MARCUS CORP, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, $1.00 par value  
Trading Symbol MCS  
Security Exchange Name NYSE  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000062234  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   23,743,749
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   6,984,584
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 11,229 $ 23,448
Restricted cash 3,125 3,134
Accounts receivable, net of reserves of $220 and $209, respectively 16,594 19,082
Other current assets 19,481 18,912
Total current assets 50,429 64,576
Property and equipment:    
Land and improvements 147,431 142,063
Buildings and improvements 748,877 744,861
Leasehold improvements 165,877 165,646
Furniture, fixtures and equipment 450,537 448,196
Finance lease right-of-use assets 30,687 30,675
Construction in progress 12,309 15,376
Total property and equipment 1,555,718 1,546,817
Less accumulated depreciation and amortization 865,877 849,105
Net property and equipment 689,841 697,712
Operating lease right-of-use assets 142,826 142,115
Other assets:    
Investments in joint ventures 3,812 4,486
Goodwill 74,996 74,996
Deferred income taxes 6,190 6,449
Other 23,964 24,198
Total other assets 108,962 110,129
TOTAL ASSETS 992,058 1,014,532
Current liabilities:    
Accounts payable 31,687 44,523
Income taxes 594 0
Taxes other than income taxes 14,967 18,482
Accrued compensation 17,487 23,562
Other accrued liabilities 61,529 57,828
Current portion of finance lease obligations 2,618 2,827
Current portion of operating lease obligations 16,320 16,219
Total current liabilities 145,202 163,441
Finance lease obligations 8,008 8,452
Operating lease obligations 148,894 148,977
Long-term debt 174,062 159,007
Deferred income taxes 27,205 30,905
Other long-term obligations 47,520 46,372
Shareholders’ Equity:    
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued 0 0
Capital in excess of par 185,084 184,002
Retained earnings 250,798 268,561
Accumulated other comprehensive loss (15) (12)
Stockholders' equity before treasury stock 468,221 484,905
Less cost of Common Stock in treasury (1,640,134 shares at March 31, 2026 and 1,713,780 shares at December 31, 2025) (27,054) (27,527)
Total shareholders’ equity 441,167 457,378
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 992,058 1,014,532
Common Stock    
Shareholders’ Equity:    
Common Stock 25,369 25,369
Class B Common Stock    
Shareholders’ Equity:    
Common Stock $ 6,985 $ 6,985
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounts receivables $ 220 $ 209
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
Cost of common stock in treasury (in shares) 1,640,134 1,713,780
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 25,369,054
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
v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Revenues other than cost reimbursements $ 144,006 $ 138,909
Cost reimbursements 10,398 9,857
Total revenues 154,404 148,766
Costs and expenses:    
Advertising and marketing 5,735 5,244
Administrative 25,311 24,716
Depreciation and amortization 17,835 17,838
Rent 6,187 6,217
Property taxes 4,282 4,409
Other operating expenses 10,563 10,606
(Gain) loss on disposition of property, equipment and other assets 81 (1,365)
Reimbursed costs 10,398 9,857
Total costs and expenses 173,665 169,178
Operating loss (19,261) (20,412)
Other income (expense):    
Investment income (loss) 20 74
Interest expense (2,630) (2,822)
Other income (expense) (447) (444)
Equity earnings (losses) from unconsolidated joint ventures (674) (570)
Nonoperating income (expense), total (3,731) (3,762)
Earnings (loss) before income taxes (22,992) (24,174)
Income tax benefit (7,639) (7,358)
Net earnings (loss) $ (15,353) $ (16,816)
Common Stock    
Net earnings (loss) per share - basic:    
Common stock (in dollars per share) $ (0.51) $ (0.54)
Net earnings (loss) per share - diluted:    
Common stock (in dollars per share) (0.51) (0.54)
Class B Common Stock    
Net earnings (loss) per share - basic:    
Common stock (in dollars per share) (0.46) (0.50)
Net earnings (loss) per share - diluted:    
Common stock (in dollars per share) $ (0.46) $ (0.50)
Theatre admissions    
Revenues:    
Revenue from contract with customer $ 44,825 $ 40,931
Rooms    
Revenues:    
Revenue from contract with customer 20,462 19,275
Costs and expenses:    
Cost of goods and services sold 10,318 9,906
Theatre concessions    
Revenues:    
Revenue from contract with customer 39,565 38,000
Costs and expenses:    
Cost of goods and services sold 17,170 17,451
Food and beverage    
Revenues:    
Revenue from contract with customer 17,460 17,829
Costs and expenses:    
Cost of goods and services sold 15,056 14,629
Other revenues    
Revenues:    
Revenue from contract with customer 21,694 22,874
Theatre operations    
Costs and expenses:    
Cost of goods and services sold $ 50,729 $ 49,670
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net earnings (loss) $ (15,353) $ (16,816)
Other comprehensive loss, net of tax:    
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax benefit of $1 and $2, respectively (3) (4)
Other comprehensive loss (3) (4)
Comprehensive earnings (loss) $ (15,356) $ (16,820)
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Amortization of the net actuarial loss and prior service credit related to the pension tax effect (benefit) $ (1) $ (2)
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net earnings (loss) $ (15,353) $ (16,816)
Adjustments to reconcile net earnings (loss) to net cash used by operating activities:    
Losses on investments in joint ventures 674 570
Distribution from joint venture 0 68
Loss (gain) on disposition of property, equipment and other assets 81 (1,365)
Proceeds from sale of historic tax credits 2,975 0
Depreciation and amortization 17,835 17,838
Amortization of debt issuance costs 140 156
Share-based compensation 3,824 3,545
Deferred income taxes (8,263) (8,265)
Other long-term obligations 1,093 786
Changes in operating assets and liabilities:    
Accounts receivable 2,488 3,204
Other assets (550) (2,460)
Operating leases (693) (533)
Accounts payable (14,222) (23,153)
Income taxes 639 893
Taxes other than income taxes (3,515) (3,054)
Accrued compensation (6,075) (10,149)
Other accrued liabilities 3,701 3,406
Total adjustments 132 (18,513)
Net cash used in operating activities (15,221) (35,329)
INVESTING ACTIVITIES:    
Capital expenditures (6,648) (23,005)
Proceeds from disposals of property, equipment and other assets 5 204
Proceeds from sale of trading securities 0 4
Other investing activities 14 18
Net cash used in investing activities (6,629) (22,779)
Debt transactions:    
Proceeds from borrowings on revolving credit facility 51,000 69,000
Repayment of borrowings on revolving credit facility (36,000) (29,000)
Principal payments on long-term debt 0 (308)
Principal payments on finance lease obligations (699) (640)
Equity transactions:    
Treasury stock transactions, except for stock options (2,314) (7,628)
Exercise of stock options 45 8
Dividends paid (2,410) (2,180)
Net cash provided by financing activities 9,622 29,252
Net decrease in cash, cash equivalents and restricted cash (12,228) (28,856)
Cash, cash equivalents and restricted cash at beginning of period 26,582 44,579
Cash, cash equivalents and restricted cash at end of period 14,354 15,723
Supplemental Information:    
Interest paid, net of amounts capitalized 4,809 4,811
Income taxes (refunded) paid (15) 15
Change in accounts payable for additions to property, equipment and other assets $ 1,386 $ (1,590)
v3.26.1
General
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
General General
Basis of Presentation - The unaudited consolidated financial statements for the three months ended March 31, 2026 and March 31, 2025 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 31, 2026, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Beginning on December 27, 2024, the Company’s fiscal year changed from a 52- or 53-week fiscal year ending on the last Thursday in December of each year to a fiscal year ending on December 31 of each year. Accordingly, effective for its fiscal year ended December 31, 2025 and thereafter, the Company’s quarterly results are for three month periods ending March 31, June 30, September 30 and December 31 of each year. In this quarterly report, the three months ended March 31, 2025 refers to the period December 27, 2024 through March 31, 2025.
Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 31, 2025, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies.
Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $17,828 for the three months ended March 31, 2026, and $17,831 for the three months ended March 31, 2025.
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.
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.
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. There were no indicators of impairment identified during the three months ended March 31, 2026 or March 31, 2025.
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, and performance stock units using the if-converted method. Convertible Class B Common Stock is 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 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 shares outstanding:
Three Months Ended
March 31, 2026March 31, 2025
Net earnings (loss) per share - basic:
Common Stock$(0.51)$(0.54)
Class B Common Stock$(0.46)$(0.50)
Net earnings (loss) per share - diluted:
Common Stock$(0.51)$(0.54)
Class B Common Stock$(0.46)$(0.50)
Numerator:
Net earnings (loss)$(15,353)$(16,816)
Denominator (in thousands):
Denominator for basic EPS30,681 31,596 
Effect of dilutive employee stock options— — 
Effect of restricted stock units— — 
Diluted weighted-average shares outstanding30,681 31,596 
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options2,504 1,765 
Restricted stock units92 64 
Performance stock units312 189 
Total2,908 2,018 
For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, and performance stock units 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.

Shareholders’ Equity - Activity impacting total shareholders’ equity for the three months ended March 31, 2026 and March 31, 2025 was as follows:
Common
Stock		Class B
Common
Stock		Capital
in Excess
of Par		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Shareholders’
Equity
BALANCES AT DECEMBER 31, 2025$25,369 $6,985 $184,002 $268,561 $(12)$(27,527)$457,378 
Cash dividends:
$0.073 per share Class B Common Stock
— — — (510)— — (510)
$0.08 per share Common Stock
— — — (1,900)— — (1,900)
Exercise of stock options— — — — — 45 45 
Purchase of treasury stock— — — — — (2,331)(2,331)
Reissuance of treasury stock— — (313)— — 330 17 
Issuance of non-vested stock— — (2,429)— — 2,429 — 
Share-based compensation— — 3,824 — — — 3,824 
Comprehensive loss— — — (15,353)(3)— (15,356)
BALANCES AT MARCH 31, 202625,369 6,985 185,084 250,798 (15)(27,054)441,167 
Common
Stock		Class B
Common
Stock		Capital
in Excess
of Par		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Shareholders’
Equity
BALANCES AT DECEMBER 26, 2024$25,237 $6,985 $177,172 $265,028 $(181)$(9,375)$464,866 
Cash dividends:
$0.064 per share Class B Common Stock
— — — (447)— — (447)
$0.07 per share Common Stock
— — — (1,733)— — (1,733)
Exercise of stock options— — 1 — — 7 8 
Purchase of treasury stock— — — — — (7,642)(7,642)
Reissuance of treasury stock— — 1 — — 13 14 
Issuance of non-vested stock132 — (208)— — 76 — 
Share-based compensation— — 3,545 — — — 3,545 
Comprehensive loss— — — (16,816)(4)— (16,820)
BALANCES AT MARCH 31, 202525,369 6,985 180,511 246,032 (185)(16,921)441,791 
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
March 31,
2026		December 31,
2025
Net unrecognized actuarial loss for pension obligation$(15)$(12)
$(15)$(12)
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated 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 March 31, 2026 and December 31, 2025, the Company had $0 and $10,000, respectively, of investments in money market funds which 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 pricing inputs that were either directly or indirectly observable as of the reporting date. At each of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, 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 that are measured on a non-recurring basis are discussed above under Long-Lived Assets.
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 $154,408 at March 31, 2026, 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.
Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
Three Months Ended
March 31, 2026March 31, 2025
Service cost$54 $50 
Interest cost467 464 
Net amortization of prior service cost and actuarial loss(4)(6)
Net periodic pension cost$517 $508 
Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of operations.
Revenue Recognition – The disaggregation of revenues by business segment for the three months ended March 31, 2026 is as follows:
Three Months Ended March 31, 2026
TheatresHotels/Resorts CorporateTotal
Theatre admissions$44,825 $— $— $44,825 
Rooms— 20,462 — 20,462 
Theatre concessions39,565 — — 39,565 
Food and beverage— 17,460 — 17,460 
Other revenues(1)
7,824 13,797 73 21,694 
  Revenue before cost reimbursements92,214 51,719 73 144,006 
Cost reimbursements714 9,684 — 10,398 
Total revenues$92,928 $61,403 $73 $154,404 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The disaggregation of revenues by business segment for the three months ended March 31, 2025 is as follows:
Three Months Ended March 31, 2025
TheatresHotels/ResortsCorporateTotal
Theatre admissions$40,931 $— $— $40,931 
Rooms— 19,275 — 19,275 
Theatre concessions38,000 — — 38,000 
Food and beverage— 17,829 — 17,829 
Other revenues(1)
7,591 15,196 87 22,874 
  Revenue before cost reimbursements86,522 52,300 87 138,909 
Cost reimbursements835 9,022 — 9,857 
Total revenues$87,357 $61,322 $87 $148,766 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The Company had deferred revenue from contracts with customers of $43,544 and $39,475 as of March 31, 2026 and December 31, 2025, respectively. The Company had no contract assets as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, the Company recognized revenue of $8,327 that was included in deferred revenues as of December 31, 2025. During the three months ended March 31, 2025, the Company recognized revenue of $7,449 that was included in deferred revenues as of December 26, 2024. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced sales and the Company’s loyalty program.
As of March 31, 2026, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,900 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of March 31, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $13,206 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 March 31, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,474 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. 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.
Recent Accounting Pronouncements - 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.
v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt is summarized as follows:
March 31, 2026December 31, 2025
Senior notes$150,000 $150,000 
Revolving credit agreement25,000 10,000 
Total debt175,000 160,000 
Debt issuance costs(938)(993)
Total debt, net of debt issuance costs174,062 159,007 
Long-term debt$174,062 $159,007 
Credit Agreement
As of March 31, 2026, the Company has a Credit Agreement that provides for a revolving credit facility that matures on October 16, 2028 with an initial maximum aggregate amount of availability of $225,000. At March 31, 2026, there were borrowings of $25,000 outstanding on the revolving credit facility, which when borrowed, bear interest at the secured overnight financing rate (SOFR) plus a margin (as discussed further below), approximately 5.32% at March 31, 2026. Availability under the $225,000 revolving credit facility was $194,286 as of March 31, 2026 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 SOFR, plus a credit spread adjustment of 0.10%, subject to a 0% floor, plus a specified margin based upon the Company’s 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 the Company’s net leverage ratio as of the most recent determination date. The revolving credit facility also requires an annual facility fee
equal to 0.175% to 0.275% of the total revolving commitments depending on the Company’s consolidated net leverage ratio.
The Credit Agreement includes, among other restrictions and covenants applicable to the Company, a requirement that the Company’s 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 the Company’s 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.
Note Purchase Agreements
As of March 31, 2026, the Company’s $150,000 of senior notes consisted 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%. The weighted average fixed rate of the $150,000 senior notes was 6.07% as of March 31, 2026.
As of March 31, 2026, $50,000 of senior notes are due within the next 12 months. As of March 31, 2026, in accordance with Accounting Standards Codification (“ASC”) 470 Debt, our intent to refinance such debt on a long-term basis and our ability to refinance the obligation through the then-available capacity of the Credit Agreement resulted in the senior notes due within the next 12 months being classified as long-term debt.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases 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 ASC 842, Leases. 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 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:
Three Months Ended
Lease CostClassificationMarch 31, 2026March 31, 2025
Finance lease costs: 
Amortization of finance lease assetsDepreciation and amortization$621 $550 
Interest on lease liabilitiesInterest expense131 150 
$752 $700 
Operating lease costs:
Operating lease costsRent expense$5,618 $5,769 
Variable lease costRent expense521 403 
Short-term lease costRent expense48 45 
$6,187 $6,217 
Additional information related to leases is as follows:
Three Months Ended
Other InformationMarch 31, 2026March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$699 $640 
Operating cash flows from finance leases131 150 
Operating cash flows from operating leases6,395 6,445 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities46 125 
Operating lease liabilities— 1,261 
March 31, 2026December 31, 2025
Finance leases:
Property and equipment – gross$30,687 $30,675 
Accumulated depreciation and amortization(21,936)(21,350)
Property and equipment - net$8,751 $9,325 
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateMarch 31, 2026December 31, 2025
Weighted-average remaining lease terms:
Finance leases5 years5 years
Operating leases10 years10 years
Weighted-average discount rates:
Finance leases4.76 %4.76 %
Operating leases4.83 %4.80 %
Deferred rent payments of approximately $421 for the Company’s operating leases have been included in the total operating lease obligations as of March 31, 2026, none of which is included in long-term operating lease obligations.
Leases 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 ASC 842, Leases. 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 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:
Three Months Ended
Lease CostClassificationMarch 31, 2026March 31, 2025
Finance lease costs: 
Amortization of finance lease assetsDepreciation and amortization$621 $550 
Interest on lease liabilitiesInterest expense131 150 
$752 $700 
Operating lease costs:
Operating lease costsRent expense$5,618 $5,769 
Variable lease costRent expense521 403 
Short-term lease costRent expense48 45 
$6,187 $6,217 
Additional information related to leases is as follows:
Three Months Ended
Other InformationMarch 31, 2026March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$699 $640 
Operating cash flows from finance leases131 150 
Operating cash flows from operating leases6,395 6,445 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities46 125 
Operating lease liabilities— 1,261 
March 31, 2026December 31, 2025
Finance leases:
Property and equipment – gross$30,687 $30,675 
Accumulated depreciation and amortization(21,936)(21,350)
Property and equipment - net$8,751 $9,325 
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateMarch 31, 2026December 31, 2025
Weighted-average remaining lease terms:
Finance leases5 years5 years
Operating leases10 years10 years
Weighted-average discount rates:
Finance leases4.76 %4.76 %
Operating leases4.83 %4.80 %
Deferred rent payments of approximately $421 for the Company’s operating leases have been included in the total operating lease obligations as of March 31, 2026, none of which is included in long-term operating lease obligations.
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the three months ended March 31, 2026, the Company granted restricted stock, restricted stock units (RSUs) and performance stock units (PSUs) to certain executives and associates. A summary of the Company’s stock option, restricted stock, RSU and PSU activity follows, with PSUs reflected at the target achievement percentage until the completion of the performance period (shares in thousands).
Stock OptionsRestricted Stock & RSUsPSUs
OptionsWeighted-Average Exercise PriceShares / UnitsWeighted-Average Fair ValueUnitsWeighted-Average Fair Value
December 31, 20252,709 $23.38 825 $15.85 233 $17.80 
Granted — — 250 16.12 150 16.12 
Exercised (1)
(3)15.47 — — — — 
Vested (2)
— — (143)15.41 — — 
Forfeited(87)18.66 (2)20.40 (2)20.40 
March 31, 20262,619 $23.55 930 $16.68 381 $17.13 
(1)Exercise activity only applicable to stock options.
(2)Vesting activity not applicable to stock options.
Share-based compensation expense was $3,824 during the three months ended March 31, 2026, and $3,545 during the three months ended March 31, 2025. As of March 31, 2026, total unrecognized share-based compensation expense related to stock options was $431, which will be amortized to expense over the weighted-average remaining life of 1.0 year. As of March 31, 2026, total unrecognized share-based compensation expense related to non-vested restricted stock, RSUs and PSUs was $8,497, which will be amortized over the weighted-average remaining service period of 2.2 years.
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 March 31, 2026, there were 1,603,111 shares available for grants of various equity awards under the plan.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Company’s effective income tax rate for the three months ended March 31, 2026 was 33.2%, and was 30.4% for the three months ended March 31, 2025. The effective income tax rates in both the three months ended March 31, 2026 and the three months ended March 31, 2025 were negatively impacted by excess compensation subject to deduction limitations.
v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information 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 the three months ended March 31, 2026 and March 31, 2025:
Three Months Ended March 31, 2026
TheatresHotels/ResortsTotal
Total Revenues$92,928 $61,403 $154,331 
Less: Costs and expenses
Theatre operations50,729 — 50,729 
Rooms— 10,318 10,318 
Theatre concessions17,170 — 17,170 
Food and beverage— 15,056 15,056 
Advertising and marketing1,235 4,408 5,643 
Administrative6,435 10,957 17,392 
Depreciation and amortization10,263 7,188 17,451 
Rent5,603 478 6,081 
Property taxes2,718 1,531 4,249 
Reimbursed costs714 9,684 10,398 
Other segment items (1)
871 9,714 10,585 
Total costs and expenses95,738 69,334 165,072 
Operating loss$(2,810)$(7,931)$(10,741)
Investment income (loss)20 
Interest expense(2,630)
Other income (expense), net(447)
Equity earnings (losses) from unconsolidated joint ventures, net(674)
Corporate items (2)
(8,520)
Net loss before income taxes$(22,992)
Three Months Ended March 31, 2026
TheatresHotels/
Resorts
Corporate
Items (2)
Total
Additional Disclosures
Share-based compensation489 338 2,997 $3,824 
Capital expenditures3,781 2,723 144 6,648 
Assets602,945 331,403 57,710 992,058 
Three Months Ended March 31, 2025
TheatresHotels/ResortsTotal
Total Revenues$87,357 $61,322 $148,679 
Less: Costs and expenses
Theatre operations49,670 — 49,670 
Rooms— 9,906 9,906 
Theatre concessions17,451 — 17,451 
Food and beverage— 14,629 14,629 
Advertising and marketing1,144 4,064 5,208 
Administrative5,925 11,262 17,187 
Depreciation and amortization10,706 6,736 17,442 
Rent5,652 461 6,113 
Property taxes2,891 1,471 4,362 
Reimbursed costs834 9,023 9,857 
Other segment items (1)
(635)9,814 9,179 
Total costs and expenses93,638 67,366 161,004 
Operating loss$(6,281)$(6,044)$(12,325)
Investment income74 
Interest expense(2,822)
Other income (expense), net(444)
Equity losses from unconsolidated joint ventures, net(570)
Corporate items (2)
(8,087)
Net loss before income taxes$(24,174)
Three Months Ended March 31, 2025
TheatresHotels/
Resorts
Corporate
Items (2)
Total
Additional Disclosures
Share-based compensation$496 $322 $2,727 $3,545 
Capital expenditures4,359 15,903 2,743 23,005 
Assets628,135 320,929 68,893 1,017,957 
(1) Other segment items includes losses or gains on disposition of property, equipment and other assets, preopening expenses, and other operating expenses.
(2) 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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
General (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation - The unaudited consolidated financial statements for the three months ended March 31, 2026 and March 31, 2025 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 31, 2026, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Beginning on December 27, 2024, the Company’s fiscal year changed from a 52- or 53-week fiscal year ending on the last Thursday in December of each year to a fiscal year ending on December 31 of each year. Accordingly, effective for its fiscal year ended December 31, 2025 and thereafter, the Company’s quarterly results are for three month periods ending March 31, June 30, September 30 and December 31 of each year. In this quarterly report, the three months ended March 31, 2025 refers to the period December 27, 2024 through March 31, 2025.
Depreciation and Amortization Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms.
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.
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.
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. There were no indicators of impairment identified during the three months ended March 31, 2026 or March 31, 2025.
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, and performance stock units using the if-converted method. Convertible Class B Common Stock is 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.
For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, and performance stock units 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.
Fair Value Measurements
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated 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.
Defined Benefit Plan
Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of operations.
Revenue Recognition
The Company had deferred revenue from contracts with customers of $43,544 and $39,475 as of March 31, 2026 and December 31, 2025, respectively. The Company had no contract assets as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, the Company recognized revenue of $8,327 that was included in deferred revenues as of December 31, 2025. During the three months ended March 31, 2025, the Company recognized revenue of $7,449 that was included in deferred revenues as of December 26, 2024. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced sales and the Company’s loyalty program.
As of March 31, 2026, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,900 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of March 31, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $13,206 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 March 31, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,474 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. 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.
Recent Accounting Pronouncements
Recent Accounting Pronouncements - 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.
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 ASC 842, Leases. 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 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.
v3.26.1
General (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Earnings (Loss) Per Share
The following table illustrates the computation of 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 shares outstanding:
Three Months Ended
March 31, 2026March 31, 2025
Net earnings (loss) per share - basic:
Common Stock$(0.51)$(0.54)
Class B Common Stock$(0.46)$(0.50)
Net earnings (loss) per share - diluted:
Common Stock$(0.51)$(0.54)
Class B Common Stock$(0.46)$(0.50)
Numerator:
Net earnings (loss)$(15,353)$(16,816)
Denominator (in thousands):
Denominator for basic EPS30,681 31,596 
Effect of dilutive employee stock options— — 
Effect of restricted stock units— — 
Diluted weighted-average shares outstanding30,681 31,596 
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options2,504 1,765 
Restricted stock units92 64 
Performance stock units312 189 
Total2,908 2,018 
Schedule of Shareholders’ Equity Activity impacting total shareholders’ equity for the three months ended March 31, 2026 and March 31, 2025 was as follows:
Common
Stock		Class B
Common
Stock		Capital
in Excess
of Par		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Shareholders’
Equity
BALANCES AT DECEMBER 31, 2025$25,369 $6,985 $184,002 $268,561 $(12)$(27,527)$457,378 
Cash dividends:
$0.073 per share Class B Common Stock
— — — (510)— — (510)
$0.08 per share Common Stock
— — — (1,900)— — (1,900)
Exercise of stock options— — — — — 45 45 
Purchase of treasury stock— — — — — (2,331)(2,331)
Reissuance of treasury stock— — (313)— — 330 17 
Issuance of non-vested stock— — (2,429)— — 2,429 — 
Share-based compensation— — 3,824 — — — 3,824 
Comprehensive loss— — — (15,353)(3)— (15,356)
BALANCES AT MARCH 31, 202625,369 6,985 185,084 250,798 (15)(27,054)441,167 
Common
Stock		Class B
Common
Stock		Capital
in Excess
of Par		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Shareholders’
Equity
BALANCES AT DECEMBER 26, 2024$25,237 $6,985 $177,172 $265,028 $(181)$(9,375)$464,866 
Cash dividends:
$0.064 per share Class B Common Stock
— — — (447)— — (447)
$0.07 per share Common Stock
— — — (1,733)— — (1,733)
Exercise of stock options— — 1 — — 7 8 
Purchase of treasury stock— — — — — (7,642)(7,642)
Reissuance of treasury stock— — 1 — — 13 14 
Issuance of non-vested stock132 — (208)— — 76 — 
Share-based compensation— — 3,545 — — — 3,545 
Comprehensive loss— — — (16,816)(4)— (16,820)
BALANCES AT MARCH 31, 202525,369 6,985 180,511 246,032 (185)(16,921)441,791 
Schedule of Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
March 31,
2026		December 31,
2025
Net unrecognized actuarial loss for pension obligation$(15)$(12)
$(15)$(12)
Schedule of Defined Benefit Plan The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
Three Months Ended
March 31, 2026March 31, 2025
Service cost$54 $50 
Interest cost467 464 
Net amortization of prior service cost and actuarial loss(4)(6)
Net periodic pension cost$517 $508 
Schedule of Disaggregation of Revenue The disaggregation of revenues by business segment for the three months ended March 31, 2026 is as follows:
Three Months Ended March 31, 2026
TheatresHotels/Resorts CorporateTotal
Theatre admissions$44,825 $— $— $44,825 
Rooms— 20,462 — 20,462 
Theatre concessions39,565 — — 39,565 
Food and beverage— 17,460 — 17,460 
Other revenues(1)
7,824 13,797 73 21,694 
  Revenue before cost reimbursements92,214 51,719 73 144,006 
Cost reimbursements714 9,684 — 10,398 
Total revenues$92,928 $61,403 $73 $154,404 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The disaggregation of revenues by business segment for the three months ended March 31, 2025 is as follows:
Three Months Ended March 31, 2025
TheatresHotels/ResortsCorporateTotal
Theatre admissions$40,931 $— $— $40,931 
Rooms— 19,275 — 19,275 
Theatre concessions38,000 — — 38,000 
Food and beverage— 17,829 — 17,829 
Other revenues(1)
7,591 15,196 87 22,874 
  Revenue before cost reimbursements86,522 52,300 87 138,909 
Cost reimbursements835 9,022 — 9,857 
Total revenues$87,357 $61,322 $87 $148,766 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
v3.26.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt is summarized as follows:
March 31, 2026December 31, 2025
Senior notes$150,000 $150,000 
Revolving credit agreement25,000 10,000 
Total debt175,000 160,000 
Debt issuance costs(938)(993)
Total debt, net of debt issuance costs174,062 159,007 
Long-term debt$174,062 $159,007 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Cost
Total lease cost consists of the following:
Three Months Ended
Lease CostClassificationMarch 31, 2026March 31, 2025
Finance lease costs: 
Amortization of finance lease assetsDepreciation and amortization$621 $550 
Interest on lease liabilitiesInterest expense131 150 
$752 $700 
Operating lease costs:
Operating lease costsRent expense$5,618 $5,769 
Variable lease costRent expense521 403 
Short-term lease costRent expense48 45 
$6,187 $6,217 
Schedule of Other Information Related to Leases
Additional information related to leases is as follows:
Three Months Ended
Other InformationMarch 31, 2026March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases$699 $640 
Operating cash flows from finance leases131 150 
Operating cash flows from operating leases6,395 6,445 
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities46 125 
Operating lease liabilities— 1,261 
March 31, 2026December 31, 2025
Finance leases:
Property and equipment – gross$30,687 $30,675 
Accumulated depreciation and amortization(21,936)(21,350)
Property and equipment - net$8,751 $9,325 
Schedule of Lease Term and Discount Rate
Remaining lease terms and discount rates are as follows:
Lease Term and Discount RateMarch 31, 2026December 31, 2025
Weighted-average remaining lease terms:
Finance leases5 years5 years
Operating leases10 years10 years
Weighted-average discount rates:
Finance leases4.76 %4.76 %
Operating leases4.83 %4.80 %
v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option, Restricted Stock, Restricted Stock Units And PSU Activity A summary of the Company’s stock option, restricted stock, RSU and PSU activity follows, with PSUs reflected at the target achievement percentage until the completion of the performance period (shares in thousands).
Stock OptionsRestricted Stock & RSUsPSUs
OptionsWeighted-Average Exercise PriceShares / UnitsWeighted-Average Fair ValueUnitsWeighted-Average Fair Value
December 31, 20252,709 $23.38 825 $15.85 233 $17.80 
Granted — — 250 16.12 150 16.12 
Exercised (1)
(3)15.47 — — — — 
Vested (2)
— — (143)15.41 — — 
Forfeited(87)18.66 (2)20.40 (2)20.40 
March 31, 20262,619 $23.55 930 $16.68 381 $17.13 
(1)Exercise activity only applicable to stock options.
(2)Vesting activity not applicable to stock options.
v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Following is a summary of business segment information for the three months ended March 31, 2026 and March 31, 2025:
Three Months Ended March 31, 2026
TheatresHotels/ResortsTotal
Total Revenues$92,928 $61,403 $154,331 
Less: Costs and expenses
Theatre operations50,729 — 50,729 
Rooms— 10,318 10,318 
Theatre concessions17,170 — 17,170 
Food and beverage— 15,056 15,056 
Advertising and marketing1,235 4,408 5,643 
Administrative6,435 10,957 17,392 
Depreciation and amortization10,263 7,188 17,451 
Rent5,603 478 6,081 
Property taxes2,718 1,531 4,249 
Reimbursed costs714 9,684 10,398 
Other segment items (1)
871 9,714 10,585 
Total costs and expenses95,738 69,334 165,072 
Operating loss$(2,810)$(7,931)$(10,741)
Investment income (loss)20 
Interest expense(2,630)
Other income (expense), net(447)
Equity earnings (losses) from unconsolidated joint ventures, net(674)
Corporate items (2)
(8,520)
Net loss before income taxes$(22,992)
Three Months Ended March 31, 2026
TheatresHotels/
Resorts
Corporate
Items (2)
Total
Additional Disclosures
Share-based compensation489 338 2,997 $3,824 
Capital expenditures3,781 2,723 144 6,648 
Assets602,945 331,403 57,710 992,058 
Three Months Ended March 31, 2025
TheatresHotels/ResortsTotal
Total Revenues$87,357 $61,322 $148,679 
Less: Costs and expenses
Theatre operations49,670 — 49,670 
Rooms— 9,906 9,906 
Theatre concessions17,451 — 17,451 
Food and beverage— 14,629 14,629 
Advertising and marketing1,144 4,064 5,208 
Administrative5,925 11,262 17,187 
Depreciation and amortization10,706 6,736 17,442 
Rent5,652 461 6,113 
Property taxes2,891 1,471 4,362 
Reimbursed costs834 9,023 9,857 
Other segment items (1)
(635)9,814 9,179 
Total costs and expenses93,638 67,366 161,004 
Operating loss$(6,281)$(6,044)$(12,325)
Investment income74 
Interest expense(2,822)
Other income (expense), net(444)
Equity losses from unconsolidated joint ventures, net(570)
Corporate items (2)
(8,087)
Net loss before income taxes$(24,174)
Three Months Ended March 31, 2025
TheatresHotels/
Resorts
Corporate
Items (2)
Total
Additional Disclosures
Share-based compensation$496 $322 $2,727 $3,545 
Capital expenditures4,359 15,903 2,743 23,005 
Assets628,135 320,929 68,893 1,017,957 
(1) Other segment items includes losses or gains on disposition of property, equipment and other assets, preopening expenses, and other operating expenses.
(2) Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, furniture, fixtures and equipment, investments and land held for development.
v3.26.1
General - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Summary of Significant Accounting Policies [Line Items]      
Depreciation $ 17,828,000 $ 17,831,000  
Goodwill, impairment loss 0 0  
Senior notes 150,000,000   $ 150,000,000
Deferred revenue 43,544,000   39,475,000
Contract assets 0   0
Deferred revenue, revenue recognized $ 8,327,000 $ 7,449,000  
Expected period for revenue from non-redeemed gift cards 2 years    
Operating Segments | Theatres      
Summary of Significant Accounting Policies [Line Items]      
Remaining performance obligation related to gift cards $ 13,206,000    
Operating Segments | Hotels/Resorts      
Summary of Significant Accounting Policies [Line Items]      
Remaining performance obligation related to hotels gift cards 4,474,000    
Advanced Sale Of Tickets      
Summary of Significant Accounting Policies [Line Items]      
Remaining performance obligation, amount $ 1,900,000    
Expected period for redeemed revenue from advanced tickets and gift cards sales occurred 2 years    
Note Purchase Agreement      
Summary of Significant Accounting Policies [Line Items]      
Senior notes $ 150,000,000    
Level 1 | Money Market Funds      
Summary of Significant Accounting Policies [Line Items]      
Cash and cash equivalents 0   10,000,000
Level 2 | Senior Notes      
Summary of Significant Accounting Policies [Line Items]      
Long-term debt, fair value 154,408,000    
Level 2 | Recurring      
Summary of Significant Accounting Policies [Line Items]      
Fair value, asset (liability) 0   0
Level 3 | Recurring      
Summary of Significant Accounting Policies [Line Items]      
Fair value, asset (liability) $ 0   $ 0
Class B Common Stock      
Summary of Significant Accounting Policies [Line Items]      
Percentage of cash dividends 110.00%    
v3.26.1
General - Schedule of Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net earnings (loss) $ (15,353) $ (16,816)
Denominator (in thousands):    
Denominator for basic EPS (in shares) 30,681 31,596
Effect of dilutive employee stock options (in shares) 0 0
Effect of restricted stock units (in shares) 0 0
Diluted weighted-average shares outstanding (in shares) 30,681 31,596
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):    
Antidilutive securities excluded from computation of earnings per share (in shares) 2,908 2,018
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) 2,504 1,765
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) 92 64
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) 312 189
Common Stock    
Net earnings (loss) per share - basic:    
Common stock (in dollars per share) $ (0.51) $ (0.54)
Net earnings (loss) per share - diluted:    
Common stock (in dollars per share) (0.51) (0.54)
Class B Common Stock    
Net earnings (loss) per share - basic:    
Common stock (in dollars per share) (0.46) (0.50)
Net earnings (loss) per share - diluted:    
Common stock (in dollars per share) $ (0.46) $ (0.50)
v3.26.1
General - Schedule of Shareholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Comprehensive loss $ (15,356) $ (16,820)
Total Shareholders’ Equity    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 457,378 464,866
Cash dividends: (1,900) (1,733)
Exercise of stock options 45 8
Purchase of treasury stock (2,331) (7,642)
Reissuance of treasury stock 17 14
Issuance of non-vested stock 0 0
Share-based compensation 3,824 3,545
Comprehensive loss (15,356) (16,820)
Ending balance 441,167 441,791
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 25,369 25,237
Issuance of non-vested stock 0 132
Ending balance 25,369 25,369
Capital in Excess of Par    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 184,002 177,172
Exercise of stock options 0 1
Reissuance of treasury stock (313) 1
Issuance of non-vested stock (2,429) (208)
Share-based compensation 3,824 3,545
Ending balance 185,084 180,511
Retained Earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 268,561 265,028
Cash dividends: (1,900) (1,733)
Comprehensive loss (15,353) (16,816)
Ending balance 250,798 246,032
Accumulated Other Comprehensive Loss    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (12) (181)
Comprehensive loss (3) (4)
Ending balance (15) (185)
Treasury Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (27,527) (9,375)
Exercise of stock options 45 7
Purchase of treasury stock (2,331) (7,642)
Reissuance of treasury stock 330 13
Issuance of non-vested stock 2,429 76
Ending balance $ (27,054) $ (16,921)
Common Stock    
Class of Stock [Line Items]    
Common stock, dividends (in dollars per share) $ 0.08 $ 0.07
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, dividends (in dollars per share) $ 0.073 $ 0.064
Class B Common Stock | Total Shareholders’ Equity    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Cash dividends: $ (510) $ (447)
Class B Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 6,985 6,985
Ending balance 6,985 6,985
Class B Common Stock | Retained Earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Cash dividends: $ (510) $ (447)
v3.26.1
General - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Net unrecognized actuarial loss for pension obligation $ (15) $ (12)
Accumulated other comprehensive loss, net of tax $ (15) $ (12)
v3.26.1
General - Schedule of Defined Benefit Plan (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Service cost $ 54 $ 50
Interest cost 467 464
Net amortization of prior service cost and actuarial loss (4) (6)
Net periodic pension cost $ 517 $ 508
v3.26.1
General - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Summary of Significant Accounting Policies [Line Items]    
Revenue before cost reimbursements $ 144,006 $ 138,909
Cost reimbursements 10,398 9,857
Total revenues 154,404 148,766
Theatre admissions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 44,825 40,931
Rooms    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 20,462 19,275
Theatre concessions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 39,565 38,000
Food and beverage    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 17,460 17,829
Other revenues    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 21,694 22,874
Operating Segments    
Summary of Significant Accounting Policies [Line Items]    
Total revenues 154,331 148,679
Operating Segments | Theatres    
Summary of Significant Accounting Policies [Line Items]    
Revenue before cost reimbursements 92,214 86,522
Cost reimbursements 714 835
Total revenues 92,928 87,357
Operating Segments | Theatres | Theatre admissions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 44,825 40,931
Operating Segments | Theatres | Rooms    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Operating Segments | Theatres | Theatre concessions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 39,565 38,000
Operating Segments | Theatres | Food and beverage    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Operating Segments | Theatres | Other revenues    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 7,824 7,591
Operating Segments | Hotels/Resorts    
Summary of Significant Accounting Policies [Line Items]    
Revenue before cost reimbursements 51,719 52,300
Cost reimbursements 9,684 9,022
Total revenues 61,403 61,322
Operating Segments | Hotels/Resorts | Theatre admissions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Operating Segments | Hotels/Resorts | Rooms    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 20,462 19,275
Operating Segments | Hotels/Resorts | Theatre concessions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Operating Segments | Hotels/Resorts | Food and beverage    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 17,460 17,829
Operating Segments | Hotels/Resorts | Other revenues    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 13,797 15,196
Corporate    
Summary of Significant Accounting Policies [Line Items]    
Revenue before cost reimbursements 73 87
Cost reimbursements 0 0
Total revenues 73 87
Corporate | Theatre admissions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Corporate | Rooms    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Corporate | Theatre concessions    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Corporate | Food and beverage    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer 0 0
Corporate | Other revenues    
Summary of Significant Accounting Policies [Line Items]    
Revenue from contract with customer $ 73 $ 87
v3.26.1
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
Senior notes $ 150,000 $ 150,000
Revolving credit agreement 25,000 10,000
Total debt 175,000 160,000
Debt issuance costs (938) (993)
Total debt, net of debt issuance costs 174,062 159,007
Long-term debt $ 174,062 $ 159,007
v3.26.1
Long-Term Debt - Narrative (Details)
 30 Months Ended
Mar. 31, 2026
USD ($)
agreement
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Revolving credit agreement $ 25,000,000 $ 10,000,000
Senior notes 150,000,000 $ 150,000,000
Note Purchase Agreements    
Debt Instrument [Line Items]    
Senior notes $ 150,000,000  
Note Purchase Agreements | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, weighted average interest rate 6.07%  
Note Purchase Agreement    
Debt Instrument [Line Items]    
Senior notes $ 150,000,000  
Number of purchase agreements | agreement 1  
Master Note Purchase Agreement    
Debt Instrument [Line Items]    
Number of purchase agreements | agreement 1  
Minimum | Note Purchase Agreements    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.32%  
Maximum | Note Purchase Agreements    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 7.02%  
Due Within Next 12 months | Note Purchase Agreements    
Debt Instrument [Line Items]    
Senior notes $ 50,000,000  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Maximum borrowing capacity 225,000,000  
Revolving credit agreement $ 25,000,000  
Effective interest rate 5.32%  
Available facility $ 194,286,000  
Debt instrument, net leverage ratio 3.50  
Material acquisition benchmark amount $ 30,000  
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 instrument, net leverage ratio 4.00  
Revolving Credit Facility | SOFR    
Debt Instrument [Line Items]    
Specified margin (as a percent) 0.10%  
Floor interest rate 0.00%  
Revolving Credit Facility | SOFR | Based Upon Net Leverage Ratio    
Debt Instrument [Line Items]    
Specified margin (as a percent) 1.00%  
Floor interest rate 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%  
v3.26.1
Leases - Narrative (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Lessee, Lease, Description [Line Items]  
Deferred rent payments under operating lease $ 421
Long-Term Operating Lease Obligations  
Lessee, Lease, Description [Line Items]  
Deferred rent payments under operating lease $ 0
Minimum  
Lessee, Lease, Description [Line Items]  
Lease terms (in years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease terms (in years) 45 years
v3.26.1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finance lease costs:    
Amortization of finance lease assets $ 621 $ 550
Interest on lease liabilities 131 150
Total finance lease costs 752 700
Operating lease costs:    
Operating lease costs 5,618 5,769
Variable lease cost 521 403
Short-term lease cost 48 45
Total operating lease costs $ 6,187 $ 6,217
v3.26.1
Leases - Schedule of Other Information Related to Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:    
Financing cash flows from finance leases $ 699 $ 640
Operating cash flows from finance leases 131 150
Operating cash flows from operating leases 6,395 6,445
Right of use assets obtained in exchange for new lease obligations:    
Finance lease liabilities 46 125
Operating lease liabilities $ 0 $ 1,261
v3.26.1
Leases - Schedule of Finance Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finance leases:    
Property and equipment – gross $ 30,687 $ 30,675
Accumulated depreciation and amortization (21,936) (21,350)
Property and equipment - net $ 8,751 $ 9,325
v3.26.1
Leases - Schedule of Lease Term and Discount Rate (Details)
Mar. 31, 2026
Dec. 31, 2025
Weighted-average remaining lease terms:    
Finance leases 5 years 5 years
Operating leases 10 years 10 years
Weighted-average discount rates:    
Finance leases 4.76% 4.76%
Operating leases 4.83% 4.80%
v3.26.1
Share-Based Compensation - Schedule of Stock Option, Restricted Stock ,Restricted Stock Units And PSU Activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Stock Options  
Options  
Outstanding at beginning of period (in shares) | shares 2,709
Granted (in shares) | shares 0
Exercised (in shares) | shares (3)
Vested (in shares) | shares 0
Forfeited (in shares) | shares (87)
Outstanding at ending of period (in shares) | shares 2,619
Weighted-Average Exercise Price  
Outstanding at beginning of period (in dollars per shares) | $ / shares $ 23.38
Granted (in dollars per share) | $ / shares 0
Exercised (in dollars per share) | $ / shares 15.47
Vested (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 18.66
Outstanding at end of period (in dollars per shares) | $ / shares $ 23.55
Restricted Stock & RSUs  
Restricted Stock & RSUs, PSUs  
Outstanding at beginning of period (in shares) | shares 825
Granted (in shares) | shares 250
Exercised (in shares) | shares 0
Vested (in shares) | shares (143)
Forfeited (in shares) | shares (2)
Outstanding at end of period (in shares) | shares 930
Weighted-Average Fair Value  
Outstanding at beginning of period (in dollars per shares) | $ / shares $ 15.85
Granted (in dollars per share) | $ / shares 16.12
Exercised (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 15.41
Forfeited (in dollars per share) | $ / shares 20.40
Outstanding at end of period (in dollars per shares) | $ / shares $ 16.68
PSUs  
Restricted Stock & RSUs, PSUs  
Outstanding at beginning of period (in shares) | shares 233
Granted (in shares) | shares 150
Exercised (in shares) | shares 0
Vested (in shares) | shares 0
Forfeited (in shares) | shares (2)
Outstanding at end of period (in shares) | shares 381
Weighted-Average Fair Value  
Outstanding at beginning of period (in dollars per shares) | $ / shares $ 17.80
Granted (in dollars per share) | $ / shares 16.12
Exercised (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 20.40
Outstanding at end of period (in dollars per shares) | $ / shares $ 17.13
v3.26.1
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
May 07, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation $ 3,824 $ 3,545  
Marcus Corporation Omnibus Incentive Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares authorized for issuance (in shares)     2,000,000
Shares available for grants of additional stock options, non-vested stock (in shares) 1,603,111    
Stock Options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation expense unrecognized $ 431    
Share-based payment arrangement, weighted-average remaining life 1 year    
Non-Vested Restricted Stock, RSUs and PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation expense unrecognized $ 8,497    
Share-based payment arrangement, weighted-average remaining life 2 years 2 months 12 days    
v3.26.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate, percent 33.20% 30.40%
v3.26.1
Business Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.26.1
Business Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total Revenues $ 154,404 $ 148,766  
Advertising and marketing 5,735 5,244  
Administrative 25,311 24,716  
Depreciation and amortization 17,835 17,838  
Rent 6,187 6,217  
Property taxes 4,282 4,409  
Reimbursed costs 10,398 9,857  
Total costs and expenses 173,665 169,178  
Operating loss (19,261) (20,412)  
Investment income (loss) 20 74  
Interest expense (2,630) (2,822)  
Other income (expense), net (447) (444)  
Equity earnings (losses) from unconsolidated joint ventures, net (674) (570)  
Earnings (loss) before income taxes (22,992) (24,174)  
Share-based compensation 3,824 3,545  
Capital expenditures 6,648 23,005  
Assets 992,058 1,017,957 $ 1,014,532
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues 154,331 148,679  
Advertising and marketing 5,643 5,208  
Administrative 17,392 17,187  
Depreciation and amortization 17,451 17,442  
Rent 6,081 6,113  
Property taxes 4,249 4,362  
Reimbursed costs 10,398 9,857  
Other segment items 10,585 9,179  
Total costs and expenses 165,072 161,004  
Operating loss (10,741) (12,325)  
Corporate      
Segment Reporting Information [Line Items]      
Total Revenues 73 87  
Other segment items (8,520) (8,087)  
Share-based compensation 2,997 2,727  
Capital expenditures 144 2,743  
Assets 57,710 68,893  
Theatre operations      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 50,729 49,670  
Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 50,729 49,670  
Rooms      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 10,318 9,906  
Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 10,318 9,906  
Theatre concessions      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 17,170 17,451  
Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 17,170 17,451  
Food and beverage      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 15,056 14,629  
Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 15,056 14,629  
Theatres | Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues 92,928 87,357  
Advertising and marketing 1,235 1,144  
Administrative 6,435 5,925  
Depreciation and amortization 10,263 10,706  
Rent 5,603 5,652  
Property taxes 2,718 2,891  
Reimbursed costs 714 834  
Other segment items 871 (635)  
Total costs and expenses 95,738 93,638  
Operating loss (2,810) (6,281)  
Share-based compensation 489 496  
Capital expenditures 3,781 4,359  
Assets 602,945 628,135  
Theatres | Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 50,729 49,670  
Theatres | Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 0 0  
Theatres | Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 17,170 17,451  
Theatres | Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 0 0  
Hotels/Resorts | Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues 61,403 61,322  
Advertising and marketing 4,408 4,064  
Administrative 10,957 11,262  
Depreciation and amortization 7,188 6,736  
Rent 478 461  
Property taxes 1,531 1,471  
Reimbursed costs 9,684 9,023  
Other segment items 9,714 9,814  
Total costs and expenses 69,334 67,366  
Operating loss (7,931) (6,044)  
Share-based compensation 338 322  
Capital expenditures 2,723 15,903  
Assets 331,403 320,929  
Hotels/Resorts | Theatre operations | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 0 0  
Hotels/Resorts | Rooms | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 10,318 9,906  
Hotels/Resorts | Theatre concessions | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses 0 0  
Hotels/Resorts | Food and beverage | Operating Segments      
Segment Reporting Information [Line Items]      
Less: Costs and expenses $ 15,056 $ 14,629