mcs-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-12604


THE MARCUS CORPORATION
(Exact name of registrant as specified in its charter)


Wisconsin						39-1139844
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

111 East Kilbourn Avenue, Suite 1200 Milwaukee ,Wisconsin						53202-6628
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (414) 905-1000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	MCS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.

Yes

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check One).


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

COMMON STOCK OUTSTANDING AT APRIL 27, 2026 – 23,743,749

CLASS B COMMON STOCK OUTSTANDING AT APRIL 27, 2026 –6,984,584

Table of Contents

THE MARCUS CORPORATION

INDEX


		Page
PART I – FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited):

	Consolidated Balance Sheets	3

	Consolidated Statements of Operations	5

	Consolidated Statements of Comprehensive Income (Loss)	6

	Consolidated Statements of Cash Flows	7

	Condensed Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24

Item 4.	Controls and Procedures	24

PART II – OTHER INFORMATION

Item 1A.	Risk Factors	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 4.	Mine Safety Disclosures	25

Item 5.	Other Information	25

Item 6.	Exhibits	25

	Signatures	S-1

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

THE MARCUS CORPORATION

Consolidated Balance Sheets

(in thousands, except share and per share data)


	March 31, 2026		December 31, 2025
ASSETS
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

See accompanying condensed notes to consolidated financial statements.

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THE MARCUS CORPORATION

Consolidated Balance Sheets

(in thousands, except share and per share data)


	March 31, 2026		December 31, 2025
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	31,687	$	44,523
Income taxes	594		—
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	—		—
Common Stock, $1 par; authorized 50,000,000 shares; issued 25,369,054 shares at March 31, 2026 and 25,369,054 shares at December 31, 2025	25,369		25,369
Class B Common Stock, $1 par; authorized 33,000,000 shares; issued and outstanding 6,984,584 shares at March 31, 2026 and 6,984,584 shares at December 31, 2025	6,985		6,985
Capital in excess of par	185,084		184,002
Retained earnings	250,798		268,561
Accumulated other comprehensive loss	(15)		(12)
	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

See accompanying condensed notes to consolidated financial statements.

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THE MARCUS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)


	Three Months Ended
		March 31, 2026		March 31, 2025
Revenues:
Theatre admissions		$	44,825	$	40,931
Rooms		20,462		19,275
Theatre concessions		39,565		38,000
Food and beverage		17,460		17,829
Other revenues		21,694		22,874
		144,006		138,909
Cost reimbursements		10,398		9,857
Total revenues		154,404		148,766

Costs and expenses:
Theatre operations		50,729		49,670
Rooms		10,318		9,906
Theatre concessions		17,170		17,451
Food and beverage		15,056		14,629
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)
		(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)

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)

See accompanying condensed notes to consolidated financial statements.

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THE MARCUS CORPORATION

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)


	Three Months Ended
		March 31, 2026		March 31, 2025

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)

See accompanying condensed notes to consolidated financial statements.

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THE MARCUS CORPORATION

Consolidated Statements of Cash Flows

(in thousands)


			Three Months Ended
			March 31, 2026						March 31, 2025

SEC Form 10-Q filed by Marcus Corporation