Reading International reported Q4 2025 revenue of $50.3 million and a net loss of $2.6 million, with full year 2025 revenue of $203.0 million and a net loss of $14.1 million. EPS improved for the full year but deteriorated modestly in Q4, while liquidity remains tight and leverage elevated. After-hours movement was not disclosed in the filing.
About Reading International
Reading International, Inc. is a cinema and real estate company listed on Nasdaq under the ticker RDI. The group develops, owns, and operates cinemas and retail and commercial real estate across the United States, Australia, and New Zealand. Its cinema brands include Reading Cinemas, Consolidated Theatres, and the Angelika-branded specialty circuit, while its live theatres operate under the Orpheum and Minetta Lane names in New York City. Reading’s signature real estate assets include Newmarket Village and The Belmont Common in Australia and 44 Union Square in New York.
The company reported total assets of $434.9 million and total liabilities of $453.0 million at 31 December 2025, implying negative shareholders’ equity. Cash and cash equivalents stood at $10.5 million, against total secured borrowings of $185.1 million. The company was founded in the early twentieth century, with its current headquarters in New York, although an exact founding year and market capitalisation were not specified in the release; market value must therefore be inferred from trading data rather than the filing itself.
Top Financial Highlights
- Total Q4 2025 revenues were $50.3 million, down from $58.6 million in Q4 2024.
- Q4 2025 operating loss was $1.0 million versus operating income of $1.5 million a year earlier.
- Q4 2025 net loss was $2.6 million, compared with a $2.2 million net loss in Q4 2024.
- Q4 2025 basic loss per share was $0.11, slightly weaker than the $0.10 loss per share in Q4 2024.
- Q4 2025 Adjusted EBITDA was $5.1 million, below the $6.8 million level reported in Q4 2024.
- Full year 2025 total revenue was $203.0 million, down from $210.5 million in 2024.
- Full year 2025 operating loss narrowed to $5.3 million, from $14.0 million in 2024.
- Full year 2025 net loss attributable to Reading was $14.1 million, a marked improvement from $35.3 million in 2024.
- Full year 2025 basic loss per share was $0.62, improving by $0.96 from a loss per share of $1.58 in 2024.
- Full year 2025 Adjusted EBITDA reached $17.8 million, up $15.7 million from $2.1 million in 2024, helped by an $8.4 million gain on asset sales.
- Q4 2025 global cinema revenue declined 14% to $46.9 million, with operating income down 76 % to $0.9 million.
- For 2025, Cinema Operating Income improved to $3.6 million from a $2.8 million loss in 2024, driven by lower operating and depreciation expenses.
- Full year 2025 real estate revenues decreased 8% to $18.4 million, while real estate operating income rose to $5.9 million from $4.7 million.
- Cash and cash equivalents at year end were $10.5 million, against total secured borrowings of $185.1 million and total assets of $434.9 million.
- The company reduced bank debt by approximately $32.1 million in 2025, mainly using proceeds from asset sales in Wellington and Townsville.
Beat or Miss?
| Metric | Reported Q4 2025 | Difference / Analysis |
| Revenue | $50.3 million | Declined about 14% year on year. |
| Operating income (loss) | $(1.0) million | Swung from profit to modest operating loss. |
| Net income (loss) | $(2.6) million | Slightly larger loss than prior year quarter. |
| Basic EPS | ($0.11) | Loss per share widened by one cent. |
| Adjusted EBITDA | $5.1 million | Lower adjusted cash earnings than Q4 2024. |
What Leadership Is Saying?
“Following industry trends, our Q4 2025 global cinema results were not as strong as Q4 2024, when the 2024 film slate led by Moana, Wicked and Gladiator delivered a more compelling product mix for our theaters, especially in Hawaii. Looking at the full year, though our Total Cinema Revenue was down 3%, our various cinema strategies and initiatives resulted in a 230% increase in our Cinema Operating Income and the achievement of certain cinema operational records.”
“With respect to our global real estate division, for the full year 2025, revenues decreased by 8 percent to $18.4 million from $20.0 million in 2024. Our Operating Income increased to $5.9 million in 2025 compared to $4.7 million in 2024, primarily as a result of increased Live Theatre revenue, lower operating expenses after property sales, and lower depreciation and amortization expense across all three countries.”
Historical Performance
YoY: Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $50.3 million | $58.6 million | About (14) %. |
| Net income (loss) | $(2.6) million | $(2.2) million | Loss widened about 18%. |
| Operating income | $(1.0) million | $1.5 million | Swing of more than 100% |
YoY: Full Year 2025 vs Full Year 2024
| Category | Full Year 2025 | Full Year 2024 | Change (%) |
| Revenue | $203.0 million | $210.5 million | About (4) %. |
| Net income (loss) | $(14.1) million | $(35.3) million | Loss reduced by about 60%. |
| Operating income | $(5.3) million | $(14.0) million | Operating loss improved about 62%. |
Competitors Analysis
Public peers for Reading International include larger global cinema chains; below is an illustrative comparison using industry data around the same period, noting that exact competitor numbers are drawn from separate market sources rather than Reading’s filing.
| Category | Peer Q4 2025 (example) | Peer Q4 2024 (example) | Change (%) |
| Revenue | Higher year on year for a leading cinema peer, supported by strong box office. | Lower base in prior year. | Growth of about 20-30% in some listed cinema chains. |
| Net income | Mixed, with some peers returning to modest profitability. | Loss-making in prior year. | Improvement from loss to near breakeven. |
| Operating expenses | Increased with higher volumes but moderated by cost control for several peers. | Elevated relative to revenue. | Margin improvement through better operating leverage. |
How the Market Reacted?
It emphasised operational records in ticket pricing and food and beverage spend, alongside significant improvement in cinema and real estate operating income despite lower revenue. The tone of management commentary suggests a cautiously constructive outlook, underpinned by an expected stronger film slate and active balance sheet management through asset sales and debt restructuring. Overall sentiment around the report appears balanced: losses persist and equity remains negative, yet cash generation and leverage trends have moved in a more supportive direction compared with the prior year.
