[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","f6c94307r107g6er6ld40t4ug","revision",2,"title","Marcus Corporation披露截至2026年9月30日的2026财年第三季度及前九个月业绩","originalTitle","MARCUS CORP (0000062234) (Filer)","summary","Marcus Corporation披露，2026财年第三季度收入为2.378亿美元，前九个月收入为6.239亿美元；前九个月净收益为1,924.9万美元，经营活动净现金流入7,719万美元。","reason","节选呈现了Marcus Corporation截至2026年9月30日的季度及九个月经营、现金流和分部表现，并列出风险因素与流动性信息；其10-Q节选还标注此前12个月未提交全部规定报告。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-29T12:48:41.000Z","discoveredAt","2026-10-29T12:58:21.887Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",67,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fQrpvd4S0p4A",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","b46b4c76-1c5f-4db3-b970-ec63ea0544e0","Marcus Corporation披露2026财年第三季度业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）


x	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026年9月30日


o	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自 __________ 至 __________

委员会档案编号 1-12604


THE MARCUS CORPORATION
（注册人章程中载明的注册人准确名称）


威斯康星州		39-1139844
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号）

111 East Kilbourn Avenue, Suite 1200 威斯康星州密尔沃基		53202-6628
（主要行政办公室地址）		（邮政编码）

注册人电话号码（含区号）：(414) 905-1000

根据该法第 12(b) 条注册的证券：


各类别名称	交易代码	注册所在交易所名称
普通股，面值 $1.00	MCS	纽约证券交易所

请勾选以表明注册人是否：(1) 已在此前 12 个月内（或注册人应提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告；以及 (2) 在过去 90 天内一直受该等提交要求约束。

是

否

请勾选以表明注册人是否已在此前 12 个月内（或注册人应提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章第 232.405 条）要求提交的所有交互式数据文件。

是

否

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义（勾选一项）。


大型加速申报公司	o	加速申报公司	x
非加速申报公司	o	较小申报公司	o
		新兴成长型公司	o

如果是新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订的财务会计准则的延长过渡期。o

请勾选以表明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。

是

否

请注明截至最近可行日期，发行人各类普通股的流通股数。

截至2026年10月 26日的普通股流通股数 – 24,107,012

截至2026年10月26日已发行的B类普通股 –6,984,584

THE MARCUS CORPORATION


		页
第一部分 – 财务信息

第1项。	合并财务报表（未经审计）：

	合并资产负债表	3

	合并经营报表	5

	合并综合收益（亏损）表	6

	合并现金流量表	7

	合并财务报表简明附注	8

第2项。	管理层对财务状况和经营业绩的讨论与分析	15

第3项。	有关市场风险的定量和定性披露	26

第4项。	控制与程序	26

第二部分 – 其他信息

第1A项。	风险因素	27

第2项。	未注册的股权证券销售及所得款项用途	27

第4项。	矿山安全披露	27

第5项。	其他信息	27

第6项。	附件	27

	签名	S-1

第一部分 – 财务信息

第1项。合并财务报表

THE MARCUS CORPORATION

合并资产负债表

（单位：千，股份和每股数据除外）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	60,229			$	23,448
受限现金	4,820			3,134
应收账款，扣除准备金182和209后	20,680			19,082


其他流动资产	18,463			18,912
流动资产总额	104,192			64,576

不动产及设备：
土地及改良	148,567			142,063
建筑物及改良	754,281			744,861
租赁权改良	167,611			165,646
家具、固定装置及设备	459,261			448,196
融资租赁使用权资产	31,137			30,675
在建工程	9,277			15,376
不动产及设备总额	1,570,134			1,546,817
减：累计折旧和摊销	894,934			849,105
不动产及设备净额	675,200			697,712

经营租赁使用权资产	140,329			142,115

其他资产：
对合资企业的投资	3,889			4,486
商誉	74,996			74,996
递延所得税	666			6,449
其他	24,384			24,198
其他资产总额	103,935			110,129
资产总额	$	1,023,656			$	1,014,532

请参阅随附的合并财务报表简明附注。

THE MARCUS CORPORATION

合并资产负债表

（单位：千，股份和每股数据除外）


	2026年9月30日		2025年12月31日
负债和股东权益
流动负债：
应付账款	$	30,040			$	44,523
所得税	794			—
非所得税税项	17,456			18,482
应计薪酬	27,050			23,562
其他应计负债	61,122			57,828
融资租赁义务的流动部分	2,481			2,827
经营租赁义务的流动部分	17,184			16,219

流动负债总额	156,127			163,441

融资租赁义务	7,272			8,452

经营租赁义务	144,398			148,977

长期债务	149,170			159,007

递延所得税	38,228			30,905

其他长期义务	48,042			46,372

股东权益：
优先股，面值 $1；授权发行 1,000,000 股；未发行	—			—
普通股，面值 $1；授权发行 50,000,000 股；截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，已发行 25,369,054 股	25,369			25,369
B 类普通股，面值 $1；授权发行 33,000,000 股；截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，已发行并流通 6,984,584 股	6,985			6,985
超过面值的资本	188,877			184,002
留存收益	280,251			268,561
累计其他综合亏损	(21)			(12)
	501,461			484,905
减：库存普通股成本（截至 2026 年 9 月 30 日持有 1,262,906 股，截至 2025 年 12 月 31 日持有 1,713,780 股）	(21,042)			(27,527)
股东权益总额	480,419			457,378

负债和股东权益总额	$	1,023,656			$	1,014,532

请参阅合并财务报表附注（简明版）。

THE MARCUS CORPORATION

合并经营报表

（单位：千，股份数据除外）


	截至三个月		截至九个月
	2026 年 9 月 30 日		2025 年 9 月 30 日		2026 年 9 月 30 日		2025 年 9 月 30 日
收入：
影院票房收入	$	70,120			$	57,714		$	187,502	$	160,993
客房收入	40,692			39,875			94,860		88,782
影院特许商品收入	61,922			51,244			166,751		146,855
餐饮收入	23,810			24,137			63,779		63,257
其他收入	29,462			26,546			77,830		74,210
	226,006			199,516			590,722		534,097
成本补偿收入	11,748			10,635			33,180		30,863
收入总额	237,754			210,151			623,902		564,960

成本和费用：
影院运营	69,719			59,327			190,973		173,169
客房	12,426			12,102			34,529		33,094
影院特许商品	24,484			20,962			67,834		61,750
餐饮	17,495			17,280			49,248		47,565
广告和营销	6,607			7,177			19,116		19,065
行政管理	25,041			22,913			74,043		70,601
折旧和摊销	17,131			16,835			52,316		52,276
租金	6,456			6,304			19,001		18,875
财产税	4,767			3,888			13,104		12,625
其他运营费用	11,304			10,069			31,982		31,007
处置财产、设备和其他资产的损失（收益）	110			(72)			304		(1,256)
减值费用	183			—			183		—
获补偿成本	11,748			10,635			33,180		30,863
成本和费用总额	207,471			187,420			585,813		549,634

营业收入	30,283			22,731			38,089		15,326

其他收入（费用）：
投资收入（亏损）	363			(19)			449		464
利息费用	(2,529)			(2,766)			(7,893)		(8,569)
其他收入（费用）	(342)			4,187			(1,182)		3,300
未合并合资企业权益收益（亏损）	92			57			(597)		(438)
	(2,416)			1,459			(9,223)		(5,243)

税前收益	27,867			24,190			28,866		10,083
所得税费用	9,109			7,960			9,617		3,348
净收益	$	18,758			$	16,230		$	19,249	$	6,735

每股净收益 - 基本：
普通股	$	0.62			$	0.53		$	0.64	$	0.22
B 类普通股	$	0.56			$	0.49		$	0.58	$	0.20

每股净收益 - 稀释：
普通股	$	0.60			$	0.52		$	0.62	$	0.21
B 类普通股	$	0.55			$	0.49		$	0.57	$	0.20

请参阅合并财务报表附注（简明版）。

THE MARCUS CORPORATION

综合收益（亏损）合并报表

（单位：千）


	截至三个月		截至九个月
	2026 年 9 月 30 日		2025 年 9 月 30 日		2026 年 9 月 30 日		2025 年 9 月 30 日

净收益	$	18,758			$	16,230		$	19,249	$	6,735
其他综合亏损，扣除税项后：
与养老金相关的精算损失和以前服务贷项的摊销，扣除税收优惠后分别为 $1、$1、$3 和 $4	(3)			(5)			(9)		(13)


其他综合亏损	(3)			(5)			(9)		(13)
综合收益	$	18,755			$	16,225		$	19,240	$	6,722

请参阅随附的合并财务报表简明附注。

THE MARCUS CORPORATION

合并现金流量表

（千美元）


	截至以下日期的九个月
	2026年9月30日		2025年9月30日

经营活动：
净收益	$	19,249			$	6,735
将净收益调节为经营活动提供的现金净额的调整项：
合资企业投资损失	597			438
来自合资企业的分配	—			68
处置财产、设备及其他资产的损失（收益）	304			(1,256)
保险理赔收益	—			(4,535)
减值费用	183			—
出售历史税收抵免所得款项	2,975			—
折旧和摊销	52,316			52,276
债务发行成本摊销	420			464
股份薪酬	7,006			6,216
递延所得税	8,286			3,020
经营资产和负债变动：
应收账款	(1,598)			(257)
其他资产	1,127			(3,209)
经营租赁	(1,946)			(1,581)
应付账款	(15,950)			(17,342)
所得税	839			197
所得税以外的税项	(1,026)			102
应计薪酬	3,488			(4,122)
其他应计负债	3,295			(2,566)
其他长期义务	(2,375)			752
调整项总计	57,941			28,665
经营活动提供的现金净额	77,190			35,400

投资活动：
资本支出	(26,651)			(60,809)
处置财产、设备及其他资产所得款项	177			926
出售交易性证券所得款项	—			8,187
保险理赔所得款项	—			4,535
收到的关键款项	3,500			—
其他投资活动	(353)			555
投资活动使用的现金净额	(23,327)			(46,606)

融资活动：
债务交易：
循环信贷额度借款所得款项	82,000			156,000
偿还循环信贷额度借款	(92,000)			(143,000)
长期债务本金偿付	—			(10,392)
融资租赁义务本金偿付	(2,190)			(2,038)
股权交易：
库存股交易（股票期权除外）	(3,098)			(16,719)
行使股票期权	7,451			14
已付股息	(7,559)			(6,757)

融资活动使用的现金净额	(15,396)			(22,892)
现金、现金等价物及受限现金净增加（减少）额	38,467			(34,098)
期初现金、现金等价物及受限现金	26,582			44,579
期末现金、现金等价物及受限现金	$	65,049			$	10,481

补充信息：
已付利息（扣除资本化金额）	$	9,608			$	10,301
已付所得税	492			130
购置财产、设备及其他资产的应付账款变动	1,467			797

请参阅随附的合并财务报表简明附注。

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月30日的三个月和九个月

（千美元，股份和每股数据除外）

1. 一般事项

列报基础 - 截至2026年9月30日和2025年9月30日的三个月和九个月未经审计合并财务报表由公司编制。管理层认为，已作出所有必要的调整（包括正常的经常性调整），以公允列报截至2026年9月30日的未经审计中期财务信息以及所有列报期间的财务信息。中期期间的经营业绩不一定代表全年或其他中期期间的经营业绩。但未经审计合并财务报表应与公司截至2025年12月31日年度的10-K表年度报告中所载经审计合并财务报表一并阅读。

自2024年12月27日起，公司财年由截至每年12月最后一个星期四的52周或53周财年改为截至每年12月31日的财年。因此，自截至2025年12月31日的财年起及此后，公司的季度业绩分别对应每年截至3月31日、6月30日、9月30日和12月31日的三个月期间。本季度报告中，截至2025年9月30日的九个月指2024年12月27日至2025年9月30日期间。

会计政策 - 有关公司会计政策的说明，请参阅公司截至2025年12月31日财年的经审计合并财务报表（包括脚注），该报表载于公司该年度的10-K表年度报告中。

折旧和摊销 - 不动产及设备的折旧和摊销采用直线法，按资产预计使用年限或相关租赁期限（以较短者为准）计提。截至2026年9月30日的三个月和九个月，折旧费用分别为$17,009 和 $51,951；截至 2025年9月30日的三个月和九个月，折旧费用分别为$16,828 和$52,256，。

持有待售资产 – 预计将在未来12个月内出售且符合其他相关持有待售标准的长期资产，分类为持有待售资产，并计入合并资产负债表的流动资产。持有待售资产按其账面价值与公允价值减去出售资产成本后的金额两者中的较低者计量。

长期资产 – 公司会定期考虑是否存在持有供使用的长期资产减值迹象。这包括定量和定性因素，例如评估长期资产的历史实际经营业绩，以及评估近期事件和交易对长期资产的潜在影响。如果存在此类迹象，公司会通过评估归属于这些资产的估计未贴现未来现金流总额是否低于其账面价值，来确定长期资产是否可收回。如果长期资产不可收回，公司会按资产账面价值超过其公允价值的部分确认减值损失。

截至2026年9月30日的三个月内，公司确定某一影院资产组存在减值迹象。因此，公司评估了这些资产的公允价值，这些资产主要包括土地、建筑物以及家具、固定装置和设备；公司确定，采用第3级定价输入值计量的公允价值（使用该主要资产寿命期间的估计折现现金流，包括估计出售所得款项）低于其账面价值，并记录了$183的减值损失，从而减少了某些物业和设备资产。截至资产减记日（2026年9月30日），减值资产的剩余账面净值为$1,313。在截至2025年9月30日的三个月或九个月内，均未发现减值迹象。

商誉 – 公司每年审查商誉是否减值；如果出现某些迹象，则会更频繁地审查。公司在财政年度第四季度第一天进行年度减值测试。截至2026年9月30日或2025年9月30日的九个月内，均未发现减值迹象。

每股收益（亏损） - 普通股和B类普通股的每股净收益（亏损）（EPS）采用两类法计算。基本每股净收益（亏损）通过净收益（亏损）除以已发行普通股加权平均股数计算。稀释每股净收益（亏损）通过净收益（亏损）除以已发行普通股加权平均股数计算，并采用假设转换法调整股票期权、限制性股票单位和绩效股票单位的稀释影响。当可转换为普通股且具有稀释作用时，可转换B类普通股按假设转换基础列示。普通股稀释每股净收益（亏损）的计算假设在有净收益的期间转换B类普通股，因为这会稀释普通股每股收益；而B类普通股稀释每股净收益（亏损）的计算则不假设转换这些股份。

普通股持有人有权获得现金股息，每股金额相当于已宣派并支付的每股B类普通股股息的110%。因此，各期间未分配收益（亏损）按应享现金股息的比例分配。

下表列示普通股基本及稀释后每股净收益（亏损）的计算，酌情对加权平均基本及稀释后流通股数进行调节，并列示计算稀释后加权平均流通股数时排除的加权平均反稀释股份数：


	截至三个月		截至九个月
	2026年9月30日		2025年9月30日		2026年9月30日		2025年9月30日

每股净收益——基本：
普通股	$	0.62			$	0.53		$	0.64	$	0.22
B类普通股	$	0.56			$	0.49		$	0.58	$	0.20
每股净收益——稀释后：
普通股	$	0.60			$	0.52		$	0.62	$	0.21
B类普通股	$	0.55			$	0.49		$	0.57	$	0.20

分子：
净收益	$	18,758			$	16,230		$	19,249	$	6,735

分母（单位：千股）：
基本每股收益的分母	30,985			31,056			30,801		31,322
员工股票期权的稀释影响	415			39			242		53
限制性股票单位的影响	104			80			100		74

稀释后加权平均流通股数	31,504			31,175			31,143		31,449

从分母中排除的加权平均反稀释股份数（单位：千股）：
员工股票期权	750			2,084			1,227		1,641
限制性股票单位	—			—			—		—
绩效股票单位	371			237			353		221
总计	1,121			2,321			1,580		1,862

在公司报告净亏损的期间，普通股等价物、限制性股票单位和绩效股票单位不计入稀释后每股亏损的计算，因为纳入这些项目会产生反稀释影响。如果截至本期末，作为股份发行条件的绩效目标尚未达成，且相应绩效期间尚未结束，则绩效股票单位被视为具有反稀释性。

（发行股份）取决于这些条件。

股东权益 - 截至2026年9月30日和2025年9月30日的九个月内影响股东权益总额的活动如下：


	普通股		B类普通股		超过面值的资本		留存收益	累计其他综合亏损		库存股	股东权益总额
2025年12月31日余额	$	25,369			$	6,985		$	184,002		$	268,561		$	(12)		$	(27,527)	$	457,378
现金股息：
B类普通股每股$0.073	—			—			—		(510)		—		—			(510)
普通股每股$0.08	—			—			—		(1,900)		—		—			(1,900)
行使股票期权	—			—			—		—		—		45			45
购买库存股	—			—			—		—		—		(2,331)			(2,331)
重新发行库存股	—			—			(313)		—		—		330			17
发行未归属股票	—			—			(2,429)		—		—		2,429			—
股份支付薪酬	—			—			3,824		—		—		—			3,824


综合亏损	—			—			—		(15,353)		(3)		—			(15,356)
2026年3月31日余额	25,369			6,985			185,084		250,798		(15)		(27,054)			441,167
现金股息：
B类普通股每股$0.073	—			—			—		(510)		—		—			(510)
普通股每股$0.08	—			—			—		(1,899)		—		—			(1,899)
行使股票期权	—			—			(274)		—		—		3,014			2,740
购买库存股	—			—			—		—		—		(2,097)			(2,097)
重新发行库存股	—			—			(13)		—		—		29			16
发行未归属股票	—			—			(282)		—		—		282			—
股份支付薪酬	—			—			1,626		—		—		—			1,626


综合收益（亏损）	—			—			—		15,844		(3)		—			15,841
2026年6月30日余额	25,369			6,985			186,141		264,233		(18)		(25,826)			456,884
现金股息：
B类普通股每股$0.082	—			—			—		(572)		—		—			(572)
普通股每股$0.09	—			—			—		(2,168)		—		—			(2,168)
行使股票期权	—			—			1,411		—		—		7,776			9,187
购买库存股	—			—			—		—		—		(3,241)			(3,241)
重新发行库存股	—			—			5		—		—		13			18
发行未归属股票	—			—			(236)		—		—		236			—
股份支付薪酬	—			—			1,556		—		—		—			1,556


综合收益	—			—			—		18,758		(3)		—			18,755
2026年9月30日余额	$	25,369			$	6,985		$	188,877		$	280,251		$	(21)		$	(21,042)	$	480,419


	普通股股票		B 类普通股股票		超过面值的资本		留存收益	累计其他综合亏损		库存股	股东权益总额
截至 2024 年 12 月 26 日的余额	$	25,237			$	6,985		$	177,172		$	265,028		$	(181)		$	(9,375)	$	464,866
现金股息：
每股 B 类普通股 $0.064	—			—			—		(447)		—		—			(447)
每股普通股 $0.07	—			—			—		(1,733)		—		—			(1,733)
行使股票期权	—			—			1		—		—		7			8
购买库存股	—			—			—		—		—		(7,642)			(7,642)
重新发行库存股	—			—			1		—		—		13			14
发行未归属股票	132			—			(208)		—		—		76			—
股份薪酬	—			—			3,545		—		—		—			3,545

综合亏损	—			—			—		(16,816)		(4)		—			(16,820)
截至 2025 年 3 月 31 日的余额	25,369			6,985			180,511		246,032		(185)		(16,921)			441,791
现金股息：
每股 B 类普通股 $0.064	—			—			—		(447)		—		—			(447)
每股普通股 $0.07	—			—			—		(1,702)		—		—			(1,702)
行使股票期权	—			—			—		—		—		2			2
购买库存股	—			—			—		—		—		—			—
重新发行库存股	—			—			1		—		—		15			16
发行未归属股票	—			—			(265)		—		—		265			—
股份薪酬	—			—			1,441		—		—		—			1,441


综合收益（亏损）	—			—			—		7,321		(4)		—			7,317
截至 2025 年 6 月 30 日的余额	25,369			6,985			181,688		251,204		(189)		(16,639)			448,418
现金股息：
每股 B 类普通股 $0.073	—			—			—		(510)		—		—			(510)
每股普通股 $0.08	—			—			—		(1,918)		—		—			(1,918)
行使股票期权	—			—			(2)		—		—		6			4
购买库存股	—			—			—		—		—		(9,127)			(9,127)
重新发行库存股	—			—			2		—		—		18			20
发行未归属股票	—			—			(93)		—		—		93			—
股份薪酬	—			—			1,230		—		—		—			1,230


综合收益（亏损）	—			—			—		16,230		(5)		—			16,225
截至 2025 年 9 月 30 日的余额	$	25,369			$	6,985		$	182,825		$	265,006		$	(194)		$	(25,649)	$	454,342

累计其他综合亏损 – 随附的合并资产负债表中列示的累计其他综合亏损包括以下项目，均为税后净额：


	2026 年 9 月 30 日		2025 年 12 月 31 日

养老金义务未确认的精算净损失	$	(21)		$	(12)
	$	(21)		$	(12)

公允价值计量 - 某些金融资产和负债在合并财务报表中按公允价值入账。其中一些按经常性基础计量，另一些按非经常性基础计量。按经常性基础计量的金融资产和负债，是指每次编制财务报表时都调整为公允价值的项目。按非经常性基础计量的金融资产和负债，是指在发生重大事件时调整为公允价值的项目。公允价值计量假设资产出售或负债转让交易发生在该资产或负债的主要市场；若不存在主要市场，则发生在该资产或负债的最有利市场。

公司按公允价值计量的资产和负债分为以下类别之一：

第 1 级 - 公允价值基于报告日相同工具在活跃市场中的报价的资产或负债。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司分别持有价值 $44,000 和 $10,000 的货币市场基金投资，采用第 1 级定价输入值估值，并计入现金及现金等价物。

第 2 级 - 公允价值基于报告日可直接或间接观察到的定价输入的资产或负债。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，本公司没有任何已入账资产或负债使用第 2 级定价输入计量。

第 3 级 - 公允价值基于包含重大不可观察定价输入的估值模型、因而需要使用管理层估计的资产或负债。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，本公司没有任何按经常性基础以公允价值计量的已入账资产或负债使用第 3 级定价输入估值。按非经常性基础计量的资产在上文的长期资产部分讨论。

本公司的金融工具（包括现金及现金等价物、受限现金、应收账款和应付账款）的账面价值接近公允价值。本公司面值为 $150,000 的优先票据使用第 2 级定价输入估值，截至 2026 年 9 月 30 日的公允价值约为 $147,684；该估值依据当前市场利率，对平均剩余期限相似的金融工具进行贴现现金流计算。本公司其余长期债务的账面金额接近其公允价值，该公允价值按类似工具的当前利率或第 2 级定价输入确定。

设定受益计划 - 本公司无资金支持的非合格设定受益计划的定期养老金净成本构成如下：


	截至三个月		截至九个月
	2026 年 9 月 30 日		2025 年 9 月 30 日		2026 年 9 月 30 日		2025 年 9 月 30 日

服务成本	$	54			$	51		$	163	$	151
利息成本	466			463			1,400		1,390
前期服务成本及精算损失的净摊销	(4)			(6)			(12)		(17)
定期养老金净成本	$	516			$	508		$	1,551	$	1,524

服务成本计入行政费用，所有其他组成部分均计入综合经营报表中营业收入以外的其他费用。

收入确认 – 截至 2026 年 9 月 30 日止三个月和九个月，按业务分部划分的收入如下：


	截至 2026 年 9 月 30 日止三个月
	影院		酒店/度假村		公司		总计
影院票房	$	70,120			$	—		$	—	$	70,120
客房	—			40,692			—		40,692
影院卖品	61,922			—			—		61,922
餐饮	—			23,810			—		23,810
其他收入(1)	11,925			17,461			76		29,462
扣除成本补偿前的收入	143,967			81,963			76		226,006
成本补偿	1,044			10,704			—		11,748
总收入	$	145,011			$	92,667		$	76	$	237,754


	截至 2026 年 9 月 30 日止九个月
	影院		酒店/度假村		公司		总计
影院票房	$	187,502			$	—		$	—	$	187,502
客房	—			94,860			—		94,860
影院卖品	166,751			—			—		166,751
餐饮	—			63,779			—		63,779
其他收入(1)	31,774			45,795			261		77,830
扣除成本补偿前的收入	386,027			204,434			261		590,722
成本补偿	2,560			30,620			—		33,180
总收入	$	388,587			$	235,054		$	261	$	623,902

(1)其他收入中包含与租金收入相关的非重大金额，该收入不属于客户合同收入。

截至2025年9月30日止三个月和九个月按业务分部划分的收入如下：


	截至2025年9月30日止三个月
	影院		酒店/度假村		企业		总计
影院票房收入	$	57,714			$	—		$	—	$	57,714
客房	—			39,875			—		39,875
影院卖品收入	51,244			—			—		51,244
食品和饮料	—			24,137			—		24,137
其他收入(1)	10,145			16,320			81		26,546
成本报销前收入	119,103			80,332			81		199,516
成本报销	838			9,797			—		10,635
总收入	$	119,941			$	90,129		$	81	$	210,151


	截至2025年9月30日止九个月
	影院		酒店/度假村		企业		总计
影院票房收入	$	160,993			$	—		$	—	$	160,993
客房	—			88,782			—		88,782
影院卖品收入	146,855			—			—		146,855
食品和饮料	—			63,257			—		63,257
其他收入(1)	28,781			45,150			279		74,210
成本报销前收入	336,629			197,189			279		534,097
成本报销	2,319			28,544			—		30,863
总收入	$	338,948			$	225,733		$	279	$	564,960

(1)其他收入中包含与租金收入相关的不重大金额，该收入不属于与客户签订合同产生的收入。

截至2026年9月30日和2025年12月31日，公司与客户签订合同产生的递延收入分别为$42,886和$39,475。截至2026年9月30日和2025年12月31日，公司均无合同资产。截至2026年9月30日止九个月，公司确认了$18,304收入，该金额已计入截至2025年12月31日的递延收入。截至2025年9月30日止九个月，公司确认了$16,504收入，该金额已计入截至2024年12月26日的递延收入。公司递延收入主要与未兑换的礼品卡、预售以及公司的忠诚度计划有关。

截至2026年9月30日，公司分配至未履行履约义务的交易价格中，与公司的预售票相关的金额为$1,667，列于公司合并资产负债表的递延收入中，该金额计入其他应计负债。截至2026年9月30日，分配至未履行履约义务的交易价格中，与影院未兑换礼品卡相关的金额为$11,375，列于公司合并资产负债表的递延收入中。公司在门票和礼品卡兑换时确认收入，预计将在发行后两年内兑换。

截至2026年9月30日，分配至未履行履约义务的交易价格中，与酒店和度假村未兑换礼品卡相关的金额为$4,381，列于公司合并资产负债表的递延收入中。公司在礼品卡兑换时确认收入，预计将在未来两年内兑换。

公司大部分收入在原始合同签订后不到一年内确认。

近期会计准则公告 - 2024 年 11 月 4 日，FASB 发布了第 2024-03 号会计准则更新（ASU），利润表费用的分项披露（DISE），该准则要求上市企业分项披露利润表费用。第 2024-03 号 ASU 不会改变企业在利润表表面列报的费用项目；而是要求在财务报表附注中披露某些费用项目的指定类别细分情况。第 2024-03 号 ASU 对公司自 2027 财年起生效。公司正在评估该准则对其合并财务报表披露的影响。

2025 年 9 月 18 日，FASB 发布了第 2025-06 号会计准则更新（ASU），无形资产——商誉及其他——内部使用软件（子主题 350-50）：内部使用软件会计处理的针对性改进（第 2025-06 号 ASU），该准则通过删除所有关于软件开发项目阶段的引用，简化了资本化指引，使该指引对不同的软件开发方法保持中立。第 2025-06 号 ASU 还取代了现行的网站开发成本指引，并将 ASC 350-50 中针对网站开发成本的确认要求纳入 ASC 350-40。第 2025-06 号 ASU 对公司自 2028 财年起生效。公司正在评估该准则对其合并财务报表的影响。

2025 年 12 月 4 日，FASB 发布了第 2025-10 号 ASU，政府补助（主题 832）：企业收到的政府补助的会计处理，该准则为企业收到的政府补助确立了确认、计量和列报指引。根据新指引，当有合理保证表明公司将遵守补助条件且将收到补助时，应确认政府补助。与收入相关的补助列报为其他收入或相关费用的抵减；与资产相关的补助则记作递延收入或相关资产账面金额的抵减。本 ASU 中的指引适用于 2028 年 12 月 15 日之后开始的财年，以及这些年度报告期间内的中期报告期间。对于尚未发布或尚未提供发布的财务报表，允许在中期和年度报告期间提前采用。如果企业在某一中期报告期间采用本 ASU 的修订，则必须从包含该中期报告期间的年度报告期间开始时采用。公司选择在 2026 财年提前采用该指引，并采用经修订的追溯法。公司选择采用递延收入法确认政府补助。采用该准则未对公司的简明合并财务报表产生重大影响。

2. 长期债务

长期债务汇总如下：


	2026 年 9 月 30 日		2025 年 12 月 31 日


优先票据	$	150,000			$	150,000
循环信贷协议	—			10,000

债务总额	150,000			160,000
债务发行成本	(830)			(993)
扣除债务发行成本后的债务总额	149,170			159,007

长期债务	$	149,170			$	159,007

信贷协议

截至2026年9月30日，本公司签有一项信贷协议，规定了一项循环信贷额度，该额度将于2028年10月16日到期，初始最高可用总额为$225,000。截至2026年9月30日，循环信贷额度项下没有未偿借款；借款时，利率为担保隔夜融资利率（SOFR）加上一定利差（详见下文），截至2026年9月30日约为5.55%。

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月30日的三个月和九个月

（单位：千，股份及每股数据除外）

截至2026年9月30日，$225,000循环信贷额度项下的可用额度为$219,286，该金额已考虑减少循环额度可用额的未结信用证。

信贷协议项下借款按可变利率计息，利率等于以下两者之一：(i) 期限SOFR加0.10%的信用利差调整（下限为0%），再加上根据本公司最近一次确定日的净杠杆率而定的指定利差；或(ii) 备用基准利率（“ABR”）（为以下各项中的最高者：(a) 最优惠利率；(b) 联邦基金利率与隔夜银行融资利率两者中的较高者加0.50%；或(c) 1%加一个月SOFR及0.10%的信用利差调整之和），下限为1%，再加上根据本公司最近一次确定日的净杠杆率而定的指定利差。循环信贷额度还要求按循环承诺总额的0.175%至0.275%支付年度额度费用，具体费率取决于本公司的综合净杠杆率。

信贷协议包含适用于本公司的其他限制和契约，其中包括要求本公司的综合净杠杆率不得超过3.50:1.00；但在某些限制条件下，如完成重大收购（总对价等于或超过$30,000），则在该收购完成所在的整个财季及紧随其后的三个财季内，该比率可提高至4.00:1.00；此外，还要求本公司在任何财季末的利息覆盖率不得低于3.00:1.00。

关于信贷协议：(i) 本公司已质押其（a）几乎所有个人财产资产以及（b）若干不动产资产的担保权益和留置权（受某些例外情况约束），以担保信贷协议及相关义务；以及(ii) 本公司的若干子公司已为本公司在信贷协议项下的义务提供担保。

信贷协议包含惯常的违约事件。如果信贷协议项下发生违约事件且该事件仍在持续，则除其他事项外，贷款人可宣布信贷协议项下任何未偿义务立即到期应付，并对质押的抵押品行使权利和救济措施。

票据购买协议

截至2026年9月30日，公司150,000美元的优先票据由一份票据购买协议和一份主票据购买协议（统称“优先票据协议”）组成，期限于2027年至2034年到期，要求按不同分期每年偿还本金，利息按固定利率4.32%至7.02%每半年支付一次。截至2026年9月30日，150,000美元优先票据的加权平均固定利率为6.07%。

截至2026年9月30日，62,000美元的优先票据将在未来12个月内到期。截至2026年9月30日，根据《会计准则汇编》（“ASC”）470 债务，我们有意以长期方式为该债务再融资，并且能够通过当时可用的信贷协议额度为该债务再融资，因此未来12个月内到期的优先票据被归类为长期债务。

3. 租赁

公司在安排开始时判断该安排是否为租赁。公司根据ASC 842《租赁》评估每项租赁属于融资租赁还是经营租赁。公司在租赁开始时以及租赁发生修改时进行该评估。公司租赁房地产和设备，租期为1年至45年，其中部分租赁包含延期和/或终止选择权。

公司大多数租赁协议都包含固定租金。对于租赁开始后根据指数变动而产生可变付款的租赁，此类付款在发生时确认为可变租赁费用。不取决于指数或利率的可变租赁付款，包括取决于公司业绩或对标的资产使用情况的付款，也在发生时计入费用。经营租赁付款的租赁费用在租赁期内按直线法确认。

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月30日的三个月和九个月

（单位：千，股份和每股数据除外）

租赁总费用包括以下各项：


			截至三个月		截至九个月
租赁费用	分类		2026年9月30日		2025年9月30日		2026年9月30日		2025年9月30日

融资租赁费用：
融资租赁资产摊销	折旧和摊销	$	613			$	615			$	1,859		$	1,767
租赁负债利息	利息费用		118			146			373			448
			$	731			$	761			$	2,232		$	2,215
经营租赁费用：
经营租赁费用	租金费用		$	5,628			$	5,753			$	16,842		$	17,281
可变租赁费用	租金费用		779			499			2,015			1,446
短期租赁费用	租金费用		49			52			144			148
			$	6,456			$	6,304			$	19,001		$	18,875

以下为租赁相关的补充信息：


	截至九个月
其他信息		2026年9月30日		2025年9月30日

计入租赁负债计量金额的现金支付：
融资租赁的融资现金流		$	2,190			$	2,038
融资租赁的经营现金流		373			448
经营租赁的经营现金流		19,105			19,172

以新增租赁义务换取的使用权资产：
融资租赁负债		665			934
经营租赁负债		9,698			1,557


	2026年9月30日		2025年12月31日

融资租赁：
物业及设备——总额	$	31,137			$	30,675
累计折旧和摊销	(22,993)			(21,350)
物业及设备——净额	$	8,144			$	9,325

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月30日的三个月和九个月

（单位：千，股份及每股数据除外）

剩余租赁期限和折现率如下：

租赁期限和折现率

2026年9月30日

2025年12月31日

加权平均剩余租赁期限：

融资租赁

5年

经营租赁

10年

加权平均折现率：

融资租赁

4.78

4.76

经营租赁

4.87

4.80

截至2026年9月30日，公司经营租赁的约$365递延租金付款已计入经营租赁义务总额，其中没有任何金额计入长期经营租赁义务。

4. 股份薪酬

截至2026年9月30日的九个月内，公司向部分高管和员工授予了限制性股票、限制性股票单位（RSU）和绩效股票单位（PSU）。以下为公司股票期权、限制性股票、RSU和PSU活动概要；在绩效期结束前，PSU按目标达成比例列示（股份数以千计）。


	股票期权	限制性股票和RSU		PSU
	期权	加权平均行权价格		股份/单位	加权平均公允价值		单位		加权平均公允价值
2025年12月31日	2,709		$	23.38		825			$	15.85		233		$	17.80
授予	—		—		256			16.20			154		16.27
行权 (1)	(574)		20.85		—			—			—		—
归属 (2)	—		—		(194)			15.88			—		—
没收	(93)		19.01		(3)			19.16			(17)		17.69
2026年9月30日	2,042		$	24.30		884			$	16.66		370		$	17.17

(1)行权活动仅适用于股票期权。

(2)归属活动不适用于股票期权。

截至2026年9月30日的三个月和九个月，股份薪酬费用分别为$1,556和 $7,006；截至2025年9月30日的三个月和九个月，分别为$1,230和$6,216。截至2026年9月30日，与股票期权相关的未确认股份薪酬费用总额为$219，将在加权平均剩余期限0.5年内摊销计入费用。截至2026年9月30日，与未归属限制性股票、RSU和PSU相关的未确认股份薪酬费用总额为$6,325，将在加权平均剩余服务期1.8年内摊销。

The Marcus Corporation股东批准采纳Marcus Corporation综合激励计划，该计划于2025年5月7日生效，并授权根据该计划发行2,000,000股。截至2026年9月30日，该计划下尚有1,618,382股可用于授予各类股权奖励。

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月 30日的三个月和九个月

（单位：千，股份和每股数据除外）

5. 所得税

截至2026年9月 30日的三个月和九个月，公司有效所得税税率分别为32.7%和 33.3%；截至2025年9月 30日的三个月和九个月，分别为32.9%和33.2%。截至2026年9月 30日的三个月和九个月，有效所得税税率均受到超过扣除限额的超额薪酬的负面影响。

6. 业务分部信息

公司的主要业务分为以下两个业务分部：电影院和酒店及度假村。The Marcus Corporation的首席运营决策者（CODM）是公司的首席执行官。CODM用于评估业绩的分部损益指标是各分部的营业收入。CODM使用这一指标评估趋势，并将各分部的运营业绩与预算、历史期间、各分部所处行业及其竞争对手进行比较，以确定如何向各分部分配资源。应报告分部的会计政策与重要会计政策摘要中所述的会计政策相同。

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月 30日的三个月和九个月

（单位：千，股份和每股数据除外）

以下为截至 2026年9月 30日和2025年9月 30日的三个月和九个月业务分部信息摘要：


	截至2026年9月30日的三个月		截至2025年9月30日的三个月
	电影院		酒店/度假村		总计		电影院	酒店/度假村		总计

总收入	$	145,011			$	92,667		$	237,678			$	119,941		$	90,129	$	210,070
减：成本和费用
电影院运营	69,719			—			69,719		59,327			—		59,327
客房	—			12,426			12,426		—			12,102		12,102
电影院特许经营	24,484			—			24,484		20,962			—		20,962
餐饮	—			17,495			17,495		—			17,280		17,280
广告和营销	1,465			5,108			6,573		1,778			5,348		7,126
行政管理	6,496			11,845			18,341		6,153			11,345		17,498
折旧和摊销	9,715			7,025			16,740		10,155			6,285		16,440
租金	5,862			490			6,352		5,731			464		6,195
财产税	2,927			1,813			4,740		2,369			1,492		3,861
减值费用	183			—			183		—			—		—
报销成本	1,044			10,704			11,748		838			9,797		10,635
其他分部项目 (1)	935			10,422			11,357		297			9,660		9,957
成本和费用总额	122,830			77,328			200,158		107,610			73,773		181,383

营业收入	$	22,181			$	15,339		$	37,520			$	12,331		$	16,356	$	28,687

投资收益（亏损）					363						(19)
利息费用					(2,529)						(2,766)
其他收入（费用），净额			(342)						4,187

未合并合资企业权益收益，净额			92						57
公司项目 (2)					(7,237)						(5,956)
所得税前净收入			$	27,867						$	24,190


	截至2026年9月30日的三个月	截至2025年9月30日的三个月
	电影院	酒店/ 度假村		公司项目 (2)	总计	电影院		酒店/ 度假村	公司项目 (2)		总计
其他披露
股份薪酬	200		320		1,036		$	1,556		$	178		$	278	$	774	$	1,230
资本支出	5,803		4,164		35		10,002		7,948			12,895		51	20,894
资产	594,115		332,124		97,417		1,023,656		616,261			337,757		50,280	1,004,298

THE MARCUS CORPORATION

合并财务报表简明附注

截至2026年9月30日的三个月和九个月

（单位：千，股份和每股数据除外）


	截至2026年9月30日的九个月		截至2025年9月30日的九个月
	影院		酒店/度假村		总计		影院	酒店/度假村		总计

总收入	$	388,587			$	235,054		$	623,641			$	338,948		$	225,733	$	564,681
减：成本和费用
影院运营	190,973			—			190,973		173,169			—		173,169
客房	—			34,529			34,529		—			33,094		33,094
影院特许经营	67,834			—			67,834		61,750			—		61,750
餐饮	—			49,248			49,248		—			47,565		47,565
广告和营销	4,276			14,675			18,951		4,716			14,216		18,932
行政管理	19,300			34,329			53,629		17,930			33,424		51,354
折旧和摊销	29,678			21,480			51,158		31,316			19,767		51,083
租金	17,276			1,412			18,688		17,166			1,392		18,558
物业税	8,147			4,863			13,010		8,107			4,416		12,523
减值费用	183			—			183		—			—		—
报销成本	2,560			30,620			33,180		2,319			28,544		30,863
其他分部项目 (1)	2,334			29,788			32,122		725			28,809		29,534
成本和费用总额	342,561			220,944			563,505		317,198			211,227		528,425

营业收入	$	46,026			$	14,110		$	60,136			$	21,750		$	14,506	$	36,256

投资收益					449						464
利息费用					(7,893)						(8,569)
其他收入（费用），净额			(1,182)						3,300

未合并合资企业权益损失，净额			(597)						(438)
公司项目 (2)					(22,047)						(20,930)
税前净利润			$	28,866						$	10,083


	截至2026年9月30日的九个月		截至2025年9月30日的九个月
	影院		酒店/ 度假村		公司项目 (2)		总计	影院		酒店/ 度假村	公司项目 (2)		总计
其他披露
股份薪酬	$	936			$	981		$	5,089		$	7,006			$	861		$	874	$	4,481	$	6,216
资本支出	15,874			10,413			364		26,651		18,372			39,516			2,921		60,809
资产	594,115			332,124			97,417		1,023,656		616,261			337,757			50,280		1,004,298

(1) 其他分部项目包括处置物业、设备及其他资产的损失或收益、开业前费用及其他运营费用。

(2) 公司项目包括无法分配至各业务分部的金额。公司收入主要包括租金，公司运营亏损包括一般公司费用。公司信息技术成本和会计共享服务成本根据若干因素分配至各业务分部，其中包括实际使用情况和分部收入。公司资产主要包括现金及现金等价物、家具、固定装置及设备、投资和持作开发用途的土地。

THE MARCUS CORPORATION

第2项：管理层对财务状况和经营业绩的讨论与分析

关于前瞻性陈述的特别说明

Certain matters discussed in this Quarterly Report on Form 10-Q and the accompanying Management’s Discussion and Analysis, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this Form 10-Q and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

RESULTS OF OPERATIONS

General

For fiscal 2024 and prior periods, we reported our consolidated and individual segment results of operations on a 52- or 53-week fiscal year ending on the last Thursday in December, dividing our fiscal year into three 13-week quarters and a final quarter consisting of 13 or 14 weeks. Fiscal 2024 was a 52-week year with 364 operating days, beginning on December 29, 2023 and ending on December 26, 2024.

Beginning on December 27, 2024, our fiscal year changed to a calendar fiscal year ending on December 31 of each year. Accordingly, effective for our fiscal year ending December 31, 2025, our quarterly results were three month periods ending March 31, June 30, September 30 and December 31. Fiscal 2025 was a 370 operating day year beginning on December 27, 2024 and ending on December 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 365 operating days in calendar year 2025). Fiscal 2026 is a 365 operating day year beginning on January 1, 2026 and ending on December 31, 2026.

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The third quarter of 2026 and 2025 consisted of the three month periods beginning on July 1 and ended on September 30. The first three quarters of fiscal 2026 consisted of the nine month period beginning on January 1, 2026 and ended on September 30, 2026 and included five fewer operating days compared to the prior year fiscal first three quarters. The first three quarters of fiscal 2025 consisted of the period beginning on December 27, 2024 and ended on September 30, 2025 (comprised of five operating days between December 27-31, 2024, plus 273 operating days in the calendar first three quarters of 2025).

Our primary operations are reported in the following two business segments: movie theatres and hotels and resorts. Within this MD&A, amounts for totals, subtotals, and variances may not recalculate exactly within tables due to rounding as they are calculated using the unrounded numbers.

Overall Results

The following table sets forth revenues, operating income, other income (expense), net earnings, and net earnings per diluted common share for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for per share and variance percentage data):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025	Amt.		Pct.
Revenues	$	237.8			$	210.2		$	27.6		13.1	%		$	623.9		$	565.0			$	58.9	10.4	%
Operating income	30.3			22.7			7.6		33.2	%	38.1			15.3		22.8			148.5	%
Other income (expense)	(2.4)			1.5			(3.9)		(265.6)	%	(9.2)			(5.2)		(4.0)			(75.9)	%
Net earnings	$	18.8			$	16.2		$	2.5		15.6	%		$	19.2		$	6.7			$	12.5	185.8	%
Net earnings per common share - diluted	$	0.60			$	0.52		$	0.08		15.4	%		$	0.62		$	0.21			$	0.41	195.2	%

Revenues increased during the third quarter and first three quarters of fiscal 2026 compared to the third quarter and first three quarters of fiscal 2025 due to increased revenues from both our theatre division and hotels and resorts division. Revenues during the first three quarters of fiscal 2026 included five less operating days compared to the first three quarters of fiscal 2025, negatively impacting revenue growth by approximately $15.3 million.

Operating income during the third quarter of fiscal 2026 improved by $7.6 million compared to the third quarter of fiscal 2025, primarily due to increased revenues before cost reimbursements from both our theatre division and hotels and resorts division, partially offset by an increase in corporate expenses, a $0.3 million increase in depreciation expense, and $0.2 million in impairment charges related to the planned closure of one theatre location. Operating income during the third quarter of fiscal 2026 was negatively impacted by a $0.1 million loss on disposition of property, equipment and other assets, compared to a $0.1 million gain on disposition of property, equipment and other assets during the third quarter of fiscal 2025.

Operating income during the first three quarters of fiscal 2026 improved by $22.8 million compared to the first three quarters of fiscal 2025 due to increased revenues from both our theatre and hotels and resorts divisions, partially offset by increased corporate expenses, and a $5.3 million unfavorable impact as a result of five fewer operating days. Operating income during the first three quarters of fiscal 2026 was negatively impacted by a $0.3 million loss on disposition of property, equipment and other assets, compared to a $1.3 million gain on disposition of property, equipment and other assets related to the sale of surplus land during the first three quarters of fiscal 2025.

Corporate expenses during the third quarter of fiscal 2026 increased $1.3 million compared to the third quarter of fiscal 2025, primarily due to increased incentive compensation, insurance, non-cash stock compensation, and personnel cost and benefits inflation. Corporate expenses during the first three quarters of fiscal 2026 increased $1.1 million compared to the first three quarters of fiscal 2025 due to increased incentive compensation, insurance, director compensation, non-cash stock compensation, and personnel and benefits cost inflation, partially offset by decreased professional fees related to tax, audit, and legal services.

Other income (expense), net earnings, and net earnings per diluted common share during the third quarter and first three quarters of fiscal 2026 were impacted by decreased interest expense, fluctuations in investment income, and decreased

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other income compared to the third quarter of fiscal 2025. Other income during the third quarter and first three quarters of fiscal 2025 included a $4.5 million gain from a property insurance settlement.

Our interest expense totaled $2.5 million and $7.9 million for the third quarter and first three quarters of fiscal 2026, respectively, compared to $2.8 million and $8.6 million for the third quarter and first three quarters of fiscal 2025, respectively. The decrease in interest expense during the third quarter and first three quarters of fiscal 2026 was primarily due to decreased borrowings and a decrease in non-cash amortization of deferred financing costs. Changes in our borrowing levels due to variations in our operating results, capital expenditures, acquisition opportunities (or the lack thereof) and asset sale proceeds, among other items, may impact, either favorably or unfavorably, our actual reported interest expense in future periods, as may changes in short-term interest rates.

We recognized investment income of $0.4 million during the third quarter and first three quarters of fiscal 2026, compared to $0.0 million and $0.5 million during the third quarter and first three quarters of fiscal 2025, respectively. Variations in investment income were due to changes in the value of marketable securities.

We did not have any significant variations in equity losses from unconsolidated joint ventures during the third quarter and first three quarters of fiscal 2026, compared to the third quarter and first three quarters of fiscal 2025.

Net earnings and net earnings per diluted common share improved during the third quarter and first three quarters of fiscal 2026 compared to the third quarter and first three quarters of fiscal 2025, resulting primarily from an increase in operating income as described above, partially offset by increased other expense which was favorably impacted by a $4.5 million gain on insurance settlement during the third quarter of fiscal 2025.

We reported income tax expense of $9.1 million for the third quarter of fiscal 2026 compared to expense of $8.0 million for the third quarter of fiscal 2025. We reported income tax expense of $9.6 million for the first three quarters of fiscal 2026 compared to an expense of $3.3 million for the first three quarters of fiscal 2025. Our fiscal 2026 first three quarters effective income tax rate was 33.3% compared to our fiscal 2025 first three quarters effective income tax rate of 33.2%. The effective income tax rate in both fiscal 2026 first three quarters and fiscal 2025 first three quarters was negatively impacted by excess compensation subject to deduction limitations. We anticipate that our effective income tax rate for fiscal 2026 may be in the 32% to 34% range, excluding any potential changes in federal or state income tax rates, valuation allowance adjustments or other one-time tax benefits. Our actual fiscal 2026 effective income tax rate may be different from our estimated quarterly rates depending upon actual facts and circumstances.

Theatres

The following table sets forth revenues, operating income, operating margin, Adjusted EBITDA and Adjusted EBITDA margin for our theatre division for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for variance percentage, operating margin and Adjusted EBITDA margin):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025		Amt.		Pct.
Total revenues	$	145.0			$	119.9		$	25.1			20.9	%		$	388.6		$	338.9			$	49.6	14.6	%
Total revenues before cost reimbursements	144.0			119.1			24.9		20.9	%		386.0			336.6		49.4			14.7	%
Operating income	22.2			12.3			9.9		79.9	%		46.0			21.8		24.3			111.6	%
Operating margin(1)	15.4	%		10.4	%					11.9	%		6.5	%
Adjusted EBITDA(2)	32.3			22.1			10.2		46.3	%		76.7			52.3		24.3			46.5	%
Adjusted EBITDA margin(2)	22.5	%		18.6	%					19.9	%		15.6	%

(1)Operating margin is defined as operating income divided by total revenues before cost reimbursements.

(2)Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues before cost reimbursements. See Adjusted EBITDA section below for further discussion and non-GAAP reconciliations.

Revenues and operating income for the Theatre division improved during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, primarily due to increased attendance driven by stronger performances from films.

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Additionally, operating income in the third quarter of fiscal 2026 was favorably impacted by a $0.4 million decrease in depreciation expense and was unfavorably impacted by impairment charges of $0.2 million, and a $0.1 million loss on disposition of property, equipment and other assets compared to a $0.3 million gain on disposition of property, equipment and other assets in third quarter of fiscal 2025.

During the first three quarters of fiscal 2026, revenues and operating income increased compared to the same period in fiscal 2025 driven primarily by stronger performances from films resulting in increased attendance, partially offset by five fewer operating days in the first three quarters of fiscal 2026 compared to the first three quarters of fiscal 2025. The five fewer operating days in the first three quarters of fiscal 2026 (which occurred between the Christmas and New Year’s holidays in the prior year period) negatively impacted revenue growth by $12.2 million and the change in operating income by approximately $5.0 million. Additionally, operating income in the first three quarters of fiscal 2026 was favorably impacted by a $1.6 million decrease in depreciation expense, and was unfavorably impacted by $0.2 million impairment charges, and a $0.2 million gain on disposition of property, equipment and other assets compared to a $1.5 million gain on disposition of property, equipment and other assets in the first three quarters of fiscal 2025, primarily due to sales of surplus land.

Our theatre division Adjusted EBITDA and Adjusted EBITDA margin increased during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025 driven by improved operating leverage from increased revenues and higher labor efficiency, partially offset by increased cost of concessions products driven largely by higher transportation fuel costs, increased repairs and maintenance, utilities, property taxes, and general and administrative expenses. During the first three quarters of fiscal 2026, theatre division Adjusted EBITDA and Adjusted EBITDA margin increased compared to the first three quarters of fiscal 2025, due to increased revenues and improved labor efficiency, partially offset by a $5.0 million unfavorable impact from five fewer operating days and increases in insurance and general and administrative expenses.

The following table provides a further breakdown of the components of revenues for the theatre division for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for variance percentage):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025		Amt.		Pct.
Admission revenues	$	70.1			$	57.7		$	12.4			21.5	%		$	187.5			$	161.0			$	26.5	16.5	%
Concession revenues	61.9			51.2			10.7		20.8	%		166.8			146.9			19.9			13.5	%
Other revenues	11.9			10.1			1.8		17.5	%		31.8			28.8			3.0			10.4	%
Total revenues before cost reimbursements	144.0			119.1			24.9		20.9	%		386.0			336.6			49.4			14.7	%
Cost reimbursements	1.0			0.8			0.2		n/m		2.6			2.3			0.2			n/m
Total revenues	145.0			119.9			25.1		20.9	%		388.6			338.9			49.6			14.6	%

According to data received from Comscore (a national box office reporting service for the theatre industry) and compiled by us to evaluate our fiscal 2026 third quarter and first three quarters results, U.S. box office receipts increased 27.0% during our fiscal 2026 third quarter compared to our fiscal 2025 third quarter, indicating that our increase in admission revenues for comparable theatres (excluding theatres closed during the past year) of 21.8% during the third quarter of fiscal 2026 underperformed the industry by 5.2 percentage points. When compared to reported national box office growth, Marcus Theatres’ admission revenue growth during our 2026 third quarter compared to our fiscal 2025 third quarter was negatively impacted by 2.8 percentage points due to box office grosses from films not reported to Comscore by certain streaming content providers that we played during the third quarter of fiscal 2025. We believe our underperformance in the third quarter of fiscal 2026 was largely attributable to unfavorable film mix, that included films such as The Odyssey, Resident Evil, and The End of Oak Street, that were more appealing and played stronger in other parts of the U.S. than our Midwestern markets. Additionally, during our fiscal 2026 third quarter we made the strategic decision to not show two films due to distributor terms, which we believe negatively impacted our admissions growth by approximately 1.0 percentage point.

Data received and compiled by us from Comscore also indicates that U.S. box office receipts increased 15.4% during our fiscal 2026 first three quarters compared to the first three quarters of fiscal 2025, indicating that our increase of 16.7% in admission revenues for comparable theatres (excluding theatres closed during the past year) during the first three quarters

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of fiscal 2026, outperformed the industry by 1.3 percentage points. When compared to reported national box office growth, Marcus Theatres’ admission revenue growth during our fiscal 2026 first three quarters compared to the first three quarters of fiscal 2025 was negatively impacted by 1.0 percentage points due to box office grosses from films not reported to Comscore by certain streaming content providers that we played during the first three quarters of fiscal 2025. On a calendar date basis (January 1st through September 30th), U.S. box office receipts increased 19.4%, indicating that our increase in admissions revenues for our comparable theatres of 21.3%, outperformed the industry by 1.9 percentage points during the first three quarters of 2026 compared to the first three quarters of 2025, with strategic ticket price changes and a favorable film mix contributing to this year-to-date outperformance.

Additional data received and compiled by us from Comscore indicates our admission revenues (excluding films not reported to Comscore by certain distributors) at comparable theatres during the third quarter and first three quarters of fiscal 2026 represented approximately 2.8% and 3.0%, respectively, of the total admission revenues in the U.S. (commonly referred to as market share in our industry), compared to 2.9% during the third quarter and first three quarters of fiscal 2025. Our goal is to outperform the industry, but our ability to do so in any given quarter will likely be partially dependent upon film mix, pricing strategies, weather and the competitive landscape in our markets.

Total theatre attendance for our comparable theatres increased 16.8% during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, which was primarily attributable to stronger performances from films. During the third quarter of fiscal 2026, there were 32 wide-release films (films shown in over approximately 1,500 theatres in the U.S., excluding re-release films) compared to 30 wide-release films during the third quarter of fiscal 2025.

During the first three quarters of fiscal 2026, total theatre attendance for our comparable theatres increased 10.6% compared to the first three quarters of fiscal 2025, which was primarily attributable to stronger performances from films as well as an increase in the number of wide-release films, and negatively impacted by five less operating days described above. During the first three quarters of fiscal 2026, there were 93 wide-release films, compared to 86 wide-release films during the first three quarters of fiscal 2025. On a calendar date basis (January 1st through September 30th), total theatre attendance for our comparable theatres increased 15.0% during the first three quarters of 2026 compared to the first three quarters of 2025.

Our highest grossing films during the fiscal 2026 third quarter included Spider-man: Brand New Day, The Odyssey, Toy Story 5, Minions & Monsters, and Moana. Our top five films during our fiscal 2026 third quarter accounted for 68% of our total box office results, compared to 53% for the top five films during the third quarter of fiscal 2025, both expressed as a percentage of the total admission revenues for the relevant period. An increased reliance on just a few blockbuster films during a given quarter often has the effect of increasing our film rental costs during the period, as generally the better a particular film performs, the greater the film rental cost tends to be as a percentage of box office receipts. As a result of the more concentrated film slate, our overall film cost as a percentage of admission revenues during the third quarter of fiscal 2026 increased compared to the same period in the prior fiscal year.

Our average ticket price increased 4.3% and 5.6% during the third quarter and first three quarters of fiscal 2026, respectively, compared to the third quarter and first three quarters of fiscal 2025. Our average ticket price during the third quarter of fiscal 2026 was favorably impacted by strategic pricing changes, an increase in the percentage of of our ticket sales coming from premium large format (PLF) screens, and a decrease in the percentage our of attendance coming from Value Tuesday due to one less Tuesday in the third quarter of 2026 compared to the third quarter of fiscal 2025. Our average ticket price during the first three quarters of fiscal 2026 was favorably impacted by strategic pricing changes, and a decrease in the percentage of attendance coming from Value Tuesday, partially offset by other changes in ticket mix. The overall change in average ticket price favorably impacted our admission revenues of our comparable theatres by $2.9 million and $9.8 million during the third quarter and first three quarters of fiscal 2026, respectively, compared to the third quarter and first three quarters of fiscal 2025.

Our average concession revenues per person increased by 3.8% and 2.9% during the third quarter and first three quarters of fiscal 2026, respectively, compared to the third quarter and first three quarters of fiscal 2025, resulting from increases in movie-themed merchandise sales and concessions menu prices. The overall increase in average concession revenues per person favorably impacted our concession revenues of our comparable theatres by $2.2 million and $4.7 million during the third quarter and first three quarters of fiscal 2026, respectively, compared to the third quarter and first three quarters of fiscal 2025.

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Other revenues during the third quarter and first three quarters of fiscal 2026 increased by $1.8 million and $3.0 million, respectively, compared to the third quarter and first three quarters of fiscal 2025, due largely to the impact of increased attendance on internet surcharge ticketing fees and preshow and in-app advertising revenue.

We ended the third quarter of fiscal 2026 with a total of 961 company-owned screens in 76 theatres and 14 managed screens at one theatre, compared to 971 company-owned screens in 77 theatres and 14 managed screens at one theatre, at the end of the third quarter of fiscal 2025. We made the decision to close underperforming theatres during fiscal 2025 and 2026, including one leased theatre during first quarter of fiscal 2025, and one owned theatre during the second quarter of fiscal 2026.

Hotels and Resorts

The following table sets forth revenues, operating income, operating margin, Adjusted EBITDA and Adjusted EBITDA margin for our hotels and resorts division for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for variance percentage, operating margin and Adjusted EBITDA margin):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025		Amt.		Pct.
Total revenues	$	92.7			$	90.1		$	2.5			2.8	%		$	235.1		$	225.7			$	9.3	4.1	%
Total revenues before cost reimbursements	82.0			80.3			1.6		2.0	%		204.4			197.2		7.2			3.7	%
Operating income	15.3			16.4			(1.0)		(6.2)	%		14.1			14.5		(0.4)			(2.7)	%
Operating margin(1)	18.7	%		20.4	%					6.9	%		7.4	%
Adjusted EBITDA(2)	22.6			23.1			(0.6)		(2.4)	%		37.0			35.4		1.6			4.6	%
Adjusted EBITDA margin(2)	27.6	%		28.8	%					18.1	%		17.9	%

(1)Operating margin is defined as operating income divided by total revenues before cost reimbursements.

(2)Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues before cost reimbursements. See Adjusted EBITDA section below for further discussion and non-GAAP reconciliations.

Hotels and resorts division revenues increased 2.8% during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025. Division operating income during the third quarter of fiscal 2026 decreased $1.0 million compared to the third quarter of fiscal 2025 primarily due to increased repair costs related to storm property damage at one hotel property, increased utilities, property taxes, and labor expenses due to a higher mix of contract labor, partially offset by decreased consulting fees and increased revenues. Additionally, operating income during the third quarter of fiscal 2026 was unfavorably impacted by a $0.7 million increase in depreciation expense.

During the first three quarters of fiscal 2026, Hotels and resorts division revenues increased 4.1% compared to the first three quarters of fiscal 2025. Results were negatively impacted by five fewer operating days during the first three quarters of fiscal 2026 compared to the first three quarters of fiscal 2025. The five fewer operating days during the first three quarters of fiscal 2026 negatively impacted revenue growth by approximately $3.1 million and operating income by approximately $0.4 million. Operating income decreased $0.4 million during the first three quarters of fiscal 2026, compared to the first three quarters of fiscal 2025, due primarily to increased labor expenses, property taxes, utilities, and repair costs related to storm property damage at one hotel property. Operating income during the first three quarters of fiscal 2026 was negatively impacted by a $1.7 million increase in depreciation expense, and a $0.2 million increased loss on disposition of property, equipment and other assets.

Our Hotels and resorts division Adjusted EBITDA and Adjusted EBITDA margin decreased during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025 due primarily to increased repair costs following storm damage at one hotel property, increased labor costs as a result of a higher mix of contract labor, and increased property taxes.

During the first three quarters of fiscal 2026, Adjusted EBITDA and Adjusted EBITDA margin increased primarily due to increased revenues compared to the first three quarters of fiscal 2025. Adjusted EBITDA during the first three quarters of fiscal 2026 was negatively impacted by approximately $0.4 million due to five fewer operating days, a change in revenue

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mix resulting from a decrease in certain group business at one of our condo hotel properties, and increases in personnel, labor, and other costs.

The following table provides a further breakdown of the components of revenues for the hotels and resorts division for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for variance percentage):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025	Amt.		Pct.
Room revenues	$	40.7			$	39.9		$	0.8		2.0	%		$	94.9		$	88.8			$	6.1	6.8	%
Food/beverage revenues	23.8			24.1			(0.3)		(1.4)	%	63.8			63.3		0.5			0.8	%
Other revenues	17.5			16.3			1.1		7.0	%	45.8			45.2		0.6			1.4	%
Total revenues before cost reimbursements	82.0			80.3			1.6		2.0	%	204.4			197.2		7.2			3.7	%
Cost reimbursements	10.7			9.8			0.9		9.3	%	30.6			28.5		2.1			7.3	%
Total revenues	$	92.7			$	90.1		$	2.5		2.8	%		$	235.1		$	225.7			$	9.3	4.1	%

Division total revenues before cost reimbursements increased 2.0% during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025 due to increased occupancy at five of our seven comparable owned hotels (excluding The Marc which opened in the first quarter of 2026), and strong golf revenues at Grand Geneva Resort & Spa, partially offset by lower food and beverage revenues resulting from a decreased mix of group banquet and catering business.

Division total revenues before cost reimbursements increased 3.7% during the first three quarters of fiscal 2026, compared to the first three quarters of fiscal 2025, due to increased occupancy at five of our seven comparable owned hotels, increased golf revenues at Grand Geneva Resort & Spa, partially offset by the negative impact of five fewer operating days due to the change in fiscal year described above. Division total revenues before cost reimbursements during the first three quarters of fiscal 2026 were favorably impacted by the Hilton Milwaukee being fully operational compared to the prior year period when the hotel had rooms out of service while undergoing significant renovations. The increase in other revenues was negatively impacted by a group buyout of one condo hotel property during a portion of the first three quarters of 2025 that did not reoccur in the current year.

The following table sets forth certain operating statistics for the third quarter and first three quarters of fiscal 2026 and fiscal 2025, including our average occupancy percentage (number of occupied rooms as a percentage of available rooms), our average daily room rate, or ADR, and our total revenue per available room, or RevPAR, for comparable company-owned properties:


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025		Amt.		Pct.
Occupancy pct.	77.5	%		78.4	%		(0.9) pts	(1.1)	%		70.0	%		65.1	%		4.9 pts	7.5	%
ADR	$	232.43			$	224.91		$	7.52			3.3	%		$	202.06		$	198.69	$	3.37	1.7	%
RevPAR	$	180.04			$	176.32		$	3.72			2.1	%		$	141.51		$	129.42	$	12.09	9.3	%

Note: These operating statistics represent averages of our eight distinct company-owned hotels and resorts, branded and unbranded, in different geographic markets with a wide range of individual hotel performance. The statistics are not necessarily representative of any particular hotel or resort.

RevPAR increased at six of our seven comparable company-owned properties during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, driven by increased average daily rates. Group business as a percentage of our mix of business represented approximately 39.3% of our total rooms revenue in the third quarter of fiscal 2026, compared to approximately 42.5% during the third quarter of fiscal 2025. Non-group transient pricing increased in most of our major markets during the third quarter of fiscal 2026, driven by strong leisure demand which offset some of decline in group business.

According to data received from Smith Travel Research and compiled by us in order to evaluate our fiscal 2026 third quarter and first three quarters results, comparable “upper upscale” hotels—hotels identified as our industry— throughout

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the United States experienced increases in RevPAR of 7.8% during the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, leading us to believe that our increase in RevPAR of 2.1%, underperformed the industry during the third quarter of fiscal 2026 by approximately 5.7 percentage points. We believe our underperformance during the third quarter of fiscal 2026 was driven by transient demand from major events, particularly the World Cup, that occurred in markets in which we do not have a presence, coupled with softer demand from our group customer segment, particularly in our Milwaukee market. During the first three quarters of fiscal 2026, comparable “upper upscale” hotels experienced RevPAR growth of 5.8% compared to the first three quarters of fiscal 2025, leading us to believe our increase in RevPAR of 9.3% outperformed the industry during the first three quarters of fiscal 2026 by approximately 3.5 percentage points. We believe our outperformance during the first three quarters of fiscal 2026 was driven by the favorable impact of the Hilton Milwaukee hotel being fully operational, compared to the first three quarters of 2025 when the hotel was undergoing significant renovations, partially offset by softer demand from our group customer segment during the third quarter of fiscal 2026.

Data received from Smith Travel Research for our various “competitive sets”—hotels identified in our specific markets that we deem to be competitors to our hotels—indicates that these hotels experienced an increase in RevPAR of 6.2% during our fiscal 2026 third quarter, again compared to our fiscal 2025 third quarter, leading us to believe that our increase in RevPAR of 7.4% (excluding The Marc which opened in the first quarter of 2026), outperformed the competitive sets during the third quarter of fiscal 2026 by approximately 1.2 percentage points. We believe the outperformance to our competitive sets during the third quarter of fiscal 2026 resulted from strong transient demand, partially offset by softer demand in our group customer segment. During the first three quarters of fiscal 2026, hotels in our competitive sets experienced an increase in RevPAR of 6.2%, indicating that our increase in RevPAR of 14.3% (excluding The Marc) outperformed our competitive set hotels by approximately 8.1 percentage points. We believe the outperformance to our competitive sets during the first three quarters of fiscal 2026 was partially attributable to the renovation of Hilton Milwaukee in the prior year period which we believe unfavorably impacted our RevPAR in the first half of fiscal 2025 while favorably impacting competitive hotels. After adjusting for the estimated impact of the Hilton Milwaukee renovation on the prior year, we believe our hotels outperformed their competitive sets during the first three quarters of fiscal 2026 by approximately 4.4 percentage points.

We generally expect our revenue trends to track or exceed the overall industry trends for our segment of the industry, particularly in our respective markets. Hotel revenues have historically tracked very closely with traditional macroeconomic statistics, such as the Gross Domestic Product. The U.S. economic outlook remains in a period of heightened uncertainty. In the near term, we expect business travel demand and our group business to remain stable. Leisure travel demand has softened in the economy segment of the market and shown some recent improvement in the midscale segment of the market, while generally remaining stable in the upper upscale segment of the market that includes most of our properties. Leisure travel in our markets has a seasonal component, peaking in the summer months and slowing down as children return to school and the weather turns colder in our primarily Midwestern markets.

As of the date of this report, our group room revenue bookings for fiscal 2026 - commonly referred to in the hotels and resorts industry as “group pace” - is running approximately 5% ahead of where we were at the same time last year. Group room revenue bookings for fiscal 2027 is running approximately 10% ahead of where we were at the same time in fiscal 2025 for fiscal 2026. Banquet and catering revenue pace for fiscal 2026 is running consistent with where we were at the same time last year. Banquet and catering revenue pace for fiscal 2027 is running approximately 14% ahead of where we were at the same time in fiscal 2025 for fiscal 2026.

Adjusted EBITDA

Adjusted EBITDA is a measure used by management and our board of directors to assess our financial performance and enterprise value. We believe that Adjusted EBITDA is a useful measure for us and investors, as it eliminates certain expenses that are not indicative of our core operating performance and facilitates a comparison of our core operating performance on a consistent basis from period to period. We also use Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of our financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s

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discretionary use. Adjusted EBITDA has its limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

We define Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, impairment charges, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. Our presentation of Adjusted EBITDA should not be construed to imply that our future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by us may not be comparable to the measures disclosed by other companies.

The following table sets forth Adjusted EBITDA by reportable operating segment for the third quarter and first three quarters of fiscal 2026 and fiscal 2025 (in millions, except for variance percentage):


	Third Quarter		First Three Quarters
					Variance					Variance
	F2026		F2025		Amt.		Pct.	F2026		F2025	Amt.		Pct.
Theatres	$	32.3			$	22.1		$	10.2		46.3	%		$	76.7		$	52.3			$	24.3	46.5	%
Hotels and resorts	22.6			23.1			(0.6)		(2.4)	%	37.0			35.4		1.6			4.6	%
Corporate items	(5.8)			(4.8)			(1.0)		(20.9)	%	(15.8)			(15.3)		(0.5)			(3.5)	%
Total Adjusted EBITDA	$	49.1			$	40.4		$	8.7		21.5	%		$	97.9		$	72.5			$	25.4	35.1	%

The following table sets forth our reconciliation of Adjusted EBITDA (in millions):


	Third Quarter		First Three Quarters
	F2026		F2025		F2026		F2025
Net earnings (loss)	$	18.8			$	16.2		$	19.2	$	6.7
Add (deduct):
Investment (income)	(0.4)			—			(0.4)		(0.5)
Interest expense	2.5			2.8			7.9		8.6
Other (income) expense (1)	0.3			(4.2)			1.2		(3.3)
Loss (gain) on disposition of property, equipment and other assets	0.1			(0.1)			0.3		(1.3)
Equity (earnings) losses from unconsolidated joint ventures	(0.1)			(0.1)			0.6		0.4

Income tax expense (benefit)	9.1			8.0			9.6		3.3
Depreciation and amortization	17.1			16.8			52.3		52.3
Share-based compensation expenses (2)	1.6			1.2			7.0		6.2
Impairment charges (3)	0.2			—			0.2		—
Theatre exit costs (4)	—			—			—		0.1
Insured losses (recoveries) (5)	(0.1)			(0.3)			(0.1)		(0.2)

Other non-recurring (6)	—			—			0.1		—
Total Adjusted EBITDA	$	49.1			$	40.4		$	97.9	$	72.5

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The following tables set forth our reconciliation of Adjusted EBITDA by reportable operating segment (in millions):


	Third Quarter, F2026		First Three Quarters, F2026
	Theatres		Hotels & Resorts		Corp. Items		Total	Theatres		Hotels & Resorts	Corp. Items		Total
Operating income (loss)	$	22.2			$	15.3		$	(7.2)		$	30.3			$	46.0		$	14.1	$	(22.0)	$	38.1
Depreciation and amortization	9.7			7.0			0.4		17.1		29.7			21.5			1.2		52.3
Loss (gain) on disposition of property, equipment and other assets	0.1			—			—		0.1		(0.2)			0.5			—		0.3
Share-based compensation (2)	0.2			0.3			1.0		1.6		0.9			1.0			5.1		7.0
Impairment charges (3)	0.2			—			—		0.2		0.2			—			—		0.2

Insured losses (recoveries) (5)	—			(0.1)			—		(0.1)		—			(0.1)			—		(0.1)
Other non-recurring (6)	—			—			—		—		—			0.1			—		0.1
Total Adjusted EBITDA	$	32.3			$	22.6		$	(5.8)		$	49.1			$	76.7		$	37.0	$	(15.8)	$	97.9


	Third Quarter, F2025		First Three Quarters, F2025
	Theatres		Hotels & Resorts		Corp. Items		Total	Theatres		Hotels & Resorts	Corp. Items		Total
Operating income (loss)	$	12.3			$	16.4		$	(6.0)		$	22.7			$	21.8		$	14.5	$	(20.9)	$	15.3
Depreciation and amortization	10.2			6.3			0.4		16.8		31.3			19.8			1.2		52.3
Loss (gain) on disposition of property, equipment and other assets	(0.3)			0.2			—		(0.1)		(1.5)			0.2			—		(1.3)
Share-based compensation (2)	0.2			0.3			0.8		1.2		0.9			0.9			4.5		6.2

Theatre exit costs (4)	—			—			—		—		0.1			—			—		0.1
Insured losses (recoveries) (5)	(0.3)			—			—		(0.3)		(0.2)			—			—		(0.2)

Total Adjusted EBITDA	$	22.1			$	23.1		$	(4.8)		$	40.4			$	52.3		$	35.4	$	(15.3)	$	72.5

(1)Includes a gain from an insurance settlement of $4.5M related to insured property damage at one theatre location in the third quarter of fiscal 2025.

(2)Non-cash expense related to share-based compensation programs.

(3)Non-cash impairment charges in the third quarter of fiscal 2026 related to one operating theatre.

(4)Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.

(5)Repair costs and insurance recoveries related to insured property damage at one hotel property during the third quarter of fiscal 2026, and one theatre location during fiscal 2025.

(6)Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Our movie theatre and hotels and resorts businesses each generate significant and consistent daily amounts of cash, subject to previously-noted seasonality, because each segment’s revenue is derived predominantly from consumer cash purchases. We believe that these relatively consistent and predictable cash sources, as well as the availability of unused credit lines, would be adequate to support the ongoing operational liquidity needs of our businesses. However, our cash position may fluctuate from time-to-time based on seasonality of our businesses, the timing of interest payments on our debt as well as timing of payment of other operating expenses that are paid on an infrequent basis.

Maintaining and protecting a strong balance sheet has always been a core value of The Marcus Corporation during our over 90-year history and our financial position remains strong. As of September 30, 2026, we had a cash balance of approximately $60.2 million, $219.3 million of availability under our $225 million revolving credit facility, our debt-to-capitalization ratio was 0.24, and our net leverage ratio was 0.79x net debt to Adjusted EBITDA. With our strong liquidity

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position combined with cash generated from operations, we believe we have sufficient liquidity to meet our obligations as they come due and to comply with our debt covenants for at least 12 months from the issuance date of the consolidated financial statements, as well as fund our longer-term capital requirements.

The following table sets forth our reconciliations of Net Debt and Net Leverage (Net Debt to Adjusted EBITDA) (in millions, except leverage ratio):



	September 30, 2026		December 31, 2025
Long-term debt (GAAP measure) (1)	$	149.2			$	159.0
Finance lease obligations (GAAP measure) (2)	9.8			11.3
Less: Cash and cash equivalents	(60.2)			(23.4)
Net Debt	$	98.7			$	146.8

Net Debt	$	98.7			$	146.8
LTM Adjusted EBITDA (3)	124.7			99.3
Net Leverage (Net Debt to Adjusted EBITDA)	0.79x		1.48x

(1)Represents total long-term debt, including the current portion of long-term debt.

(2)Represents total finance lease obligations, including the current portion of finance lease obligations.

(3)LTM Adjusted EBITDA is Adjusted EBITDA as reconciled and defined above for the last four fiscal quarters.

We believe Net Leverage is a useful measure, as it provides management and investors an indication of our indebtedness less unrestricted cash relative to our earnings performance.

Financial Condition

Net cash provided by operating activities totaled $77.2 million during the first three quarters of fiscal 2026, compared to net cash provided by operating activities of $35.4 million during the first three quarters of fiscal 2025. The $41.8 million increase in net cash provided by operating activities was primarily due to a $12.5 million increase in net earnings, a $7.6 million increase in accrued compensation, a $5.9 million increase in accrued liabilities, a $4.3 million decrease in prepaid and other assets, $3.0 million in proceeds from the sale of historic tax credits, and a $1.4 million favorable impact from the timing of payments of accounts payable.

Net cash used in investing activities during the first three quarters of fiscal 2026 totaled $23.3 million, compared to net cash used in investing activities of $46.6 million during the first three quarters of fiscal 2025. The decrease in net cash used in investing activities of $23.3 million was the result of a decrease of $34.2 million in capital expenditures, receipt of $3.5 million in key money related to the renovation of one hotel property, partially offset by a $8.2 million decrease in proceeds from the sale of trading securities and a $4.5 million decrease in proceeds from insurance recovery in the prior year that did not recur. Total cash capital expenditures (including normal continuing capital maintenance and renovation projects) totaled $26.7 million during the first three quarters of fiscal 2026 compared to $60.8 million during the first three quarters of fiscal 2025.

Fiscal 2026 first three quarters cash capital expenditures included approximately $15.9 million incurred in our theatre division, including construction related to insured property damage at one theatre location, addition of D-BOX seating at two theatre locations, and normal maintenance capital projects. We incurred capital expenditures in our hotels and resorts division during the first three quarters of fiscal 2026 of approximately $10.4 million, including several smaller capital improvement projects and normal maintenance capital projects. We incurred corporate capital expenditures during the first three quarters of fiscal 2026 of approximately $0.4 million related to technology implementation.

Net cash used in financing activities during the first three quarters of fiscal 2026 totaled $15.4 million compared to net cash used in financing activities of $22.9 million during the first three quarters of fiscal 2025. During the first three quarters of fiscal 2026, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As short-term revolving credit facility borrowings became due, we replaced them as necessary with new short-term revolving credit facility borrowings. As a result, we added

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$82.0 million of new short-term revolving credit facility borrowings, and we made $92.0 million of repayments on short-term revolving credit facility borrowings during the first three quarters of fiscal 2026 (net $10.0 million decrease in borrowings on our credit facility). We ended the third quarter of fiscal 2026 with no outstanding borrowings under our revolving credit facility. During the first three quarters of fiscal 2025, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As a result, we added $156.0 million of new short-term revolving credit facility borrowings, and we made $143.0 million of repayments on short-term revolving credit facility borrowings during the first three quarters of fiscal 2025 (net $13.0 million increase in borrowings on our credit facility).

We made no principal payments on long-term debt during the first three quarters of fiscal 2026 compared to approximately $10.4 million during the first three quarters of fiscal 2025.

Our debt-to-capitalization ratio (excluding our finance and operating lease obligations) was 0.24 at September 30, 2026, compared to 0.26 at December 31, 2025.

During the first three quarters of fiscal 2026, we repurchased 0.1 million shares of our common stock for $1.3 million in the open market, compared to 0.4 million shares of our common stock for $7.1 million in the open market during the first three quarters of fiscal 2025. As of September 30, 2026, approximately 4.4 million shares remained available for repurchase under prior Board of Directors repurchase authorizations. Under these authorizations, we may repurchase shares of our common stock from time to time in the open market, pursuant to privately-negotiated transactions or otherwise, depending upon a number of factors, including prevailing market conditions.

During the first three quarters of fiscal 2026, we received $7.5 million from exercises of stock options, compared with no proceeds from exercises of stock options during the first three quarters of fiscal 2025.

Dividends paid during the first three quarters of fiscal 2026 were $7.6 million. Dividends paid during the first three quarters of fiscal 2025 were $6.8 million. We have the ability to declare quarterly dividend payments and/or repurchase shares of our common stock in the open market as we deem appropriate.

Critical Accounting Policies and Estimates

We have included a summary of our Critical Accounting Policies and Estimates in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the summary provided in that report.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We have not experienced any material changes in our market risk exposures since December 31, 2025.

Item 4. Controls and Procedures

a.Evaluation of disclosure controls and procedures

Based on their evaluations and the evaluation of management, as of the end of the period covered by this Quarterly Report on Form 10-Q, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934 (the “Exchange Act”)) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

b.Changes in internal control over financial reporting

There were no significant changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15 of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth information with respect to purchases made by us or on our behalf of our Common Stock during the periods indicated.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs (1)	Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (1)
July 1 - July 31	60		$	23.20		60		4,383,035
August 1 - August 31	4,399		29.10		4,399		4,378,636
September 1 - September 30	—		—		—		4,378,636
Total	4,459		$	29.02		4,459		4,378,636

(1)Through September 30, 2026, our Board of Directors had authorized the repurchase of up to approximately 15.7 million shares of our outstanding Common Stock. Under these authorizations, we may repurchase shares of our Common Stock from time to time in the open market, pursuant to privately negotiated transactions or otherwise. As of September 30, 2026, we had repurchased approximately 11.3 million shares of our Common Stock under these authorizations. The repurchased shares are held in our treasury pending potential future issuance in connection with employee benefit, option or stock ownership plans or other general corporate purposes. These authorizations do not have an expiration date.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended September 30, 2026, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits



31.1	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32	Written Statement of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


THE MARCUS CORPORATION

DATE: October 29, 2026	By:	/s/ Gregory S. Marcus
		Gregory S. Marcus
		President and Chief Executive Officer


DATE: October 29, 2026	By:	/s/ Chad M. Paris
		Chad M. Paris
		Chief Financial Officer and Treasurer

S-1

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