417448
Minnesota17*90
Missouri4035*
New York13**
Oklahoma**179
Pennsylvania20*58
Texas1007376
    * Jurisdiction below the threshold for the period presented.
v3.25.4
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Following is a summary of business segment information for fiscal 2025, fiscal 2024 and fiscal 2023:
TheatresHotels/ResortsTotal
Fiscal 2025
Total Revenues$462,741 $295,269 $758,010 
Less: Costs and expenses
Theatre operations234,680 — 234,680 
Rooms— 43,624 43,624 
Theatre concessions82,169 — 82,169 
Food and beverage— 63,900 63,900 
Advertising and marketing6,752 19,080 25,832 
Administrative23,763 44,201 67,964 
Depreciation and amortization41,755 26,873 68,628 
Rent22,946 1,875 24,821 
Property taxes10,561 5,479 16,040 
Impairment charges5,172 — 5,172 
Reimbursed costs3,051 37,649 40,700 
Other segment items (2)
2,455 38,172 40,627 
Total costs and expenses433,304 280,853 714,157 
Operating income $29,437 $14,416 $43,853 
Investment income878 
Interest expense(11,472)
Other income (expense), net2,848 
Equity losses from unconsolidated joint ventures, net(611)
Corporate items (1)
(26,789)
Net earnings before income taxes$8,707 
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$1,015 $1,153 $5,334 $7,502 
Assets606,256 333,922 74,354 1,014,532 
Capital expenditures28,351 51,893 2,967 83,211 
TheatresHotels/ResortsTotal
Fiscal 2024
Total Revenues$447,723 $287,506 $735,229 
Less: Costs and expenses
Theatre operations225,472 — 225,472 
Rooms— 43,425 43,425 
Theatre concessions78,406 — 78,406 
Food and beverage— 60,419 60,419 
Advertising and marketing5,485 18,903 24,388 
Administrative23,304 42,540 65,844 
Depreciation and amortization45,352 21,917 67,269 
Rent23,551 1,899 25,450 
Property taxes9,607 5,029 14,636 
Impairment charges6,823 — 6,823 
Reimbursed costs1,314 39,160 40,474 
Other segment items (2)
6,262 35,737 41,999 
Total costs and expenses425,576 269,029 694,605 
Operating income$22,147 $18,477 $40,624 
Investment income2,231 
Interest expense(10,972)
Other income (expense), net(1,513)
Debt conversion expense(15,521)
Equity losses from unconsolidated joint ventures, net(604)
Corporate items (1)
(24,454)
Net loss before income taxes$(10,209)
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$932 $1,053 $6,221 $8,206 
Assets643,488 310,856 90,184 1,044,528 
Capital expenditures20,961 48,930 9,319 79,210 
TheatresHotels/ResortsTotal
Fiscal 2023
Total Revenues$458,394 $270,835 $729,229 
Less: Costs and expenses
Theatre operations230,770 — 230,770 
Rooms— 41,071 41,071 
Theatre concessions75,903 — 75,903 
Food and beverage— 57,871 57,871 
Advertising and marketing4,277 18,362 22,639 
Administrative23,609 35,423 59,032 
Depreciation and amortization48,378 18,569 66,947 
Rent23,952 1,801 25,753 
Property taxes12,253 5,583 17,836 
Impairment charges1,061 — 1,061 
Reimbursed costs— 37,420 37,420 
Other segment items (2)
2,015 37,222 39,237 
Total costs and expenses422,218 253,322 675,540 
Operating income $36,176 $17,513 $53,689 
Investment income2,426 
Interest expense(12,721)
Other income (expense), net(1,832)
Equity losses from unconsolidated joint ventures, net(149)
Corporate items (1)
(19,763)
Net earnings before income taxes$21,650 
TheatresHotels/
Resorts
Corporate
Items (1)
Total
Additional Disclosures
Share-based compensation$900 $979 $4,515 $6,394 
Assets696,128 280,568 88,407 1,065,103 
Capital expenditures15,131 22,890 753 38,774 
(1) Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, furniture, fixtures and equipment, investments and land held for development.
(2) Other segment items includes losses or gains on disposition of property, equipment and other assets, preopening expenses, and other operating expenses.
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 26, 2024
USD ($)
Dec. 28, 2023
USD ($)
Summary of Significant Accounting Policies [Line Items]      
Number of operating segments | segment 2    
Period of settlement for debit and credit card transactions 3 days    
Senior notes, noncurrent $ 150,000,000 $ 160,000,000  
Inventory, net 7,028,000 6,971,000  
Assets held for sale 0    
Depreciation 70,050,000 67,964,000 $ 67,269,000
Impairment 0 0  
Goodwill 74,996,000 74,996,000  
Interest costs capitalized 544,000 195,000 43,000
Amortization of debt issuance costs $ 604,000 1,080,000 $ 1,467,000
Class B Common Stock      
Summary of Significant Accounting Policies [Line Items]      
Percentage of cash dividends 110.00%    
Trade Names      
Summary of Significant Accounting Policies [Line Items]      
Finite-lived intangibles $ 6,900,000    
Useful life 15 years    
Expected amortization, annually over remaining useful life $ 460,000    
Level 1      
Summary of Significant Accounting Policies [Line Items]      
Trading securities, fair value 0 8,142,000  
Level 1 | Money Market Funds      
Summary of Significant Accounting Policies [Line Items]      
Investments in money market funds 10,000,000 19,002,000  
Level 2 | Senior Notes      
Summary of Significant Accounting Policies [Line Items]      
Long-term debt, fair value 155,046,000    
Level 2 | Fair Value, Recurring      
Summary of Significant Accounting Policies [Line Items]      
Fair value, asset (liability) 0 0  
Level 3 | Fair Value, Recurring      
Summary of Significant Accounting Policies [Line Items]      
Fair value, asset (liability) $ 0 $ 0  
Maximum | With Significant Influence But Does Not Have Control      
Summary of Significant Accounting Policies [Line Items]      
Ownership percentage 50.00%    
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Schedule of Depreciation and Amortization of Property and Equipment (Details)
Dec. 31, 2025
Land improvements | Minimum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 10 years
Land improvements | Maximum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 20 years
Buildings and improvements | Minimum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 12 years
Buildings and improvements | Maximum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 39 years
Leasehold improvements | Minimum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 3 years
Leasehold improvements | Maximum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 40 years
Furniture, fixtures and equipment | Minimum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 2 years
Furniture, fixtures and equipment | Maximum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 20 years
Finance lease right-of-use assets | Minimum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 4 years
Finance lease right-of-use assets | Maximum  
Summary of Significant Accounting Policies [Line Items]  
Useful life 15 years
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Schedule of Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Numerator:      
Net earnings (loss) attributable to The Marcus Corporation $ 12,691 $ (7,787) $ 14,794
Denominator (in thousands):      
Denominator for basic EPS (in shares) 31,158 31,887 31,658
Effect of dilutive employee stock options (in shares) 46 0 44
Effect of restricted stock units (in shares) 75 0 0
Effect of convertible senior notes (in shares) 0 0 9,287
Diluted weighted-average shares outstanding (in shares) 31,279 31,887 40,989
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):      
Antidilutive securities excluded from computation of earnings per share (in shares) 2,293 2,965 2,933
Employee stock options      
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):      
Antidilutive securities excluded from computation of earnings per share (in shares) 2,069 2,776 2,933
Restricted stock units      
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 48 0
Performance stock units      
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):      
Antidilutive securities excluded from computation of earnings per share (in shares) 224 141 0
Common Stock      
NET EARNINGS (LOSS) PER SHARE – BASIC:      
Net earnings (loss) per share – basic (in dollars per share) $ 0.42 $ (0.25) $ 0.48
Net earnings (loss) per share- Diluted:      
Net earnings (loss) per share – diluted (in dollars per share) 0.41 (0.25) 0.46
Class B Common Stock      
NET EARNINGS (LOSS) PER SHARE – BASIC:      
Net earnings (loss) per share – basic (in dollars per share) 0.38 (0.23) 0.43
Net earnings (loss) per share- Diluted:      
Net earnings (loss) per share – diluted (in dollars per share) $ 0.38 $ (0.23) $ 0.43
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Accounting Policies [Abstract]    
Net unrecognized actuarial loss for pension obligation $ (12) $ (181)
Accumulated other comprehensive loss, net of tax $ (12) $ (181)
v3.25.4
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Revenue Recognition      
Revenue before cost reimbursements $ 717,758 $ 695,086 $ 692,155
Cost reimbursements 40,700 40,474 37,420
Total revenues 758,458 735,560 729,575
Theatre admissions      
Revenue Recognition      
Revenue from contract with customer 220,385 214,421 229,186
Rooms      
Revenue Recognition      
Revenue from contract with customer 114,544 113,344 106,618
Theatre concessions      
Revenue Recognition      
Revenue from contract with customer 197,856 191,989 197,653
Food and beverage      
Revenue Recognition      
Revenue from contract with customer 84,410 78,102 73,278
Other revenues      
Revenue Recognition      
Revenue from contract with customer 100,563 97,230 85,420
Operating Segments      
Revenue Recognition      
Total revenues 758,010 735,229 729,229
Operating Segments | Theatres      
Revenue Recognition      
Revenue before cost reimbursements 459,690 446,409 458,394
Cost reimbursements 3,051 1,314 0
Total revenues 462,741 447,723 458,394
Operating Segments | Hotels/Resorts      
Revenue Recognition      
Revenue before cost reimbursements 257,620 248,346 233,415
Cost reimbursements 37,649 39,160 37,420
Total revenues 295,269 287,506 270,835
Operating Segments | Theatre admissions | Theatres      
Revenue Recognition      
Revenue from contract with customer 220,385 214,421 229,186
Operating Segments | Theatre admissions | Hotels/Resorts      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Operating Segments | Rooms | Theatres      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Operating Segments | Rooms | Hotels/Resorts      
Revenue Recognition      
Revenue from contract with customer 114,544 113,344 106,618
Operating Segments | Theatre concessions | Theatres      
Revenue Recognition      
Revenue from contract with customer 197,856 191,989 197,653
Operating Segments | Theatre concessions | Hotels/Resorts      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Operating Segments | Food and beverage | Theatres      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Operating Segments | Food and beverage | Hotels/Resorts      
Revenue Recognition      
Revenue from contract with customer 84,410 78,102 73,278
Operating Segments | Other revenues | Theatres      
Revenue Recognition      
Revenue from contract with customer 41,449 39,999 31,555
Operating Segments | Other revenues | Hotels/Resorts      
Revenue Recognition      
Revenue from contract with customer 58,666 56,900 53,519
Corporate Items      
Revenue Recognition      
Revenue before cost reimbursements 448 331 346
Cost reimbursements 0 0 0
Total revenues 448 331 346
Corporate Items | Theatre admissions      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Corporate Items | Rooms      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Corporate Items | Theatre concessions      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Corporate Items | Food and beverage      
Revenue Recognition      
Revenue from contract with customer 0 0 0
Corporate Items | Other revenues      
Revenue Recognition      
Revenue from contract with customer $ 448 $ 331 $ 346
v3.25.4
Revenue Recognition - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Revenue Recognition      
Deferred revenue $ 39,475,000 $ 36,353,000 $ 38,034,000
Contract assets 0 0  
Deferred revenue, revenue recognized 21,456,000 $ 22,488,000  
Operating Segments | Theatres      
Revenue Recognition      
Remaining performance obligation related to theatres gift cards 15,005,000    
Operating Segments | Hotels/Resorts      
Revenue Recognition      
Remaining performance obligation related to hotels gift cards 4,831,000    
Advanced Sale of Tickets      
Revenue Recognition      
Remaining performance obligation, amount $ 1,885,000    
Advanced Sale of Tickets and Gift Cards      
Revenue Recognition      
Redeemed revenue from advanced tickets and gift cards sales occurred 2 years    
Gift Cards      
Revenue Recognition      
Redeemed revenue from advanced tickets and gift cards sales occurred 2 years    
v3.25.4
Impairment Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Impairment Charge [Line Items]      
Impairment charges $ 5,172 $ 6,823 $ 1,061
Impaired assets, net 24,872 16,137 6,429
Level 3      
Impairment Charge [Line Items]      
Impairment charges $ 5,172 $ 6,823 $ 1,061
v3.25.4
Additional Balance Sheet Information - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Balance Sheet Related Disclosures [Abstract]    
Trade receivables, net of allowances of $209 and $141, respectively $ 6,966 $ 6,900
Other receivables 12,116 14,557
Accounts receivable, net of reserves 19,082 21,457
Accounts receivable, allowance for credit loss $ 209 $ 141
v3.25.4
Additional Balance Sheet Information - Schedule of Composition of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Business Combination [Line Items]    
Gross property and equipment $ 1,546,817 $ 1,502,006
Less accumulated depreciation and amortization 849,105 816,272
Net property and equipment 697,712 685,734
Land and improvements    
Business Combination [Line Items]    
Gross property and equipment 142,063 129,991
Buildings and improvements    
Business Combination [Line Items]    
Gross property and equipment 744,861 736,408
Leasehold improvements    
Business Combination [Line Items]    
Gross property and equipment 165,646 166,149
Furniture, fixtures and equipment    
Business Combination [Line Items]    
Gross property and equipment 448,196 424,807
Finance lease right-of-use assets    
Business Combination [Line Items]    
Gross property and equipment 30,675 29,061
Construction in progress    
Business Combination [Line Items]    
Gross property and equipment $ 15,376 $ 15,590
v3.25.4
Additional Balance Sheet Information - Schedule of Composition of Other Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Balance Sheet Related Disclosures [Abstract]    
Intangible assets - trade names $ 6,785 $ 6,900
Cash surrender value of insurance policy 9,108 8,709
Other assets 8,305 7,723
Other assets, noncurrent 24,198 $ 23,332
Amortization expense $ 115  
v3.25.4
Long-Term Debt - Schedule of Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Debt Disclosure [Abstract]    
Principal and interest payments $ 39,000  
Interest rate of unsecured term note (as percent) 5.75%  
Senior notes $ 150,000,000 $ 160,000,000
Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75% 0 78,000
Payroll Protection Program loans 0 314,000
Revolving credit agreement 10,000,000 0
Total debt 160,000,000 160,392,000
Debt issuance costs (993,000) (1,252,000)
Total debt, net of debt issuance costs 159,007,000 159,140,000
Less current maturities, net of issuance costs 0 10,133,000
Long-term debt $ 159,007,000 $ 149,007,000
v3.25.4
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Debt Disclosure [Abstract]    
2026 $ 0  
2027 62,000  
2028 27,714  
2029 17,714  
2030 17,714  
Thereafter 34,858  
Total debt $ 160,000 $ 160,392
v3.25.4
Long-Term Debt - Credit Agreement (Details) - USD ($)
 27 Months Ended
Oct. 16, 2023
Dec. 31, 2025
Dec. 26, 2024
Debt Instrument [Line Items]      
Revolving credit agreement   $ 10,000,000 $ 0
Secured Overnight Financing Rate (SOFR) | Term Loan A      
Debt Instrument [Line Items]      
Specified margin (as a percent)   1.75%  
ABR | Term Loan A      
Debt Instrument [Line Items]      
Specified margin (as a percent)   0.75%  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Term of debt 5 years    
Maximum borrowing capacity $ 225,000,000 $ 225,000,000  
Revolving credit agreement   $ 10,000  
Effective interest rate   5.52%  
Remaining borrowing capacity   $ 209,626,000  
Debt leverage ratio not exceed   3.50  
Material acquisition benchmark amount   $ 30,000,000  
Interest coverage ratio   3.00  
Revolving Credit Facility | Minimum      
Debt Instrument [Line Items]      
Facility fee (as a percent)   0.175%  
Revolving Credit Facility | Maximum      
Debt Instrument [Line Items]      
Facility fee (as a percent)   0.275%  
Revolving Credit Facility | Greater of Federal Funds Rate or Overnight Bank Funding Rate      
Debt Instrument [Line Items]      
Specified margin (as a percent)   0.50%  
Revolving Credit Facility | For Full Fiscal Quarter If Material Acquisition Is Consummated      
Debt Instrument [Line Items]      
Debt leverage ratio not exceed   4.00  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Specified margin (as a percent)   0.10%  
Floor   0.00%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Based Upon Net Leverage Ratio      
Debt Instrument [Line Items]      
Specified margin (as a percent)   1.00%  
Floor   1.00%  
Revolving Credit Facility | One-Month Secured Overnight Financing Rate (SOFR) | Based Upon Net Leverage Ratio      
Debt Instrument [Line Items]      
Specified margin (as a percent)   0.10%  
v3.25.4
Long-Term Debt - Senior Notes (Details)
 12 Months Ended
Jul. 09, 2024
USD ($)
Dec. 31, 2025
USD ($)
agreement
Dec. 26, 2024
USD ($)
Debt Instrument [Line Items]      
Senior notes, noncurrent   $ 150,000,000 $ 160,000,000
Note Purchase Agreement      
Debt Instrument [Line Items]      
Senior notes, noncurrent   $ 150,000,000  
Number of agreements | agreement   1  
Note Purchase Agreement | Minimum      
Debt Instrument [Line Items]      
Interest rate   4.32%  
Note Purchase Agreement | Maximum      
Debt Instrument [Line Items]      
Interest rate   7.02%  
Senior Notes      
Debt Instrument [Line Items]      
Number of agreements | agreement   1  
Weighted average interest rate   6.07% 5.94%
Face amount $ 100,000,000    
Proceeds from issuance of debt $ 100,000,000    
Senior Notes | Six Point Eight Nine Percent Series 2024 Senior Notes, Tranche A      
Debt Instrument [Line Items]      
Interest rate 6.89%    
Face amount $ 60,000,000    
Proceeds from issuance of debt $ 60,000,000    
Senior Notes | Seven Pint Zero Two Percent Series 2024 Senior Notes, Tranche B      
Debt Instrument [Line Items]      
Interest rate 7.02%    
Face amount $ 40,000,000    
Proceeds from issuance of debt $ 40,000,000    
v3.25.4
Long-Term Debt - Convertible Senior Notes (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 26, 2024
USD ($)
tranche
Dec. 28, 2023
USD ($)
Sep. 17, 2020
USD ($)
Debt Instrument [Line Items]        
Debt conversion expense $ 0 $ 15,521,000 $ 0  
Capped call unwind   17,641,000    
Capital in Excess of Par        
Debt Instrument [Line Items]        
Capped call unwind   17,641,000    
Convertible Senior Notes due 2025        
Debt Instrument [Line Items]        
Face amount       $ 100,050,000
Interest rate       5.00%
Convertible Senior Notes due 2025 | Convertible Senior Notes Repurchases        
Debt Instrument [Line Items]        
Repurchased face amount   100,050,000    
Repurchased amount   121,828,000    
Debt instrument, repurchase amount, net of cash received   $ 103,547,000    
Debt instrument, number of unwind tranches | tranche   4    
Proceeds from capped call unwinds   $ 18,281,000    
Debt conversion expense   $ 15,521,000    
v3.25.4
Leases - Additional Information (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Deferred rent payments under operating lease $ 450
Minimum  
Lessee, Lease, Description [Line Items]  
Lease terms (in years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease terms (in years) 45 years
v3.25.4
Leases - Schedule of Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Finance lease costs:      
Amortization of finance lease assets $ 2,386 $ 2,274 $ 2,760
Interest on lease liabilities 587 664 759
Total finance lease costs 2,973 2,938 3,519
Operating lease costs:      
Operating lease costs 23,238 23,953 24,126
Variable lease cost 1,812 1,724 1,892
Short-term lease cost 193 234 136
Total operating lease costs $ 25,243 $ 25,911 $ 26,154
v3.25.4
Leases - Schedule of Other Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Financing cash flows from finance leases $ 2,742 $ 2,470 $ 2,527
Operating cash flows from finance leases 587 664  
Operating cash flows from operating leases 25,552 25,183  
Right of use assets obtained in exchange for new lease obligations:      
Finance lease liabilities 1,098 232  
Operating lease liabilities, including from acquisitions $ 2,350 $ 3,394  
v3.25.4
Leases - Schedule of Finance Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Leases [Abstract]    
Property and equipment – gross $ 30,675 $ 29,061
Accumulated depreciation and amortization (21,350) (19,078)
Property and equipment - net $ 9,325 $ 9,983
v3.25.4
Leases - Schedule of Lease Term and Discount Rate (Details)
Dec. 31, 2025
Dec. 26, 2024
Weighted-average remaining lease terms:    
Finance leases 5 years 6 years
Operating leases 10 years 11 years
Weighted-average discount rates:    
Finance leases 4.76% 4.69%
Operating leases 4.80% 4.79%
v3.25.4
Leases - Schedule of Maturities of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Leases  
2026 $ 23,709
2027 23,757
2028 22,872
2029 21,386
2030 18,633
Thereafter 100,845
Total lease payments 211,202
Less: amount representing interest (46,006)
Total lease liabilities 165,196
Finance Leases  
2026 3,295
2027 2,337
2028 2,206
2029 1,762
2030 1,002
Thereafter 2,160
Total lease payments 12,762
Less: amount representing interest (1,483)
Total lease liabilities $ 11,279
v3.25.4
Shareholders' Equity and Share-Based Compensation - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 26, 2024
USD ($)
shares
Dec. 28, 2023
USD ($)
$ / shares
shares
May 07, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vote per share | vote 1      
Number of shares authorized to be repurchased (in shares) | shares 15,687,500      
Stock repurchased during period (in shares) | shares 1,170,249 713,456 94,508  
Remaining number of shares authorized to be repurchased (in shares) | shares 4,544,433      
Share-based compensation expense $ 7,502 $ 8,206 $ 6,394  
Recognized tax benefit on share-based compensation $ 1,877 1,879 1,000  
Weighted-average remaining contractual life of options outstanding 4 years 7 months 6 days      
Weighted-average remaining contractual life of options currently exercisable 4 years 3 months 18 days      
Options outstanding, vested and expected to vest (in shares) | shares 2,709,110      
Options outstanding, vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares $ 23.38      
Options outstanding, vested and expected to vest, intrinsic value $ 405      
Intrinsic value of options outstanding, intrinsic value 405      
Intrinsic value of options exercisable, intrinsic value 405      
Intrinsic value of options exercised 5 $ 725 $ 171  
Remaining unearned compensation cost related to stock options $ 638      
Weighted average grant date fair value of the options granted (in dollars per share) | $ / shares     $ 7.86  
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Remaining weighted-average life 1 year 1 month 2 days      
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price for options outstanding (in dollars per share) | $ / shares $ 12.71      
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price for options outstanding (in dollars per share) | $ / shares $ 41.90      
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Remaining weighted-average life 2 years 2 months 12 days      
Remaining unearned compensation related to non-vested stock $ 3,652      
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Remaining weighted-average life 1 year 9 months 18 days      
Remaining unearned compensation related to non-vested stock $ 745      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Remaining weighted-average life 1 year 8 months 12 days      
Remaining unearned compensation related to non-vested stock $ 2,223      
Performance period 3 years 3 years    
Performance Shares | Earnings Before Interest, Taxes, Depreciation and Amortization Growth Rate        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total number of performance stock unit awards percentage 25.00%      
Performance Shares | Average Return on Invested Capital        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total number of performance stock unit awards percentage 75.00%      
Performance Shares | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of stock awarded based on performance 0.00%      
Performance Shares | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of stock awarded based on performance 150.00%      
After Two Years | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 40.00%      
After Two Years | Option Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 50.00%      
Award non-vesting rights percentage 50.00%      
After Two Years | Option Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award non-vesting rights percentage 50.00%      
After Two Years | Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Sharebased payment award restricted stock units rights percentage 50.00%      
Award vesting period 2 years      
After Three Years | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 60.00%      
Award non-vesting rights percentage 25.00%      
Award vesting period 3 years      
After Three Years | Option Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 75.00%      
Award non-vesting rights percentage 100.00%      
After Three Years | Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Sharebased payment award restricted stock units rights percentage 100.00%      
Award vesting period 3 years      
After Four Years | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 80.00%      
After Four Years | Option Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 100.00%      
Award non-vesting rights percentage 100.00%      
After Four Years | Option Four        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award non-vesting rights percentage 100.00%      
After Five Years | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award options grants in period exercisable percentage 100.00%      
Award non-vesting rights percentage 50.00%      
Award vesting period 5 years      
After Ten Years | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award non-vesting rights percentage 75.00%      
Upon Retirement | Option One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award non-vesting rights percentage 100.00%      
Dividend Reinvestment Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) | shares 250,000      
Remaining number of shares authorized to be repurchased (in shares) | shares 241,158      
Marcus Corporation Omnibus Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) | shares       2,000,000
Shares available for grant (in shares) | shares 1,962,548      
Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of cash dividends 110.00%      
Vote per share | vote 10      
v3.25.4
Shareholders' Equity and Share-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Options      
Outstanding at beginning of period (in shares) 2,884 3,173 2,866
Granted (in shares) 0 0 525
Exercised (in shares) (2) (129) (83)
Forfeited (in shares) (173) (160) (135)
Outstanding at end of period (in shares) 2,709 2,884 3,173
Exercisable at end of period (in shares) 2,377 2,125 1,989
Weighted- Average Exercise Price      
Outstanding at beginning of period (in dollars per shares) $ 23.22 $ 22.69 $ 23.76
Granted (in dollars per share) 0 0 15.96
Exercised (in dollars per share) 13.61 15.34 13.05
Forfeited (in dollars per share) 20.79 18.94 25.11
Outstanding at end of period (in dollars per shares) 23.38 23.22 22.69
Exercisable at end of period (in dollars per share) $ 24.38 $ 25.48 25.53
Weighted-average fair value of options granted during the period (in dollars per share)     $ 7.86
v3.25.4
Shareholders' Equity and Share-Based Compensation - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Dec. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options outstanding (in shares) 2,709 2,884 3,173 2,866
Weighted-average exercise price of options outstanding (in dollars per shares) $ 23.38 $ 23.22 $ 22.69 $ 23.76
Weighted-average remaining contractual life of options outstanding 4 years 7 months 6 days      
Options exercisable (in shares) 2,377 2,125 1,989  
Weighted-average exercise price of options exercisable (in dollars per share) $ 24.38 $ 25.48 $ 25.53  
Exercise Price Range 12.71 to 17.05        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price range, lower range limit (in dollars per share) 12.71      
Exercise price range, upper range limit (in dollars per share) $ 17.05      
Options outstanding (in shares) 1,081      
Weighted-average exercise price of options outstanding (in dollars per shares) $ 15.97      
Weighted-average remaining contractual life of options outstanding 6 years 4 months 24 days      
Options exercisable (in shares) 750      
Weighted-average exercise price of options exercisable (in dollars per share) $ 15.83      
Exercise Price Range 17.06 to 21.84        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price range, lower range limit (in dollars per share) 17.06      
Exercise price range, upper range limit (in dollars per share) $ 27.00      
Options outstanding (in shares) 792      
Weighted-average exercise price of options outstanding (in dollars per shares) $ 23.04      
Weighted-average remaining contractual life of options outstanding 3 years 8 months 12 days      
Options exercisable (in shares) 791      
Weighted-average exercise price of options exercisable (in dollars per share) $ 23.05      
Exercise Price Range 21.85 to 41.90        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price range, lower range limit (in dollars per share) 27.01      
Exercise price range, upper range limit (in dollars per share) $ 41.90      
Options outstanding (in shares) 836      
Weighted-average exercise price of options outstanding (in dollars per shares) $ 33.29      
Weighted-average remaining contractual life of options outstanding 3 years 2 months 12 days      
Options exercisable (in shares) 836      
Weighted-average exercise price of options exercisable (in dollars per share) $ 33.29      
v3.25.4
Shareholders' Equity and Share-Based Compensation - Schedule of Stock Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Restricted Stock      
Shares      
Shares, outstanding at beginning of year (in shares) 667 238 212
Granted (in shares) 173 476 107
Vested (in shares) (91) (47) (81)
Forfeited (in shares) 0 0 0
Shares, outstanding at end of year (in shares) 749 667 238
Weighted- Average Fair Value      
Outstanding at beginning of year (in dollars per share) $ 15.54 $ 17.41 $ 21.07
Granted (in dollars per share) 20.33 15.18 15.68
Vested (in dollars per share) 16.64 21.37 23.77
Forfeited (in dollars per share) 0 0 0
Outstanding at end of year (in dollars per share) $ 15.65 $ 15.54 $ 17.41
Restricted stock units      
Shares      
Shares, outstanding at beginning of year (in shares) 47 0  
Granted (in shares) 35 52  
Vested (in shares) 0 (5)  
Forfeited (in shares) (6) 0  
Shares, outstanding at end of year (in shares) 76 47 0
Weighted- Average Fair Value      
Outstanding at beginning of year (in dollars per share) $ 14.79 $ 0  
Granted (in dollars per share) 21.86 14.79  
Vested (in dollars per share) 0 14.84  
Forfeited (in dollars per share) 17.24 0  
Outstanding at end of year (in dollars per share) $ 17.83 $ 14.79 $ 0
Performance Shares      
Shares      
Shares, outstanding at beginning of year (in shares) 139 0  
Granted (in shares) 100 143  
Vested (in shares) 0 0  
Forfeited (in shares) (6) (4)  
Shares, outstanding at end of year (in shares) 233 139 0
Weighted- Average Fair Value      
Outstanding at beginning of year (in dollars per share) $ 14.84 $ 0  
Granted (in dollars per share) 21.86 14.84  
Vested (in dollars per share) 0 0  
Forfeited (in dollars per share) 17.24 14.84  
Outstanding at end of year (in dollars per share) $ 17.80 $ 14.84 $ 0
v3.25.4
Employee Benefit Plans - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Retirement savings plan expense $ 2,715 $ 2,326 $ 2,179
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income [Extensible Enumeration] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent  
Net unrecognized actuarial loss for pension obligation $ 12 $ 181  
Actuarial loss (251) (1,627)  
Prior service credit 81 98  
Actuarial loss 93 279  
Accumulated benefit obligation $ 34,686 $ 34,480  
Common Stock      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Maximum annual contributions per employee, percent   2.00% 2.00%
For 100% of The First 3%      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Percent of match from employer 100.00%    
Percent of match of employees' gross pay 3.00%    
For 50% of The Next 2%      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Percent of match from employer 50.00%    
Percent of match of employees' gross pay 2.00%    
v3.25.4
Employee Benefit Plans - Schedule of Unfunded Nonqualified, Defined-Benefit and Account-Based Retirement Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Change in benefit obligation:      
Benefit obligation at beginning of period $ 34,983 $ 36,349  
Service cost 201 248 $ 487
Interest cost 1,854 1,778 1,811
Actuarial gain (251) (1,627)  
Benefits paid (1,904) (1,765)  
Benefit obligation at end of year 34,883 34,983 $ 36,349
Amounts recognized in the statement of financial position consist of:      
Current accrued benefit liability (included in Other accrued liabilities) (2,277) (2,315)  
Noncurrent accrued benefit liability (included in Other long-term obligations) (32,606) (32,668)  
Total (34,883) (34,983)  
Amounts recognized in accumulated other comprehensive loss consist of:      
Net actuarial loss 126 377  
Prior service credit (110) (132)  
Total $ 16 $ 245  
v3.25.4
Employee Benefit Plans - Schedule of Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Net periodic pension cost:      
Service cost $ 201 $ 248 $ 487
Interest cost 1,854 1,778 1,811
Net amortization of prior service cost and actuarial loss (23) (64) (64)
Total $ 2,032 $ 1,962 $ 2,234
v3.25.4
Employee Benefit Plans - Schedule of Pre-Tax Change in the Benefit Obligation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Net actuarial gain $ (251) $ (1,627)
Amortization of the prior year service credit 23 64
Total $ (228) $ (1,563)
v3.25.4
Employee Benefit Plans - Schedule of Weighted-Average Assumptions Used to Determine the Benefit Obligations (Details)
Dec. 31, 2025
Dec. 26, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Discount rate 5.50% 5.45%
Rate of compensation increase 4.00% 4.00%
v3.25.4
Employee Benefit Plans - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]      
Discount rate 5.45% 5.00% 5.05%
Rate of compensation increase 4.00% 4.00% 4.00%
v3.25.4
Employee Benefit Plans - Schedule of Benefit Payments Expected to be Paid (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
2026 $ 2,339
2027 2,363
2028 2,620
2029 3,280
2030 3,312
Years 2031 – 2035 $ 15,523
v3.25.4
Income Taxes - Schedule of Net Deferred Tax Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 26, 2024
Deferred tax assets    
Accrued employee benefits $ 13,230 $ 13,171
Operating lease liabilities 43,116 47,121
Gift card liabilities 5,701 6,030
Net operating loss, disallowed interest & tax credit carryforwards 23,150 18,784
Other 135 130
Total 85,332 85,236
Less valuation allowance (3,594) (3,583)
Deferred tax assets 81,738 81,653
Deferred tax liabilities    
Depreciation and amortization (69,102) (68,767)
Operating lease assets (37,092) (41,549)
Deferred tax liabilities (106,194) (110,316)
Net deferred tax liability (24,456) (28,663)
Deferred income taxes - other assets 6,449 3,956
Deferred income taxes - liabilities $ (30,905) $ (32,619)
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Income Taxes [Line Items]        
State historic rehabilitation credits, net of valuation allowance   $ 5,233,000 $ 0 $ 0
Deferred tax, valuation allowance   $ 3,594,000 $ 3,583,000  
Effective income tax rate   (45.80%) 23.70% 31.70%
Historic rehabilitation credits   $ (7,583,000)    
State valuation allowances   (406,000) $ (6,126,000) $ (817,000)
Income taxes paid   244,000 1,428,000 1,776,000
Unrecognized tax benefits   0 0 0
Penalties and interest accrued   0 0  
Income tax examination interest income (expense)   $ 0 0 $ 1,000
Minimum        
Income Taxes [Line Items]        
Net operating loss carryforwards, period   12 years    
Maximum        
Income Taxes [Line Items]        
Net operating loss carryforwards, period   20 years    
Scenario, Plan | Subsequent Event        
Income Taxes [Line Items]        
Sale of historic rehabilitation credits $ 2,975,000      
Tax credit, valuation allowance $ 525,000      
Federal        
Income Taxes [Line Items]        
Tax credit carryforward   $ 9,067,000 3,010,000  
State historic rehabilitation credits, net of valuation allowance   5,233,000    
Decrease in valuation allowance     1,629,000  
State        
Income Taxes [Line Items]        
Tax credit carryforward   3,500,000 0  
State historic rehabilitation credits, net of valuation allowance   3,500,000    
Operating loss carryforwards   188,849,000 200,279,000  
Deferred tax, valuation allowance   3,070,000    
Decrease in valuation allowance   $ 513,000 $ 7,755,000  
v3.25.4
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Current:      
Federal $ 95 $ 846 $ 603
State 187 713 692
Deferred:      
Federal (1,759) 2,833 3,900
State (2,507) (6,814) 1,661
Effective tax rate $ (3,984) $ (2,422) $ 6,856
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Amount      
U.S. federal statutory tax rate $ 1,828 $ (2,144) $ 4,547
State income taxes 926 753 2,472
State valuation allowances (406) (6,126) (817)
State historic rehabilitation credits, net of valuation allowance (2,350) 0 0
Effect of changes in tax laws 0 0 0
Tax credits      
Employment-related tax credits (813) (1,301) (1,207)
Historic rehabilitation credit (5,233) 0 0
Nontaxable or nondeductible items      
Excess tax benefits on share-based compensation 191 334 617
Other compensation & benefits 1,707 1,786 1,178
Meals & entertainment 305 261 229
Debt conversion 0 3,888 0
Section 831(b) exclusion - captive insurance (262) (283) (215)
Other adjustments 123 411 53
Effective tax rate $ (3,984) $ (2,422) $ 6,856
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State income taxes 10.60% (7.40%) 11.40%
State valuation allowances (4.70%) 60.00% (3.80%)
State historic rehabilitation credits, net of valuation allowance (27.00%)    
Effect of changes in tax laws 0.00% 0.00% 0.00%
Tax credits      
Employment-related tax credits (9.30%) 12.70% (5.60%)
Historic rehabilitation credit (60.10%) 0.00% 0.00%
Nontaxable or nondeductible items      
Excess tax benefits on share-based compensation 2.20% (3.30%) 2.80%
Other compensation & benefits 19.60% (17.50%) 5.40%
Meals & entertainment 3.50% (2.60%) 1.10%
Debt conversion 0.00% (38.10%) 0.00%
Section 831(b) exclusion - captive insurance (3.00%) 2.80% (1.00%)
Other adjustments 1.40% (3.90%) 0.20%
Effective tax rate (45.80%) 23.70% 31.70%
v3.25.4
Income Taxes - Schedule of Net Income Tax Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 0 $ 800 $ 743
State 244 628 1,033
Total 244 1,428 1,776
Illinois      
Effective Income Tax Rate Reconciliation [Line Items]      
State 50 417 448
Minnesota      
Effective Income Tax Rate Reconciliation [Line Items]      
State 17   90
Missouri      
Effective Income Tax Rate Reconciliation [Line Items]      
State 40 35  
New York      
Effective Income Tax Rate Reconciliation [Line Items]      
State 13    
Oklahoma      
Effective Income Tax Rate Reconciliation [Line Items]      
State     179
Pennsylvania      
Effective Income Tax Rate Reconciliation [Line Items]      
State 20   58
Texas      
Effective Income Tax Rate Reconciliation [Line Items]      
State $ 100 $ 73 $ 76
v3.25.4
Commitments and License Rights (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
hotel
Commitments and Contingencies Disclosure [Abstract]  
Commitments To Complete Contracts In Process Value | $ $ 5,002
Hilton Trademark  
Loss Contingencies [Line Items]  
Number of hotels with license rights (in hotels) 2
Marriott Trademark  
Loss Contingencies [Line Items]  
Number of hotels with license rights (in hotels) 2
v3.25.4
Joint Venture Transactions (Details)
$ in Thousands
 1 Months Ended
Apr. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
hotel
Dec. 31, 2025
USD ($)
jointVenture
Dec. 26, 2024
USD ($)
jointVenture
Dec. 30, 2021
room
Related Party Transaction [Line Items]          
Number of investments | jointVenture     2 2  
Lofton Hotel          
Related Party Transaction [Line Items]          
Number of guest and suite room | hotel   248      
Payments to acquire equity method investments   $ 5,620      
Ownership percentage   33.30% 24.70%    
Proceeds from sale of equity method investments $ 1,500        
Lofton Hotel | The Marcus Corporation          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage sold 8.60%        
Corporate Joint Venture          
Related Party Transaction [Line Items]          
Equity method investments     $ 4,486 $ 5,166  
Number of rooms (in rooms) | room         248
Corporate Joint Venture | Kimpton Hotel Monaco Pittsburgh          
Related Party Transaction [Line Items]          
Ownership percentage     10.00%    
Hempel and Robinson Park          
Related Party Transaction [Line Items]          
Guaranties and environmental indemnity amount     $ 6,200    
v3.25.4
Business Segment Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.4
Business Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 26, 2024
Dec. 28, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 758,458 $ 735,560 $ 729,575
Advertising and marketing 26,077 24,559 22,838
Administrative 92,578 88,958 78,565
Depreciation and amortization 70,191 67,958 67,301
Rent 25,243 25,911 26,154
Property taxes 16,222 14,716 17,871
Impairment charges 5,172 6,823 1,061
Reimbursed costs 40,700 40,474 37,420
Total costs and expenses 741,394 719,390 695,649
OPERATING INCOME 17,064 16,170 33,926
Investment income 878 2,231 2,426
Interest expense (11,472) (10,972) (12,721)
Other income (expense), net 2,848 (1,513) (1,832)
Debt conversion expense 0 (15,521) 0
Equity losses from unconsolidated joint ventures, net (Note 11) (611) (604) (149)
EARNINGS (LOSS) BEFORE INCOME TAXES 8,707 (10,209) 21,650
Share-based compensation 7,502 8,206 6,394
Assets 1,014,532 1,044,528 1,065,103
Capital expenditures 83,211 79,210 38,774
Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 758,010 735,229 729,229
Advertising and marketing 25,832 24,388 22,639
Administrative 67,964 65,844 59,032
Depreciation and amortization 68,628 67,269 66,947
Rent 24,821 25,450 25,753
Property taxes 16,040 14,636 17,836
Impairment charges 5,172 6,823 1,061
Reimbursed costs 40,700 40,474 37,420
Other segment items 40,627 41,999 39,237
Total costs and expenses 714,157 694,605 675,540
OPERATING INCOME 43,853 40,624 53,689
Corporate Items      
Segment Reporting Information [Line Items]      
Total revenues 448 331 346
Other segment items (26,789) (24,454) (19,763)
Share-based compensation 5,334 6,221 4,515
Assets 74,354 90,184 88,407
Capital expenditures 2,967 9,319 753
Theatre operations      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 234,680 225,472 230,770
Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 234,680 225,472 230,770
Rooms      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 43,624 43,425 41,071
Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 43,624 43,425 41,071
Theatre concessions      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 82,169 78,406 75,903
Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 82,169 78,406 75,903
Food and beverage      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 63,900 60,419 57,871
Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 63,900 60,419 57,871
Theatres | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 462,741 447,723 458,394
Advertising and marketing 6,752 5,485 4,277
Administrative 23,763 23,304 23,609
Depreciation and amortization 41,755 45,352 48,378
Rent 22,946 23,551 23,952
Property taxes 10,561 9,607 12,253
Impairment charges 5,172 6,823 1,061
Reimbursed costs 3,051 1,314 0
Other segment items 2,455 6,262 2,015
Total costs and expenses 433,304 425,576 422,218
OPERATING INCOME 29,437 22,147 36,176
Share-based compensation 1,015 932 900
Assets 606,256 643,488 696,128
Capital expenditures 28,351 20,961 15,131
Theatres | Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 234,680 225,472 230,770
Theatres | Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 0 0 0
Theatres | Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 82,169 78,406 75,903
Theatres | Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 0 0 0
Hotels/Resorts | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 295,269 287,506 270,835
Advertising and marketing 19,080 18,903 18,362
Administrative 44,201 42,540 35,423
Depreciation and amortization 26,873 21,917 18,569
Rent 1,875 1,899 1,801
Property taxes 5,479 5,029 5,583
Impairment charges 0 0 0
Reimbursed costs 37,649 39,160 37,420
Other segment items 38,172 35,737 37,222
Total costs and expenses 280,853 269,029 253,322
OPERATING INCOME 14,416 18,477 17,513
Share-based compensation 1,153 1,053 979
Assets 333,922 310,856 280,568
Capital expenditures 51,893 48,930 22,890
Hotels/Resorts | Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 0 0 0
Hotels/Resorts | Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 43,624 43,425 41,071
Hotels/Resorts | Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold 0 0 0
Hotels/Resorts | Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Cost of goods and services sold $ 63,900 $ 60,419 $ 57,871